Pzena Investment Management

Q4 2022 13F · by Richard Pzena, CIO

As of: Dec 31, 2022
Filed: Feb 3, 2023
US stock: $22.6B · prev $20.1B
Positions: 180 · prev 175
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%

Moves179 since the prior filing

+5.6 pp in · −5.6 pp out

New 25 +1.25 pp
Added 53 +4.32 pp
Trimmed 81 −5.25 pp
Exited 20 −0.32 pp

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.9 years per position

Low
Moderate
High

Top 5 positions20% of US stock

Positions180 in this filing · 20 exited


GEGE Aerospace	4.89%	13,202,922	$1.1B	trimmed−4%	+0.66 pp	6 q
CTSHCognizant Technology Solutions	4.39%	17,357,679	$993M	added+22%	+0.32 pp	32 q
EIXEdison International	3.83%	13,619,885	$866M	added+2%	+0.06 pp	32 q
LEALear Corporation	3.77%	6,865,532	$851M	added0%	−0.31 pp	17 q
WABWabtec Inc.	3.45%	7,803,373	$779M	trimmed−12%	−0.13 pp	16 q
CCitigroup Inc.	3.23%	16,153,249	$731M	added+6%	+0.07 pp	39 q
WFCWells Fargo & Co.	3.23%	17,710,817	$731M	added+2%	−0.23 pp	39 q
SSNCSS&C Technologies Inc	2.91%	12,635,958	$658M	added+18%	+0.38 pp	7 q
EQHEquitable Holdings, Inc.	2.87%	22,605,769	$649M	trimmed−1%	−0.12 pp	12 q
AIGAmerican International Group, Inc.	2.74%	9,780,944	$619M	trimmed−9%	+0.19 pp	39 q
NWLNewell Brands Inc.	2.74%	47,361,679	$619M	added+22%	+0.05 pp	19 q
NOVNOV Inc.	2.73%	29,568,913	$618M	trimmed−16%	−0.11 pp	19 q
COFCapital One Financial	2.46%	5,972,255	$555M	added+12%	+0.01 pp	26 q
DOWDow Inc.	2.35%	10,535,990	$531M	added+40%	+0.71 pp	12 q
PVHPVH Corp.	2.31%	7,386,406	$521M	added0%	+0.67 pp	16 q
HPEHewlett Packard Enterprise Company	2.07%	29,386,268	$469M	trimmed−3%	+0.27 pp	29 q
DOXAmdocs Limited	2.04%	5,061,331	$460M	trimmed−10%	−0.18 pp	25 q
FMSFresenius Medical Care AG	1.76%	24,332,192	$398M	added+85%	+0.85 pp	6 q
AVTAvnet, Inc.	1.71%	9,282,603	$386M	trimmed−1%	+0.03 pp	39 q
MCKMcKesson Corporation	1.62%	973,538	$365M	trimmed−43%	−1.28 pp	25 q
TCOMTrip.com Group Limited	1.47%	9,677,682	$333M	trimmed−5%	+0.09 pp	11 q
GILGildan Activewear Inc.	1.40%	11,514,716	$316M	trimmed−5%	−0.31 pp	17 q
SKAASkechers USA Inc-cl A	1.40%	7,522,541	$316M	trimmed−6%	+0.14 pp	8 q
BKNGBooking Holdings Inc.	1.39%	155,403	$313M	added+48%	+0.53 pp	10 q
HALHalliburton Company	1.37%	7,893,885	$311M	trimmed−49%	−0.54 pp	28 q
METMetLife, Inc.	1.36%	4,261,945	$308M	trimmed−10%	−0.07 pp	39 q
BACBank of America Corporation	1.33%	9,071,627	$300M	added0%	−0.03 pp	39 q
AXSAxis Capital Holders Limited	1.33%	5,543,905	$300M	trimmed−6%	−0.12 pp	39 q
BMYBristol-Myers Squibb Co.	1.23%	3,860,572	$278M	trimmed−3%	−0.18 pp	14 q
NRGNRG Energy, Inc.	1.18%	8,352,024	$266M	trimmed−50%	−1.98 pp	11 q
JPMJPMorgan Chase & Co.	1.14%	1,914,785	$257M	added0%	+0.15 pp	39 q
VOYAVoya Financial, Inc.	1.14%	4,172,982	$257M	trimmed−7%	−0.21 pp	35 q
MGAMagna International	1.02%	4,096,785	$230M	new	+1.02 pp	new
MHKMohawk Industries, Inc.	0.91%	2,021,401	$207M	trimmed−0%	−0.01 pp	16 q
CAHCardinal Health, Inc.	0.87%	2,547,552	$196M	trimmed−7%	−0.03 pp	24 q
GSGoldman Sachs Group Inc.	0.83%	544,422	$187M	trimmed−4%	0.00 pp	39 q
TEXTerex Corporation	0.78%	4,105,227	$175M	trimmed−5%	+0.14 pp	37 q
CNOCNO Financial Group, Inc.	0.77%	7,627,617	$174M	added+11%	+0.16 pp	16 q
ORCLOracle Corp	0.74%	2,043,729	$167M	trimmed−1%	+0.11 pp	39 q
SHELShell plc	0.69%	2,750,063	$157M	trimmed−4%	−0.02 pp	4 q
CIThe Cigna Group	0.63%	431,116	$143M	added+4%	+0.06 pp	17 q
PFEPfizer Inc.	0.63%	2,759,833	$141M	trimmed−4%	+0.01 pp	33 q
OLNOlin Corp.	0.62%	2,627,751	$139M	trimmed−4%	+0.04 pp	13 q
AMGNAmgen Inc	0.59%	509,626	$134M	added+2%	+0.03 pp	26 q
GAPThe Gap, Inc.	0.54%	10,857,596	$122M	trimmed−8%	+0.06 pp	10 q
AXTAAxalta Coating Systems Ltd.	0.52%	4,646,839	$118M	trimmed−4%	+0.01 pp	4 q
JNJJohnson & Johnson	0.50%	634,004	$112M	trimmed−0%	−0.02 pp	6 q
FLEXFlex Ltd.	0.48%	5,055,347	$108M	trimmed−32%	−0.14 pp	38 q
WEDWebster Financial Corp	0.46%	2,196,059	$104M	trimmed−2%	−0.04 pp	39 q
XOMExxon Mobil Corp	0.44%	905,060	$100M	trimmed−56%	−0.46 pp	39 q
ELVElevance Health, Inc.	0.43%	191,700	$98M	trimmed−0%	0.00 pp	6 q
FTITechnipFMC plc	0.40%	7,374,728	$90M	trimmed−72%	−0.71 pp	24 q
EPACEnerpac Tool Group Corp.	0.38%	3,398,059	$86M	trimmed−12%	+0.04 pp	39 q
GDGeneral Dynamics Corporation	0.38%	345,499	$86M	held	—	6 q
JELDJELD-WEN Holding, Inc.	0.37%	8,684,811	$84M	trimmed−1%	−0.01 pp	24 q
BAPCredicorp LTD	0.36%	600,199	$81M	added+65%	+0.14 pp	2 q
UBSUBS Group AG	0.36%	4,356,997	$81M	trimmed−12%	0.00 pp	33 q
BDCBelden Inc.	0.35%	1,107,617	$80M	trimmed−17%	−0.05 pp	12 q
DANDana Incorporated	0.35%	5,207,116	$79M	trimmed−9%	+0.02 pp	13 q
OECOrion S.A.	0.34%	4,343,557	$77M	trimmed−4%	+0.04 pp	11 q
MTZMasTec, Inc.	0.33%	872,571	$74M	trimmed−3%	+0.05 pp	9 q
ONBOld National Bancorp	0.33%	4,108,101	$74M	trimmed−5%	−0.02 pp	4 q
GJBSteelcase Inc-cl A	0.33%	10,607,518	$75M	added+15%	+0.03 pp	21 q
ASBAssociated Banc-Corp	0.32%	3,110,151	$72M	trimmed−16%	−0.05 pp	36 q
BIDUBaidu, Inc.	0.31%	618,622	$71M	trimmed−17%	−0.13 pp	24 q
CLSCelestica, Inc.	0.31%	6,188,544	$70M	trimmed−10%	+0.02 pp	19 q
DOORMasonite International Corp	0.30%	830,512	$67M	added+80%	+0.14 pp	2 q
MSMorgan Stanley	0.29%	758,658	$65M	trimmed−1%	−0.01 pp	39 q
37MMrc Global Inc	0.28%	5,422,342	$63M	trimmed−1%	+0.08 pp	8 q
SPBSpectrum Brands Holdings, Inc.	0.27%	986,135	$60M	trimmed−7%	+0.06 pp	16 q
UMPQUmpqua Holdings Corp	0.26%	3,298,180	$59M	trimmed−4%	−0.03 pp	12 q
KEYKeyCorp	0.25%	3,307,382	$58M	trimmed−2%	−0.02 pp	39 q
RGAReinsurance Group of America, Incorporated	0.25%	393,179	$56M	trimmed−12%	−0.03 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.25%	755,008	$56M	added+69%	+0.10 pp	38 q
TRSTrimas Corporation	0.24%	1,934,414	$54M	added+15%	+0.03 pp	34 q
CBRECbre Group, Inc.	0.23%	672,992	$52M	trimmed−0%	0.00 pp	6 q
DRHDiamondrock Hospitality Company	0.23%	6,313,155	$52M	trimmed−3%	−0.01 pp	39 q
JNPJuniper Networks Inc	0.23%	1,624,538	$52M	held	—	17 q
RFRegions Financial Corp.	0.23%	2,446,181	$53M	trimmed−27%	−0.10 pp	39 q
CLGGms Inc	0.22%	1,009,428	$50M	trimmed−4%	+0.01 pp	3 q
WSFSWSFS Financial Corp	0.22%	1,098,216	$50M	trimmed−3%	−0.04 pp	39 q
AGIIArgo Group International	0.22%	1,891,939	$49M	added+47%	+0.10 pp	39 q
REVGREV Group, Inc.	0.21%	3,833,025	$48M	trimmed−4%	−0.01 pp	18 q
ADNTAdient plc	0.21%	1,352,640	$47M	added+23%	+0.06 pp	2 q
IVZInvesco LTD	0.21%	2,638,074	$47M	trimmed−2%	+0.03 pp	39 q
AELAmerican Equity Investment Life Holding Company	0.20%	997,069	$45M	added+3%	+0.02 pp	28 q
FBINFortune Brands Innovations, Inc.	0.20%	782,473	$45M	new	+0.20 pp	new
SCSCScansource Inc	0.20%	1,541,255	$45M	trimmed−3%	−0.01 pp	28 q
FITBFifth Third Bancorp	0.19%	1,339,388	$44M	trimmed−3%	−0.03 pp	39 q
HOPEHope Bancorp, Inc.	0.19%	3,271,601	$42M	trimmed−1%	−0.02 pp	26 q
TBITrueblue, Inc.	0.19%	2,205,832	$43M	trimmed−1%	−0.02 pp	10 q
UVSPUnivest Financial Corporation	0.19%	1,641,462	$43M	trimmed−3%	−0.01 pp	12 q
unresolvedAmerican Woodmark Corporation	0.18%	838,198	$41M	trimmed−3%	−0.01 pp	5 q
FNFFidelity National Financial, Inc.	0.17%	1,043,473	$39M	added×2.5	+0.09 pp	2 q
MSMMSC Industrial Direct Co., Inc. Class A	0.17%	457,692	$37M	held	—	13 q
HSICHenry Schein Inc	0.17%	492,465	$39M	trimmed−2%	+0.01 pp	4 q
TXTTextron, Inc.	0.17%	538,918	$38M	trimmed−1%	+0.01 pp	10 q
USNAUSANA Health Sciences Inc	0.17%	716,881	$38M	trimmed−1%	−0.03 pp	6 q
UVVUniversal Corporation	0.17%	728,489	$38M	trimmed−3%	0.00 pp	31 q
IPGThe Interpublic Group of Companies, Inc.	0.16%	1,109,575	$37M	added+18%	+0.04 pp	39 q
ABEVAmbev S.a.	0.14%	11,397,027	$31M	added+16%	0.00 pp	10 q
GLGlobe Life Inc.	0.14%	261,898	$32M	added+8%	+0.02 pp	39 q
HOFTHooker Furnishings Corporation	0.13%	1,593,354	$30M	trimmed−2%	+0.02 pp	14 q
IBNICICI Bank Limited	0.13%	1,378,197	$30M	trimmed−13%	−0.03 pp	20 q
MOG.AMoog Inc.	0.13%	329,574	$29M	trimmed−3%	+0.01 pp	10 q
CSCOCisco Systems, Inc. (DE)	0.12%	588,508	$28M	held	—	39 q
PAHCPhibro Animal Health Corporation Class A	0.12%	1,969,236	$26M	added+2%	−0.01 pp	9 q
ARWArrow Electronics, Inc.	0.11%	233,547	$24M	held	—	36 q
SHGShinhan Financial Group Co Ltd	0.11%	864,876	$24M	added+19%	+0.03 pp	37 q
VREXVarex Imaging Corporation	0.11%	1,190,066	$24M	trimmed−5%	−0.02 pp	17 q
MDUMDU Resources Group, Inc.	0.10%	781,895	$24M	held	—	2 q
GGenpact Limited	0.10%	505,174	$23M	held	—	32 q
THNPYTechnip Energies S/	0.09%	1,230,659	$19M	trimmed−0%	+0.02 pp	8 q
MPAAMotorcar Parts of America, Inc.	0.08%	1,577,618	$19M	trimmed−14%	−0.06 pp	17 q
VNOVornado Realty Trust	0.07%	717,193	$15M	held	—	6 q
ETREntergy Corporation	0.06%	110,570	$12M	held	—	39 q
KOPKoppers Holdings, Inc.	0.06%	503,296	$14M	added+16%	+0.02 pp	2 q
SNASnap-on Incorporated	0.06%	56,187	$13M	held	—	20 q
VZVerizon Communications	0.04%	232,535	$9M	added+1%	0.00 pp	17 q
MBCMasterBrand, Inc.	0.03%	779,649	$6M	new	+0.03 pp	new
BABAAlibaba Group Holding Limited	0.02%	44,799	$4M	added+14%	0.00 pp	6 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.02%	1,727,211	$4M	trimmed−1%	0.00 pp	12 q
GXYYYGalaxy Entmt Grp U/	0.02%	124,859	$4M	added+16%	0.00 pp	11 q
HNHAYHon Hai Precisn 144A	0.02%	596,073	$4M	held	—	17 q
PKXPOSCO Holdings Inc.	0.02%	73,583	$4M	trimmed−13%	0.00 pp	28 q
SSNHZSamsung Elec 144A S/GDR	0.02%	4,398	$5M	added+9%	0.00 pp	18 q
SCBFYStandard Chrtrd UNSP/	0.02%	242,119	$4M	added+12%	+0.01 pp	13 q
CICHYChina Constr Bk UNSP/	0.01%	123,360	$2M	held	—	18 q
ITUBItau Unibanco Holding S.A.	0.01%	343,744	$2M	held	—	9 q
KBKB Financial Group Inc	0.01%	33,522	$1M	held	—	18 q
LNVGYLenovo Group Ltd S/	0.01%	107,054	$2M	held	—	18 q
NOKNokia Corporation	0.01%	292,950	$1M	added×2.6	+0.01 pp	7 q
PCFBYPacific Basin Shp UNS/	0.01%	497,315	$3M	added+59%	0.00 pp	18 q
SSLSasol Limited	0.01%	200,285	$3M	added+49%	0.00 pp	18 q
TSCDYTesco PLC S/	0.01%	163,264	$1M	added+94%	+0.01 pp	4 q
WLMIYWilmar Intl Ltd UNSP/	0.01%	86,162	$3M	held	—	18 q
MTArcelorMittal	0.00%	25,891	$678,862	new	0.00 pp	new
BKRBaker Hughes Company	0.00%	7,613	$224,812	trimmed−86%	−0.01 pp	22 q
BCSBarclays PLC	0.00%	96,588	$753,386	added+72%	0.00 pp	5 q
CACICaci International Cla	0.00%	2,497	$750,573	added×2.7	0.00 pp	3 q
CMCSAComcast Corp	0.00%	15,764	$551,267	added+37%	0.00 pp	3 q
unresolvedCredit Suisse Group Spon ADR	0.00%	37,862	$115,100	new	0.00 pp	new
DVADaVita Inc.	0.00%	2,298	$171,592	new	0.00 pp	new
DELLDell Technologies Inc.	0.00%	4,979	$200,255	trimmed−35%	0.00 pp	5 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.00%	24,640	$707,161	trimmed−2%	0.00 pp	18 q
EBAYeBay Inc	0.00%	6,207	$257,404	new	0.00 pp	new
EXELExelixis Inc	0.00%	50,647	$812,378	added×2.5	0.00 pp	4 q
METAMeta Platforms, Inc. Class A	0.00%	6,268	$754,291	added+86%	0.00 pp	8 q
FFord Motor Company	0.00%	14,961	$173,996	held	—	33 q
HSBCHSBC Holdings PLC	0.00%	21,662	$674,988	new	0.00 pp	new
HALOHalozyme Therapeutics, Inc.	0.00%	14,507	$825,448	new	0.00 pp	new
HMCHonda Motor Co., Ltd.	0.00%	6,511	$148,841	new	0.00 pp	new
HLIHoulihan Lokey, Inc.	0.00%	2,561	$223,217	new	0.00 pp	new
PPLIPeople Incorporated	0.00%	11,207	$497,591	added+53%	0.00 pp	2 q
IPGPIPG Photonics Corporation	0.00%	3,825	$362,113	trimmed−9%	0.00 pp	4 q
INGING Groep N.V.	0.00%	63,834	$776,860	new	0.00 pp	new
INGRIngredion Incorporated	0.00%	8,378	$820,458	new	0.00 pp	new
INTCIntel Corp	0.00%	14,478	$382,654	added+36%	0.00 pp	8 q
LPLALPL Financial Holdings Inc.	0.00%	3,434	$742,328	added+66%	0.00 pp	5 q
99803EURLaboratory Crp Of Amer Hldgs	0.00%	1,779	$418,919	new	0.00 pp	new
LSTRLandstar System Inc	0.00%	4,665	$759,929	added×3.0	0.00 pp	2 q
MKLMarkel Group Inc.	0.00%	225	$296,435	new	0.00 pp	new
NVRNVR, Inc.	0.00%	63	$290,593	new	0.00 pp	new
NWGNatWest Group plc	0.00%	58,431	$377,464	new	0.00 pp	new
OMCOmnicom Group Inc.	0.00%	2,804	$228,722	new	0.00 pp	new
LUKOYPjsc Lukoil S/	0.00%	45,362	$454	held	—	25 q
QRVOQorvo, Inc.	0.00%	5,751	$521,271	added+35%	0.00 pp	7 q
SEBSeaboard Corporation	0.00%	142	$536,080	new	0.00 pp	new
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.00%	180,465	$916,762	held	—	18 q
SIRISirius XM Holdings, Inc	0.00%	54,041	$315,599	added×2.6	0.00 pp	4 q
SWKSSkyworks Solutions Inc	0.00%	2,980	$271,567	trimmed−11%	0.00 pp	4 q
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	27,154	$217,775	new	0.00 pp	new
TMUST-Mobile US, Inc.	0.00%	5,885	$823,900	new	0.00 pp	new
TRVThe Travelers Companies, Inc.	0.00%	4,354	$816,331	new	0.00 pp	new
VODVodafone Group PLC	0.00%	13,056	$132,127	new	0.00 pp	new
VWAPYVolkswagen AG Pfd UNS/	0.00%	84,525	$1M	added+98%	0.00 pp	4 q
VTKLYVtech Holdings UNSP/	0.00%	139,730	$882,605	held	—	7 q
BGBunge Global SA	0.00%	5,774	$576,072	new	0.00 pp	new
ICLRIcon Plc	0.00%	2,077	$403,457	new	0.00 pp	new
ITRNIturan Location and Control Ltd.	0.00%	26,625	$562,586	held	—	11 q
RRyder System, Inc.	—	−341,544	—	exited	−0.13 pp	—
SMCISuper Micro Computer, Inc.	—	−396,954	—	exited	−0.11 pp	—
VFCV.F. Corporation	—	−458,387	—	exited	−0.07 pp	—
HYUAHyundai Motor-gdr	—	−26,847	—	exited	−0.01 pp	—
CORCencora, Inc.	—	−3,878	—	exited	0.00 pp	—
BIIBBiogen Inc.	—	−2,384	—	exited	0.00 pp	—
unresolvedCez As Unspon ADR	—	−48,389	—	exited	0.00 pp	—
HNHPFHon Hai Precson S/GDR New	—	−23,319	—	exited	0.00 pp	—
HUMHumana Inc.	—	−844	—	exited	0.00 pp	—
LRCXLam Research Corp	—	−879	—	exited	0.00 pp	—
MEDPMedpace Holdings, Inc.	—	−3,870	—	exited	0.00 pp	—
MRKMerck & Co., Inc.	—	−6,425	—	exited	0.00 pp	—
FRACKeane Group, Inc.	—	−22,331	—	exited	0.00 pp	—
PLTKPlaytika Holding Corp.	—	−23,178	—	exited	0.00 pp	—
DGXQuest Diagnostics Inc.	—	−1,966	—	exited	0.00 pp	—
REGNRegeneron Pharmaceuticals Inc	—	−794	—	exited	0.00 pp	—
RNRTYReunert Ltd UNSP/	—	−127,975	—	exited	0.00 pp	—
WSMWilliams-Sonoma, Inc.	—	−2,718	—	exited	0.00 pp	—
Latam Finance Ltdconvertible	—	−1,000,000	—	exited	0.00 pp	—
Valaris Ltdconvertible	—	−1,000,000	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 15 defects · 3 unresolved
Accession: 0001140361-23-004425
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 168919108 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 257738203 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 36318L203 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 438090888 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 526250105 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 69343P105 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 69402P103 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 796050888 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 825715105 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 853254100 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 87854Y109 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 881575401 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 928662501 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 928929207 not on the Official 13(f) List for 2022-12-31
A security outside the official 13F list — CUSIP 971433107 not on the Official 13(f) List for 2022-12-31

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