Pzena Investment Management

Q1 2024 13F · by Caroline Cai, CEO

As of: Mar 31, 2024
Filed: May 3, 2024
US stock: $29.1B · prev $26.6B
Positions: 159 · prev 164
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%

Moves166 since the prior filing

+7.8 pp in · −7.9 pp out

New 8 +1.28 pp
Added 51 +6.49 pp
Trimmed 94 −7.33 pp
Exited 13 −0.53 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions20% of US stock

Positions159 in this filing · 13 exited


MGAMagna International	4.57%	18,043,349	$1.3B	added+40%	+0.78 pp	6 q
CTSHCognizant Technology Solutions	4.19%	16,666,771	$1.2B	trimmed−4%	−0.74 pp	37 q
COFCapital One Financial	3.73%	7,297,565	$1.1B	trimmed−6%	−0.09 pp	31 q
DOWDow Inc.	3.68%	18,518,299	$1.1B	trimmed−0%	−0.15 pp	17 q
BAXBaxter International Inc.	3.58%	24,405,420	$1.0B	added+1%	+0.05 pp	3 q
CCitigroup Inc.	3.54%	16,322,516	$1.0B	trimmed−3%	+0.28 pp	44 q
WFCWells Fargo & Co.	3.41%	17,129,130	$993M	trimmed−5%	+0.08 pp	44 q
EIXEdison International	3.30%	13,605,080	$962M	added+2%	−0.27 pp	37 q
EQHEquitable Holdings, Inc.	3.30%	25,320,633	$962M	trimmed−5%	−0.03 pp	17 q
SSNCSS&C Technologies Inc	3.21%	14,519,103	$935M	added0%	−0.11 pp	12 q
LEALear Corporation	3.10%	6,241,781	$904M	trimmed−0%	−0.22 pp	22 q
CHTRCharter Comm Inc Del CL A New	2.84%	2,848,459	$828M	added+97%	+0.72 pp	5 q
UBSUBS Group AG	2.83%	29,670,539	$823M	trimmed−2%	−0.13 pp	38 q
BACBank of America Corporation	2.79%	21,465,791	$814M	added+5%	+0.19 pp	44 q
PVHPVH Corp.	2.58%	5,339,437	$751M	trimmed−16%	−0.33 pp	21 q
METMetLife, Inc.	2.55%	10,029,230	$743M	trimmed−1%	+0.04 pp	44 q
NOVNOV Inc.	2.35%	35,072,648	$685M	added+13%	−0.02 pp	24 q
BMYBristol-Myers Squibb Co.	2.29%	12,293,913	$667M	added×2.2	+1.21 pp	19 q
MDTMedtronic plc	2.29%	7,669,192	$668M	added+2%	−0.03 pp	5 q
TSNTyson Foods, Inc.	2.13%	10,550,056	$620M	added+79%	+0.94 pp	3 q
CVSCvs Health Corporation	1.52%	5,553,457	$443M	added×6.7	+1.28 pp	2 q
NWLNewell Brands Inc.	1.48%	53,791,092	$432M	trimmed−1%	−0.29 pp	24 q
AVTAvnet, Inc.	1.46%	8,594,535	$426M	trimmed−0%	−0.18 pp	44 q
0VQJLTe Connectivity Ltd	1.40%	2,798,532	$406M	added+9%	+0.05 pp	5 q
DOXAmdocs Limited	1.32%	4,254,777	$385M	added0%	−0.08 pp	30 q
SWKSSkyworks Solutions Inc	1.28%	3,429,148	$371M	added+28%	+0.14 pp	2 q
FMSFresenius Medical Care AG	1.08%	16,271,972	$314M	added0%	−0.19 pp	11 q
DGDollar General Corp.	1.04%	1,933,475	$302M	new	+1.04 pp	new
GPNGlobal Payments, Inc.	1.00%	2,183,075	$292M	trimmed−0%	−0.05 pp	3 q
VOYAVoya Financial, Inc.	0.96%	3,780,540	$279M	trimmed−0%	−0.08 pp	40 q
WABWabtec Inc.	0.93%	1,850,334	$270M	trimmed−59%	−1.24 pp	21 q
JPMJPMorgan Chase & Co.	0.90%	1,314,755	$263M	trimmed−26%	−0.23 pp	44 q
SHELShell plc	0.90%	3,893,439	$261M	trimmed−0%	−0.06 pp	9 q
NOKNokia Corporation	0.82%	67,489,193	$239M	added+29%	+0.15 pp	12 q
PFEPfizer Inc.	0.73%	7,670,445	$213M	added×2.8	+0.44 pp	38 q
GSGoldman Sachs Group Inc.	0.68%	471,640	$197M	trimmed−0%	−0.01 pp	44 q
CIThe Cigna Group	0.67%	541,408	$197M	trimmed−1%	+0.06 pp	22 q
MHKMohawk Industries, Inc.	0.66%	1,462,593	$191M	trimmed−3%	+0.07 pp	21 q
CNOCNO Financial Group, Inc.	0.62%	6,536,980	$180M	trimmed−6%	−0.11 pp	21 q
GILGildan Activewear Inc.	0.60%	4,743,931	$176M	trimmed−51%	−0.59 pp	22 q
OLNOlin Corp.	0.58%	2,878,218	$169M	trimmed−1%	−0.01 pp	18 q
JELDJELD-WEN Holding, Inc.	0.54%	7,381,799	$157M	added0%	+0.02 pp	29 q
BAPCredicorp LTD	0.54%	933,764	$158M	added+4%	+0.03 pp	7 q
AIGAmerican International Group, Inc.	0.45%	1,694,874	$132M	trimmed−1%	+0.02 pp	44 q
DISThe Walt Disney Company	0.44%	1,046,343	$128M	trimmed−40%	−0.15 pp	3 q
HUMHumana Inc.	0.43%	362,972	$126M	added×370.8	+0.43 pp	3 q
GAPThe Gap, Inc.	0.42%	4,394,196	$121M	trimmed−21%	−0.02 pp	15 q
ZTOZTO Express (Cayman) Inc.	0.42%	5,889,745	$123M	added×5.4	+0.33 pp	3 q
LDOSLeidos Holdings, Inc.	0.41%	907,485	$119M	trimmed−21%	−0.06 pp	4 q
SPBSpectrum Brands Holdings, Inc.	0.40%	1,315,483	$117M	added+22%	+0.08 pp	21 q
AXSAxis Capital Holders Limited	0.40%	1,790,876	$116M	trimmed−5%	+0.01 pp	44 q
AXTAAxalta Coating Systems Ltd.	0.38%	3,191,194	$110M	trimmed−6%	−0.05 pp	9 q
AAPAdvance Auto Parts Inc	0.37%	1,252,733	$107M	trimmed−4%	+0.07 pp	3 q
ELVElevance Health, Inc.	0.34%	193,219	$100M	trimmed−0%	0.00 pp	11 q
37MMrc Global Inc	0.32%	7,360,439	$93M	added+5%	+0.03 pp	13 q
GJBSteelcase Inc-cl A	0.32%	7,059,651	$92M	trimmed−10%	−0.08 pp	26 q
WEDWebster Financial Corp	0.32%	1,856,880	$94M	trimmed−7%	−0.06 pp	44 q
REZIResideo Technologies, Inc.	0.31%	4,073,568	$91M	trimmed−10%	−0.01 pp	5 q
DRHDiamondrock Hospitality Company	0.30%	9,051,357	$87M	trimmed−4%	−0.03 pp	44 q
UHSUniversal Health Services, Inc. Class B	0.29%	455,773	$83M	added+41%	+0.11 pp	2 q
BDCBelden Inc.	0.27%	854,556	$79M	trimmed−7%	0.00 pp	17 q
GDGeneral Dynamics Corporation	0.26%	270,352	$76M	trimmed−22%	−0.08 pp	11 q
HSICHenry Schein Inc	0.26%	989,671	$75M	added+22%	+0.03 pp	9 q
CAHCardinal Health, Inc.	0.25%	661,064	$74M	trimmed−43%	−0.19 pp	29 q
KFYKorn Ferry	0.25%	1,118,694	$74M	added+25%	+0.05 pp	2 q
XOMExxon Mobil Corp	0.24%	596,285	$69M	trimmed−0%	+0.02 pp	44 q
MSMorgan Stanley	0.24%	751,834	$71M	added0%	−0.02 pp	44 q
CHRWC.H. Robinson Worldwide, Inc.	0.23%	873,048	$66M	new	+0.23 pp	new
CNXCConcentrix Corporation	0.23%	1,013,208	$67M	added×3.5	+0.12 pp	2 q
SCSCScansource Inc	0.23%	1,506,913	$66M	trimmed−20%	−0.05 pp	33 q
OECOrion S.A.	0.23%	2,868,493	$67M	trimmed−6%	−0.09 pp	16 q
CBRECbre Group, Inc.	0.22%	671,431	$65M	trimmed−0%	−0.02 pp	11 q
TRSTrimas Corporation	0.22%	2,393,520	$64M	trimmed−6%	−0.02 pp	39 q
TCOMTrip.com Group Limited	0.22%	1,468,689	$64M	trimmed−46%	−0.15 pp	16 q
ADNTAdient plc	0.22%	1,978,961	$65M	added+9%	−0.03 pp	7 q
HALHalliburton Company	0.21%	1,552,445	$61M	trimmed−27%	−0.08 pp	33 q
FNFFidelity National Financial, Inc.	0.20%	1,075,751	$57M	trimmed−0%	−0.01 pp	7 q
unresolvedAmerican Woodmark Corporation	0.19%	539,856	$55M	trimmed−13%	−0.03 pp	10 q
ASBAssociated Banc-Corp	0.19%	2,592,922	$56M	trimmed−8%	−0.04 pp	41 q
MBCMasterBrand, Inc.	0.19%	2,900,671	$54M	trimmed−15%	0.00 pp	6 q
ONBOld National Bancorp	0.19%	3,248,402	$57M	trimmed−9%	−0.04 pp	9 q
UVVUniversal Corporation	0.19%	1,069,964	$55M	trimmed−2%	−0.09 pp	36 q
CSCOCisco Systems, Inc. (DE)	0.18%	1,038,547	$52M	added+78%	+0.07 pp	44 q
TILEInterface Inc	0.18%	3,194,086	$54M	trimmed−8%	+0.01 pp	4 q
MCKMcKesson Corporation	0.18%	97,964	$53M	trimmed−0%	+0.01 pp	30 q
FITBFifth Third Bancorp	0.17%	1,346,018	$50M	trimmed−0%	0.00 pp	44 q
COLBColumbia Banking Systems Inc	0.16%	2,456,438	$48M	added+30%	−0.03 pp	5 q
CRBGCorebridge Financial, Inc.	0.16%	1,589,446	$46M	trimmed−0%	+0.03 pp	3 q
DANDana Incorporated	0.15%	3,436,590	$44M	trimmed−6%	−0.05 pp	18 q
GLGlobe Life Inc.	0.15%	377,744	$44M	trimmed−21%	−0.07 pp	44 q
MSMMSC Industrial Direct Co., Inc. Class A	0.15%	461,901	$45M	trimmed−0%	−0.03 pp	18 q
CLGGms Inc	0.14%	419,665	$41M	trimmed−37%	−0.07 pp	8 q
RFRegions Financial Corp.	0.14%	1,899,232	$40M	held	—	44 q
RHIRobert Half Inc.	0.14%	507,371	$40M	added+69%	+0.04 pp	2 q
WSFSWSFS Financial Corp	0.14%	932,721	$42M	trimmed−7%	−0.03 pp	44 q
JNJJohnson & Johnson	0.13%	230,253	$36M	trimmed−64%	−0.25 pp	11 q
TBITrueblue, Inc.	0.13%	2,995,474	$38M	trimmed−3%	−0.05 pp	15 q
USNAUSANA Health Sciences Inc	0.13%	785,344	$38M	added+3%	−0.02 pp	11 q
ABEVAmbev S.a.	0.12%	14,205,334	$35M	trimmed−0%	−0.03 pp	15 q
BIDUBaidu, Inc.	0.11%	298,781	$31M	added+22%	0.00 pp	29 q
HOFTHooker Furnishings Corporation	0.11%	1,293,874	$31M	trimmed−9%	−0.03 pp	19 q
SYU1Synovus Financial Corp	0.11%	771,557	$31M	trimmed−5%	−0.01 pp	5 q
VREXVarex Imaging Corporation	0.11%	1,815,759	$33M	added+69%	+0.03 pp	22 q
ARWArrow Electronics, Inc.	0.10%	221,245	$29M	trimmed−7%	−0.01 pp	41 q
FBINFortune Brands Innovations, Inc.	0.10%	335,729	$28M	trimmed0%	0.00 pp	6 q
RGAReinsurance Group of America, Incorporated	0.10%	149,387	$29M	trimmed−51%	−0.09 pp	15 q
SHGShinhan Financial Group Co Ltd	0.10%	846,316	$30M	trimmed−2%	0.00 pp	42 q
BFHBread Financial Holdings, Inc.	0.09%	704,743	$26M	trimmed−13%	−0.01 pp	4 q
KEYKeyCorp	0.09%	1,745,986	$28M	trimmed−1%	−0.01 pp	44 q
KOPKoppers Holdings, Inc.	0.09%	475,632	$26M	trimmed−11%	−0.01 pp	7 q
PAHCPhibro Animal Health Corporation Class A	0.09%	1,968,167	$25M	trimmed−1%	0.00 pp	14 q
REVGREV Group, Inc.	0.09%	1,252,165	$28M	trimmed−50%	−0.08 pp	23 q
UVSPUnivest Financial Corporation	0.09%	1,318,891	$27M	trimmed−10%	−0.03 pp	17 q
CMAComerica Incorporated	0.08%	433,892	$24M	trimmed−0%	−0.01 pp	5 q
DOORMasonite International Corp	0.08%	188,173	$25M	trimmed−71%	−0.13 pp	7 q
GCOGenesco Inc.	0.07%	744,176	$21M	trimmed−3%	−0.03 pp	3 q
MDUMDU Resources Group, Inc.	0.07%	795,200	$20M	trimmed−0%	+0.01 pp	7 q
MTZMasTec, Inc.	0.06%	201,777	$19M	held	—	14 q
GGenpact Limited	0.06%	505,310	$17M	held	—	37 q
IVZInvesco LTD	0.06%	1,114,451	$18M	trimmed−1%	−0.02 pp	44 q
HDBHDFC Bank Limited	0.05%	284,060	$16M	added0%	−0.02 pp	2 q
ETREntergy Corporation	0.04%	110,648	$12M	held	—	44 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	76,068	$10M	trimmed−86%	−0.18 pp	43 q
IBNICICI Bank Limited	0.03%	365,168	$10M	held	—	25 q
MMIMarcus & Millichap	0.03%	288,835	$10M	added+4%	−0.02 pp	3 q
AYIAcuity Inc.	0.02%	21,567	$6M	trimmed−95%	−0.31 pp	5 q
BABAAlibaba Group Holding Limited	0.02%	65,393	$5M	added+4%	0.00 pp	11 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	1,217,996	$3M	added+1%	0.00 pp	17 q
ITUBItau Unibanco Holding S.A.	0.01%	230,664	$2M	added0%	0.00 pp	14 q
KBKB Financial Group Inc	0.01%	38,941	$2M	added+22%	+0.01 pp	23 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.01%	168,134	$3M	added0%	0.00 pp	5 q
SSLSasol Limited	0.01%	352,561	$3M	added+53%	0.00 pp	23 q
SHYFThe Shyft Group, Inc.	0.01%	327,733	$4M	new	+0.01 pp	new
VALEVale S.a.	0.01%	229,345	$3M	added+73%	0.00 pp	2 q
ALBAlbemarle Corporation	0.00%	1,523	$200,640	new	0.00 pp	new
MTArcelorMittal	0.00%	24,122	$665,284	trimmed−0%	0.00 pp	6 q
BCSBarclays PLC	0.00%	101,228	$956,608	trimmed−1%	0.00 pp	10 q
CMCSAComcast Corp	0.00%	5,135	$222,602	trimmed−1%	0.00 pp	8 q
DELLDell Technologies Inc.	0.00%	2,798	$319,280	trimmed−28%	0.00 pp	2 q
DOCUDocuSign, Inc.	0.00%	5,573	$331,872	new	0.00 pp	new
DLTRDollar Tree Inc.	0.00%	1,949	$259,509	added+15%	0.00 pp	2 q
EXELExelixis Inc	0.00%	19,734	$468,288	added+4%	0.00 pp	9 q
GEGE Aerospace	0.00%	3,127	$548,882	trimmed−100%	−0.61 pp	11 q
GILDGilead Sciences Inc	0.00%	6,230	$456,348	added+6%	0.00 pp	5 q
HSBCHSBC Holdings PLC	0.00%	17,045	$670,899	trimmed−1%	0.00 pp	6 q
HLIHoulihan Lokey, Inc.	0.00%	1,899	$243,433	new	0.00 pp	new
INGING Groep N.V.	0.00%	53,170	$876,773	trimmed−0%	0.00 pp	6 q
INTCIntel Corp	0.00%	10,705	$472,840	new	0.00 pp	new
PHGKoninklijke Philips N.v.	0.00%	23,244	$464,877	trimmed−34%	0.00 pp	4 q
KHCThe Kraft Heinz Company	0.00%	8,494	$313,429	new	0.00 pp	new
LPLALPL Financial Holdings Inc.	0.00%	1,019	$269,220	trimmed−14%	0.00 pp	10 q
NWGNatWest Group plc	0.00%	79,987	$543,912	added+14%	0.00 pp	6 q
QRVOQorvo, Inc.	0.00%	3,446	$395,704	added+52%	0.00 pp	12 q
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	22,739	$267,636	trimmed−2%	0.00 pp	6 q
TMUST-Mobile US, Inc.	0.00%	2,859	$466,646	trimmed−9%	0.00 pp	6 q
UTHRUnited Therapeutics Corp	0.00%	2,097	$481,723	added+4%	0.00 pp	5 q
VODVodafone Group PLC	0.00%	12,398	$110,344	added+4%	0.00 pp	6 q
ACGLArch Capital Group Ltd	0.00%	5,691	$526,076	trimmed−5%	0.00 pp	3 q
ITRNIturan Location and Control Ltd.	0.00%	21,907	$612,520	held	—	16 q
JNPJuniper Networks Inc	—	−1,232,131	—	exited	−0.14 pp	—
AELAmerican Equity Investment Life Holding Company	—	−503,490	—	exited	−0.11 pp	—
SKAASkechers USA Inc-cl A	—	−469,476	—	exited	−0.11 pp	—
FLEXFlex Ltd.	—	−941,135	—	exited	−0.11 pp	—
ORCLOracle Corp	—	−115,138	—	exited	−0.05 pp	—
unresolvedNatura &CO Hldg S A	—	−233,434	—	exited	−0.01 pp	—
DVADaVita Inc.	—	−5,717	—	exited	0.00 pp	—
INGRIngredion Incorporated	—	−4,152	—	exited	0.00 pp	—
ACWXiShares MSCI ACWI ex US ETF	—	−19,209	—	exited	0.00 pp	—
JDJD.com, Inc.	—	−14,965	—	exited	0.00 pp	—
MKLMarkel Group Inc.	—	−227	—	exited	0.00 pp	—
TRVThe Travelers Companies, Inc.	—	−2,406	—	exited	0.00 pp	—
ULTAUlta Beauty, Inc.	—	−884	—	exited	0.00 pp	—