Pzena Investment Management

Q2 2025 13F · by Caroline Cai, CEO

As of: Jun 30, 2025
Filed: Jul 25, 2025
US stock: $30.8B · prev $28.6B
Positions: 152 · prev 146
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%

Moves145 since the prior filing

+1.4 pp in · −1.3 pp out

New 12 +0.84 pp
Added 92 +0.55 pp
Trimmed 35 −1.01 pp
Exited 6 −0.26 pp

The book

Diversified · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.7% a year, about 11.5 years per position

Low
Moderate
High

Top 5 positions22% of US stock

Positions152 in this filing · 6 exited


MGAMagna International	5.05%	29,502,929	$1.6B	added+4%	+0.19 pp	11 q
CTSHCognizant Technology Solutions	4.43%	17,450,691	$1.4B	added+2%	−0.13 pp	42 q
DGDollar General Corp.	4.41%	11,848,938	$1.4B	trimmed−7%	+0.49 pp	6 q
BAXBaxter International Inc.	3.87%	39,336,485	$1.2B	added+7%	−0.52 pp	8 q
CVSCvs Health Corporation	3.76%	16,746,853	$1.2B	trimmed−5%	−0.42 pp	7 q
CCitigroup Inc.	3.76%	13,574,700	$1.2B	added+2%	+0.46 pp	49 q
COFCapital One Financial	3.75%	5,421,535	$1.2B	trimmed−3%	+0.27 pp	36 q
CHTRCharter Comm Inc Del CL A New	3.52%	2,650,032	$1.1B	trimmed−5%	−0.06 pp	10 q
HUMHumana Inc.	3.24%	4,076,667	$997M	added+6%	−0.30 pp	8 q
SWKSSkyworks Solutions Inc	2.96%	12,207,643	$910M	added+57%	+1.21 pp	7 q
GPNGlobal Payments, Inc.	2.88%	11,050,253	$884M	added+33%	+0.03 pp	8 q
SSNCSS&C Technologies Inc	2.82%	10,460,579	$866M	added0%	−0.22 pp	17 q
WFCWells Fargo & Co.	2.70%	10,371,812	$831M	added+6%	+0.24 pp	49 q
UBSUBS Group AG	2.70%	30,902,392	$830M	added+5%	−0.05 pp	43 q
MDTMedtronic plc	2.51%	8,855,291	$772M	added+6%	−0.12 pp	10 q
TSNTyson Foods, Inc.	2.49%	13,708,700	$767M	added+3%	−0.47 pp	8 q
METMetLife, Inc.	2.39%	9,144,635	$735M	added+7%	−0.01 pp	49 q
LEALear Corporation	2.35%	7,602,991	$722M	trimmed−1%	−0.01 pp	27 q
DOWDow Inc.	2.33%	27,091,238	$717M	added+9%	−0.71 pp	22 q
BMYBristol-Myers Squibb Co.	2.23%	14,843,475	$687M	added+10%	−0.64 pp	24 q
CRBGCorebridge Financial, Inc.	2.16%	18,723,701	$665M	added×2.3	+1.27 pp	8 q
DOXAmdocs Limited	1.94%	6,551,065	$598M	added+2%	−0.11 pp	35 q
NOVNOV Inc.	1.73%	42,708,890	$531M	added+3%	−0.48 pp	29 q
PVHPVH Corp.	1.43%	6,407,637	$440M	added+4%	+0.04 pp	26 q
FMSFresenius Medical Care AG	1.36%	14,662,982	$419M	trimmed−5%	+0.02 pp	16 q
TELTE Connectivity plc	1.33%	2,418,553	$408M	trimmed−2%	+0.11 pp	4 q
AVTAvnet, Inc.	1.27%	7,341,299	$390M	added+3%	+0.07 pp	49 q
NOKNokia Corporation	1.16%	68,662,240	$356M	trimmed−15%	−0.32 pp	17 q
BACBank of America Corporation	1.01%	6,576,743	$311M	added+4%	+0.08 pp	49 q
NWLNewell Brands Inc.	0.85%	48,374,455	$261M	trimmed−1%	−0.21 pp	29 q
VOYAVoya Financial, Inc.	0.85%	3,661,257	$260M	added+2%	0.00 pp	45 q
SHELShell plc	0.84%	3,665,115	$258M	added+2%	−0.08 pp	14 q
EQHEquitable Holdings, Inc.	0.77%	4,241,210	$238M	trimmed−28%	−0.30 pp	22 q
BAPCredicorp LTD	0.75%	1,027,717	$230M	trimmed−2%	+0.07 pp	12 q
DALDelta Air Lines, Inc.	0.69%	4,312,417	$212M	added+2%	+0.05 pp	4 q
AAPAdvance Auto Parts Inc	0.66%	4,394,964	$204M	added+2%	+0.07 pp	8 q
CIThe Cigna Group	0.56%	523,600	$173M	added+10%	+0.01 pp	27 q
PFEPfizer Inc.	0.52%	6,559,114	$159M	trimmed−7%	−0.10 pp	43 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.46%	1,680,646	$143M	added+17%	0.00 pp	5 q
ZTOZTO Express (Cayman) Inc.	0.44%	7,623,228	$135M	trimmed−1%	−0.10 pp	8 q
MHKMohawk Industries, Inc.	0.40%	1,175,775	$123M	added+5%	−0.04 pp	26 q
CNXCConcentrix Corporation	0.39%	2,276,780	$120M	trimmed−0%	−0.05 pp	7 q
GLGlobe Life Inc.	0.38%	945,983	$118M	added+1%	−0.05 pp	49 q
PPGPPG Industries, Inc.	0.38%	1,014,004	$115M	added+5%	+0.01 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.36%	1,599,953	$111M	trimmed−13%	−0.03 pp	49 q
MSMorgan Stanley	0.36%	791,167	$111M	added+4%	+0.05 pp	49 q
LKQLKQ Corporation	0.34%	2,785,203	$103M	added×2.8	+0.19 pp	2 q
WNSWns Holdings Ltd	0.34%	1,662,463	$105M	new	+0.34 pp	new
CNOCNO Financial Group, Inc.	0.32%	2,552,298	$98M	trimmed−0%	−0.05 pp	26 q
JPMJPMorgan Chase & Co.	0.32%	342,316	$99M	added+10%	+0.05 pp	49 q
RHIRobert Half Inc.	0.32%	2,377,277	$98M	added+80%	+0.07 pp	7 q
GSGoldman Sachs Group Inc.	0.29%	126,315	$89M	trimmed−8%	+0.03 pp	49 q
WEDWebster Financial Corp	0.29%	1,612,758	$88M	added+1%	0.00 pp	49 q
GDGeneral Dynamics Corporation	0.28%	291,536	$85M	added+5%	+0.01 pp	16 q
ELVElevance Health, Inc.	0.27%	217,276	$85M	added+8%	−0.04 pp	16 q
ADNTAdient plc	0.26%	4,174,493	$81M	added+7%	+0.08 pp	12 q
HALHalliburton Company	0.25%	3,734,069	$76M	added×2.3	+0.11 pp	38 q
OLNOlin Corp.	0.25%	3,829,021	$77M	added+5%	−0.06 pp	23 q
SPBSpectrum Brands Holdings, Inc.	0.25%	1,474,451	$78M	added+11%	−0.08 pp	26 q
WABWabtec Inc.	0.25%	360,696	$76M	added+5%	+0.03 pp	26 q
GPCGenuine Parts Company	0.24%	596,051	$72M	added+98%	+0.11 pp	2 q
XOMExxon Mobil Corp	0.23%	654,086	$71M	added+6%	−0.03 pp	49 q
37MMrc Global Inc	0.23%	5,223,482	$72M	trimmed−2%	+0.02 pp	18 q
UHSUniversal Health Services, Inc. Class B	0.23%	391,743	$71M	trimmed−0%	−0.03 pp	7 q
DRHDiamondrock Hospitality Company	0.22%	8,785,278	$67M	added+2%	−0.01 pp	49 q
PLOWDouglas Dynamics, Inc.	0.22%	2,281,587	$67M	added0%	+0.04 pp	5 q
HSICHenry Schein Inc	0.22%	920,231	$67M	trimmed−5%	−0.01 pp	14 q
unresolvedAmerican Woodmark Corporation	0.20%	1,148,331	$61M	added+37%	+0.03 pp	15 q
KFYKorn Ferry	0.20%	818,329	$60M	added+7%	+0.02 pp	7 q
GJBSteelcase Inc-cl A	0.20%	5,754,832	$60M	added+7%	−0.01 pp	31 q
TRSTrimas Corporation	0.20%	2,177,761	$62M	added+2%	+0.03 pp	44 q
ONBOld National Bancorp	0.19%	2,695,779	$58M	trimmed−6%	−0.02 pp	14 q
OSKOshkosh Corp.	0.19%	525,887	$60M	new	+0.19 pp	new
REZIResideo Technologies, Inc.	0.19%	2,687,128	$59M	added+2%	+0.03 pp	10 q
HUNHuntsman Corporation	0.18%	5,310,768	$55M	added+9%	−0.09 pp	4 q
MBUUMalibu Boats, Inc. Class A	0.17%	1,670,977	$52M	added+9%	+0.01 pp	5 q
ARCOArcos Dorados Holdings Inc.	0.17%	6,533,482	$52M	new	+0.17 pp	new
NVSTEnvista Holdings Corporation, $0.01 par value per share	0.16%	2,459,082	$48M	added+7%	+0.02 pp	3 q
OECOrion S.A.	0.16%	4,577,197	$48M	added+38%	+0.01 pp	21 q
ABMABM Industries, Inc.	0.15%	963,943	$46M	added+13%	+0.01 pp	5 q
BFHBread Financial Holdings, Inc.	0.15%	800,143	$46M	added+10%	+0.02 pp	9 q
ASBAssociated Banc-Corp	0.15%	1,859,542	$45M	added+4%	+0.01 pp	46 q
HDBHDFC Bank Limited	0.15%	583,478	$45M	added+14%	+0.03 pp	7 q
MBCMasterBrand, Inc.	0.15%	4,154,751	$45M	added+45%	+0.02 pp	11 q
RFRegions Financial Corp.	0.15%	1,899,232	$45M	held	—	49 q
SHGShinhan Financial Group Co Ltd	0.15%	1,027,646	$46M	trimmed−5%	+0.03 pp	47 q
SHYFThe Shyft Group, Inc.	0.15%	3,579,364	$45M	added+16%	+0.06 pp	6 q
WSFSWSFS Financial Corp	0.15%	811,169	$45M	added+3%	+0.01 pp	49 q
TFXTeleflex Incorporated	0.14%	356,107	$42M	new	+0.14 pp	new
WCCWesco International Inc.	0.14%	228,819	$42M	held	—	5 q
CBRECbre Group, Inc.	0.13%	295,228	$41M	trimmed−27%	−0.05 pp	16 q
FITBFifth Third Bancorp	0.13%	951,468	$39M	added0%	0.00 pp	49 q
KOPKoppers Holdings, Inc.	0.13%	1,248,032	$40M	added+2%	+0.01 pp	12 q
LDOSLeidos Holdings, Inc.	0.13%	244,302	$39M	added+5%	+0.02 pp	9 q
MSMMSC Industrial Direct Co., Inc. Class A	0.13%	461,931	$39M	held	—	23 q
SCSCScansource Inc	0.13%	975,578	$41M	added+4%	+0.02 pp	38 q
AIGAmerican International Group, Inc.	0.12%	429,369	$37M	trimmed−12%	−0.03 pp	49 q
COLBColumbia Banking Systems Inc	0.12%	1,541,697	$36M	added+9%	0.00 pp	10 q
HCAHCA Healthcare, Inc.	0.12%	99,982	$38M	trimmed−12%	−0.02 pp	2 q
JNJJohnson & Johnson	0.12%	246,313	$38M	added+4%	−0.02 pp	16 q
TGTTarget Corporation	0.12%	366,820	$36M	added+6%	−0.01 pp	2 q
USNAUSANA Health Sciences Inc	0.12%	1,198,260	$37M	added+9%	+0.02 pp	16 q
VREXVarex Imaging Corporation	0.12%	4,244,977	$37M	added+12%	−0.03 pp	27 q
HRHealthcare Realty Trust Incorporated	0.11%	2,225,789	$35M	held	—	4 q
SYU1Synovus Financial Corp	0.11%	680,368	$35M	added+2%	0.00 pp	10 q
HVTHaverty Furniture Companies, Inc.	0.10%	1,560,557	$32M	added+62%	+0.03 pp	4 q
GGenpact Limited	0.10%	732,142	$32M	held	—	42 q
ARWArrow Electronics, Inc.	0.09%	221,239	$28M	held	—	46 q
GCOGenesco Inc.	0.09%	1,433,190	$28M	added+44%	+0.02 pp	8 q
KEYKeyCorp	0.09%	1,648,725	$29M	added0%	0.00 pp	49 q
UVVUniversal Corporation	0.09%	496,979	$29M	trimmed−46%	−0.09 pp	41 q
UVSPUnivest Financial Corporation	0.09%	888,209	$27M	trimmed−22%	−0.02 pp	22 q
HELEHelen Of Troy Ltd	0.09%	985,331	$28M	added+30%	−0.05 pp	4 q
ABEVAmbev S.a.	0.08%	10,315,005	$25M	trimmed−25%	−0.03 pp	20 q
BIDUBaidu, Inc.	0.08%	276,435	$24M	trimmed−0%	−0.01 pp	34 q
CHRWC.H. Robinson Worldwide, Inc.	0.08%	251,220	$24M	trimmed−6%	−0.02 pp	6 q
CMAComerica Incorporated	0.08%	422,573	$25M	held	—	10 q
FMCFMC Corporation	0.08%	561,418	$23M	added0%	0.00 pp	5 q
MMIMarcus & Millichap	0.06%	614,410	$19M	added+7%	−0.01 pp	8 q
TBITrueblue, Inc.	0.06%	2,919,252	$19M	added+3%	+0.01 pp	20 q
HOFTHooker Furnishings Corporation	0.05%	1,358,726	$14M	added+2%	0.00 pp	24 q
MANManpowerGroup	0.05%	351,121	$14M	held	—	5 q
FNFFidelity National Financial, Inc.	0.04%	223,336	$13M	trimmed−5%	−0.01 pp	12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.03%	42,551	$10M	added+2%	+0.01 pp	48 q
BABAAlibaba Group Holding Limited	0.02%	53,338	$6M	added+1%	0.00 pp	16 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	1,588,094	$3M	added0%	0.00 pp	22 q
DANDana Incorporated	0.01%	157,419	$3M	trimmed−90%	−0.06 pp	23 q
ITUBItau Unibanco Holding S.A.	0.01%	408,895	$3M	held	—	19 q
KBKB Financial Group Inc	0.01%	41,601	$3M	trimmed−17%	0.00 pp	28 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.01%	230,441	$3M	added+20%	0.00 pp	10 q
VALEVale S.a.	0.01%	285,881	$3M	held	—	7 q
ADBEAdobe Inc.	0.00%	583	$225,551	new	0.00 pp	new
MTArcelorMittal	0.00%	37,354	$1M	added+10%	0.00 pp	11 q
BCSBarclays PLC	0.00%	64,604	$1M	added+9%	0.00 pp	15 q
CALMCal-Maine Foods Inc	0.00%	2,823	$281,255	new	0.00 pp	new
CRUSCirrus Logic Inc	0.00%	2,327	$242,601	held	—	2 q
DELLDell Technologies Inc.	0.00%	1,703	$208,788	new	0.00 pp	new
DISThe Walt Disney Company	0.00%	2,544	$315,481	held	—	8 q
EQNREquinor ASA	0.00%	13,422	$337,431	added+44%	0.00 pp	2 q
GSKGSK plc	0.00%	7,510	$288,384	new	0.00 pp	new
HSBCHSBC Holdings PLC	0.00%	18,851	$1M	added+6%	0.00 pp	11 q
HIGThe Hartford Insurance Group, Inc.	0.00%	1,735	$220,119	new	0.00 pp	new
IBNICICI Bank Limited	0.00%	9,977	$335,626	trimmed−49%	0.00 pp	30 q
INGING Groep N.V.	0.00%	56,268	$1M	added+11%	0.00 pp	11 q
INTCIntel Corp	0.00%	12,326	$276,102	held	—	2 q
PHGKoninklijke Philips N.v.	0.00%	20,978	$503,062	added+28%	0.00 pp	9 q
MRKMerck & Co., Inc.	0.00%	3,324	$263,128	new	0.00 pp	new
NWGNatWest Group plc	0.00%	24,210	$342,574	trimmed−45%	0.00 pp	11 q
SNYSanofi	0.00%	5,580	$269,564	added+4%	0.00 pp	2 q
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	24,052	$363,422	added+9%	0.00 pp	11 q
ULTAUlta Beauty, Inc.	0.00%	525	$245,606	new	0.00 pp	new
ALKSAlkermes Inc. plc	0.00%	7,439	$212,830	new	0.00 pp	new
JELDJELD-WEN Holding, Inc.	—	−10,311,305	—	exited	−0.21 pp	—
PAHCPhibro Animal Health Corporation Class A	—	−723,830	—	exited	−0.05 pp	—
CORCencora, Inc.	—	−980	—	exited	0.00 pp	—
DFSDiscover Financial Services	—	−1,459	—	exited	0.00 pp	—
EBAYeBay Inc	—	−3,860	—	exited	0.00 pp	—
GILDGilead Sciences Inc	—	−2,662	—	exited	0.00 pp	—