Pzena Investment Management

Q3 2024 13F · by Caroline Cai, CEO

As of: Sep 30, 2024
Filed: Nov 8, 2024
US stock: $31.0B · prev $28.4B
Positions: 157 · 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%

Moves152 since the prior filing

+5.2 pp in · −5.1 pp out

New 8 +2.58 pp
Added 57 +2.62 pp
Trimmed 76 −3.47 pp
Exited 11 −1.68 pp

The book

Diversified · behaves like 43 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions20% of US stock

MGA Magna International added+0.48 pp added+0.484.7%
CTSH Cognizant Technology Solutions trimmed+0.18 pp trimmed+0.184.6%
BAX Baxter International Inc. added+0.31 pp added+0.313.9%
COF Capital One Financial added−0.02 pp added−0.023.4%
DOW Dow Inc. added−0.18 pp added−0.183.3%

Positions157 in this filing · 11 exited


MGAMagna International	4.71%	26,322,353	$1.5B	added+26%	+0.48 pp	8 q
CTSHCognizant Technology Solutions	4.63%	18,609,588	$1.4B	trimmed0%	+0.18 pp	39 q
BAXBaxter International Inc.	3.94%	32,222,202	$1.2B	added+5%	+0.31 pp	5 q
COFCapital One Financial	3.35%	6,939,552	$1.0B	added0%	−0.02 pp	33 q
DOWDow Inc.	3.34%	18,951,871	$1.0B	added0%	−0.18 pp	19 q
CHTRCharter Comm Inc Del CL A New	3.15%	3,013,220	$977M	trimmed−0%	−0.03 pp	7 q
CCitigroup Inc.	3.05%	15,126,565	$947M	trimmed−1%	−0.37 pp	46 q
SSNCSS&C Technologies Inc	3.03%	12,663,903	$940M	trimmed−11%	−0.10 pp	14 q
WFCWells Fargo & Co.	2.85%	15,622,217	$882M	trimmed−1%	−0.43 pp	46 q
DGDollar General Corp.	2.79%	10,238,886	$866M	added×5.5	+1.93 pp	3 q
LEALear Corporation	2.71%	7,714,653	$842M	added+7%	−0.18 pp	24 q
CVSCvs Health Corporation	2.66%	13,135,308	$826M	added+2%	−0.03 pp	4 q
EIXEdison International	2.60%	9,262,648	$807M	trimmed−28%	−0.65 pp	39 q
UBSUBS Group AG	2.59%	30,802,466	$803M	added+3%	−0.20 pp	40 q
HUMHumana Inc.	2.56%	2,506,250	$794M	added+8%	−0.49 pp	5 q
METMetLife, Inc.	2.56%	9,636,576	$795M	trimmed−0%	+0.18 pp	46 q
BACBank of America Corporation	2.49%	19,482,901	$773M	trimmed−2%	−0.28 pp	46 q
MDTMedtronic plc	2.49%	8,582,993	$773M	added+3%	+0.19 pp	7 q
TSNTyson Foods, Inc.	2.41%	12,543,781	$747M	added0%	−0.10 pp	5 q
BMYBristol-Myers Squibb Co.	2.37%	14,201,746	$735M	added0%	+0.31 pp	21 q
EQHEquitable Holdings, Inc.	2.23%	16,432,139	$691M	trimmed−12%	−0.45 pp	19 q
NOVNOV Inc.	2.22%	43,027,106	$687M	added+22%	−0.13 pp	26 q
GPNGlobal Payments, Inc.	2.19%	6,638,862	$680M	added+3%	+0.01 pp	5 q
PVHPVH Corp.	1.84%	5,656,006	$570M	added+1%	−0.25 pp	23 q
DOXAmdocs Limited	1.79%	6,363,739	$557M	added+12%	+0.22 pp	32 q
AVTAvnet, Inc.	1.45%	8,274,168	$449M	trimmed−4%	−0.10 pp	46 q
NWLNewell Brands Inc.	1.30%	52,466,712	$403M	trimmed−0%	+0.12 pp	26 q
SWKSSkyworks Solutions Inc	1.30%	4,093,760	$404M	added0%	−0.23 pp	4 q
NOKNokia Corporation	1.28%	90,785,960	$397M	added+10%	+0.18 pp	14 q
TELTE Connectivity plc	1.27%	2,614,993	$395M	new	+1.27 pp	new
FMSFresenius Medical Care AG	1.11%	16,215,669	$345M	added0%	+0.02 pp	13 q
VOYAVoya Financial, Inc.	0.94%	3,681,234	$292M	trimmed−0%	+0.02 pp	42 q
DALDelta Air Lines, Inc.	0.91%	5,536,640	$281M	new	+0.91 pp	new
SHELShell plc	0.79%	3,699,517	$244M	added0%	−0.15 pp	11 q
PFEPfizer Inc.	0.68%	7,281,709	$211M	added0%	−0.03 pp	40 q
GSGoldman Sachs Group Inc.	0.64%	402,339	$199M	trimmed−8%	−0.06 pp	46 q
CIThe Cigna Group	0.61%	541,778	$188M	added0%	−0.02 pp	24 q
JPMJPMorgan Chase & Co.	0.60%	884,350	$186M	trimmed−8%	−0.08 pp	46 q
BAPCredicorp LTD	0.60%	1,026,833	$186M	added+10%	+0.07 pp	9 q
MHKMohawk Industries, Inc.	0.56%	1,087,476	$175M	trimmed−0%	+0.12 pp	23 q
ZTOZTO Express (Cayman) Inc.	0.56%	7,039,599	$174M	added+18%	+0.13 pp	5 q
OLNOlin Corp.	0.53%	3,452,708	$166M	added+25%	+0.07 pp	20 q
CNOCNO Financial Group, Inc.	0.52%	4,577,890	$161M	trimmed−24%	−0.07 pp	23 q
JELDJELD-WEN Holding, Inc.	0.49%	9,582,008	$151M	added+3%	+0.05 pp	31 q
SPBSpectrum Brands Holdings, Inc.	0.40%	1,310,861	$125M	added+10%	+0.04 pp	23 q
CSCOCisco Systems, Inc. (DE)	0.38%	2,228,564	$119M	added×2.2	+0.21 pp	46 q
AAPAdvance Auto Parts Inc	0.37%	2,908,658	$113M	added×2.4	+0.10 pp	5 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.36%	1,066,645	$113M	added+23%	−0.03 pp	2 q
GLGlobe Life Inc.	0.34%	1,008,732	$107M	added+8%	+0.07 pp	46 q
ELVElevance Health, Inc.	0.32%	192,368	$100M	added0%	−0.05 pp	13 q
UHSUniversal Health Services, Inc. Class B	0.30%	405,949	$93M	trimmed−11%	0.00 pp	4 q
DRHDiamondrock Hospitality Company	0.26%	9,153,018	$80M	added+4%	0.00 pp	46 q
GDGeneral Dynamics Corporation	0.26%	270,507	$82M	added0%	−0.02 pp	13 q
LDOSLeidos Holdings, Inc.	0.26%	502,880	$82M	added0%	0.00 pp	6 q
WEDWebster Financial Corp	0.26%	1,726,539	$80M	trimmed−1%	−0.01 pp	46 q
KFYKorn Ferry	0.25%	1,022,212	$77M	trimmed−2%	0.00 pp	4 q
MSMorgan Stanley	0.25%	750,188	$78M	added0%	−0.01 pp	46 q
CNXCConcentrix Corporation	0.24%	1,468,639	$75M	trimmed−1%	−0.09 pp	4 q
37MMrc Global Inc	0.24%	5,770,791	$74M	added0%	−0.02 pp	15 q
HSICHenry Schein Inc	0.23%	986,467	$72M	trimmed−0%	+0.01 pp	11 q
GJBSteelcase Inc-cl A	0.23%	5,239,449	$71M	trimmed−26%	−0.09 pp	28 q
XOMExxon Mobil Corp	0.22%	594,716	$70M	held	—	46 q
RHIRobert Half Inc.	0.22%	1,027,683	$69M	added+42%	+0.06 pp	4 q
ADNTAdient plc	0.21%	2,825,491	$64M	added+45%	+0.04 pp	9 q
OECOrion S.A.	0.21%	3,647,985	$65M	added+35%	0.00 pp	18 q
REZIResideo Technologies, Inc.	0.20%	3,022,371	$61M	trimmed−7%	−0.02 pp	7 q
COLBColumbia Banking Systems Inc	0.19%	2,225,764	$58M	trimmed−9%	+0.02 pp	7 q
MBUUMalibu Boats, Inc. Class A	0.19%	1,555,331	$60M	added+5%	+0.01 pp	2 q
WABWabtec Inc.	0.19%	332,298	$60M	trimmed−27%	−0.06 pp	23 q
ONBOld National Bancorp	0.18%	2,983,728	$56M	trimmed−5%	−0.01 pp	11 q
TRSTrimas Corporation	0.18%	2,142,547	$55M	trimmed−5%	−0.02 pp	41 q
ASBAssociated Banc-Corp	0.17%	2,461,851	$53M	trimmed−2%	−0.02 pp	43 q
CHRWC.H. Robinson Worldwide, Inc.	0.17%	465,027	$51M	trimmed−47%	−0.10 pp	3 q
MBCMasterBrand, Inc.	0.17%	2,838,716	$53M	added+1%	+0.03 pp	8 q
CBRECbre Group, Inc.	0.16%	395,471	$49M	trimmed−41%	−0.05 pp	13 q
FITBFifth Third Bancorp	0.16%	1,163,906	$50M	trimmed−0%	+0.01 pp	46 q
UVVUniversal Corporation	0.16%	928,870	$49M	trimmed−10%	−0.01 pp	38 q
unresolvedAmerican Woodmark Corporation	0.15%	483,562	$45M	added+59%	+0.07 pp	12 q
SHGShinhan Financial Group Co Ltd	0.15%	1,073,222	$45M	trimmed−1%	+0.02 pp	44 q
VREXVarex Imaging Corporation	0.15%	3,890,879	$46M	added+51%	+0.02 pp	24 q
AXSAxis Capital Holders Limited	0.15%	593,252	$47M	trimmed−61%	−0.23 pp	46 q
GGenpact Limited	0.15%	1,163,870	$46M	held	—	39 q
BFHBread Financial Holdings, Inc.	0.14%	880,827	$42M	added+38%	+0.04 pp	6 q
ABEVAmbev S.a.	0.14%	18,351,089	$45M	trimmed−0%	+0.01 pp	17 q
CRBGCorebridge Financial, Inc.	0.14%	1,436,310	$42M	trimmed−0%	−0.01 pp	5 q
PLOWDouglas Dynamics, Inc.	0.14%	1,624,820	$45M	added+16%	+0.02 pp	2 q
HALHalliburton Company	0.14%	1,542,006	$45M	added0%	−0.04 pp	35 q
RFRegions Financial Corp.	0.14%	1,899,232	$44M	held	—	46 q
HRHealthcare Realty Trust Incorporated	0.13%	2,225,430	$40M	new	+0.13 pp	new
MSMMSC Industrial Direct Co., Inc. Class A	0.13%	461,931	$40M	added0%	0.00 pp	20 q
SHYFThe Shyft Group, Inc.	0.13%	3,099,622	$39M	trimmed−4%	−0.01 pp	3 q
USNAUSANA Health Sciences Inc	0.13%	1,049,610	$40M	added+7%	−0.03 pp	13 q
WSFSWSFS Financial Corp	0.13%	816,470	$42M	trimmed−9%	−0.02 pp	46 q
ABMABM Industries, Inc.	0.12%	694,464	$37M	added+67%	+0.05 pp	2 q
DANDana Incorporated	0.12%	3,449,811	$36M	added+7%	−0.02 pp	20 q
FMCFMC Corporation	0.12%	575,294	$38M	trimmed−0%	0.00 pp	2 q
FNFFidelity National Financial, Inc.	0.12%	583,690	$36M	trimmed−43%	−0.06 pp	9 q
JNJJohnson & Johnson	0.12%	229,342	$37M	trimmed−0%	0.00 pp	13 q
WCCWesco International Inc.	0.12%	228,819	$38M	added+54%	+0.04 pp	2 q
HELEHelen Of Troy Ltd	0.12%	581,442	$36M	new	+0.12 pp	new
AIGAmerican International Group, Inc.	0.11%	475,206	$35M	held	—	46 q
BIDUBaidu, Inc.	0.11%	330,131	$35M	added+7%	+0.02 pp	31 q
GCOGenesco Inc.	0.11%	1,217,858	$33M	trimmed−0%	0.00 pp	5 q
MCKMcKesson Corporation	0.11%	67,079	$33M	held	—	32 q
PAHCPhibro Animal Health Corporation Class A	0.11%	1,460,800	$33M	trimmed−20%	0.00 pp	16 q
UVSPUnivest Financial Corporation	0.11%	1,189,748	$33M	trimmed−6%	+0.01 pp	19 q
GAPThe Gap, Inc.	0.10%	1,359,676	$30M	trimmed−5%	−0.02 pp	17 q
GILGildan Activewear Inc.	0.10%	636,743	$30M	trimmed−54%	−0.08 pp	24 q
SYU1Synovus Financial Corp	0.10%	711,469	$32M	trimmed−6%	−0.01 pp	7 q
ARWArrow Electronics, Inc.	0.09%	221,239	$29M	trimmed0%	0.00 pp	43 q
HUNHuntsman Corporation	0.09%	1,117,578	$27M	new	+0.09 pp	new
KEYKeyCorp	0.09%	1,745,986	$29M	held	—	46 q
KOPKoppers Holdings, Inc.	0.09%	770,169	$28M	added+92%	+0.04 pp	9 q
CMAComerica Incorporated	0.08%	433,892	$26M	held	—	7 q
DISThe Walt Disney Company	0.08%	270,551	$26M	trimmed−0%	−0.01 pp	5 q
MANManpowerGroup	0.08%	351,121	$26M	held	—	2 q
SCSCScansource Inc	0.08%	514,503	$25M	trimmed−45%	−0.06 pp	35 q
HOFTHooker Furnishings Corporation	0.07%	1,286,381	$23M	added+1%	+0.01 pp	21 q
MMIMarcus & Millichap	0.07%	583,697	$23M	trimmed−9%	0.00 pp	5 q
TBITrueblue, Inc.	0.07%	2,780,117	$22M	trimmed−3%	−0.03 pp	17 q
HDBHDFC Bank Limited	0.06%	310,736	$19M	held	—	4 q
HVTHaverty Furniture Companies, Inc.	0.06%	719,637	$20M	new	+0.06 pp	new
ETREntergy Corporation	0.05%	110,594	$15M	trimmed−0%	+0.01 pp	46 q
IVZInvesco LTD	0.05%	886,851	$16M	held	—	46 q
BDCBelden Inc.	0.03%	86,976	$10M	trimmed−88%	−0.22 pp	19 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.03%	57,582	$10M	trimmed−12%	−0.01 pp	45 q
BABAAlibaba Group Holding Limited	0.02%	65,310	$7M	trimmed−0%	0.00 pp	13 q
TILEInterface Inc	0.02%	317,299	$6M	trimmed−81%	−0.07 pp	6 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	1,583,394	$3M	held	—	19 q
IBNICICI Bank Limited	0.01%	88,465	$3M	trimmed−73%	−0.02 pp	27 q
ITUBItau Unibanco Holding S.A.	0.01%	371,725	$2M	added+61%	+0.01 pp	16 q
KBKB Financial Group Inc	0.01%	38,941	$2M	held	—	25 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.01%	168,134	$2M	held	—	7 q
SSLSasol Limited	0.01%	352,561	$2M	held	—	25 q
VALEVale S.a.	0.01%	253,398	$3M	held	—	4 q
MTArcelorMittal	0.00%	33,198	$871,772	added+32%	0.00 pp	8 q
BCSBarclays PLC	0.00%	85,302	$1M	trimmed−13%	0.00 pp	12 q
DELLDell Technologies Inc.	0.00%	1,917	$227,241	trimmed−12%	0.00 pp	4 q
DOCUDocuSign, Inc.	0.00%	6,379	$396,072	trimmed−21%	0.00 pp	3 q
DBXDropbox, Inc. Class A	0.00%	13,953	$354,825	trimmed−27%	0.00 pp	2 q
GILDGilead Sciences Inc	0.00%	2,624	$219,996	trimmed−43%	0.00 pp	7 q
HSBCHSBC Holdings PLC	0.00%	16,448	$743,295	trimmed−3%	0.00 pp	8 q
HIGThe Hartford Insurance Group, Inc.	0.00%	1,757	$206,641	trimmed−15%	0.00 pp	2 q
HOLXHologic Inc	0.00%	3,030	$246,824	new	0.00 pp	new
HLIHoulihan Lokey, Inc.	0.00%	2,329	$368,029	trimmed−33%	0.00 pp	3 q
INGING Groep N.V.	0.00%	49,932	$906,774	trimmed−7%	0.00 pp	8 q
PHGKoninklijke Philips N.v.	0.00%	13,013	$425,796	trimmed−5%	0.00 pp	6 q
LPLALPL Financial Holdings Inc.	0.00%	1,187	$276,132	trimmed−23%	0.00 pp	12 q
MKSIMKS Inc.	0.00%	3,323	$361,243	new	0.00 pp	new
NWGNatWest Group plc	0.00%	67,045	$627,539	trimmed−17%	0.00 pp	8 q
QRVOQorvo, Inc.	0.00%	3,244	$335,105	trimmed−26%	0.00 pp	14 q
RGAReinsurance Group of America, Incorporated	0.00%	2,320	$505,458	trimmed−48%	0.00 pp	17 q
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	18,615	$235,103	trimmed−16%	0.00 pp	8 q
TMUST-Mobile US, Inc.	0.00%	1,845	$380,734	trimmed−33%	0.00 pp	8 q
ULTAUlta Beauty, Inc.	0.00%	590	$229,581	trimmed−30%	0.00 pp	2 q
AXTAAxalta Coating Systems Ltd.	0.00%	36,979	$1M	trimmed−98%	−0.22 pp	11 q
ITRNIturan Location and Control Ltd.	0.00%	22,659	$601,370	held	—	18 q
0VQJLTe Connectivity Ltd	—	−2,616,000	—	exited	−1.38 pp	—
CAHCardinal Health, Inc.	—	−664,657	—	exited	−0.23 pp	—
TCOMTrip.com Group Limited	—	−394,160	—	exited	−0.07 pp	—
AYIAcuity Inc.	—	−1,460	—	exited	0.00 pp	—
ATOAtmos Energy Corporation	—	−2,709	—	exited	0.00 pp	—
CMCSAComcast Corp	—	−5,135	—	exited	0.00 pp	—
DLTRDollar Tree Inc.	—	−2,727	—	exited	0.00 pp	—
EQNREquinor ASA	—	−18,747	—	exited	0.00 pp	—
INTCIntel Corp	—	−12,789	—	exited	0.00 pp	—
UTHRUnited Therapeutics Corp	—	−1,599	—	exited	0.00 pp	—
VODVodafone Group PLC	—	−12,737	—	exited	0.00 pp	—