Pzena Investment Management

Q1 2022 13F · by Richard Pzena, CIO

As of: Mar 31, 2022
Filed: May 6, 2022
US stock: $26.5B · prev $26.5B
Positions: 177 · prev 174
Options notional: $0
Documents: 1· no amendments

Picture99.7% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.7%
Foreign stock not listed in the US 0.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves165 since the prior filing

+3.1 pp in · −2.9 pp out

New 18 +1.43 pp
Added 78 +1.70 pp
Trimmed 54 −1.80 pp
Exited 15 −1.12 pp

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions20% of US stock

CTSH Cognizant Technology Solutions trimmed−0.15 pp trimmed−0.154.6%
EIX Edison International trimmed+0.06 pp trimmed+0.063.9%
GE GE Aerospace added−0.11 pp added−0.113.8%
AIG American International Group, Inc. trimmed+0.16 pp trimmed+0.163.7%
WAB Wabtec Inc. trimmed+0.13 pp trimmed+0.133.6%

Positions177 in this filing · 15 exited


CTSHCognizant Technology Solutions	4.56%	13,442,594	$1.2B	trimmed−5%	−0.15 pp	29 q
EIXEdison International	3.89%	14,670,491	$1.0B	trimmed−1%	+0.06 pp	29 q
GEGE Aerospace	3.82%	11,051,038	$1.0B	added0%	−0.11 pp	3 q
AIGAmerican International Group, Inc.	3.74%	15,742,837	$988M	trimmed−6%	+0.16 pp	36 q
WABWabtec Inc.	3.64%	9,997,806	$961M	trimmed−1%	+0.13 pp	13 q
LEALear Corporation	3.38%	6,265,529	$893M	added+21%	−0.18 pp	14 q
HALHalliburton Company	3.26%	22,769,611	$862M	trimmed−41%	−0.07 pp	25 q
WFCWells Fargo & Co.	3.24%	17,686,093	$857M	trimmed−6%	−0.17 pp	36 q
MCKMcKesson Corporation	3.13%	2,702,490	$827M	trimmed−8%	+0.37 pp	22 q
NWLNewell Brands Inc.	2.93%	36,251,194	$776M	added+28%	+0.60 pp	16 q
NOVNOV Inc.	2.86%	38,565,035	$756M	trimmed−5%	+0.78 pp	16 q
NRGNRG Energy, Inc.	2.71%	18,654,573	$716M	added+8%	−0.09 pp	8 q
EQHEquitable Holdings, Inc.	2.56%	21,926,757	$678M	trimmed−1%	−0.17 pp	9 q
CCitigroup Inc.	2.42%	11,981,006	$640M	added+6%	−0.15 pp	36 q
HPEHewlett Packard Enterprise Company	2.37%	37,579,672	$628M	trimmed−12%	−0.18 pp	26 q
PVHPVH Corp.	2.27%	7,836,192	$600M	added+1%	−0.86 pp	13 q
DOXAmdocs Limited	2.02%	6,499,823	$534M	added+21%	+0.50 pp	22 q
COFCapital One Financial	1.94%	3,909,913	$513M	added0%	−0.19 pp	23 q
AVTAvnet, Inc.	1.85%	12,040,671	$489M	trimmed−1%	−0.04 pp	36 q
BKRBaker Hughes Company	1.68%	12,213,122	$445M	trimmed−47%	−0.39 pp	19 q
AXSAxis Capital Holders Limited	1.63%	7,111,763	$430M	added+1%	+0.18 pp	36 q
DOWDow Inc.	1.51%	6,288,492	$401M	trimmed−2%	+0.14 pp	9 q
FMSFresenius Medical Care AG	1.47%	11,577,632	$390M	added+22%	+0.31 pp	3 q
XOMExxon Mobil Corp	1.41%	4,509,751	$372M	trimmed−17%	+0.16 pp	36 q
SSNCSS&C Technologies Inc	1.38%	4,861,235	$365M	added+70%	+0.49 pp	4 q
METMetLife, Inc.	1.36%	5,110,095	$359M	trimmed−3%	+0.11 pp	36 q
GILGildan Activewear Inc.	1.26%	8,927,121	$335M	trimmed−17%	−0.46 pp	14 q
BACBank of America Corporation	1.25%	7,989,915	$329M	trimmed−13%	−0.28 pp	36 q
VOYAVoya Financial, Inc.	1.21%	4,830,831	$321M	trimmed−0%	0.00 pp	32 q
SKAASkechers USA Inc-cl A	1.06%	6,904,844	$281M	added+43%	+0.27 pp	5 q
BMYBristol-Myers Squibb Co.	1.00%	3,625,787	$265M	added×3.1	+0.73 pp	11 q
JPMJPMorgan Chase & Co.	0.90%	1,748,831	$238M	added0%	−0.14 pp	36 q
MHKMohawk Industries, Inc.	0.82%	1,752,503	$218M	added+10%	−0.28 pp	13 q
TCOMTrip.com Group Limited	0.80%	9,195,018	$213M	added+21%	+0.09 pp	8 q
FTITechnipFMC plc	0.80%	27,285,730	$211M	added+30%	+0.33 pp	21 q
ORCLOracle Corp	0.76%	2,435,895	$202M	added0%	−0.04 pp	36 q
GSGoldman Sachs Group Inc.	0.72%	578,362	$191M	trimmed−8%	−0.19 pp	36 q
SHELShell plc	0.68%	3,298,328	$181M	new	+0.68 pp	new
CNOCNO Financial Group, Inc.	0.67%	7,040,430	$177M	added+6%	+0.07 pp	13 q
OLNOlin Corp.	0.67%	3,404,652	$178M	added+6%	−0.03 pp	10 q
PFEPfizer Inc.	0.66%	3,397,428	$176M	trimmed−32%	−0.45 pp	30 q
CAHCardinal Health, Inc.	0.64%	2,973,379	$169M	trimmed−0%	+0.06 pp	21 q
JELDJELD-WEN Holding, Inc.	0.61%	7,900,293	$160M	added+7%	−0.13 pp	21 q
FLEXFlex Ltd.	0.57%	8,120,792	$151M	trimmed−1%	0.00 pp	35 q
TXTTextron, Inc.	0.56%	1,994,801	$148M	trimmed−45%	−0.49 pp	7 q
SWKStanley Black & Decker, Inc.	0.53%	1,011,410	$141M	held	—	30 q
BKNGBooking Holdings Inc.	0.50%	56,607	$133M	added+14%	+0.05 pp	7 q
AMGNAmgen Inc	0.49%	532,210	$129M	trimmed−1%	+0.04 pp	23 q
WEDWebster Financial Corp	0.49%	2,329,026	$131M	added+3%	+0.01 pp	36 q
JNJJohnson & Johnson	0.48%	716,695	$127M	trimmed−19%	−0.09 pp	3 q
UBSUBS Group AG	0.48%	6,562,217	$128M	trimmed−1%	+0.03 pp	30 q
TEXTerex Corporation	0.46%	3,390,746	$121M	added+5%	−0.08 pp	34 q
CIThe Cigna Group	0.40%	438,788	$105M	trimmed−0%	+0.02 pp	14 q
BDCBelden Inc.	0.39%	1,867,145	$103M	added+11%	−0.03 pp	9 q
BIDUBaidu, Inc.	0.38%	759,705	$101M	trimmed−2%	−0.05 pp	21 q
SPBSpectrum Brands Holdings, Inc.	0.36%	1,074,660	$95M	added+7%	−0.02 pp	13 q
GJBSteelcase Inc-cl A	0.36%	7,938,793	$95M	added+13%	+0.05 pp	18 q
ELVElevance Health, Inc.	0.35%	190,746	$94M	added0%	+0.02 pp	3 q
ASBAssociated Banc-Corp	0.33%	3,778,402	$86M	added+8%	+0.03 pp	33 q
CLSCelestica, Inc.	0.33%	7,228,795	$86M	trimmed−5%	+0.01 pp	16 q
EPACEnerpac Tool Group Corp.	0.33%	3,990,912	$87M	added+1%	+0.03 pp	36 q
DANDana Incorporated	0.32%	4,865,525	$85M	added+45%	+0.03 pp	10 q
GDGeneral Dynamics Corporation	0.31%	345,373	$83M	added0%	+0.04 pp	3 q
RRyder System, Inc.	0.31%	1,048,052	$83M	trimmed−6%	−0.04 pp	19 q
RFRegions Financial Corp.	0.30%	3,593,698	$80M	trimmed−1%	0.00 pp	36 q
AXTAAxalta Coating Systems Ltd.	0.30%	3,198,398	$79M	new	+0.30 pp	new
MSMorgan Stanley	0.28%	832,994	$73M	trimmed−18%	−0.10 pp	36 q
ONBOld National Bancorp	0.28%	4,450,553	$73M	new	+0.28 pp	new
AELAmerican Equity Investment Life Holding Company	0.27%	1,821,373	$73M	trimmed−12%	−0.03 pp	25 q
GAPThe Gap, Inc.	0.26%	4,834,805	$68M	added+28%	+0.01 pp	7 q
DRHDiamondrock Hospitality Company	0.25%	6,565,872	$66M	added+22%	+0.05 pp	36 q
KEYKeyCorp	0.24%	2,789,049	$62M	trimmed−1%	−0.01 pp	36 q
JNPJuniper Networks Inc	0.23%	1,625,824	$60M	trimmed−15%	−0.03 pp	14 q
37MMrc Global Inc	0.23%	5,013,481	$60M	added+11%	+0.11 pp	5 q
MTZMasTec, Inc.	0.23%	708,903	$62M	added+6%	0.00 pp	6 q
IVZInvesco LTD	0.23%	2,678,478	$62M	trimmed−0%	0.00 pp	36 q
FITBFifth Third Bancorp	0.22%	1,375,478	$59M	trimmed−9%	−0.03 pp	36 q
SCSCScansource Inc	0.22%	1,673,517	$58M	added+5%	+0.01 pp	25 q
SMCISuper Micro Computer, Inc.	0.22%	1,527,648	$58M	added+8%	−0.01 pp	13 q
USNAUSANA Health Sciences Inc	0.22%	733,939	$58M	added+65%	+0.05 pp	3 q
OECOrion S.A.	0.22%	3,711,709	$59M	added+9%	−0.02 pp	8 q
HOPEHope Bancorp, Inc.	0.21%	3,394,254	$55M	trimmed−4%	+0.01 pp	23 q
PKXPOSCO Holdings Inc.	0.21%	952,698	$56M	added0%	0.00 pp	25 q
TRSTrimas Corporation	0.21%	1,724,771	$55M	added0%	−0.03 pp	31 q
AGIIArgo Group International	0.21%	1,328,981	$55M	added+43%	+0.01 pp	36 q
REVGREV Group, Inc.	0.20%	4,028,592	$54M	added+11%	+0.01 pp	15 q
UMPQUmpqua Holdings Corp	0.20%	2,868,670	$54M	added+7%	+0.01 pp	9 q
UVVUniversal Corporation	0.20%	890,281	$52M	added+1%	+0.02 pp	28 q
HBANHuntington Bancshares Inc	0.19%	3,371,011	$49M	added+1%	0.00 pp	4 q
MOG.AMoog Inc.	0.19%	558,895	$49M	added+1%	+0.02 pp	7 q
RGAReinsurance Group of America, Incorporated	0.19%	461,425	$51M	trimmed−1%	0.00 pp	7 q
TBITrueblue, Inc.	0.19%	1,774,957	$51M	added0%	+0.01 pp	7 q
UVSPUnivest Financial Corporation	0.18%	1,731,120	$46M	added+1%	−0.01 pp	9 q
HSICHenry Schein Inc	0.17%	508,877	$44M	new	+0.17 pp	new
unresolvedAmerican Woodmark Corporation	0.16%	854,538	$42M	added+16%	−0.02 pp	2 q
CVECenovus Energy Inc.	0.14%	2,162,031	$36M	trimmed−79%	−0.33 pp	27 q
FRACKeane Group, Inc.	0.14%	4,074,296	$38M	trimmed−51%	+0.03 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.14%	347,311	$36M	added+1%	−0.02 pp	35 q
IBNICICI Bank Limited	0.13%	1,867,085	$35M	trimmed−4%	−0.01 pp	17 q
IPGThe Interpublic Group of Companies, Inc.	0.13%	987,919	$35M	held	—	36 q
MPAAMotorcar Parts of America, Inc.	0.13%	1,875,779	$33M	added+4%	+0.01 pp	14 q
MURMurphy Oil Corp.	0.13%	821,727	$33M	trimmed−60%	−0.07 pp	33 q
WSFSWSFS Financial Corp	0.13%	740,256	$35M	added+5%	0.00 pp	36 q
CSCOCisco Systems, Inc. (DE)	0.12%	573,896	$32M	added+1%	−0.02 pp	36 q
PAHCPhibro Animal Health Corporation Class A	0.12%	1,580,812	$32M	added+12%	+0.01 pp	6 q
THNPYTechnip Energies S/	0.12%	2,529,109	$31M	trimmed−12%	−0.04 pp	5 q
ABEVAmbev S.a.	0.11%	9,402,393	$30M	held	—	7 q
VREXVarex Imaging Corporation	0.11%	1,315,804	$28M	added+10%	−0.03 pp	14 q
ARWArrow Electronics, Inc.	0.10%	233,538	$28M	held	—	33 q
HOFTHooker Furnishings Corporation	0.10%	1,411,338	$27M	added+7%	−0.02 pp	11 q
GLGlobe Life Inc.	0.09%	241,660	$24M	held	—	36 q
SHGShinhan Financial Group Co Ltd	0.09%	722,806	$24M	added+1%	+0.01 pp	34 q
CBRECbre Group, Inc.	0.08%	217,978	$20M	added+49%	+0.02 pp	3 q
ETREntergy Corporation	0.08%	190,579	$22M	held	—	36 q
MSMMSC Industrial Direct Co., Inc. Class A	0.08%	261,531	$22M	held	—	10 q
GGenpact Limited	0.08%	505,149	$22M	held	—	29 q
VNOVornado Realty Trust	0.06%	342,964	$16M	added+7%	+0.01 pp	3 q
FFord Motor Company	0.04%	699,131	$12M	trimmed−14%	−0.02 pp	30 q
SNASnap-on Incorporated	0.04%	56,208	$12M	held	—	17 q
VZVerizon Communications	0.04%	228,604	$12M	added+1%	0.00 pp	14 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.02%	1,626,765	$5M	trimmed−1%	0.00 pp	9 q
HNHAYHon Hai Precisn 144A	0.02%	596,073	$4M	added+8%	0.00 pp	14 q
BABAAlibaba Group Holding Limited	0.01%	31,401	$3M	added+2%	0.00 pp	3 q
unresolvedCez As Unspon ADR	0.01%	119,289	$3M	trimmed−24%	0.00 pp	15 q
CICHYChina Constr Bk UNSP/	0.01%	123,360	$2M	held	—	15 q
GXYYYGalaxy Entmt Grp U/	0.01%	105,059	$3M	added+1%	0.00 pp	8 q
HYUAHyundai Motor-gdr	0.01%	26,847	$2M	held	—	15 q
ITUBItau Unibanco Holding S.A.	0.01%	335,597	$2M	added+50%	+0.01 pp	6 q
KBKB Financial Group Inc	0.01%	33,522	$2M	held	—	15 q
LNVGYLenovo Group Ltd S/	0.01%	107,424	$2M	held	—	15 q
OTPIYOtp Bank S/GDR 144A	0.01%	131,286	$2M	added×2.3	0.00 pp	12 q
PCFBYPacific Basin Shp UNS/	0.01%	305,265	$3M	trimmed−29%	0.00 pp	15 q
SSNHZSamsung Elec 144A S/GDR	0.01%	2,730	$4M	held	—	15 q
SSLSasol Limited	0.01%	134,619	$3M	trimmed−12%	0.00 pp	15 q
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.01%	180,465	$2M	held	—	15 q
SCBFYStandard Chrtrd UNSP/	0.01%	216,586	$3M	held	—	10 q
WLMIYWilmar Intl Ltd UNSP/	0.01%	86,574	$3M	added0%	0.00 pp	15 q
CORCencora, Inc.	0.00%	3,079	$476,000	trimmed−34%	0.00 pp	14 q
BCSBarclays PLC	0.00%	55,321	$437,000	held	—	2 q
BIIBBiogen Inc.	0.00%	2,384	$502,000	new	0.00 pp	new
CHRWC.H. Robinson Worldwide, Inc.	0.00%	2,572	$277,000	trimmed−41%	0.00 pp	6 q
CCLCarnival Corporation Ltd.	0.00%	11,837	$239,000	new	0.00 pp	new
DHID.R. Horton Inc.	0.00%	3,981	$297,000	new	0.00 pp	new
DELLDell Technologies Inc.	0.00%	7,618	$382,000	held	—	2 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.00%	25,144	$949,000	held	—	15 q
EXELExelixis Inc	0.00%	20,669	$469,000	new	0.00 pp	new
EXPDExpeditors International of Washington, Inc.	0.00%	4,746	$490,000	added×2.8	0.00 pp	2 q
METAMeta Platforms, Inc. Class A	0.00%	2,903	$646,000	added×2.2	0.00 pp	5 q
HPQHP Inc.	0.00%	5,874	$213,000	held	—	3 q
HALOHalozyme Therapeutics, Inc.	0.00%	15,738	$628,000	new	0.00 pp	new
HNHPFHon Hai Precson S/GDR New	0.00%	23,319	$169,000	held	—	11 q
HMCHonda Motor Co., Ltd.	0.00%	9,011	$255,000	trimmed−14%	0.00 pp	3 q
HUMHumana Inc.	0.00%	844	$367,000	held	—	3 q
IPGPIPG Photonics Corporation	0.00%	4,192	$460,000	new	0.00 pp	new
INTCIntel Corp	0.00%	10,632	$527,000	added+34%	0.00 pp	5 q
LPLALPL Financial Holdings Inc.	0.00%	1,465	$268,000	held	—	2 q
LRCXLam Research Corp	0.00%	879	$473,000	added+32%	0.00 pp	2 q
MMSMAXIMUS, Inc.	0.00%	4,657	$349,000	added+1%	0.00 pp	7 q
MRKMerck & Co., Inc.	0.00%	5,092	$418,000	trimmed−26%	0.00 pp	5 q
NOKNokia Corporation	0.00%	111,936	$611,000	added+19%	0.00 pp	4 q
LUKOYPjsc Lukoil S/	0.00%	45,362	$0	trimmed−5%	−0.02 pp	22 q
PLTKPlaytika Holding Corp.	0.00%	22,824	$441,000	new	0.00 pp	new
QRVOQorvo, Inc.	0.00%	4,245	$527,000	added×2.7	0.00 pp	4 q
DGXQuest Diagnostics Inc.	0.00%	1,966	$269,000	new	0.00 pp	new
REGNRegeneron Pharmaceuticals Inc	0.00%	924	$645,000	added+2%	0.00 pp	5 q
RNRTYReunert Ltd UNSP/	0.00%	127,975	$788,000	held	—	15 q
SBNYSignature Bank (NY)	0.00%	689	$202,000	held	—	2 q
SIRISirius XM Holdings, Inc	0.00%	20,715	$137,000	new	0.00 pp	new
SWKSSkyworks Solutions Inc	0.00%	3,209	$428,000	new	0.00 pp	new
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	108,562	$681,000	held	—	3 q
TSCDYTesco PLC S/	0.00%	87,376	$952,000	new	0.00 pp	new
UTHRUnited Therapeutics Corp	0.00%	2,768	$497,000	added+7%	0.00 pp	4 q
VWAPYVolkswagen AG Pfd UNS/	0.00%	42,703	$732,000	new	0.00 pp	new
VTKLYVtech Holdings UNSP/	0.00%	139,730	$1M	held	—	4 q
WSMWilliams-Sonoma, Inc.	0.00%	3,327	$482,000	new	0.00 pp	new
YETIYETI Holdings, Inc.	0.00%	6,729	$404,000	new	0.00 pp	new
ITRNIturan Location and Control Ltd.	0.00%	27,215	$626,000	added+9%	0.00 pp	8 q
RDS.ARoyal Dutch Shell PLC	—	−4,009,803	—	exited	−0.66 pp	—
FMBIFirst Midwest Bancorp Inc/IL	—	−3,688,549	—	exited	−0.28 pp	—
GTSTriple-s Management Corp	—	−924,828	—	exited	−0.12 pp	—
KBRKBR, Inc.	—	−340,972	—	exited	−0.06 pp	—
AIYActivision Blizzard Inc	—	−9,097	—	exited	0.00 pp	—
ANAutoNation, Inc.	—	−1,882	—	exited	0.00 pp	—
CTXSCitrix Systems Inc	—	−5,117	—	exited	0.00 pp	—
DLTRDollar Tree Inc.	—	−2,849	—	exited	0.00 pp	—
DOVDover Corporation	—	−1,388	—	exited	0.00 pp	—
GILDGilead Sciences Inc	—	−3,404	—	exited	0.00 pp	—
EWTiShares MSCI Taiwan ETF	—	−4,800	—	exited	0.00 pp	—
TMUST-Mobile US, Inc.	—	−3,983	—	exited	0.00 pp	—
VRTXVertex Pharmaceuticals Inc	—	−2,905	—	exited	0.00 pp	—
VMWVMware, Inc	—	−4,822	—	exited	0.00 pp	—
CHKPCheck Point Software Technologies Ltd	—	−4,681	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 20 defects · 3 unresolved
Accession: 0001567619-22-009665
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 157214305 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 168919108 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 257738203 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 36318L203 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 438090805 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 438090888 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 449187707 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 526250105 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 67106E101 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 69343P105 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 69402P103 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 76131U105 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 796050888 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 825715105 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 853254100 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 87854Y109 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 881575401 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 928662501 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 928929207 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 971433107 not on the Official 13(f) List for 2022-03-31

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