Pzena Investment Management

Q1 2025 13F · by Caroline Cai, CEO

As of: Mar 31, 2025
Filed: May 2, 2025
US stock: $28.6B · prev $29.4B
Positions: 146 · prev 152
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

+4.8 pp in · −4.8 pp out

New 11 +0.92 pp
Added 58 +3.91 pp
Trimmed 68 −3.03 pp
Exited 17 −1.78 pp

The book

Focused · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions22% of US stock

Positions146 in this filing · 17 exited


MGAMagna International	4.86%	28,451,047	$1.4B	added+5%	−0.66 pp	10 q
CTSHCognizant Technology Solutions	4.56%	17,075,072	$1.3B	trimmed−3%	−0.06 pp	41 q
BAXBaxter International Inc.	4.39%	36,772,566	$1.3B	added+9%	+1.05 pp	7 q
CVSCvs Health Corporation	4.18%	17,682,374	$1.2B	trimmed−10%	+1.18 pp	6 q
DGDollar General Corp.	3.92%	12,770,542	$1.1B	added+9%	+0.88 pp	5 q
CHTRCharter Comm Inc Del CL A New	3.58%	2,783,467	$1.0B	trimmed−1%	+0.31 pp	9 q
HUMHumana Inc.	3.54%	3,828,923	$1.0B	added+6%	+0.42 pp	7 q
COFCapital One Financial	3.48%	5,566,112	$998M	trimmed−10%	−0.26 pp	35 q
CCitigroup Inc.	3.30%	13,332,140	$946M	trimmed−3%	+0.01 pp	48 q
DOWDow Inc.	3.04%	24,956,985	$871M	added+33%	+0.47 pp	21 q
SSNCSS&C Technologies Inc	3.04%	10,423,445	$871M	trimmed−10%	+0.06 pp	16 q
TSNTyson Foods, Inc.	2.96%	13,264,052	$846M	added+11%	+0.62 pp	7 q
BMYBristol-Myers Squibb Co.	2.87%	13,458,826	$821M	added+1%	+0.31 pp	23 q
GPNGlobal Payments, Inc.	2.85%	8,334,097	$816M	added0%	−0.31 pp	7 q
UBSUBS Group AG	2.75%	29,350,825	$789M	trimmed−1%	−0.04 pp	42 q
MDTMedtronic plc	2.63%	8,386,222	$754M	added+2%	+0.40 pp	9 q
WFCWells Fargo & Co.	2.46%	9,829,319	$706M	trimmed−29%	−0.84 pp	48 q
METMetLife, Inc.	2.40%	8,558,964	$687M	trimmed−3%	−0.05 pp	48 q
LEALear Corporation	2.36%	7,664,800	$676M	trimmed−0%	−0.11 pp	26 q
NOVNOV Inc.	2.21%	41,564,404	$633M	added0%	+0.15 pp	28 q
DOXAmdocs Limited	2.05%	6,418,602	$587M	trimmed−3%	+0.13 pp	34 q
SWKSSkyworks Solutions Inc	1.75%	7,762,896	$502M	added+38%	+0.05 pp	6 q
NOKNokia Corporation	1.48%	80,461,970	$424M	trimmed−4%	+0.22 pp	16 q
PVHPVH Corp.	1.39%	6,161,567	$398M	added+15%	−0.54 pp	25 q
FMSFresenius Medical Care AG	1.34%	15,377,090	$383M	added+1%	+0.16 pp	15 q
TELTE Connectivity plc	1.22%	2,468,586	$349M	added+1%	+0.03 pp	3 q
AVTAvnet, Inc.	1.20%	7,132,296	$343M	trimmed−2%	−0.09 pp	48 q
EQHEquitable Holdings, Inc.	1.07%	5,902,357	$307M	trimmed−28%	−0.24 pp	21 q
NWLNewell Brands Inc.	1.06%	48,738,611	$302M	trimmed−1%	−0.60 pp	28 q
BACBank of America Corporation	0.93%	6,352,945	$265M	trimmed−62%	−1.55 pp	48 q
SHELShell plc	0.92%	3,592,218	$263M	added0%	+0.16 pp	13 q
CRBGCorebridge Financial, Inc.	0.89%	8,050,602	$254M	added+74%	+0.42 pp	7 q
VOYAVoya Financial, Inc.	0.85%	3,599,164	$244M	added+1%	+0.01 pp	44 q
BAPCredicorp LTD	0.68%	1,045,374	$195M	trimmed−3%	+0.01 pp	11 q
DALDelta Air Lines, Inc.	0.64%	4,231,612	$184M	trimmed−14%	−0.38 pp	3 q
PFEPfizer Inc.	0.62%	7,058,981	$179M	added+2%	−0.01 pp	42 q
AAPAdvance Auto Parts Inc	0.59%	4,312,508	$169M	added+32%	+0.06 pp	7 q
CIThe Cigna Group	0.55%	477,460	$157M	trimmed−3%	+0.09 pp	26 q
ZTOZTO Express (Cayman) Inc.	0.54%	7,728,602	$153M	trimmed−2%	+0.02 pp	7 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.46%	1,432,981	$133M	added+27%	+0.10 pp	4 q
CNXCConcentrix Corporation	0.44%	2,286,864	$127M	trimmed−3%	+0.09 pp	6 q
MHKMohawk Industries, Inc.	0.44%	1,115,944	$127M	added+3%	0.00 pp	25 q
GLGlobe Life Inc.	0.43%	940,880	$124M	trimmed−2%	+0.07 pp	48 q
CSCOCisco Systems, Inc. (DE)	0.39%	1,829,420	$113M	trimmed−1%	+0.02 pp	48 q
CNOCNO Financial Group, Inc.	0.37%	2,564,793	$107M	trimmed−19%	−0.03 pp	25 q
PPGPPG Industries, Inc.	0.37%	963,412	$105M	new	+0.37 pp	new
SPBSpectrum Brands Holdings, Inc.	0.33%	1,334,033	$95M	added0%	−0.05 pp	25 q
ELVElevance Health, Inc.	0.31%	200,980	$87M	added+4%	+0.07 pp	15 q
MSMorgan Stanley	0.31%	763,174	$89M	added+2%	−0.01 pp	48 q
OLNOlin Corp.	0.31%	3,662,539	$89M	trimmed−1%	−0.12 pp	22 q
WEDWebster Financial Corp	0.29%	1,589,153	$82M	trimmed−1%	−0.01 pp	48 q
GDGeneral Dynamics Corporation	0.27%	278,528	$76M	added+3%	+0.03 pp	15 q
HUNHuntsman Corporation	0.27%	4,859,007	$77M	added+3%	−0.02 pp	3 q
JPMJPMorgan Chase & Co.	0.27%	312,233	$77M	trimmed−49%	−0.23 pp	48 q
XOMExxon Mobil Corp	0.26%	615,423	$73M	added+3%	+0.04 pp	48 q
GSGoldman Sachs Group Inc.	0.26%	136,653	$75M	added+2%	0.00 pp	48 q
UHSUniversal Health Services, Inc. Class B	0.26%	391,837	$74M	trimmed−1%	+0.02 pp	6 q
RHIRobert Half Inc.	0.25%	1,318,708	$72M	added+29%	+0.01 pp	6 q
DRHDiamondrock Hospitality Company	0.23%	8,603,668	$66M	added0%	−0.03 pp	48 q
HSICHenry Schein Inc	0.23%	965,733	$66M	trimmed−2%	0.00 pp	13 q
WABWabtec Inc.	0.22%	344,136	$62M	added+3%	+0.01 pp	25 q
JELDJELD-WEN Holding, Inc.	0.21%	10,311,305	$62M	trimmed−8%	−0.10 pp	33 q
37MMrc Global Inc	0.21%	5,350,419	$61M	trimmed−8%	−0.04 pp	17 q
ONBOld National Bancorp	0.21%	2,875,181	$61M	trimmed−1%	−0.01 pp	13 q
GJBSteelcase Inc-cl A	0.21%	5,364,920	$59M	trimmed−0%	−0.01 pp	30 q
CBRECbre Group, Inc.	0.18%	403,622	$53M	added+2%	0.00 pp	15 q
PLOWDouglas Dynamics, Inc.	0.18%	2,273,003	$53M	added+35%	+0.04 pp	4 q
KFYKorn Ferry	0.18%	767,958	$52M	trimmed−23%	−0.05 pp	6 q
UVVUniversal Corporation	0.18%	911,834	$51M	trimmed−0%	+0.01 pp	40 q
ADNTAdient plc	0.18%	3,901,573	$50M	added+8%	−0.03 pp	11 q
unresolvedAmerican Woodmark Corporation	0.17%	840,674	$49M	added+72%	+0.04 pp	14 q
TRSTrimas Corporation	0.17%	2,135,554	$50M	added+1%	−0.01 pp	43 q
MBUUMalibu Boats, Inc. Class A	0.16%	1,534,839	$47M	added+1%	−0.03 pp	4 q
REZIResideo Technologies, Inc.	0.16%	2,645,320	$47M	trimmed−1%	−0.05 pp	9 q
AIGAmerican International Group, Inc.	0.15%	488,074	$42M	added+3%	+0.03 pp	48 q
LKQLKQ Corporation	0.15%	1,005,888	$43M	new	+0.15 pp	new
VREXVarex Imaging Corporation	0.15%	3,802,349	$44M	trimmed−0%	−0.04 pp	26 q
OECOrion S.A.	0.15%	3,328,902	$43M	added+1%	−0.03 pp	20 q
ABMABM Industries, Inc.	0.14%	849,458	$40M	trimmed−0%	−0.01 pp	4 q
ASBAssociated Banc-Corp	0.14%	1,787,866	$40M	trimmed−1%	−0.01 pp	45 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	0.14%	2,294,257	$40M	added×2.6	+0.08 pp	2 q
HCAHCA Healthcare, Inc.	0.14%	114,151	$39M	new	+0.14 pp	new
HALHalliburton Company	0.14%	1,591,130	$40M	added+3%	0.00 pp	37 q
JNJJohnson & Johnson	0.14%	235,786	$39M	added+3%	+0.03 pp	15 q
RFRegions Financial Corp.	0.14%	1,899,232	$41M	held	—	48 q
WSFSWSFS Financial Corp	0.14%	787,809	$41M	trimmed−0%	0.00 pp	48 q
HELEHelen Of Troy Ltd	0.14%	756,227	$40M	added+7%	0.00 pp	3 q
BFHBread Financial Holdings, Inc.	0.13%	728,204	$36M	added+1%	−0.02 pp	8 q
FITBFifth Third Bancorp	0.13%	950,851	$37M	trimmed−3%	−0.01 pp	48 q
GPCGenuine Parts Company	0.13%	300,987	$36M	new	+0.13 pp	new
HRHealthcare Realty Trust Incorporated	0.13%	2,225,789	$38M	held	—	3 q
MSMMSC Industrial Direct Co., Inc. Class A	0.13%	461,931	$36M	held	—	22 q
MBCMasterBrand, Inc.	0.13%	2,859,484	$37M	added0%	−0.01 pp	10 q
TGTTarget Corporation	0.13%	345,129	$36M	new	+0.13 pp	new
GGenpact Limited	0.13%	732,142	$37M	trimmed−37%	−0.04 pp	41 q
COLBColumbia Banking Systems Inc	0.12%	1,419,939	$35M	trimmed−1%	−0.01 pp	9 q
HDBHDFC Bank Limited	0.12%	512,881	$34M	added+1%	+0.01 pp	6 q
KOPKoppers Holdings, Inc.	0.12%	1,221,328	$34M	added+34%	+0.02 pp	11 q
SHGShinhan Financial Group Co Ltd	0.12%	1,078,696	$35M	added0%	0.00 pp	46 q
WCCWesco International Inc.	0.12%	228,819	$36M	held	—	4 q
ABEVAmbev S.a.	0.11%	13,839,502	$32M	added0%	+0.02 pp	19 q
LDOSLeidos Holdings, Inc.	0.11%	231,703	$31M	added+4%	0.00 pp	8 q
SCSCScansource Inc	0.11%	942,068	$32M	added×2.3	+0.04 pp	37 q
SYU1Synovus Financial Corp	0.11%	668,847	$31M	trimmed−2%	−0.01 pp	9 q
UVSPUnivest Financial Corporation	0.11%	1,143,141	$32M	trimmed−1%	−0.01 pp	21 q
CHRWC.H. Robinson Worldwide, Inc.	0.10%	268,195	$27M	trimmed−12%	−0.01 pp	5 q
USNAUSANA Health Sciences Inc	0.10%	1,095,186	$30M	added+1%	−0.03 pp	15 q
BIDUBaidu, Inc.	0.09%	276,607	$25M	trimmed−14%	0.00 pp	33 q
CMAComerica Incorporated	0.09%	422,573	$25M	trimmed−3%	0.00 pp	9 q
KEYKeyCorp	0.09%	1,645,095	$26M	trimmed−3%	−0.01 pp	48 q
SHYFThe Shyft Group, Inc.	0.09%	3,084,431	$25M	added+1%	−0.03 pp	5 q
ARWArrow Electronics, Inc.	0.08%	221,239	$23M	held	—	45 q
FMCFMC Corporation	0.08%	560,962	$24M	trimmed−3%	−0.02 pp	4 q
DANDana Incorporated	0.07%	1,503,526	$20M	trimmed−51%	−0.05 pp	22 q
GCOGenesco Inc.	0.07%	992,353	$21M	trimmed−5%	−0.08 pp	7 q
HVTHaverty Furniture Companies, Inc.	0.07%	966,081	$19M	added0%	0.00 pp	3 q
MANManpowerGroup	0.07%	351,121	$20M	held	—	4 q
MMIMarcus & Millichap	0.07%	576,251	$20M	trimmed−0%	−0.01 pp	7 q
FNFFidelity National Financial, Inc.	0.05%	234,553	$15M	trimmed−11%	0.00 pp	11 q
HOFTHooker Furnishings Corporation	0.05%	1,329,111	$13M	trimmed−0%	−0.01 pp	23 q
PAHCPhibro Animal Health Corporation Class A	0.05%	723,830	$15M	trimmed−44%	−0.04 pp	18 q
TBITrueblue, Inc.	0.05%	2,835,167	$15M	added+2%	−0.03 pp	19 q
BABAAlibaba Group Holding Limited	0.02%	53,070	$7M	trimmed−2%	0.00 pp	15 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.02%	41,521	$7M	trimmed−25%	−0.02 pp	47 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	1,583,394	$3M	held	—	21 q
ITUBItau Unibanco Holding S.A.	0.01%	408,895	$2M	trimmed0%	0.00 pp	18 q
KBKB Financial Group Inc	0.01%	50,351	$3M	added+29%	0.00 pp	27 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.01%	192,762	$3M	held	—	9 q
VALEVale S.a.	0.01%	285,881	$3M	held	—	6 q
CORCencora, Inc.	0.00%	980	$272,528	trimmed−19%	0.00 pp	2 q
MTArcelorMittal	0.00%	33,810	$975,415	trimmed−6%	0.00 pp	10 q
BCSBarclays PLC	0.00%	59,296	$910,790	trimmed−31%	0.00 pp	14 q
CRUSCirrus Logic Inc	0.00%	2,327	$231,897	new	0.00 pp	new
DISThe Walt Disney Company	0.00%	2,544	$251,093	trimmed−61%	0.00 pp	7 q
DFSDiscover Financial Services	0.00%	1,459	$249,051	new	0.00 pp	new
EBAYeBay Inc	0.00%	3,860	$261,438	new	0.00 pp	new
EQNREquinor ASA	0.00%	9,300	$245,986	new	0.00 pp	new
GILDGilead Sciences Inc	0.00%	2,662	$298,277	trimmed−17%	0.00 pp	9 q
HSBCHSBC Holdings PLC	0.00%	17,777	$1M	trimmed−3%	0.00 pp	10 q
IBNICICI Bank Limited	0.00%	19,541	$615,932	trimmed−74%	−0.01 pp	29 q
INGING Groep N.V.	0.00%	50,477	$988,851	trimmed−7%	0.00 pp	10 q
INTCIntel Corp	0.00%	12,326	$279,923	new	0.00 pp	new
PHGKoninklijke Philips N.v.	0.00%	15,711	$399,059	added+15%	0.00 pp	8 q
NWGNatWest Group plc	0.00%	44,098	$525,648	trimmed−18%	0.00 pp	10 q
SNYSanofi	0.00%	5,385	$298,679	new	0.00 pp	new
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	22,134	$342,194	added+13%	0.00 pp	10 q
EIXEdison International	—	−5,374,322	—	exited	−1.46 pp	—
MCKMcKesson Corporation	—	−67,079	—	exited	−0.13 pp	—
AXSAxis Capital Holders Limited	—	−225,236	—	exited	−0.07 pp	—
TPRTapestry, Inc.	—	−286,799	—	exited	−0.06 pp	—
IVZInvesco LTD	—	−886,851	—	exited	−0.05 pp	—
SSLSasol Limited	—	−352,561	—	exited	−0.01 pp	—
ABBVAbbvie Inc.	—	−1,670	—	exited	0.00 pp	—
AMGNAmgen Inc	—	−803	—	exited	0.00 pp	—
BDCBelden Inc.	—	−4,378	—	exited	0.00 pp	—
DLTRDollar Tree Inc.	—	−6,939	—	exited	0.00 pp	—
DBXDropbox, Inc. Class A	—	−9,718	—	exited	0.00 pp	—
ETREntergy Corporation	—	−3,615	—	exited	0.00 pp	—
TILEInterface Inc	—	−11,049	—	exited	0.00 pp	—
LPLALPL Financial Holdings Inc.	—	−900	—	exited	0.00 pp	—
MRKMerck & Co., Inc.	—	−2,898	—	exited	0.00 pp	—
QRVOQorvo, Inc.	—	−2,977	—	exited	0.00 pp	—
ULTAUlta Beauty, Inc.	—	−525	—	exited	0.00 pp	—