Pzena Investment Management

Q4 2024 13F · by Caroline Cai, CEO

As of: Dec 31, 2024
Filed: Feb 7, 2025
US stock: $29.4B · prev $31.0B
Positions: 152 · prev 157
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

+3.3 pp in · −3.4 pp out

New 7 +0.12 pp
Added 51 +3.22 pp
Trimmed 82 −3.18 pp
Exited 12 −0.20 pp

The book

Diversified · behaves like 42 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions21% of US stock

MGA Magna International added+0.81 pp added+0.815.5%
CTSH Cognizant Technology Solutions trimmed−0.01 pp trimmed−0.014.6%
COF Capital One Financial trimmed+0.39 pp trimmed+0.393.7%
BAX Baxter International Inc. added−0.60 pp added−0.603.3%
WFC Wells Fargo & Co. trimmed+0.45 pp trimmed+0.453.3%

Positions152 in this filing · 12 exited


MGAMagna International	5.52%	27,005,596	$1.6B	added+3%	+0.81 pp	9 q
CTSHCognizant Technology Solutions	4.62%	17,666,002	$1.4B	trimmed−5%	−0.01 pp	40 q
COFCapital One Financial	3.74%	6,167,716	$1.1B	trimmed−11%	+0.39 pp	34 q
BAXBaxter International Inc.	3.34%	33,638,296	$981M	added+4%	−0.60 pp	6 q
WFCWells Fargo & Co.	3.30%	13,824,242	$971M	trimmed−12%	+0.45 pp	47 q
CCitigroup Inc.	3.29%	13,734,181	$967M	trimmed−9%	+0.24 pp	47 q
CHTRCharter Comm Inc Del CL A New	3.27%	2,806,973	$962M	trimmed−7%	+0.12 pp	8 q
GPNGlobal Payments, Inc.	3.16%	8,298,846	$930M	added+25%	+0.97 pp	6 q
HUMHumana Inc.	3.12%	3,609,382	$916M	added+44%	+0.56 pp	6 q
DGDollar General Corp.	3.04%	11,767,336	$892M	added+15%	+0.25 pp	4 q
CVSCvs Health Corporation	3.00%	19,610,579	$880M	added+49%	+0.34 pp	5 q
SSNCSS&C Technologies Inc	2.98%	11,559,007	$876M	trimmed−9%	−0.05 pp	15 q
UBSUBS Group AG	2.79%	29,590,323	$821M	trimmed−4%	+0.20 pp	41 q
DOWDow Inc.	2.57%	18,792,963	$754M	trimmed−1%	−0.77 pp	20 q
BMYBristol-Myers Squibb Co.	2.56%	13,301,299	$752M	trimmed−6%	+0.19 pp	22 q
BACBank of America Corporation	2.48%	16,612,322	$730M	trimmed−15%	−0.01 pp	47 q
LEALear Corporation	2.47%	7,679,092	$727M	trimmed−0%	−0.24 pp	25 q
METMetLife, Inc.	2.45%	8,803,671	$721M	trimmed−9%	−0.11 pp	47 q
TSNTyson Foods, Inc.	2.34%	11,992,302	$689M	trimmed−4%	−0.07 pp	6 q
MDTMedtronic plc	2.23%	8,215,017	$656M	trimmed−4%	−0.26 pp	8 q
NOVNOV Inc.	2.06%	41,458,393	$605M	trimmed−4%	−0.16 pp	27 q
PVHPVH Corp.	1.93%	5,354,266	$566M	trimmed−5%	+0.09 pp	24 q
DOXAmdocs Limited	1.92%	6,634,549	$565M	added+4%	+0.13 pp	33 q
SWKSSkyworks Solutions Inc	1.70%	5,630,049	$499M	added+38%	+0.40 pp	5 q
NWLNewell Brands Inc.	1.66%	49,010,425	$488M	trimmed−7%	+0.36 pp	27 q
EIXEdison International	1.46%	5,374,322	$429M	trimmed−42%	−1.14 pp	40 q
EQHEquitable Holdings, Inc.	1.31%	8,191,328	$386M	trimmed−50%	−0.92 pp	20 q
AVTAvnet, Inc.	1.29%	7,269,195	$380M	trimmed−12%	−0.16 pp	47 q
NOKNokia Corporation	1.26%	83,842,975	$371M	trimmed−8%	−0.02 pp	15 q
TELTE Connectivity plc	1.19%	2,441,504	$349M	trimmed−7%	−0.08 pp	2 q
FMSFresenius Medical Care AG	1.18%	15,283,025	$346M	trimmed−6%	+0.07 pp	14 q
DALDelta Air Lines, Inc.	1.02%	4,932,270	$298M	trimmed−11%	+0.11 pp	2 q
VOYAVoya Financial, Inc.	0.84%	3,567,103	$246M	trimmed−3%	−0.10 pp	43 q
SHELShell plc	0.76%	3,577,175	$224M	trimmed−3%	−0.03 pp	12 q
BAPCredicorp LTD	0.67%	1,080,579	$198M	added+5%	+0.07 pp	10 q
PFEPfizer Inc.	0.63%	6,951,579	$184M	trimmed−5%	−0.05 pp	41 q
AAPAdvance Auto Parts Inc	0.53%	3,270,897	$155M	added+12%	+0.16 pp	6 q
ZTOZTO Express (Cayman) Inc.	0.52%	7,860,285	$154M	added+12%	−0.04 pp	6 q
JPMJPMorgan Chase & Co.	0.50%	616,767	$148M	trimmed−30%	−0.10 pp	47 q
CRBGCorebridge Financial, Inc.	0.47%	4,638,455	$139M	added×3.2	+0.33 pp	6 q
CIThe Cigna Group	0.46%	491,459	$136M	trimmed−9%	−0.15 pp	25 q
MHKMohawk Industries, Inc.	0.44%	1,088,268	$130M	added0%	−0.12 pp	24 q
OLNOlin Corp.	0.43%	3,709,611	$125M	added+7%	−0.10 pp	21 q
CNOCNO Financial Group, Inc.	0.40%	3,179,386	$118M	trimmed−31%	−0.12 pp	24 q
SPBSpectrum Brands Holdings, Inc.	0.38%	1,333,345	$113M	added+2%	−0.02 pp	24 q
CSCOCisco Systems, Inc. (DE)	0.37%	1,857,059	$110M	trimmed−17%	−0.01 pp	47 q
GLGlobe Life Inc.	0.36%	960,216	$107M	trimmed−5%	+0.02 pp	47 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.36%	1,126,704	$107M	added+6%	0.00 pp	3 q
CNXCConcentrix Corporation	0.35%	2,349,599	$102M	added+60%	+0.11 pp	5 q
MSMorgan Stanley	0.32%	748,984	$94M	trimmed−0%	+0.07 pp	47 q
JELDJELD-WEN Holding, Inc.	0.31%	11,165,246	$91M	added+17%	−0.18 pp	32 q
WEDWebster Financial Corp	0.30%	1,600,928	$88M	trimmed−7%	+0.04 pp	47 q
HUNHuntsman Corporation	0.29%	4,695,678	$85M	added×4.2	+0.20 pp	2 q
DRHDiamondrock Hospitality Company	0.26%	8,600,791	$78M	trimmed−6%	0.00 pp	47 q
GSGoldman Sachs Group Inc.	0.26%	133,409	$76M	trimmed−67%	−0.38 pp	47 q
37MMrc Global Inc	0.25%	5,825,650	$74M	added+1%	+0.01 pp	16 q
ELVElevance Health, Inc.	0.24%	193,997	$72M	added+1%	−0.08 pp	14 q
GDGeneral Dynamics Corporation	0.24%	270,775	$71M	added0%	−0.02 pp	14 q
RHIRobert Half Inc.	0.24%	1,020,340	$72M	trimmed−1%	+0.02 pp	5 q
UHSUniversal Health Services, Inc. Class B	0.24%	394,274	$71M	trimmed−3%	−0.06 pp	5 q
KFYKorn Ferry	0.23%	1,001,715	$68M	trimmed−2%	−0.02 pp	5 q
HSICHenry Schein Inc	0.23%	983,313	$68M	trimmed−0%	0.00 pp	12 q
XOMExxon Mobil Corp	0.22%	596,389	$64M	added0%	0.00 pp	47 q
ONBOld National Bancorp	0.22%	2,915,148	$63M	trimmed−2%	+0.04 pp	12 q
GJBSteelcase Inc-cl A	0.22%	5,373,342	$64M	added+3%	−0.01 pp	29 q
REZIResideo Technologies, Inc.	0.21%	2,672,191	$62M	trimmed−12%	+0.01 pp	8 q
WABWabtec Inc.	0.21%	332,745	$63M	added0%	+0.02 pp	24 q
ADNTAdient plc	0.21%	3,629,452	$63M	added+28%	0.00 pp	10 q
MBUUMalibu Boats, Inc. Class A	0.19%	1,523,353	$57M	trimmed−2%	0.00 pp	3 q
VREXVarex Imaging Corporation	0.19%	3,813,905	$56M	trimmed−2%	+0.04 pp	25 q
CBRECbre Group, Inc.	0.18%	395,439	$52M	trimmed−0%	+0.02 pp	14 q
TRSTrimas Corporation	0.18%	2,120,612	$52M	trimmed−1%	0.00 pp	42 q
OECOrion S.A.	0.18%	3,312,290	$52M	trimmed−9%	−0.03 pp	19 q
UVVUniversal Corporation	0.17%	915,380	$50M	trimmed−1%	+0.01 pp	39 q
GGenpact Limited	0.17%	1,163,859	$50M	trimmed0%	+0.02 pp	40 q
ABMABM Industries, Inc.	0.15%	850,914	$44M	added+23%	+0.03 pp	3 q
BFHBread Financial Holdings, Inc.	0.15%	722,139	$44M	trimmed−18%	+0.01 pp	7 q
ASBAssociated Banc-Corp	0.15%	1,798,807	$43M	trimmed−27%	−0.02 pp	44 q
GCOGenesco Inc.	0.15%	1,047,673	$45M	trimmed−14%	+0.04 pp	6 q
RFRegions Financial Corp.	0.15%	1,899,232	$45M	held	—	47 q
PLOWDouglas Dynamics, Inc.	0.14%	1,679,041	$40M	added+3%	0.00 pp	3 q
FITBFifth Third Bancorp	0.14%	982,110	$42M	trimmed−16%	−0.02 pp	47 q
HALHalliburton Company	0.14%	1,547,656	$42M	added0%	0.00 pp	36 q
MBCMasterBrand, Inc.	0.14%	2,847,885	$42M	added0%	−0.03 pp	9 q
WSFSWSFS Financial Corp	0.14%	790,584	$42M	trimmed−3%	+0.01 pp	47 q
WCCWesco International Inc.	0.14%	228,819	$41M	held	—	3 q
HELEHelen Of Troy Ltd	0.14%	705,711	$42M	added+21%	+0.02 pp	2 q
unresolvedAmerican Woodmark Corporation	0.13%	489,517	$39M	added+1%	−0.02 pp	13 q
COLBColumbia Banking Systems Inc	0.13%	1,429,054	$39M	trimmed−36%	−0.06 pp	8 q
HRHealthcare Realty Trust Incorporated	0.13%	2,225,789	$38M	added0%	0.00 pp	2 q
MCKMcKesson Corporation	0.13%	67,079	$38M	held	—	33 q
USNAUSANA Health Sciences Inc	0.13%	1,087,076	$39M	added+4%	0.00 pp	14 q
AIGAmerican International Group, Inc.	0.12%	475,820	$35M	added0%	+0.01 pp	47 q
DANDana Incorporated	0.12%	3,098,537	$36M	trimmed−10%	0.00 pp	21 q
MSMMSC Industrial Direct Co., Inc. Class A	0.12%	461,931	$35M	held	—	21 q
SHGShinhan Financial Group Co Ltd	0.12%	1,074,051	$35M	added0%	−0.03 pp	45 q
SHYFThe Shyft Group, Inc.	0.12%	3,054,738	$36M	trimmed−1%	−0.01 pp	4 q
SYU1Synovus Financial Corp	0.12%	682,112	$35M	trimmed−4%	+0.02 pp	8 q
UVSPUnivest Financial Corporation	0.12%	1,149,117	$34M	trimmed−3%	+0.01 pp	20 q
CHRWC.H. Robinson Worldwide, Inc.	0.11%	305,333	$32M	trimmed−34%	−0.06 pp	4 q
HDBHDFC Bank Limited	0.11%	509,664	$33M	added+64%	+0.05 pp	5 q
JNJJohnson & Johnson	0.11%	228,980	$33M	trimmed−0%	−0.01 pp	14 q
LDOSLeidos Holdings, Inc.	0.11%	223,876	$32M	trimmed−55%	−0.15 pp	7 q
FMCFMC Corporation	0.10%	577,962	$28M	added0%	−0.02 pp	3 q
KEYKeyCorp	0.10%	1,689,212	$29M	trimmed−3%	+0.01 pp	47 q
KOPKoppers Holdings, Inc.	0.10%	908,772	$29M	added+18%	+0.01 pp	10 q
ABEVAmbev S.a.	0.09%	13,835,615	$26M	trimmed−25%	−0.05 pp	18 q
ARWArrow Electronics, Inc.	0.09%	221,239	$25M	held	—	44 q
BIDUBaidu, Inc.	0.09%	319,787	$27M	trimmed−3%	−0.02 pp	32 q
CMAComerica Incorporated	0.09%	433,892	$27M	held	—	8 q
PAHCPhibro Animal Health Corporation Class A	0.09%	1,302,780	$27M	trimmed−11%	−0.02 pp	17 q
MMIMarcus & Millichap	0.08%	576,377	$22M	trimmed−1%	+0.01 pp	6 q
TBITrueblue, Inc.	0.08%	2,788,628	$23M	added0%	+0.01 pp	18 q
HVTHaverty Furniture Companies, Inc.	0.07%	962,102	$21M	added+34%	+0.01 pp	2 q
MANManpowerGroup	0.07%	351,121	$20M	held	—	3 q
SCSCScansource Inc	0.07%	404,710	$19M	trimmed−21%	−0.01 pp	36 q
AXSAxis Capital Holders Limited	0.07%	225,236	$20M	trimmed−62%	−0.08 pp	47 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	0.06%	880,177	$17M	new	+0.06 pp	new
HOFTHooker Furnishings Corporation	0.06%	1,335,593	$19M	added+4%	−0.01 pp	22 q
TPRTapestry, Inc.	0.06%	286,799	$19M	new	+0.06 pp	new
FNFFidelity National Financial, Inc.	0.05%	263,976	$15M	trimmed−55%	−0.07 pp	10 q
IVZInvesco LTD	0.05%	886,851	$16M	held	—	47 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	55,060	$11M	trimmed−4%	+0.01 pp	46 q
BABAAlibaba Group Holding Limited	0.02%	54,425	$5M	trimmed−17%	0.00 pp	14 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	1,583,394	$3M	held	—	20 q
IBNICICI Bank Limited	0.01%	74,827	$2M	trimmed−15%	0.00 pp	28 q
ITUBItau Unibanco Holding S.A.	0.01%	371,725	$2M	held	—	17 q
KBKB Financial Group Inc	0.01%	38,941	$2M	held	—	26 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.01%	192,762	$2M	added+15%	0.00 pp	8 q
SSLSasol Limited	0.01%	352,561	$2M	held	—	26 q
VALEVale S.a.	0.01%	285,881	$3M	added+13%	0.00 pp	5 q
ABBVAbbvie Inc.	0.00%	1,670	$296,759	new	0.00 pp	new
CORCencora, Inc.	0.00%	1,204	$270,515	new	0.00 pp	new
AMGNAmgen Inc	0.00%	803	$209,294	new	0.00 pp	new
MTArcelorMittal	0.00%	36,046	$833,736	added+9%	0.00 pp	9 q
BCSBarclays PLC	0.00%	86,226	$1M	added+1%	0.00 pp	13 q
BDCBelden Inc.	0.00%	4,378	$493,007	trimmed−95%	−0.03 pp	20 q
DISThe Walt Disney Company	0.00%	6,506	$724,443	trimmed−98%	−0.08 pp	6 q
DLTRDollar Tree Inc.	0.00%	6,939	$520,009	new	0.00 pp	new
DBXDropbox, Inc. Class A	0.00%	9,718	$291,929	trimmed−30%	0.00 pp	3 q
ETREntergy Corporation	0.00%	3,615	$274,089	trimmed−98%	−0.05 pp	47 q
GILDGilead Sciences Inc	0.00%	3,223	$297,709	added+23%	0.00 pp	8 q
HSBCHSBC Holdings PLC	0.00%	18,250	$902,628	added+11%	0.00 pp	9 q
INGING Groep N.V.	0.00%	54,540	$854,637	added+9%	0.00 pp	9 q
TILEInterface Inc	0.00%	11,049	$269,043	trimmed−97%	−0.02 pp	7 q
PHGKoninklijke Philips N.v.	0.00%	13,683	$346,455	added+5%	0.00 pp	7 q
LPLALPL Financial Holdings Inc.	0.00%	900	$293,859	trimmed−24%	0.00 pp	13 q
MRKMerck & Co., Inc.	0.00%	2,898	$288,293	new	0.00 pp	new
NWGNatWest Group plc	0.00%	53,582	$544,924	trimmed−20%	0.00 pp	9 q
QRVOQorvo, Inc.	0.00%	2,977	$208,182	trimmed−8%	0.00 pp	15 q
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	19,619	$284,277	added+5%	0.00 pp	9 q
ULTAUlta Beauty, Inc.	0.00%	525	$228,338	trimmed−11%	0.00 pp	3 q
GAPThe Gap, Inc.	—	−1,359,676	—	exited	−0.10 pp	—
GILGildan Activewear Inc.	—	−636,743	—	exited	−0.10 pp	—
DELLDell Technologies Inc.	—	−1,917	—	exited	0.00 pp	—
DOCUDocuSign, Inc.	—	−6,379	—	exited	0.00 pp	—
HIGThe Hartford Insurance Group, Inc.	—	−1,757	—	exited	0.00 pp	—
HOLXHologic Inc	—	−3,030	—	exited	0.00 pp	—
HLIHoulihan Lokey, Inc.	—	−2,329	—	exited	0.00 pp	—
MKSIMKS Inc.	—	−3,323	—	exited	0.00 pp	—
RGAReinsurance Group of America, Incorporated	—	−2,320	—	exited	0.00 pp	—
TMUST-Mobile US, Inc.	—	−1,845	—	exited	0.00 pp	—
AXTAAxalta Coating Systems Ltd.	—	−36,979	—	exited	0.00 pp	—
ITRNIturan Location and Control Ltd.	—	−22,659	—	exited	0.00 pp	—