Pzena Investment Management

Q1 2023 13F · by Caroline Cai, CEO

As of: Mar 31, 2023
Filed: May 12, 2023
US stock: $23.2B · prev $22.6B
Positions: 163 · prev 180
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

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

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves188 since the prior filing

+6.8 pp in · −6.8 pp out

New 14 +4.16 pp
Added 47 +2.69 pp
Trimmed 96 −4.88 pp
Exited 31 −1.93 pp

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions21% of US stock

Positions163 in this filing · 31 exited


GEGE Aerospace	4.99%	12,088,106	$1.2B	trimmed−8%	+0.10 pp	7 q
CTSHCognizant Technology Solutions	4.64%	17,657,416	$1.1B	added+2%	+0.25 pp	33 q
EIXEdison International	4.26%	13,994,142	$988M	added+3%	+0.43 pp	33 q
LEALear Corporation	4.06%	6,742,800	$941M	trimmed−2%	+0.29 pp	18 q
DOWDow Inc.	3.52%	14,901,209	$817M	added+41%	+1.17 pp	13 q
SSNCSS&C Technologies Inc	3.41%	13,982,655	$790M	added+11%	+0.50 pp	8 q
WABWabtec Inc.	3.37%	7,733,474	$782M	trimmed−1%	−0.08 pp	17 q
CCitigroup Inc.	3.32%	16,420,961	$770M	added+2%	+0.09 pp	40 q
WFCWells Fargo & Co.	2.99%	18,563,726	$694M	added+5%	−0.24 pp	40 q
COFCapital One Financial	2.90%	6,993,002	$672M	added+17%	+0.44 pp	27 q
PVHPVH Corp.	2.78%	7,224,974	$644M	trimmed−2%	+0.47 pp	17 q
NWLNewell Brands Inc.	2.73%	50,805,079	$632M	added+7%	−0.01 pp	20 q
EQHEquitable Holdings, Inc.	2.57%	23,480,192	$596M	added+4%	−0.30 pp	13 q
NOVNOV Inc.	2.36%	29,531,437	$547M	trimmed−0%	−0.37 pp	20 q
AIGAmerican International Group, Inc.	2.07%	9,520,256	$479M	trimmed−3%	−0.67 pp	40 q
DOXAmdocs Limited	1.98%	4,776,144	$459M	trimmed−6%	−0.06 pp	26 q
FMSFresenius Medical Care AG	1.84%	20,025,078	$426M	trimmed−18%	+0.08 pp	7 q
AVTAvnet, Inc.	1.78%	9,149,810	$414M	trimmed−1%	+0.07 pp	40 q
BKNGBooking Holdings Inc.	1.67%	146,373	$388M	trimmed−6%	+0.28 pp	11 q
GILGildan Activewear Inc.	1.60%	11,143,399	$370M	trimmed−3%	+0.20 pp	18 q
BMYBristol-Myers Squibb Co.	1.35%	4,511,785	$313M	added+17%	+0.12 pp	15 q
GEHCGE HealthCare Technologies Inc.	1.28%	3,625,855	$297M	new	+1.28 pp	new
TCOMTrip.com Group Limited	1.28%	7,889,015	$297M	trimmed−18%	−0.19 pp	12 q
SKAASkechers USA Inc-cl A	1.27%	6,196,158	$294M	trimmed−18%	−0.13 pp	9 q
VOYAVoya Financial, Inc.	1.21%	3,912,778	$280M	trimmed−6%	+0.07 pp	36 q
AXSAxis Capital Holders Limited	1.21%	5,128,709	$280M	trimmed−7%	−0.12 pp	40 q
BACBank of America Corporation	1.18%	9,565,066	$274M	added+5%	−0.15 pp	40 q
MGAMagna International	1.05%	4,548,469	$244M	added+11%	+0.03 pp	2 q
METMetLife, Inc.	1.05%	4,182,303	$242M	trimmed−2%	−0.31 pp	40 q
JPMJPMorgan Chase & Co.	1.04%	1,858,352	$242M	trimmed−3%	−0.10 pp	40 q
0VQJLTe Connectivity Ltd	1.04%	1,829,636	$240M	new	+1.04 pp	new
MCKMcKesson Corporation	0.99%	642,849	$229M	trimmed−34%	−0.63 pp	26 q
HALHalliburton Company	0.98%	7,159,122	$227M	trimmed−9%	−0.39 pp	29 q
CHTRCharter Comm Inc Del CL A New	0.91%	588,537	$210M	new	+0.91 pp	new
HPEHewlett Packard Enterprise Company	0.90%	13,083,343	$208M	trimmed−55%	−1.17 pp	30 q
MHKMohawk Industries, Inc.	0.88%	2,028,127	$203M	added0%	−0.03 pp	17 q
ORCLOracle Corp	0.82%	2,039,515	$190M	trimmed−0%	+0.08 pp	40 q
GSGoldman Sachs Group Inc.	0.73%	514,382	$168M	trimmed−6%	−0.10 pp	40 q
CNOCNO Financial Group, Inc.	0.72%	7,495,115	$166M	trimmed−2%	−0.05 pp	17 q
CAHCardinal Health, Inc.	0.69%	2,113,042	$160M	trimmed−17%	−0.18 pp	25 q
TEXTerex Corporation	0.63%	3,019,158	$146M	trimmed−26%	−0.15 pp	38 q
CIThe Cigna Group	0.62%	564,330	$144M	added+31%	−0.01 pp	18 q
SHELShell plc	0.61%	2,477,432	$143M	trimmed−10%	−0.08 pp	5 q
OLNOlin Corp.	0.60%	2,503,674	$139M	trimmed−5%	−0.02 pp	14 q
AXTAAxalta Coating Systems Ltd.	0.58%	4,424,251	$134M	trimmed−5%	+0.06 pp	5 q
AMGNAmgen Inc	0.54%	517,248	$125M	added+2%	−0.05 pp	27 q
PFEPfizer Inc.	0.48%	2,741,849	$112M	trimmed−1%	−0.15 pp	34 q
GAPThe Gap, Inc.	0.46%	10,643,646	$107M	trimmed−2%	−0.08 pp	11 q
JELDJELD-WEN Holding, Inc.	0.45%	8,161,690	$103M	trimmed−6%	+0.08 pp	25 q
BAPCredicorp LTD	0.44%	778,484	$103M	added+30%	+0.08 pp	3 q
XOMExxon Mobil Corp	0.43%	905,095	$99M	added0%	−0.01 pp	40 q
JNJJohnson & Johnson	0.42%	634,294	$98M	added0%	−0.08 pp	7 q
MDTMedtronic plc	0.41%	1,173,455	$95M	new	+0.41 pp	new
OECOrion S.A.	0.40%	3,569,412	$93M	trimmed−18%	+0.06 pp	12 q
ELVElevance Health, Inc.	0.38%	191,863	$88M	added0%	−0.05 pp	7 q
GJBSteelcase Inc-cl A	0.37%	10,070,911	$85M	trimmed−5%	+0.04 pp	22 q
WEDWebster Financial Corp	0.36%	2,109,012	$83M	trimmed−4%	−0.10 pp	40 q
UBSUBS Group AG	0.35%	3,788,665	$81M	trimmed−13%	−0.01 pp	34 q
GDGeneral Dynamics Corporation	0.34%	344,778	$79M	trimmed−0%	−0.04 pp	7 q
DANDana Incorporated	0.33%	5,032,608	$76M	trimmed−3%	−0.02 pp	14 q
DOORMasonite International Corp	0.33%	834,224	$76M	added0%	+0.03 pp	3 q
CLSCelestica, Inc.	0.32%	5,826,294	$75M	trimmed−6%	+0.01 pp	20 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.32%	799,096	$74M	added+6%	+0.07 pp	39 q
FLEXFlex Ltd.	0.32%	3,191,202	$73M	trimmed−37%	−0.16 pp	39 q
BDCBelden Inc.	0.31%	834,678	$72M	trimmed−25%	−0.04 pp	13 q
TRSTrimas Corporation	0.30%	2,488,324	$69M	added+29%	+0.06 pp	35 q
MSMorgan Stanley	0.29%	754,456	$66M	trimmed−1%	0.00 pp	40 q
EPACEnerpac Tool Group Corp.	0.27%	2,471,978	$63M	trimmed−27%	−0.11 pp	40 q
SPBSpectrum Brands Holdings, Inc.	0.27%	941,517	$62M	trimmed−5%	0.00 pp	17 q
37MMrc Global Inc	0.25%	5,845,400	$57M	added+8%	−0.03 pp	9 q
ONBOld National Bancorp	0.25%	3,946,230	$57M	trimmed−4%	−0.08 pp	5 q
CLGGms Inc	0.24%	945,421	$55M	trimmed−6%	+0.02 pp	4 q
JNPJuniper Networks Inc	0.24%	1,624,538	$56M	held	—	18 q
ASBAssociated Banc-Corp	0.23%	2,977,850	$54M	trimmed−4%	−0.09 pp	37 q
SCSCScansource Inc	0.23%	1,734,030	$53M	added+13%	+0.03 pp	29 q
DRHDiamondrock Hospitality Company	0.22%	6,142,401	$50M	trimmed−3%	−0.01 pp	40 q
GLGlobe Life Inc.	0.22%	469,793	$52M	added+79%	+0.08 pp	40 q
MTZMasTec, Inc.	0.22%	549,578	$52M	trimmed−37%	−0.11 pp	10 q
RGAReinsurance Group of America, Incorporated	0.22%	380,897	$51M	trimmed−3%	−0.03 pp	11 q
USNAUSANA Health Sciences Inc	0.22%	818,384	$51M	added+14%	+0.05 pp	7 q
UVVUniversal Corporation	0.22%	958,033	$51M	added+32%	+0.05 pp	32 q
ADNTAdient plc	0.22%	1,268,375	$52M	trimmed−6%	+0.01 pp	3 q
unresolvedAmerican Woodmark Corporation	0.21%	922,088	$48M	added+10%	+0.03 pp	6 q
CBRECbre Group, Inc.	0.21%	673,242	$49M	added0%	−0.02 pp	7 q
AGIIArgo Group International	0.21%	1,651,321	$48M	trimmed−13%	−0.01 pp	40 q
ABEVAmbev S.a.	0.20%	16,178,593	$46M	added+42%	+0.06 pp	11 q
FBINFortune Brands Innovations, Inc.	0.20%	774,787	$46M	trimmed−1%	0.00 pp	2 q
TBITrueblue, Inc.	0.20%	2,574,647	$46M	added+17%	+0.01 pp	11 q
AELAmerican Equity Investment Life Holding Company	0.19%	1,217,042	$44M	added+22%	−0.01 pp	29 q
REVGREV Group, Inc.	0.19%	3,648,143	$44M	trimmed−5%	−0.02 pp	19 q
RFRegions Financial Corp.	0.19%	2,397,970	$45M	trimmed−2%	−0.04 pp	40 q
IVZInvesco LTD	0.19%	2,674,362	$44M	added+1%	−0.02 pp	40 q
FNFFidelity National Financial, Inc.	0.18%	1,190,941	$42M	added+14%	+0.01 pp	3 q
COLBColumbia Banking Systems Inc	0.17%	1,880,363	$40M	new	+0.17 pp	new
MSMMSC Industrial Direct Co., Inc. Class A	0.17%	457,650	$38M	trimmed−0%	0.00 pp	14 q
HSICHenry Schein Inc	0.17%	495,486	$40M	added+1%	0.00 pp	5 q
WSFSWSFS Financial Corp	0.17%	1,051,347	$40M	trimmed−4%	−0.05 pp	40 q
AYIAcuity Inc.	0.16%	204,041	$37M	new	+0.16 pp	new
BIDUBaidu, Inc.	0.16%	246,571	$37M	trimmed−60%	−0.15 pp	25 q
FITBFifth Third Bancorp	0.16%	1,353,459	$36M	added+1%	−0.03 pp	40 q
UVSPUnivest Financial Corporation	0.16%	1,561,246	$37M	trimmed−5%	−0.03 pp	13 q
MOG.AMoog Inc.	0.14%	311,180	$31M	trimmed−6%	+0.01 pp	11 q
PAHCPhibro Animal Health Corporation Class A	0.14%	2,165,200	$33M	added+10%	+0.02 pp	10 q
ARWArrow Electronics, Inc.	0.13%	233,524	$29M	trimmed−0%	+0.02 pp	37 q
CSCOCisco Systems, Inc. (DE)	0.13%	584,777	$31M	trimmed−1%	+0.01 pp	40 q
IBNICICI Bank Limited	0.13%	1,374,420	$30M	trimmed−0%	0.00 pp	21 q
MBCMasterBrand, Inc.	0.13%	3,766,727	$30M	added×4.8	+0.10 pp	2 q
HOFTHooker Furnishings Corporation	0.12%	1,539,649	$28M	trimmed−3%	−0.01 pp	15 q
HOPEHope Bancorp, Inc.	0.10%	2,472,618	$24M	trimmed−24%	−0.09 pp	27 q
MDUMDU Resources Group, Inc.	0.10%	781,895	$24M	held	—	3 q
SHGShinhan Financial Group Co Ltd	0.10%	889,229	$24M	added+3%	−0.01 pp	38 q
GGenpact Limited	0.10%	505,174	$23M	held	—	33 q
KEYKeyCorp	0.09%	1,719,610	$22M	trimmed−48%	−0.16 pp	40 q
KOPKoppers Holdings, Inc.	0.09%	577,311	$20M	added+15%	+0.03 pp	3 q
VREXVarex Imaging Corporation	0.09%	1,140,230	$21M	trimmed−4%	−0.02 pp	18 q
CMAComerica Incorporated	0.08%	424,606	$18M	new	+0.08 pp	new
REZIResideo Technologies, Inc.	0.07%	844,643	$15M	new	+0.07 pp	new
SNASnap-on Incorporated	0.06%	56,187	$14M	held	—	21 q
FTITechnipFMC plc	0.06%	1,011,773	$14M	trimmed−86%	−0.34 pp	25 q
ETREntergy Corporation	0.05%	110,570	$12M	held	—	40 q
MPAAMotorcar Parts of America, Inc.	0.05%	1,491,816	$11M	trimmed−5%	−0.03 pp	18 q
VZVerizon Communications	0.04%	230,539	$9M	trimmed−1%	0.00 pp	18 q
SYU1Synovus Financial Corp	0.03%	215,465	$7M	new	+0.03 pp	new
BABAAlibaba Group Holding Limited	0.02%	43,734	$4M	trimmed−2%	0.00 pp	7 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.02%	1,778,611	$4M	added+3%	0.00 pp	13 q
GXYYYGalaxy Entmt Grp U/	0.02%	127,059	$4M	added+2%	0.00 pp	12 q
PKXPOSCO Holdings Inc.	0.02%	52,915	$4M	trimmed−28%	0.00 pp	29 q
SCBFYStandard Chrtrd UNSP/	0.02%	245,665	$4M	added+1%	0.00 pp	14 q
ITUBItau Unibanco Holding S.A.	0.01%	290,626	$1M	trimmed−15%	0.00 pp	10 q
KBKB Financial Group Inc	0.01%	34,912	$1M	added+4%	0.00 pp	19 q
NOKNokia Corporation	0.01%	287,966	$1M	trimmed−2%	0.00 pp	8 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.01%	159,198	$1M	new	+0.01 pp	new
SSLSasol Limited	0.01%	249,326	$3M	added+24%	0.00 pp	19 q
TSCDYTesco PLC S/	0.01%	161,329	$2M	trimmed−1%	0.00 pp	5 q
VNOVornado Realty Trust	0.01%	150,811	$2M	trimmed−79%	−0.06 pp	7 q
WLMIYWilmar Intl Ltd UNSP/	0.01%	86,162	$3M	held	—	19 q
MTArcelorMittal	0.00%	25,051	$754,536	trimmed−3%	0.00 pp	2 q
BCSBarclays PLC	0.00%	103,849	$746,674	added+8%	0.00 pp	6 q
CACICaci International Cla	0.00%	1,529	$453,012	trimmed−39%	0.00 pp	4 q
CMCSAComcast Corp	0.00%	9,736	$369,092	trimmed−38%	0.00 pp	4 q
DOCUDocuSign, Inc.	0.00%	4,697	$273,835	new	0.00 pp	new
EXELExelixis Inc	0.00%	29,011	$563,104	trimmed−43%	0.00 pp	5 q
GILDGilead Sciences Inc	0.00%	3,594	$298,194	new	0.00 pp	new
HSBCHSBC Holdings PLC	0.00%	19,835	$676,969	trimmed−8%	0.00 pp	2 q
HALOHalozyme Therapeutics, Inc.	0.00%	9,216	$351,959	trimmed−36%	0.00 pp	2 q
HUMHumana Inc.	0.00%	476	$231,079	new	0.00 pp	new
INGING Groep N.V.	0.00%	58,060	$689,172	trimmed−9%	0.00 pp	2 q
INGRIngredion Incorporated	0.00%	5,053	$514,042	trimmed−40%	0.00 pp	2 q
INTCIntel Corp	0.00%	7,359	$240,419	trimmed−49%	0.00 pp	9 q
LPLALPL Financial Holdings Inc.	0.00%	1,937	$392,049	trimmed−44%	0.00 pp	6 q
99803EURLaboratory Crp Of Amer Hldgs	0.00%	1,160	$266,127	trimmed−35%	0.00 pp	2 q
NWGNatWest Group plc	0.00%	50,613	$334,046	trimmed−13%	0.00 pp	2 q
QRVOQorvo, Inc.	0.00%	3,032	$307,960	trimmed−47%	0.00 pp	8 q
SEBSeaboard Corporation	0.00%	117	$441,091	trimmed−18%	0.00 pp	2 q
SIRISirius XM Holdings, Inc	0.00%	38,664	$153,496	trimmed−28%	0.00 pp	5 q
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	23,654	$189,232	trimmed−13%	0.00 pp	2 q
TMUST-Mobile US, Inc.	0.00%	3,518	$509,547	trimmed−40%	0.00 pp	2 q
TRVThe Travelers Companies, Inc.	0.00%	2,626	$450,123	trimmed−40%	0.00 pp	2 q
UTHRUnited Therapeutics Corp	0.00%	1,705	$381,852	new	0.00 pp	new
VODVodafone Group PLC	0.00%	12,387	$136,752	trimmed−5%	0.00 pp	2 q
VTKLYVtech Holdings UNSP/	0.00%	106,324	$632,628	trimmed−24%	0.00 pp	8 q
BGBunge Global SA	0.00%	3,699	$353,328	trimmed−36%	0.00 pp	2 q
ITRNIturan Location and Control Ltd.	0.00%	27,997	$609,775	added+5%	0.00 pp	12 q
NRGNRG Energy, Inc.	—	−8,352,024	—	exited	−1.18 pp	—
UMPQUmpqua Holdings Corp	—	−3,298,180	—	exited	−0.26 pp	—
TXTTextron, Inc.	—	−538,918	—	exited	−0.17 pp	—
IPGThe Interpublic Group of Companies, Inc.	—	−1,109,575	—	exited	−0.16 pp	—
THNPYTechnip Energies S/	—	−1,230,659	—	exited	−0.09 pp	—
HNHAYHon Hai Precisn 144A	—	−596,073	—	exited	−0.02 pp	—
SSNHZSamsung Elec 144A S/GDR	—	−4,398	—	exited	−0.02 pp	—
CICHYChina Constr Bk UNSP/	—	−123,360	—	exited	−0.01 pp	—
LNVGYLenovo Group Ltd S/	—	−107,054	—	exited	−0.01 pp	—
PCFBYPacific Basin Shp UNS/	—	−497,315	—	exited	−0.01 pp	—
BKRBaker Hughes Company	—	−7,613	—	exited	0.00 pp	—
unresolvedCredit Suisse Group Spon ADR	—	−37,862	—	exited	0.00 pp	—
DVADaVita Inc.	—	−2,298	—	exited	0.00 pp	—
DELLDell Technologies Inc.	—	−4,979	—	exited	0.00 pp	—
DNFGYDongfeng Motor Grp-h-uns ADR	—	−24,640	—	exited	0.00 pp	—
EBAYeBay Inc	—	−6,207	—	exited	0.00 pp	—
METAMeta Platforms, Inc. Class A	—	−6,268	—	exited	0.00 pp	—
FFord Motor Company	—	−14,961	—	exited	0.00 pp	—
HMCHonda Motor Co., Ltd.	—	−6,511	—	exited	0.00 pp	—
HLIHoulihan Lokey, Inc.	—	−2,561	—	exited	0.00 pp	—
PPLIPeople Incorporated	—	−11,207	—	exited	0.00 pp	—
IPGPIPG Photonics Corporation	—	−3,825	—	exited	0.00 pp	—
LSTRLandstar System Inc	—	−4,665	—	exited	0.00 pp	—
MKLMarkel Group Inc.	—	−225	—	exited	0.00 pp	—
NVRNVR, Inc.	—	−63	—	exited	0.00 pp	—
OMCOmnicom Group Inc.	—	−2,804	—	exited	0.00 pp	—
LUKOYPjsc Lukoil S/	—	−45,362	—	exited	0.00 pp	—
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	—	−180,465	—	exited	0.00 pp	—
SWKSSkyworks Solutions Inc	—	−2,980	—	exited	0.00 pp	—
VWAPYVolkswagen AG Pfd UNS/	—	−84,525	—	exited	0.00 pp	—
ICLRIcon Plc	—	−2,077	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 5 defects · 1 unresolved
Accession: 0001140361-23-024367
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 36318L203 not on the Official 13(f) List for 2023-03-31
A security outside the official 13F list — CUSIP 853254100 not on the Official 13(f) List for 2023-03-31
A security outside the official 13F list — CUSIP 881575401 not on the Official 13(f) List for 2023-03-31
A security outside the official 13F list — CUSIP 928929207 not on the Official 13(f) List for 2023-03-31
A security outside the official 13F list — CUSIP 971433107 not on the Official 13(f) List for 2023-03-31

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