Pzena Investment Management

Q4 2023 13F · by Caroline Cai, CEO

As of: Dec 31, 2023
Filed: Feb 9, 2024
US stock: $26.6B · prev $23.3B
Positions: 164 · prev 160
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%

Moves157 since the prior filing

+10.3 pp in · −10.2 pp out

New 13 +2.05 pp
Added 43 +8.29 pp
Trimmed 92 −8.53 pp
Exited 9 −1.70 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions20% of US stock

CTSH Cognizant Technology Solutions trimmed−0.16 pp trimmed−0.164.9%
DOW Dow Inc. added−0.21 pp added−0.213.8%
COF Capital One Financial added+0.64 pp added+0.643.8%
MGA Magna International added+1.53 pp added+1.533.8%
EIX Edison International trimmed−0.05 pp trimmed−0.053.6%

Positions164 in this filing · 9 exited


CTSHCognizant Technology Solutions	4.93%	17,365,198	$1.3B	trimmed−1%	−0.16 pp	36 q
DOWDow Inc.	3.83%	18,560,356	$1.0B	added+2%	−0.21 pp	16 q
COFCapital One Financial	3.82%	7,751,043	$1.0B	added+2%	+0.64 pp	30 q
MGAMagna International	3.79%	12,876,813	$1.0B	added+31%	+1.53 pp	5 q
EIXEdison International	3.57%	13,299,621	$951M	trimmed−0%	−0.05 pp	36 q
BAXBaxter International Inc.	3.53%	24,270,170	$938M	added×4.2	+2.60 pp	2 q
EQHEquitable Holdings, Inc.	3.33%	26,568,063	$885M	trimmed−1%	+0.05 pp	16 q
WFCWells Fargo & Co.	3.33%	17,971,719	$885M	trimmed−2%	+0.12 pp	43 q
LEALear Corporation	3.32%	6,253,857	$883M	trimmed−4%	−0.44 pp	21 q
SSNCSS&C Technologies Inc	3.32%	14,472,892	$884M	added+2%	+0.11 pp	11 q
CCitigroup Inc.	3.26%	16,850,636	$867M	added+1%	+0.32 pp	43 q
UBSUBS Group AG	2.96%	30,145,113	$787M	added×4.9	+2.31 pp	37 q
PVHPVH Corp.	2.91%	6,345,668	$775M	trimmed−9%	+0.62 pp	20 q
BACBank of America Corporation	2.60%	20,510,906	$691M	added+6%	+0.31 pp	43 q
METMetLife, Inc.	2.51%	10,112,602	$669M	added0%	−0.22 pp	43 q
NOVNOV Inc.	2.37%	31,126,144	$631M	trimmed−10%	−0.74 pp	23 q
MDTMedtronic plc	2.32%	7,500,562	$618M	added+31%	+0.39 pp	4 q
WABWabtec Inc.	2.17%	4,551,240	$578M	trimmed−39%	−1.25 pp	20 q
CHTRCharter Comm Inc Del CL A New	2.12%	1,449,425	$563M	trimmed−1%	−0.64 pp	4 q
NWLNewell Brands Inc.	1.77%	54,096,768	$470M	trimmed−1%	−0.36 pp	23 q
AVTAvnet, Inc.	1.64%	8,632,817	$435M	trimmed−1%	−0.17 pp	43 q
DOXAmdocs Limited	1.40%	4,239,513	$373M	added+5%	−0.07 pp	29 q
0VQJLTe Connectivity Ltd	1.35%	2,560,162	$360M	added+9%	+0.10 pp	4 q
FMSFresenius Medical Care AG	1.27%	16,267,492	$339M	trimmed−0%	−0.24 pp	10 q
GILGildan Activewear Inc.	1.19%	9,602,146	$317M	trimmed−13%	−0.13 pp	21 q
TSNTyson Foods, Inc.	1.19%	5,887,724	$316M	added+8%	+0.01 pp	2 q
SWKSSkyworks Solutions Inc	1.14%	2,689,100	$302M	new	+1.14 pp	new
JPMJPMorgan Chase & Co.	1.13%	1,768,274	$301M	trimmed−1%	+0.02 pp	43 q
BMYBristol-Myers Squibb Co.	1.08%	5,592,816	$287M	added+14%	−0.15 pp	18 q
GPNGlobal Payments, Inc.	1.05%	2,192,227	$278M	added+28%	+0.20 pp	2 q
VOYAVoya Financial, Inc.	1.04%	3,781,018	$276M	trimmed−1%	−0.05 pp	39 q
SHELShell plc	0.96%	3,898,091	$256M	trimmed−1%	−0.13 pp	8 q
CNOCNO Financial Group, Inc.	0.73%	6,982,684	$195M	trimmed−4%	−0.01 pp	20 q
GSGoldman Sachs Group Inc.	0.69%	472,849	$182M	trimmed−0%	+0.03 pp	43 q
NOKNokia Corporation	0.67%	52,313,442	$179M	added+22%	−0.02 pp	11 q
CIThe Cigna Group	0.61%	544,326	$163M	trimmed−3%	−0.08 pp	21 q
GEGE Aerospace	0.61%	1,266,075	$162M	trimmed−73%	−1.62 pp	10 q
DISThe Walt Disney Company	0.59%	1,752,900	$158M	added+69%	+0.23 pp	2 q
MHKMohawk Industries, Inc.	0.59%	1,509,564	$156M	added0%	+0.03 pp	20 q
OLNOlin Corp.	0.59%	2,902,685	$157M	trimmed−1%	−0.04 pp	17 q
JELDJELD-WEN Holding, Inc.	0.52%	7,347,195	$139M	trimmed−4%	+0.08 pp	28 q
BAPCredicorp LTD	0.51%	898,597	$135M	trimmed−13%	−0.06 pp	6 q
LDOSLeidos Holdings, Inc.	0.47%	1,145,120	$124M	trimmed−8%	−0.02 pp	3 q
CAHCardinal Health, Inc.	0.44%	1,160,629	$117M	trimmed−32%	−0.20 pp	28 q
GAPThe Gap, Inc.	0.44%	5,577,338	$117M	trimmed−58%	−0.16 pp	14 q
AIGAmerican International Group, Inc.	0.43%	1,703,682	$115M	trimmed−38%	−0.28 pp	43 q
AXTAAxalta Coating Systems Ltd.	0.43%	3,402,995	$116M	trimmed−11%	−0.01 pp	8 q
GJBSteelcase Inc-cl A	0.40%	7,843,245	$106M	trimmed−21%	−0.07 pp	25 q
AXSAxis Capital Holders Limited	0.39%	1,876,890	$104M	trimmed−3%	−0.08 pp	43 q
JNJJohnson & Johnson	0.38%	637,662	$100M	added+1%	−0.04 pp	10 q
WEDWebster Financial Corp	0.38%	1,998,370	$101M	trimmed−4%	+0.02 pp	43 q
TCOMTrip.com Group Limited	0.37%	2,711,810	$98M	trimmed−33%	−0.24 pp	15 q
ELVElevance Health, Inc.	0.34%	193,550	$91M	added0%	−0.02 pp	10 q
GDGeneral Dynamics Corporation	0.34%	344,778	$90M	held	—	10 q
AYIAcuity Inc.	0.33%	425,541	$87M	trimmed−3%	+0.01 pp	4 q
DRHDiamondrock Hospitality Company	0.33%	9,438,182	$89M	trimmed−3%	−0.01 pp	43 q
REZIResideo Technologies, Inc.	0.32%	4,525,158	$85M	trimmed−6%	−0.01 pp	4 q
SPBSpectrum Brands Holdings, Inc.	0.32%	1,080,699	$86M	trimmed−3%	−0.05 pp	20 q
OECOrion S.A.	0.32%	3,040,651	$84M	trimmed−7%	+0.02 pp	15 q
AAPAdvance Auto Parts Inc	0.30%	1,299,164	$79M	trimmed−2%	−0.02 pp	2 q
HALHalliburton Company	0.29%	2,113,066	$76M	trimmed−41%	−0.33 pp	32 q
37MMrc Global Inc	0.29%	7,001,859	$77M	trimmed−6%	−0.04 pp	12 q
PFEPfizer Inc.	0.29%	2,723,445	$78M	added0%	−0.10 pp	37 q
SCSCScansource Inc	0.28%	1,893,151	$75M	added+5%	+0.05 pp	32 q
UVVUniversal Corporation	0.28%	1,087,062	$73M	trimmed−3%	+0.05 pp	35 q
BDCBelden Inc.	0.27%	914,924	$71M	added+33%	−0.02 pp	16 q
MSMorgan Stanley	0.26%	749,791	$70M	added0%	0.00 pp	43 q
ADNTAdient plc	0.25%	1,817,382	$66M	added+17%	+0.01 pp	6 q
CBRECbre Group, Inc.	0.24%	672,242	$63M	added0%	+0.03 pp	10 q
CVSCvs Health Corporation	0.24%	824,250	$65M	new	+0.24 pp	new
TRSTrimas Corporation	0.24%	2,552,767	$65M	trimmed−1%	−0.03 pp	38 q
ASBAssociated Banc-Corp	0.23%	2,826,786	$60M	trimmed−4%	+0.01 pp	40 q
ONBOld National Bancorp	0.23%	3,573,865	$60M	trimmed−7%	−0.01 pp	8 q
HSICHenry Schein Inc	0.23%	809,558	$61M	added+61%	+0.07 pp	8 q
unresolvedAmerican Woodmark Corporation	0.22%	618,442	$57M	trimmed−9%	0.00 pp	9 q
XOMExxon Mobil Corp	0.22%	596,980	$60M	trimmed−34%	−0.24 pp	43 q
GLGlobe Life Inc.	0.22%	478,750	$58M	trimmed−1%	0.00 pp	43 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.22%	556,799	$58M	trimmed−32%	−0.09 pp	42 q
FNFFidelity National Financial, Inc.	0.21%	1,076,590	$55M	trimmed−2%	+0.01 pp	6 q
CLGGms Inc	0.21%	666,161	$55M	trimmed−5%	+0.02 pp	7 q
DOORMasonite International Corp	0.21%	650,500	$55M	trimmed−18%	−0.11 pp	6 q
DANDana Incorporated	0.20%	3,667,248	$54M	trimmed−6%	−0.05 pp	17 q
KFYKorn Ferry	0.20%	898,130	$53M	new	+0.20 pp	new
COLBColumbia Banking Systems Inc	0.19%	1,892,764	$50M	added0%	+0.03 pp	4 q
MBCMasterBrand, Inc.	0.19%	3,394,286	$50M	trimmed−5%	0.00 pp	5 q
RGAReinsurance Group of America, Incorporated	0.19%	307,981	$50M	trimmed−4%	−0.01 pp	14 q
MSMMSC Industrial Direct Co., Inc. Class A	0.18%	461,966	$47M	held	—	17 q
TBITrueblue, Inc.	0.18%	3,092,337	$47M	added+27%	+0.03 pp	14 q
UHSUniversal Health Services, Inc. Class B	0.18%	322,831	$49M	new	+0.18 pp	new
FITBFifth Third Bancorp	0.17%	1,346,164	$46M	trimmed−1%	+0.02 pp	43 q
TILEInterface Inc	0.17%	3,490,324	$44M	trimmed−3%	+0.02 pp	3 q
MCKMcKesson Corporation	0.17%	98,163	$45M	trimmed−1%	−0.01 pp	29 q
REVGREV Group, Inc.	0.17%	2,510,881	$46M	trimmed−28%	−0.07 pp	22 q
WSFSWSFS Financial Corp	0.17%	1,003,447	$46M	trimmed−4%	+0.01 pp	43 q
ABEVAmbev S.a.	0.15%	14,227,442	$40M	trimmed−1%	−0.01 pp	14 q
USNAUSANA Health Sciences Inc	0.15%	761,615	$41M	trimmed−3%	−0.05 pp	10 q
HOFTHooker Furnishings Corporation	0.14%	1,426,039	$37M	trimmed−5%	+0.02 pp	18 q
JNPJuniper Networks Inc	0.14%	1,232,131	$36M	trimmed−24%	−0.05 pp	21 q
RFRegions Financial Corp.	0.14%	1,899,232	$37M	held	—	43 q
CRBGCorebridge Financial, Inc.	0.13%	1,590,098	$34M	added×8.9	+0.11 pp	2 q
SYU1Synovus Financial Corp	0.12%	815,313	$31M	trimmed−3%	+0.02 pp	4 q
UVSPUnivest Financial Corporation	0.12%	1,458,921	$32M	trimmed−5%	+0.01 pp	16 q
AELAmerican Equity Investment Life Holding Company	0.11%	503,490	$28M	trimmed−38%	−0.08 pp	32 q
ARWArrow Electronics, Inc.	0.11%	236,971	$29M	held	—	40 q
BIDUBaidu, Inc.	0.11%	244,291	$29M	trimmed−8%	−0.04 pp	28 q
CSCOCisco Systems, Inc. (DE)	0.11%	583,559	$29M	added+1%	−0.02 pp	43 q
CNXCConcentrix Corporation	0.11%	292,592	$29M	new	+0.11 pp	new
SKAASkechers USA Inc-cl A	0.11%	469,476	$29M	trimmed−83%	−0.47 pp	12 q
FLEXFlex Ltd.	0.11%	941,135	$29M	trimmed−70%	−0.26 pp	42 q
BFHBread Financial Holdings, Inc.	0.10%	807,557	$27M	added+14%	0.00 pp	3 q
FBINFortune Brands Innovations, Inc.	0.10%	335,735	$26M	trimmed−42%	−0.05 pp	5 q
GCOGenesco Inc.	0.10%	765,354	$27M	trimmed−5%	−0.01 pp	2 q
KEYKeyCorp	0.10%	1,764,419	$25M	added+2%	+0.02 pp	43 q
KOPKoppers Holdings, Inc.	0.10%	532,573	$27M	trimmed−6%	0.00 pp	6 q
RHIRobert Half Inc.	0.10%	300,486	$26M	new	+0.10 pp	new
SHGShinhan Financial Group Co Ltd	0.10%	860,127	$26M	added0%	0.00 pp	41 q
CMAComerica Incorporated	0.09%	433,997	$24M	held	—	4 q
PAHCPhibro Animal Health Corporation Class A	0.09%	1,989,558	$23M	trimmed−4%	−0.02 pp	13 q
ZTOZTO Express (Cayman) Inc.	0.09%	1,094,972	$23M	added+3%	−0.02 pp	2 q
VREXVarex Imaging Corporation	0.08%	1,076,535	$22M	trimmed−3%	−0.01 pp	21 q
IVZInvesco LTD	0.08%	1,120,370	$20M	trimmed−3%	+0.01 pp	43 q
HDBHDFC Bank Limited	0.07%	283,583	$19M	new	+0.07 pp	new
GGenpact Limited	0.07%	505,310	$18M	held	—	36 q
MDUMDU Resources Group, Inc.	0.06%	795,335	$16M	held	—	6 q
MTZMasTec, Inc.	0.06%	201,777	$15M	held	—	13 q
MMIMarcus & Millichap	0.05%	278,306	$12M	added×10.7	+0.05 pp	2 q
ORCLOracle Corp	0.05%	115,138	$12M	trimmed−83%	−0.25 pp	43 q
ETREntergy Corporation	0.04%	110,648	$11M	held	—	43 q
IBNICICI Bank Limited	0.03%	365,168	$9M	trimmed−68%	−0.08 pp	24 q
BABAAlibaba Group Holding Limited	0.02%	62,926	$5M	added+47%	0.00 pp	10 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	1,208,196	$3M	trimmed−8%	0.00 pp	16 q
ITUBItau Unibanco Holding S.A.	0.01%	229,723	$2M	trimmed−15%	0.00 pp	13 q
unresolvedNatura &CO Hldg S A	0.01%	233,434	$2M	held	—	3 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.01%	167,994	$3M	trimmed−0%	0.00 pp	4 q
SSLSasol Limited	0.01%	230,453	$2M	trimmed−0%	0.00 pp	22 q
VALEVale S.a.	0.01%	132,495	$2M	new	+0.01 pp	new
MTArcelorMittal	0.00%	24,162	$685,959	held	—	5 q
BCSBarclays PLC	0.00%	101,786	$802,074	held	—	9 q
CMCSAComcast Corp	0.00%	5,200	$228,020	trimmed−3%	0.00 pp	7 q
DVADaVita Inc.	0.00%	5,717	$598,913	new	0.00 pp	new
DELLDell Technologies Inc.	0.00%	3,860	$295,290	new	0.00 pp	new
DLTRDollar Tree Inc.	0.00%	1,692	$240,349	new	0.00 pp	new
EXELExelixis Inc	0.00%	18,979	$455,306	trimmed−14%	0.00 pp	8 q
GILDGilead Sciences Inc	0.00%	5,871	$475,610	trimmed−2%	0.00 pp	4 q
HSBCHSBC Holdings PLC	0.00%	17,135	$694,653	held	—	5 q
HUMHumana Inc.	0.00%	979	$448,196	added+22%	0.00 pp	2 q
INGING Groep N.V.	0.00%	53,418	$802,338	held	—	5 q
INGRIngredion Incorporated	0.00%	4,152	$450,617	trimmed−2%	0.00 pp	5 q
ACWXiShares MSCI ACWI ex US ETF	0.00%	19,209	$980,427	new	0.00 pp	new
JDJD.com, Inc.	0.00%	14,965	$432,339	new	0.00 pp	new
KBKB Financial Group Inc	0.00%	31,901	$1M	trimmed−7%	−0.01 pp	22 q
PHGKoninklijke Philips N.v.	0.00%	35,186	$820,889	held	—	3 q
LPLALPL Financial Holdings Inc.	0.00%	1,187	$270,185	trimmed−7%	0.00 pp	9 q
MKLMarkel Group Inc.	0.00%	227	$322,317	added+48%	0.00 pp	3 q
NWGNatWest Group plc	0.00%	70,432	$396,532	added+44%	0.00 pp	5 q
QRVOQorvo, Inc.	0.00%	2,272	$255,850	trimmed−10%	0.00 pp	11 q
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	23,154	$224,131	held	—	5 q
TMUST-Mobile US, Inc.	0.00%	3,152	$505,360	trimmed−3%	0.00 pp	5 q
TRVThe Travelers Companies, Inc.	0.00%	2,406	$458,319	added+3%	0.00 pp	5 q
ULTAUlta Beauty, Inc.	0.00%	884	$433,151	trimmed−2%	0.00 pp	2 q
UTHRUnited Therapeutics Corp	0.00%	2,022	$444,618	added+9%	0.00 pp	4 q
VODVodafone Group PLC	0.00%	11,936	$103,843	trimmed−4%	0.00 pp	5 q
ACGLArch Capital Group Ltd	0.00%	5,971	$443,466	added+91%	0.00 pp	2 q
ITRNIturan Location and Control Ltd.	0.00%	21,907	$596,747	trimmed−14%	0.00 pp	15 q
BKNGBooking Holdings Inc.	—	−68,289	—	exited	−0.90 pp	—
HPEHewlett Packard Enterprise Company	—	−4,091,921	—	exited	−0.31 pp	—
AMGNAmgen Inc	—	−235,266	—	exited	−0.27 pp	—
TEXTerex Corporation	—	−445,047	—	exited	−0.11 pp	—
AGIIArgo Group International	—	−503,236	—	exited	−0.06 pp	—
VZVerizon Communications	—	−230,539	—	exited	−0.03 pp	—
CLSCelestica, Inc.	—	−215,920	—	exited	−0.02 pp	—
DBXDropbox, Inc. Class A	—	−17,000	—	exited	0.00 pp	—
SEBSeaboard Corporation	—	−78	—	exited	0.00 pp	—