Pzena Investment Management

Q2 2022 13F · by Richard Pzena, CIO

As of: Jun 30, 2022
Filed: Aug 5, 2022
US stock: $22.3B · prev $26.5B
Positions: 168 · prev 177
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

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

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves149 since the prior filing

+5.2 pp in · −5.1 pp out

New 5 +0.21 pp
Added 63 +4.98 pp
Trimmed 67 −4.24 pp
Exited 14 −0.87 pp

The book

Diversified · behaves like 48 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions19% of US stock

CTSH Cognizant Technology Solutions added−0.40 pp added−0.404.2%
EIX Edison International trimmed+0.06 pp trimmed+0.064.0%
GE GE Aerospace added−0.10 pp added−0.103.7%
LEA Lear Corporation added+0.26 pp added+0.263.6%
MCK McKesson Corporation trimmed+0.43 pp trimmed+0.433.6%

Positions168 in this filing · 14 exited


CTSHCognizant Technology Solutions	4.16%	13,768,131	$929M	added+2%	−0.40 pp	30 q
EIXEdison International	3.95%	13,959,362	$883M	trimmed−5%	+0.06 pp	30 q
GEGE Aerospace	3.72%	13,035,744	$830M	added+18%	−0.10 pp	4 q
LEALear Corporation	3.64%	6,463,079	$814M	added+3%	+0.26 pp	15 q
MCKMcKesson Corporation	3.56%	2,433,360	$794M	trimmed−10%	+0.43 pp	23 q
WABWabtec Inc.	3.52%	9,578,666	$786M	trimmed−4%	−0.12 pp	14 q
NWLNewell Brands Inc.	3.20%	37,569,337	$715M	added+4%	+0.27 pp	17 q
CCitigroup Inc.	3.16%	15,334,377	$705M	added+28%	+0.74 pp	37 q
WFCWells Fargo & Co.	2.98%	16,993,279	$666M	trimmed−4%	−0.26 pp	37 q
NRGNRG Energy, Inc.	2.83%	16,530,610	$631M	trimmed−11%	+0.12 pp	9 q
NOVNOV Inc.	2.79%	36,845,885	$623M	trimmed−4%	−0.07 pp	17 q
EQHEquitable Holdings, Inc.	2.59%	22,147,532	$577M	added+1%	+0.03 pp	10 q
AIGAmerican International Group, Inc.	2.45%	10,712,738	$548M	trimmed−32%	−1.29 pp	37 q
DOXAmdocs Limited	2.37%	6,347,183	$529M	trimmed−2%	+0.35 pp	23 q
HALHalliburton Company	2.34%	16,678,893	$523M	trimmed−27%	−0.92 pp	26 q
SSNCSS&C Technologies Inc	2.32%	8,916,391	$518M	added+83%	+0.94 pp	5 q
COFCapital One Financial	2.26%	4,842,786	$505M	added+24%	+0.32 pp	24 q
AVTAvnet, Inc.	2.06%	10,740,660	$461M	trimmed−11%	+0.21 pp	37 q
PVHPVH Corp.	2.02%	7,939,967	$452M	added+1%	−0.25 pp	14 q
HPEHewlett Packard Enterprise Company	1.90%	32,075,426	$425M	trimmed−15%	−0.47 pp	27 q
AXSAxis Capital Holders Limited	1.73%	6,778,381	$387M	trimmed−5%	+0.10 pp	37 q
GILGildan Activewear Inc.	1.62%	12,587,056	$362M	added+41%	+0.36 pp	15 q
FMSFresenius Medical Care AG	1.47%	13,176,037	$329M	added+14%	0.00 pp	4 q
DOWDow Inc.	1.45%	6,276,788	$324M	trimmed−0%	−0.06 pp	10 q
BMYBristol-Myers Squibb Co.	1.44%	4,171,232	$321M	added+15%	+0.44 pp	12 q
METMetLife, Inc.	1.42%	5,047,273	$317M	trimmed−1%	+0.06 pp	37 q
BACBank of America Corporation	1.28%	9,194,205	$286M	added+15%	+0.03 pp	37 q
SKAASkechers USA Inc-cl A	1.28%	8,033,986	$286M	added+16%	+0.22 pp	6 q
VOYAVoya Financial, Inc.	1.25%	4,698,182	$280M	trimmed−3%	+0.04 pp	33 q
XOMExxon Mobil Corp	1.20%	3,124,235	$268M	trimmed−31%	−0.21 pp	37 q
TCOMTrip.com Group Limited	1.20%	9,776,714	$268M	added+6%	+0.40 pp	9 q
MHKMohawk Industries, Inc.	1.15%	2,068,700	$257M	added+18%	+0.33 pp	14 q
JPMJPMorgan Chase & Co.	0.98%	1,934,016	$218M	added+11%	+0.08 pp	37 q
GSGoldman Sachs Group Inc.	0.80%	601,289	$179M	added+4%	+0.08 pp	37 q
FTITechnipFMC plc	0.79%	26,297,342	$177M	trimmed−4%	−0.01 pp	22 q
ORCLOracle Corp	0.74%	2,378,126	$166M	trimmed−2%	−0.02 pp	37 q
PFEPfizer Inc.	0.70%	2,969,435	$156M	trimmed−13%	+0.04 pp	31 q
BKNGBooking Holdings Inc.	0.69%	88,171	$154M	added+56%	+0.19 pp	8 q
SHELShell plc	0.69%	2,963,476	$155M	trimmed−10%	+0.01 pp	2 q
CAHCardinal Health, Inc.	0.68%	2,895,642	$151M	trimmed−3%	+0.04 pp	22 q
JELDJELD-WEN Holding, Inc.	0.58%	8,856,852	$129M	added+12%	−0.03 pp	22 q
AMGNAmgen Inc	0.57%	522,173	$127M	trimmed−2%	+0.08 pp	24 q
OLNOlin Corp.	0.57%	2,756,506	$128M	trimmed−19%	−0.10 pp	11 q
CNOCNO Financial Group, Inc.	0.56%	6,926,581	$125M	trimmed−2%	−0.11 pp	14 q
TEXTerex Corporation	0.55%	4,450,787	$122M	added+31%	+0.09 pp	35 q
CIThe Cigna Group	0.51%	427,875	$113M	trimmed−2%	+0.11 pp	15 q
JNJJohnson & Johnson	0.51%	637,343	$113M	trimmed−11%	+0.03 pp	4 q
FLEXFlex Ltd.	0.51%	7,800,361	$113M	trimmed−4%	−0.06 pp	36 q
AXTAAxalta Coating Systems Ltd.	0.50%	5,065,126	$112M	added+58%	+0.20 pp	2 q
BIDUBaidu, Inc.	0.49%	735,103	$109M	trimmed−3%	+0.11 pp	22 q
GJBSteelcase Inc-cl A	0.45%	9,307,779	$100M	added+17%	+0.09 pp	19 q
BDCBelden Inc.	0.43%	1,822,722	$97M	trimmed−2%	+0.04 pp	10 q
WEDWebster Financial Corp	0.43%	2,278,828	$96M	trimmed−2%	−0.06 pp	37 q
ELVElevance Health, Inc.	0.42%	192,372	$93M	added+1%	+0.07 pp	4 q
SPBSpectrum Brands Holdings, Inc.	0.39%	1,061,585	$87M	trimmed−1%	+0.03 pp	14 q
DANDana Incorporated	0.37%	5,798,157	$82M	added+19%	+0.05 pp	11 q
GAPThe Gap, Inc.	0.37%	9,999,535	$82M	added×2.1	+0.11 pp	8 q
UBSUBS Group AG	0.37%	5,088,031	$83M	trimmed−22%	−0.11 pp	31 q
GDGeneral Dynamics Corporation	0.34%	345,443	$76M	added0%	+0.03 pp	4 q
EPACEnerpac Tool Group Corp.	0.33%	3,928,715	$75M	trimmed−2%	0.00 pp	37 q
RRyder System, Inc.	0.32%	993,551	$71M	trimmed−5%	+0.01 pp	20 q
ASBAssociated Banc-Corp	0.31%	3,780,176	$69M	added0%	−0.02 pp	34 q
CLSCelestica, Inc.	0.30%	7,000,230	$68M	trimmed−3%	−0.03 pp	17 q
ONBOld National Bancorp	0.30%	4,461,199	$66M	added0%	+0.02 pp	2 q
RFRegions Financial Corp.	0.30%	3,585,733	$67M	trimmed−0%	0.00 pp	37 q
AELAmerican Equity Investment Life Holding Company	0.29%	1,743,109	$64M	trimmed−4%	+0.02 pp	26 q
MTZMasTec, Inc.	0.29%	916,003	$66M	added+29%	+0.06 pp	7 q
MSMorgan Stanley	0.27%	778,946	$59M	trimmed−6%	−0.01 pp	37 q
UMPQUmpqua Holdings Corp	0.26%	3,526,700	$59M	added+23%	+0.06 pp	10 q
OECOrion S.A.	0.26%	3,741,388	$58M	added+1%	+0.04 pp	9 q
37MMrc Global Inc	0.25%	5,494,016	$55M	added+10%	+0.02 pp	6 q
BKRBaker Hughes Company	0.24%	1,839,376	$53M	trimmed−85%	−1.44 pp	20 q
DRHDiamondrock Hospitality Company	0.24%	6,413,413	$53M	trimmed−2%	−0.01 pp	37 q
RGAReinsurance Group of America, Incorporated	0.24%	463,961	$54M	added+1%	+0.05 pp	8 q
USNAUSANA Health Sciences Inc	0.24%	725,651	$53M	trimmed−1%	+0.02 pp	4 q
SCSCScansource Inc	0.23%	1,617,768	$50M	trimmed−3%	+0.01 pp	26 q
KEYKeyCorp	0.22%	2,821,824	$49M	added+1%	−0.02 pp	37 q
UVVUniversal Corporation	0.22%	825,859	$50M	trimmed−7%	+0.02 pp	29 q
FITBFifth Third Bancorp	0.21%	1,375,531	$46M	added0%	−0.01 pp	37 q
CLGGms Inc	0.21%	1,078,363	$48M	new	+0.21 pp	new
HOPEHope Bancorp, Inc.	0.21%	3,341,176	$46M	trimmed−2%	0.00 pp	24 q
JNPJuniper Networks Inc	0.21%	1,625,824	$46M	held	—	15 q
TRSTrimas Corporation	0.21%	1,719,497	$48M	trimmed−0%	0.00 pp	32 q
WSFSWSFS Financial Corp	0.21%	1,182,877	$47M	added+60%	+0.08 pp	37 q
AGIIArgo Group International	0.21%	1,285,569	$47M	trimmed−3%	0.00 pp	37 q
REVGREV Group, Inc.	0.20%	4,077,081	$44M	added+1%	0.00 pp	16 q
SMCISuper Micro Computer, Inc.	0.20%	1,127,116	$45M	trimmed−26%	−0.02 pp	14 q
PKXPOSCO Holdings Inc.	0.19%	952,698	$42M	held	—	26 q
UVSPUnivest Financial Corporation	0.19%	1,711,041	$44M	trimmed−1%	+0.01 pp	10 q
IVZInvesco LTD	0.19%	2,684,457	$43M	added0%	−0.04 pp	37 q
unresolvedAmerican Woodmark Corporation	0.18%	870,299	$39M	added+2%	+0.02 pp	3 q
TXTTextron, Inc.	0.18%	665,947	$41M	trimmed−67%	−0.38 pp	8 q
PAHCPhibro Animal Health Corporation Class A	0.17%	1,936,464	$37M	added+23%	+0.05 pp	7 q
HSICHenry Schein Inc	0.17%	504,938	$39M	trimmed−1%	0.00 pp	2 q
MSMMSC Industrial Direct Co., Inc. Class A	0.15%	457,692	$34M	added+75%	+0.07 pp	11 q
IBNICICI Bank Limited	0.14%	1,715,932	$30M	trimmed−8%	+0.01 pp	18 q
TBITrueblue, Inc.	0.14%	1,795,992	$32M	added+1%	−0.05 pp	8 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.13%	350,005	$29M	added+1%	−0.01 pp	36 q
ARWArrow Electronics, Inc.	0.12%	233,547	$26M	added0%	+0.02 pp	34 q
CBRECbre Group, Inc.	0.12%	363,826	$27M	added+67%	+0.04 pp	4 q
IPGThe Interpublic Group of Companies, Inc.	0.12%	984,242	$27M	trimmed−0%	−0.01 pp	37 q
MOG.AMoog Inc.	0.12%	339,763	$27M	trimmed−39%	−0.07 pp	8 q
VREXVarex Imaging Corporation	0.12%	1,296,164	$28M	trimmed−1%	+0.01 pp	15 q
ABEVAmbev S.a.	0.11%	9,421,397	$24M	added0%	0.00 pp	8 q
CSCOCisco Systems, Inc. (DE)	0.11%	594,062	$25M	added+4%	−0.01 pp	37 q
GLGlobe Life Inc.	0.11%	241,670	$24M	added0%	+0.02 pp	37 q
MPAAMotorcar Parts of America, Inc.	0.11%	1,843,639	$24M	trimmed−2%	−0.02 pp	15 q
HOFTHooker Furnishings Corporation	0.10%	1,487,787	$23M	added+5%	0.00 pp	12 q
GGenpact Limited	0.10%	505,174	$21M	added0%	+0.02 pp	30 q
SHGShinhan Financial Group Co Ltd	0.09%	722,806	$21M	held	—	35 q
THNPYTechnip Energies S/	0.07%	1,236,155	$15M	trimmed−51%	−0.05 pp	6 q
ETREntergy Corporation	0.06%	110,572	$12M	trimmed−42%	−0.02 pp	37 q
VNOVornado Realty Trust	0.06%	475,402	$14M	added+39%	0.00 pp	4 q
SNASnap-on Incorporated	0.05%	56,187	$11M	trimmed−0%	+0.01 pp	18 q
VZVerizon Communications	0.05%	229,953	$12M	added+1%	+0.01 pp	15 q
BABAAlibaba Group Holding Limited	0.02%	39,184	$4M	added+25%	+0.01 pp	4 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.02%	1,742,473	$4M	trimmed−18%	0.00 pp	10 q
HNHAYHon Hai Precisn 144A	0.02%	596,073	$4M	held	—	15 q
FRACKeane Group, Inc.	0.02%	409,872	$4M	trimmed−90%	−0.12 pp	11 q
unresolvedCez As Unspon ADR	0.01%	58,063	$1M	trimmed−51%	0.00 pp	16 q
CICHYChina Constr Bk UNSP/	0.01%	123,360	$2M	held	—	16 q
GXYYYGalaxy Entmt Grp U/	0.01%	107,659	$3M	added+2%	0.00 pp	9 q
HYUAHyundai Motor-gdr	0.01%	26,847	$2M	held	—	16 q
ITUBItau Unibanco Holding S.A.	0.01%	343,744	$1M	added+2%	0.00 pp	7 q
KBKB Financial Group Inc	0.01%	33,522	$1M	held	—	16 q
LNVGYLenovo Group Ltd S/	0.01%	107,424	$2M	held	—	16 q
PCFBYPacific Basin Shp UNS/	0.01%	313,015	$2M	added+3%	0.00 pp	16 q
SSNHZSamsung Elec 144A S/GDR	0.01%	2,730	$3M	held	—	16 q
SSLSasol Limited	0.01%	134,287	$3M	trimmed−0%	0.00 pp	16 q
SCBFYStandard Chrtrd UNSP/	0.01%	216,586	$3M	held	—	11 q
WLMIYWilmar Intl Ltd UNSP/	0.01%	86,351	$3M	trimmed−0%	0.00 pp	16 q
CORCencora, Inc.	0.00%	3,878	$549,000	added+26%	0.00 pp	15 q
ANAutoNation, Inc.	0.00%	1,882	$210,000	new	0.00 pp	new
BCSBarclays PLC	0.00%	55,321	$420,000	held	—	3 q
BIIBBiogen Inc.	0.00%	2,384	$486,000	held	—	2 q
CACICaci International Cla	0.00%	765	$216,000	new	0.00 pp	new
CMCSAComcast Corp	0.00%	11,510	$452,000	new	0.00 pp	new
DHID.R. Horton Inc.	0.00%	3,981	$264,000	held	—	2 q
DELLDell Technologies Inc.	0.00%	7,618	$352,000	held	—	3 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.00%	25,144	$955,000	held	—	16 q
EXELExelixis Inc	0.00%	20,669	$430,000	held	—	2 q
METAMeta Platforms, Inc. Class A	0.00%	3,378	$545,000	added+16%	0.00 pp	6 q
FFord Motor Company	0.00%	14,961	$167,000	trimmed−98%	−0.04 pp	31 q
HNHPFHon Hai Precson S/GDR New	0.00%	23,319	$170,000	held	—	12 q
HMCHonda Motor Co., Ltd.	0.00%	9,011	$218,000	held	—	4 q
HUMHumana Inc.	0.00%	844	$395,000	held	—	4 q
IPGPIPG Photonics Corporation	0.00%	4,192	$395,000	held	—	2 q
INTCIntel Corp	0.00%	10,632	$398,000	held	—	6 q
LPLALPL Financial Holdings Inc.	0.00%	2,072	$382,000	added+41%	0.00 pp	3 q
LRCXLam Research Corp	0.00%	879	$375,000	held	—	3 q
MEDPMedpace Holdings, Inc.	0.00%	4,278	$640,000	new	0.00 pp	new
MRKMerck & Co., Inc.	0.00%	7,135	$650,000	added+40%	0.00 pp	6 q
MURMurphy Oil Corp.	0.00%	8,444	$255,000	trimmed−99%	−0.13 pp	34 q
NOKNokia Corporation	0.00%	114,106	$526,000	added+2%	0.00 pp	5 q
LUKOYPjsc Lukoil S/	0.00%	45,362	$0	held	—	23 q
PLTKPlaytika Holding Corp.	0.00%	22,824	$302,000	held	—	2 q
QRVOQorvo, Inc.	0.00%	4,245	$400,000	held	—	5 q
DGXQuest Diagnostics Inc.	0.00%	1,966	$261,000	held	—	2 q
REGNRegeneron Pharmaceuticals Inc	0.00%	1,119	$661,000	added+21%	0.00 pp	6 q
RNRTYReunert Ltd UNSP/	0.00%	127,975	$625,000	held	—	16 q
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.00%	180,465	$240,000	held	—	16 q
SIRISirius XM Holdings, Inc	0.00%	20,715	$127,000	held	—	2 q
SWKSSkyworks Solutions Inc	0.00%	3,209	$297,000	held	—	2 q
TSCDYTesco PLC S/	0.00%	84,268	$783,000	trimmed−4%	0.00 pp	2 q
VWAPYVolkswagen AG Pfd UNS/	0.00%	42,703	$566,000	held	—	2 q
VTKLYVtech Holdings UNSP/	0.00%	139,730	$1M	held	—	5 q
WSMWilliams-Sonoma, Inc.	0.00%	3,327	$369,000	held	—	2 q
ITRNIturan Location and Control Ltd.	0.00%	26,625	$652,000	trimmed−2%	0.00 pp	9 q
SWKStanley Black & Decker, Inc.	—	−1,011,410	—	exited	−0.53 pp	—
HBANHuntington Bancshares Inc	—	−3,371,011	—	exited	−0.19 pp	—
CVECenovus Energy Inc.	—	−2,162,031	—	exited	−0.14 pp	—
OTPIYOtp Bank S/GDR 144A	—	−131,286	—	exited	−0.01 pp	—
CHRWC.H. Robinson Worldwide, Inc.	—	−2,572	—	exited	0.00 pp	—
CCLCarnival Corporation Ltd.	—	−11,837	—	exited	0.00 pp	—
EXPDExpeditors International of Washington, Inc.	—	−4,746	—	exited	0.00 pp	—
HPQHP Inc.	—	−5,874	—	exited	0.00 pp	—
HALOHalozyme Therapeutics, Inc.	—	−15,738	—	exited	0.00 pp	—
MMSMAXIMUS, Inc.	—	−4,657	—	exited	0.00 pp	—
SBNYSignature Bank (NY)	—	−689	—	exited	0.00 pp	—
SMFGSumitomo Mitsui Financial Group, Inc	—	−108,562	—	exited	0.00 pp	—
UTHRUnited Therapeutics Corp	—	−2,768	—	exited	0.00 pp	—
YETIYETI Holdings, Inc.	—	−6,729	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 19 defects · 3 unresolved
Accession: 0001567619-22-015049
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 2022-06-30
A security outside the official 13F list — CUSIP 168919108 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 257738203 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 36318L203 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 438090805 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 438090888 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 449187707 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 526250105 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 69343P105 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 69402P103 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 76131U105 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 796050888 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 825715105 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 853254100 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 87854Y109 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 881575401 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 928662501 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 928929207 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 971433107 not on the Official 13(f) List for 2022-06-30

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