Pzena Investment Management

Q3 2023 13F · by Caroline Cai, CEO

As of: Sep 30, 2023
Filed: Nov 9, 2023
US stock: $23.3B · prev $23.4B
Positions: 160 · prev 161
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves154 since the prior filing

+9.8 pp in · −9.8 pp out

New 13 +3.88 pp
Added 48 +5.94 pp
Trimmed 79 −8.51 pp
Exited 14 −1.25 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 43% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions20% of US stock

CTSH Cognizant Technology Solutions trimmed+0.18 pp trimmed+0.185.1%
DOW Dow Inc. added+0.66 pp added+0.664.0%
LEA Lear Corporation trimmed−0.27 pp trimmed−0.273.8%
EIX Edison International added−0.27 pp added−0.273.6%
WAB Wabtec Inc. trimmed−0.12 pp trimmed−0.123.4%

Positions160 in this filing · 14 exited


CTSHCognizant Technology Solutions	5.09%	17,477,911	$1.2B	trimmed−1%	+0.18 pp	35 q
DOWDow Inc.	4.04%	18,230,680	$940M	added+22%	+0.66 pp	15 q
LEALear Corporation	3.76%	6,515,370	$874M	trimmed−1%	−0.27 pp	20 q
EIXEdison International	3.62%	13,316,887	$843M	added+2%	−0.27 pp	35 q
WABWabtec Inc.	3.42%	7,498,076	$797M	trimmed−1%	−0.12 pp	19 q
EQHEquitable Holdings, Inc.	3.28%	26,902,560	$764M	added+10%	+0.45 pp	15 q
SSNCSS&C Technologies Inc	3.21%	14,229,448	$748M	added+1%	−0.42 pp	10 q
WFCWells Fargo & Co.	3.21%	18,269,318	$746M	added+2%	−0.05 pp	42 q
COFCapital One Financial	3.18%	7,626,988	$740M	added+8%	−0.10 pp	29 q
NOVNOV Inc.	3.11%	34,613,997	$723M	trimmed−6%	+0.59 pp	22 q
CCitigroup Inc.	2.94%	16,627,430	$684M	added+3%	−0.23 pp	42 q
CHTRCharter Comm Inc Del CL A New	2.76%	1,459,148	$642M	added+21%	+0.87 pp	3 q
METMetLife, Inc.	2.73%	10,108,992	$636M	added×2.2	+1.61 pp	42 q
BACBank of America Corporation	2.29%	19,430,142	$532M	added+29%	+0.44 pp	42 q
PVHPVH Corp.	2.29%	6,970,695	$533M	added0%	−0.23 pp	19 q
MGAMagna International	2.26%	9,811,009	$526M	added+58%	+0.77 pp	4 q
GEGE Aerospace	2.23%	4,695,296	$519M	trimmed−30%	−0.91 pp	9 q
NWLNewell Brands Inc.	2.13%	54,796,231	$495M	added+5%	+0.18 pp	22 q
MDTMedtronic plc	1.93%	5,730,577	$449M	added×2.1	+0.92 pp	3 q
AVTAvnet, Inc.	1.81%	8,730,260	$421M	added0%	−0.06 pp	42 q
FMSFresenius Medical Care AG	1.51%	16,288,934	$351M	trimmed−2%	−0.19 pp	9 q
DOXAmdocs Limited	1.47%	4,043,887	$342M	trimmed−13%	−0.48 pp	28 q
GILGildan Activewear Inc.	1.32%	10,996,538	$308M	added+2%	−0.17 pp	20 q
0VQJLTe Connectivity Ltd	1.25%	2,356,614	$291M	added+1%	−0.14 pp	3 q
BMYBristol-Myers Squibb Co.	1.23%	4,924,194	$286M	added+14%	+0.05 pp	17 q
TSNTyson Foods, Inc.	1.18%	5,440,820	$275M	new	+1.18 pp	new
JPMJPMorgan Chase & Co.	1.11%	1,782,605	$259M	trimmed−1%	−0.01 pp	42 q
SHELShell plc	1.09%	3,939,739	$254M	added+2%	+0.09 pp	7 q
VOYAVoya Financial, Inc.	1.09%	3,812,473	$253M	trimmed−0%	−0.08 pp	38 q
BAXBaxter International Inc.	0.93%	5,721,656	$216M	new	+0.93 pp	new
BKNGBooking Holdings Inc.	0.90%	68,289	$211M	trimmed−41%	−0.43 pp	13 q
GPNGlobal Payments, Inc.	0.85%	1,714,837	$198M	new	+0.85 pp	new
CNOCNO Financial Group, Inc.	0.74%	7,254,590	$172M	trimmed−0%	0.00 pp	19 q
AIGAmerican International Group, Inc.	0.71%	2,733,212	$166M	trimmed−64%	−1.15 pp	42 q
CIThe Cigna Group	0.69%	560,199	$160M	added0%	+0.02 pp	20 q
NOKNokia Corporation	0.69%	42,791,256	$160M	added×136.2	+0.68 pp	10 q
GSGoldman Sachs Group Inc.	0.66%	474,930	$154M	trimmed−5%	−0.03 pp	42 q
UBSUBS Group AG	0.65%	6,117,608	$151M	trimmed−0%	+0.12 pp	36 q
CAHCardinal Health, Inc.	0.64%	1,718,672	$149M	trimmed−9%	−0.12 pp	27 q
OLNOlin Corp.	0.63%	2,940,658	$147M	added+16%	+0.07 pp	16 q
HALHalliburton Company	0.62%	3,567,846	$144M	trimmed−52%	−0.42 pp	31 q
TCOMTrip.com Group Limited	0.61%	4,042,319	$141M	trimmed−39%	−0.37 pp	14 q
GAPThe Gap, Inc.	0.60%	13,193,826	$140M	added+30%	+0.21 pp	13 q
SKAASkechers USA Inc-cl A	0.58%	2,765,205	$135M	trimmed−31%	−0.31 pp	11 q
BAPCredicorp LTD	0.57%	1,036,755	$133M	added+13%	−0.01 pp	5 q
MHKMohawk Industries, Inc.	0.56%	1,508,716	$129M	trimmed−25%	−0.33 pp	19 q
LDOSLeidos Holdings, Inc.	0.49%	1,246,768	$115M	added×4.2	+0.38 pp	2 q
GJBSteelcase Inc-cl A	0.47%	9,870,043	$110M	trimmed−1%	+0.14 pp	24 q
AXSAxis Capital Holders Limited	0.47%	1,932,990	$109M	trimmed−59%	−0.61 pp	42 q
XOMExxon Mobil Corp	0.46%	902,649	$106M	trimmed−0%	+0.05 pp	42 q
JELDJELD-WEN Holding, Inc.	0.44%	7,635,840	$102M	trimmed−0%	−0.13 pp	27 q
AXTAAxalta Coating Systems Ltd.	0.44%	3,825,560	$103M	added+2%	−0.09 pp	7 q
JNJJohnson & Johnson	0.42%	634,017	$99M	trimmed−0%	−0.03 pp	9 q
PFEPfizer Inc.	0.39%	2,719,130	$90M	trimmed−0%	−0.04 pp	36 q
SPBSpectrum Brands Holdings, Inc.	0.37%	1,109,607	$87M	trimmed−0%	0.00 pp	19 q
FLEXFlex Ltd.	0.37%	3,167,763	$85M	added0%	0.00 pp	41 q
ELVElevance Health, Inc.	0.36%	192,828	$84M	held	—	9 q
DISThe Walt Disney Company	0.36%	1,035,416	$84M	new	+0.36 pp	new
WEDWebster Financial Corp	0.36%	2,075,721	$84M	trimmed−0%	+0.03 pp	42 q
DRHDiamondrock Hospitality Company	0.34%	9,720,155	$78M	added+9%	+0.04 pp	42 q
GDGeneral Dynamics Corporation	0.33%	344,778	$76M	held	—	9 q
37MMrc Global Inc	0.33%	7,448,170	$76M	added+4%	+0.02 pp	11 q
REZIResideo Technologies, Inc.	0.33%	4,815,603	$76M	added+24%	+0.04 pp	3 q
AYIAcuity Inc.	0.32%	439,677	$75M	added+1%	+0.02 pp	3 q
AAPAdvance Auto Parts Inc	0.32%	1,320,967	$74M	new	+0.32 pp	new
DOORMasonite International Corp	0.32%	791,805	$74M	trimmed−2%	−0.03 pp	5 q
HPEHewlett Packard Enterprise Company	0.31%	4,091,921	$71M	trimmed−63%	−0.48 pp	32 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.31%	822,537	$71M	added+8%	−0.02 pp	41 q
ORCLOracle Corp	0.30%	662,618	$70M	trimmed−65%	−0.65 pp	42 q
OECOrion S.A.	0.30%	3,284,823	$70M	added+6%	+0.02 pp	14 q
BDCBelden Inc.	0.29%	690,438	$67M	trimmed−1%	+0.01 pp	15 q
AMGNAmgen Inc	0.27%	235,266	$63M	trimmed−53%	−0.21 pp	29 q
TRSTrimas Corporation	0.27%	2,570,194	$64M	added+7%	−0.01 pp	37 q
MSMorgan Stanley	0.26%	749,246	$61M	trimmed−0%	−0.01 pp	42 q
DANDana Incorporated	0.25%	3,907,212	$57M	trimmed−21%	−0.11 pp	16 q
ONBOld National Bancorp	0.24%	3,824,083	$56M	trimmed−0%	+0.01 pp	7 q
REVGREV Group, Inc.	0.24%	3,471,942	$56M	trimmed−0%	+0.04 pp	21 q
ADNTAdient plc	0.24%	1,546,927	$57M	added+25%	+0.04 pp	5 q
SCSCScansource Inc	0.23%	1,804,048	$55M	added+7%	+0.02 pp	31 q
UVVUniversal Corporation	0.23%	1,117,463	$53M	added+19%	+0.03 pp	34 q
unresolvedAmerican Woodmark Corporation	0.22%	679,732	$51M	trimmed−3%	−0.01 pp	8 q
ASBAssociated Banc-Corp	0.22%	2,947,754	$50M	trimmed−0%	+0.02 pp	39 q
GLGlobe Life Inc.	0.22%	481,479	$52M	held	—	42 q
CBRECbre Group, Inc.	0.21%	671,891	$50M	trimmed−0%	−0.02 pp	9 q
FNFFidelity National Financial, Inc.	0.20%	1,100,767	$45M	trimmed−0%	+0.03 pp	5 q
RGAReinsurance Group of America, Incorporated	0.20%	321,872	$47M	trimmed−4%	0.00 pp	13 q
USNAUSANA Health Sciences Inc	0.20%	787,439	$46M	trimmed−0%	−0.01 pp	9 q
AELAmerican Equity Investment Life Holding Company	0.19%	808,395	$43M	trimmed−31%	−0.07 pp	31 q
CLGGms Inc	0.19%	700,306	$45M	trimmed−0%	−0.02 pp	6 q
JNPJuniper Networks Inc	0.19%	1,624,538	$45M	held	—	20 q
MSMMSC Industrial Direct Co., Inc. Class A	0.19%	461,966	$45M	held	—	16 q
MBCMasterBrand, Inc.	0.19%	3,590,486	$44M	trimmed−2%	+0.01 pp	4 q
MCKMcKesson Corporation	0.18%	98,919	$43M	trimmed−84%	−0.95 pp	28 q
ABEVAmbev S.a.	0.16%	14,332,485	$37M	trimmed−3%	−0.04 pp	13 q
COLBColumbia Banking Systems Inc	0.16%	1,884,240	$38M	trimmed−0%	0.00 pp	3 q
HSICHenry Schein Inc	0.16%	501,624	$37M	added+1%	−0.01 pp	7 q
WSFSWSFS Financial Corp	0.16%	1,043,996	$38M	trimmed−0%	−0.01 pp	42 q
BIDUBaidu, Inc.	0.15%	266,960	$36M	added+7%	0.00 pp	27 q
FITBFifth Third Bancorp	0.15%	1,361,303	$34M	held	—	42 q
FBINFortune Brands Innovations, Inc.	0.15%	578,688	$36M	trimmed−18%	−0.07 pp	4 q
TILEInterface Inc	0.15%	3,614,372	$35M	added+65%	+0.07 pp	2 q
TBITrueblue, Inc.	0.15%	2,430,841	$36M	trimmed−0%	−0.03 pp	13 q
RFRegions Financial Corp.	0.14%	1,899,232	$33M	trimmed−20%	−0.04 pp	42 q
ARWArrow Electronics, Inc.	0.13%	236,971	$30M	held	—	39 q
CSCOCisco Systems, Inc. (DE)	0.13%	579,965	$31M	trimmed−2%	0.00 pp	42 q
HOFTHooker Furnishings Corporation	0.12%	1,493,947	$29M	trimmed−0%	0.00 pp	17 q
GCOGenesco Inc.	0.11%	806,731	$25M	new	+0.11 pp	new
IBNICICI Bank Limited	0.11%	1,154,461	$27M	trimmed−3%	−0.01 pp	23 q
PAHCPhibro Animal Health Corporation Class A	0.11%	2,068,986	$26M	trimmed−0%	−0.01 pp	12 q
TEXTerex Corporation	0.11%	445,047	$26M	trimmed−80%	−0.45 pp	40 q
UVSPUnivest Financial Corporation	0.11%	1,536,123	$27M	trimmed−0%	−0.01 pp	15 q
ZTOZTO Express (Cayman) Inc.	0.11%	1,060,769	$26M	new	+0.11 pp	new
BFHBread Financial Holdings, Inc.	0.10%	708,528	$24M	added+18%	+0.02 pp	2 q
KOPKoppers Holdings, Inc.	0.10%	563,558	$22M	trimmed−0%	+0.02 pp	5 q
SHGShinhan Financial Group Co Ltd	0.10%	859,297	$23M	added0%	0.00 pp	40 q
SYU1Synovus Financial Corp	0.10%	842,439	$23M	added+55%	+0.03 pp	3 q
VREXVarex Imaging Corporation	0.09%	1,114,058	$21M	trimmed−0%	−0.02 pp	20 q
CMAComerica Incorporated	0.08%	433,997	$18M	held	—	3 q
KEYKeyCorp	0.08%	1,729,986	$19M	held	—	42 q
GGenpact Limited	0.08%	505,310	$18M	held	—	35 q
MDUMDU Resources Group, Inc.	0.07%	795,335	$16M	held	—	5 q
IVZInvesco LTD	0.07%	1,156,571	$17M	trimmed−57%	−0.12 pp	42 q
MTZMasTec, Inc.	0.06%	201,777	$15M	held	—	12 q
AGIIArgo Group International	0.06%	503,236	$15M	trimmed−50%	−0.07 pp	42 q
ETREntergy Corporation	0.04%	110,648	$10M	held	—	42 q
VZVerizon Communications	0.03%	230,539	$7M	held	—	20 q
BABAAlibaba Group Holding Limited	0.02%	42,843	$4M	added0%	0.00 pp	9 q
CLSCelestica, Inc.	0.02%	215,920	$5M	trimmed−95%	−0.27 pp	22 q
CRBGCorebridge Financial, Inc.	0.02%	178,058	$4M	new	+0.02 pp	new
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	1,306,496	$3M	trimmed−25%	−0.01 pp	15 q
ITUBItau Unibanco Holding S.A.	0.01%	270,062	$1M	trimmed−5%	0.00 pp	12 q
KBKB Financial Group Inc	0.01%	34,241	$1M	held	—	21 q
unresolvedNatura &CO Hldg S A	0.01%	233,434	$1M	held	—	2 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.01%	168,703	$2M	added+8%	0.00 pp	3 q
SSLSasol Limited	0.01%	230,805	$3M	trimmed−6%	0.00 pp	21 q
MTArcelorMittal	0.00%	24,162	$604,775	trimmed−4%	0.00 pp	4 q
BCSBarclays PLC	0.00%	101,786	$792,913	trimmed−2%	0.00 pp	8 q
CMCSAComcast Corp	0.00%	5,361	$237,707	trimmed−21%	0.00 pp	6 q
DBXDropbox, Inc. Class A	0.00%	17,000	$462,910	new	0.00 pp	new
EXELExelixis Inc	0.00%	22,027	$481,290	added+20%	0.00 pp	7 q
GILDGilead Sciences Inc	0.00%	6,001	$449,715	added+1%	0.00 pp	3 q
HSBCHSBC Holdings PLC	0.00%	17,135	$676,147	trimmed−14%	0.00 pp	4 q
HUMHumana Inc.	0.00%	800	$389,216	new	0.00 pp	new
INGING Groep N.V.	0.00%	53,418	$704,049	trimmed−8%	0.00 pp	4 q
INGRIngredion Incorporated	0.00%	4,239	$417,118	trimmed−5%	0.00 pp	4 q
PHGKoninklijke Philips N.v.	0.00%	35,186	$701,609	trimmed−8%	0.00 pp	2 q
LPLALPL Financial Holdings Inc.	0.00%	1,277	$303,479	trimmed−15%	0.00 pp	8 q
MMIMarcus & Millichap	0.00%	25,912	$760,258	new	0.00 pp	new
MKLMarkel Group Inc.	0.00%	153	$225,291	held	—	2 q
NWGNatWest Group plc	0.00%	48,908	$285,134	trimmed−3%	0.00 pp	4 q
QRVOQorvo, Inc.	0.00%	2,533	$241,826	trimmed−16%	0.00 pp	10 q
SEBSeaboard Corporation	0.00%	78	$292,734	added+7%	0.00 pp	4 q
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	23,154	$228,067	trimmed−2%	0.00 pp	4 q
TMUST-Mobile US, Inc.	0.00%	3,238	$453,482	held	—	4 q
TRVThe Travelers Companies, Inc.	0.00%	2,347	$383,289	trimmed−11%	0.00 pp	4 q
ULTAUlta Beauty, Inc.	0.00%	900	$359,505	new	0.00 pp	new
UTHRUnited Therapeutics Corp	0.00%	1,863	$420,796	trimmed−10%	0.00 pp	3 q
VODVodafone Group PLC	0.00%	12,387	$117,429	held	—	4 q
ACGLArch Capital Group Ltd	0.00%	3,122	$248,855	new	0.00 pp	new
ITRNIturan Location and Control Ltd.	0.00%	25,488	$762,091	held	—	14 q
GEHCGE HealthCare Technologies Inc.	—	−2,573,162	—	exited	−0.89 pp	—
EPACEnerpac Tool Group Corp.	—	−1,175,581	—	exited	−0.14 pp	—
HOPEHope Bancorp, Inc.	—	−2,021,803	—	exited	−0.07 pp	—
SNASnap-on Incorporated	—	−56,187	—	exited	−0.07 pp	—
KNFKnife River Corporation	—	−198,832	—	exited	−0.04 pp	—
SCBFYStandard Chrtrd UNSP/	—	−242,954	—	exited	−0.02 pp	—
PKXPOSCO Holdings Inc.	—	−37,667	—	exited	−0.01 pp	—
WLMIYWilmar Intl Ltd UNSP/	—	−87,882	—	exited	−0.01 pp	—
BIIBBiogen Inc.	—	−1,618	—	exited	0.00 pp	—
JLLJones Lang LaSalle, Inc.	—	−4,630	—	exited	0.00 pp	—
99803EURLaboratory Crp Of Amer Hldgs	—	−1,160	—	exited	0.00 pp	—
SIRISirius XM Holdings, Inc	—	−33,806	—	exited	0.00 pp	—
BGBunge Global SA	—	−3,699	—	exited	0.00 pp	—
ICLRIcon Plc	—	−826	—	exited	0.00 pp	—