Pzena Investment Management

Q3 2025 13F · by Caroline Cai, CEO

As of: Sep 30, 2025
Filed: Nov 7, 2025
US stock: $30.9B · prev $30.8B
Positions: 154 · 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%

Moves151 since the prior filing

+2.2 pp in · −2.2 pp out

New 8 +0.63 pp
Added 66 +1.55 pp
Trimmed 71 −1.98 pp
Exited 6 −0.26 pp

The book

Diversified · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions22% of US stock

MGA Magna International trimmed+1.14 pp trimmed+1.146.2%
BAX Baxter International Inc. added+0.35 pp added+0.354.2%
C Citigroup Inc. trimmed+0.35 pp trimmed+0.354.1%
DG Dollar General Corp. trimmed−0.51 pp trimmed−0.513.9%
CVS Cvs Health Corporation trimmed+0.10 pp trimmed+0.103.9%

Positions154 in this filing · 6 exited


MGAMagna International	6.19%	29,068,447	$1.9B	trimmed−1%	+1.14 pp	12 q
BAXBaxter International Inc.	4.22%	57,387,040	$1.3B	added+46%	+0.35 pp	9 q
CCitigroup Inc.	4.11%	12,532,003	$1.3B	trimmed−8%	+0.35 pp	50 q
DGDollar General Corp.	3.90%	11,677,669	$1.2B	trimmed−1%	−0.51 pp	7 q
CVSCvs Health Corporation	3.86%	15,844,972	$1.2B	trimmed−5%	+0.10 pp	8 q
CTSHCognizant Technology Solutions	3.84%	17,710,868	$1.2B	added+1%	−0.59 pp	43 q
COFCapital One Financial	3.47%	5,052,134	$1.1B	trimmed−7%	−0.28 pp	37 q
HUMHumana Inc.	3.39%	4,031,083	$1.0B	trimmed−1%	+0.15 pp	9 q
UBSUBS Group AG	3.13%	29,746,473	$967M	trimmed−4%	+0.43 pp	44 q
SWKSSkyworks Solutions Inc	3.05%	12,272,162	$945M	added+1%	+0.09 pp	8 q
GPNGlobal Payments, Inc.	2.93%	10,908,810	$906M	trimmed−1%	+0.05 pp	9 q
SSNCSS&C Technologies Inc	2.92%	10,175,891	$903M	trimmed−3%	+0.10 pp	18 q
WFCWells Fargo & Co.	2.77%	10,217,379	$856M	trimmed−1%	+0.07 pp	50 q
METMetLife, Inc.	2.57%	9,672,023	$797M	added+6%	+0.18 pp	50 q
LEALear Corporation	2.44%	7,497,417	$754M	trimmed−1%	+0.09 pp	28 q
TSNTyson Foods, Inc.	2.43%	13,829,526	$751M	added+1%	−0.06 pp	9 q
CRBGCorebridge Financial, Inc.	2.31%	22,329,199	$716M	added+19%	+0.15 pp	9 q
BMYBristol-Myers Squibb Co.	2.17%	14,901,604	$672M	added0%	−0.06 pp	25 q
DOWDow Inc.	2.01%	27,166,229	$623M	added0%	−0.32 pp	23 q
NOVNOV Inc.	1.82%	42,389,833	$562M	trimmed−1%	+0.09 pp	30 q
MDTMedtronic plc	1.82%	5,928,086	$565M	trimmed−33%	−0.69 pp	11 q
DOXAmdocs Limited	1.75%	6,593,249	$541M	added+1%	−0.19 pp	36 q
PVHPVH Corp.	1.69%	6,254,994	$524M	trimmed−2%	+0.26 pp	27 q
TELTE Connectivity plc	1.34%	1,889,576	$415M	trimmed−22%	+0.01 pp	5 q
FMSFresenius Medical Care AG	1.26%	14,816,852	$390M	added+1%	−0.10 pp	17 q
NOKNokia Corporation	1.25%	80,329,917	$386M	added+17%	+0.09 pp	18 q
AVTAvnet, Inc.	1.21%	7,143,346	$373M	trimmed−3%	−0.06 pp	50 q
BACBank of America Corporation	1.08%	6,503,771	$336M	trimmed−1%	+0.07 pp	50 q
UHSUniversal Health Services, Inc. Class B	1.06%	1,607,029	$329M	added×4.1	+0.83 pp	8 q
BAPCredicorp LTD	0.91%	1,053,056	$280M	added+2%	+0.16 pp	13 q
VOYAVoya Financial, Inc.	0.88%	3,645,695	$273M	trimmed−0%	+0.03 pp	46 q
NWLNewell Brands Inc.	0.81%	47,643,771	$250M	trimmed−2%	−0.04 pp	30 q
AAPAdvance Auto Parts Inc	0.79%	3,995,052	$245M	trimmed−9%	+0.13 pp	9 q
DALDelta Air Lines, Inc.	0.78%	4,230,418	$240M	trimmed−2%	+0.09 pp	5 q
SHELShell plc	0.78%	3,370,332	$241M	trimmed−8%	−0.06 pp	15 q
EQHEquitable Holdings, Inc.	0.71%	4,297,008	$218M	added+1%	−0.06 pp	23 q
PPGPPG Industries, Inc.	0.59%	1,747,664	$184M	added+72%	+0.21 pp	3 q
PFEPfizer Inc.	0.54%	6,615,598	$169M	added+1%	+0.02 pp	44 q
ZTOZTO Express (Cayman) Inc.	0.50%	7,999,407	$154M	added+5%	+0.06 pp	9 q
CIThe Cigna Group	0.49%	529,841	$153M	added+1%	−0.07 pp	28 q
MHKMohawk Industries, Inc.	0.49%	1,179,068	$152M	added0%	+0.09 pp	27 q
GLGlobe Life Inc.	0.46%	998,506	$143M	added+6%	+0.08 pp	50 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.46%	1,732,148	$141M	added+3%	0.00 pp	6 q
HALHalliburton Company	0.43%	5,346,596	$132M	added+43%	+0.18 pp	39 q
SPBSpectrum Brands Holdings, Inc.	0.42%	2,459,485	$129M	added+67%	+0.17 pp	27 q
MSMorgan Stanley	0.40%	785,597	$125M	trimmed−1%	+0.04 pp	50 q
CHTRCharter Comm Inc Del CL A New	0.36%	405,081	$111M	trimmed−85%	−3.16 pp	11 q
JPMJPMorgan Chase & Co.	0.35%	340,025	$107M	trimmed−1%	+0.03 pp	50 q
RHIRobert Half Inc.	0.35%	3,179,968	$108M	added+34%	+0.03 pp	8 q
CSCOCisco Systems, Inc. (DE)	0.34%	1,544,377	$106M	trimmed−3%	−0.02 pp	50 q
CNXCConcentrix Corporation	0.33%	2,212,592	$102M	trimmed−3%	−0.06 pp	8 q
LKQLKQ Corporation	0.33%	3,339,732	$102M	added+20%	−0.01 pp	3 q
CNOCNO Financial Group, Inc.	0.32%	2,542,121	$101M	trimmed−0%	0.00 pp	27 q
GDGeneral Dynamics Corporation	0.32%	293,443	$100M	added+1%	+0.04 pp	17 q
GSGoldman Sachs Group Inc.	0.32%	123,552	$98M	trimmed−2%	+0.03 pp	50 q
WEDWebster Financial Corp	0.32%	1,652,636	$98M	added+2%	+0.03 pp	50 q
OLNOlin Corp.	0.31%	3,836,663	$96M	added0%	+0.06 pp	24 q
REZIResideo Technologies, Inc.	0.31%	2,204,467	$95M	trimmed−18%	+0.12 pp	11 q
ADNTAdient plc	0.29%	3,689,680	$89M	trimmed−12%	+0.03 pp	13 q
GPCGenuine Parts Company	0.27%	605,063	$84M	added+2%	+0.03 pp	3 q
ACNAccenture PLC	0.27%	337,930	$83M	new	+0.27 pp	new
unresolvedAmerican Woodmark Corporation	0.25%	1,152,739	$77M	added0%	+0.05 pp	16 q
ARCOArcos Dorados Holdings Inc.	0.25%	11,427,294	$77M	added+75%	+0.08 pp	2 q
XOMExxon Mobil Corp	0.24%	661,764	$75M	added+1%	+0.01 pp	50 q
37MMrc Global Inc	0.24%	5,145,005	$74M	trimmed−2%	+0.01 pp	19 q
WABWabtec Inc.	0.24%	367,582	$74M	added+2%	−0.01 pp	27 q
ELVElevance Health, Inc.	0.23%	216,709	$70M	trimmed−0%	−0.04 pp	17 q
DRHDiamondrock Hospitality Company	0.22%	8,584,035	$68M	trimmed−2%	0.00 pp	50 q
PLOWDouglas Dynamics, Inc.	0.22%	2,218,823	$69M	trimmed−3%	0.00 pp	6 q
OSKOshkosh Corp.	0.22%	514,513	$67M	trimmed−2%	+0.03 pp	2 q
HSICHenry Schein Inc	0.20%	925,992	$61M	added+1%	−0.02 pp	15 q
ONBOld National Bancorp	0.19%	2,633,476	$58M	trimmed−2%	0.00 pp	15 q
KFYKorn Ferry	0.18%	811,374	$57M	trimmed−1%	−0.02 pp	8 q
MBUUMalibu Boats, Inc. Class A	0.18%	1,680,244	$55M	added+1%	+0.01 pp	6 q
MBCMasterBrand, Inc.	0.18%	4,123,054	$54M	trimmed−1%	+0.03 pp	12 q
AEBIAebi Schmidt Holding AG	0.18%	4,578,822	$57M	new	+0.18 pp	new
ABMABM Industries, Inc.	0.17%	1,164,842	$54M	added+21%	+0.02 pp	6 q
VREXVarex Imaging Corporation	0.17%	4,227,023	$52M	trimmed−0%	+0.05 pp	28 q
COLBColumbia Banking Systems Inc	0.16%	1,926,346	$50M	added+25%	+0.04 pp	11 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	0.16%	2,414,866	$49M	trimmed−2%	0.00 pp	4 q
HUNHuntsman Corporation	0.16%	5,393,866	$48M	added+2%	−0.02 pp	5 q
RFRegions Financial Corp.	0.16%	1,839,825	$49M	trimmed−3%	+0.01 pp	50 q
SHGShinhan Financial Group Co Ltd	0.16%	952,762	$48M	trimmed−7%	+0.01 pp	48 q
TRSTrimas Corporation	0.16%	1,302,265	$50M	trimmed−40%	−0.04 pp	45 q
WSFSWSFS Financial Corp	0.16%	928,413	$50M	added+14%	+0.01 pp	50 q
WNSWns Holdings Ltd	0.16%	659,313	$50M	trimmed−60%	−0.18 pp	2 q
ASBAssociated Banc-Corp	0.15%	1,819,595	$47M	trimmed−2%	0.00 pp	47 q
CBRECbre Group, Inc.	0.15%	295,522	$47M	added0%	+0.02 pp	17 q
JNJJohnson & Johnson	0.15%	248,251	$46M	added+1%	+0.03 pp	17 q
LDOSLeidos Holdings, Inc.	0.15%	244,661	$46M	added0%	+0.02 pp	10 q
TFXTeleflex Incorporated	0.15%	387,483	$47M	added+9%	+0.01 pp	2 q
WCCWesco International Inc.	0.15%	213,069	$45M	trimmed−7%	+0.01 pp	6 q
BFHBread Financial Holdings, Inc.	0.14%	785,417	$44M	trimmed−2%	−0.01 pp	10 q
FITBFifth Third Bancorp	0.14%	945,184	$42M	trimmed−1%	+0.01 pp	50 q
HCAHCA Healthcare, Inc.	0.14%	101,060	$43M	added+1%	+0.02 pp	3 q
GCOGenesco Inc.	0.13%	1,385,618	$40M	trimmed−3%	+0.04 pp	9 q
HRHealthcare Realty Trust Incorporated	0.13%	2,225,789	$40M	held	—	5 q
MSMMSC Industrial Direct Co., Inc. Class A	0.13%	444,666	$41M	trimmed−4%	0.00 pp	24 q
SCSCScansource Inc	0.13%	945,599	$42M	trimmed−3%	0.00 pp	39 q
OECOrion S.A.	0.12%	4,694,825	$36M	added+3%	−0.04 pp	22 q
AIGAmerican International Group, Inc.	0.11%	441,103	$35M	added+3%	−0.01 pp	50 q
HVTHaverty Furniture Companies, Inc.	0.11%	1,558,458	$34M	trimmed−0%	+0.01 pp	5 q
KOPKoppers Holdings, Inc.	0.11%	1,249,272	$35M	added0%	−0.02 pp	13 q
TGTTarget Corporation	0.11%	374,225	$34M	added+2%	−0.01 pp	3 q
USNAUSANA Health Sciences Inc	0.11%	1,212,588	$33M	added+1%	−0.01 pp	17 q
KEYKeyCorp	0.10%	1,652,812	$31M	added0%	+0.01 pp	50 q
SOLVSolventum Corporation	0.10%	434,264	$32M	new	+0.10 pp	new
GGenpact Limited	0.10%	732,142	$31M	held	—	43 q
CMAComerica Incorporated	0.09%	421,314	$29M	trimmed−0%	+0.01 pp	11 q
HDBHDFC Bank Limited	0.09%	859,167	$29M	trimmed−26%	−0.06 pp	8 q
UVSPUnivest Financial Corporation	0.09%	890,902	$27M	added0%	0.00 pp	23 q
ARWArrow Electronics, Inc.	0.08%	211,097	$26M	trimmed−5%	−0.01 pp	47 q
HELEHelen Of Troy Ltd	0.08%	1,010,756	$25M	added+3%	−0.01 pp	5 q
STSensata Technologies Holding plc	0.07%	730,498	$22M	new	+0.07 pp	new
FMCFMC Corporation	0.06%	571,900	$19M	added+2%	−0.02 pp	6 q
MMIMarcus & Millichap	0.06%	631,330	$19M	added+3%	0.00 pp	9 q
TBITrueblue, Inc.	0.06%	2,891,834	$18M	trimmed−1%	0.00 pp	21 q
UVVUniversal Corporation	0.06%	337,504	$19M	trimmed−32%	−0.03 pp	42 q
HOFTHooker Furnishings Corporation	0.05%	1,416,002	$14M	added+4%	0.00 pp	25 q
BIDUBaidu, Inc.	0.04%	83,828	$11M	trimmed−70%	−0.04 pp	35 q
FNFFidelity National Financial, Inc.	0.04%	223,286	$14M	trimmed−0%	0.00 pp	13 q
MANManpowerGroup	0.04%	351,121	$13M	held	—	6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	42,485	$12M	trimmed−0%	+0.01 pp	49 q
ABEVAmbev S.a.	0.03%	4,514,704	$10M	trimmed−56%	−0.05 pp	21 q
BABAAlibaba Group Holding Limited	0.02%	41,370	$7M	trimmed−22%	0.00 pp	17 q
GJBSteelcase Inc-cl A	0.02%	391,559	$7M	trimmed−93%	−0.18 pp	32 q
CHRWC.H. Robinson Worldwide, Inc.	0.01%	16,380	$2M	trimmed−93%	−0.07 pp	7 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	2,012,194	$4M	added+27%	0.00 pp	23 q
ITUBItau Unibanco Holding S.A.	0.01%	408,895	$3M	held	—	20 q
KBKB Financial Group Inc	0.01%	35,521	$3M	trimmed−15%	0.00 pp	29 q
MYEMyers Industries, Inc.	0.01%	142,563	$2M	new	+0.01 pp	new
PBR.APetroleo Brasileiro S.A.-Petrobras	0.01%	230,441	$3M	held	—	11 q
VALEVale S.a.	0.01%	285,881	$3M	held	—	8 q
ADBEAdobe Inc.	0.00%	802	$282,906	added+38%	0.00 pp	2 q
AMATApplied Materials Inc	0.00%	1,473	$301,582	new	0.00 pp	new
MTArcelorMittal	0.00%	38,436	$1M	added+3%	0.00 pp	12 q
BCSBarclays PLC	0.00%	60,203	$1M	trimmed−7%	0.00 pp	16 q
CALMCal-Maine Foods Inc	0.00%	2,860	$269,126	added+1%	0.00 pp	2 q
CRUSCirrus Logic Inc	0.00%	2,222	$278,394	trimmed−5%	0.00 pp	3 q
DANDana Incorporated	0.00%	10,094	$202,284	trimmed−94%	−0.01 pp	24 q
DELLDell Technologies Inc.	0.00%	1,685	$238,882	trimmed−1%	0.00 pp	2 q
DISThe Walt Disney Company	0.00%	2,544	$291,288	held	—	9 q
EQNREquinor ASA	0.00%	16,534	$403,104	added+23%	0.00 pp	3 q
GEGE Aerospace	0.00%	736	$221,404	new	0.00 pp	new
GSKGSK plc	0.00%	8,717	$376,237	added+16%	0.00 pp	2 q
HSBCHSBC Holdings PLC	0.00%	19,348	$1M	added+3%	0.00 pp	12 q
HALOHalozyme Therapeutics, Inc.	0.00%	4,107	$301,207	new	0.00 pp	new
HIGThe Hartford Insurance Group, Inc.	0.00%	1,735	$231,432	held	—	2 q
INGING Groep N.V.	0.00%	57,788	$2M	added+3%	0.00 pp	12 q
INTCIntel Corp	0.00%	8,315	$278,968	trimmed−33%	0.00 pp	3 q
PHGKoninklijke Philips N.v.	0.00%	29,373	$800,695	added+40%	0.00 pp	10 q
MRKMerck & Co., Inc.	0.00%	3,324	$278,983	held	—	2 q
SNYSanofi	0.00%	6,666	$314,624	added+19%	0.00 pp	3 q
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	24,687	$413,261	added+3%	0.00 pp	12 q
SHYFThe Shyft Group, Inc.	—	−3,579,364	—	exited	−0.15 pp	—
SYU1Synovus Financial Corp	—	−680,368	—	exited	−0.11 pp	—
IBNICICI Bank Limited	—	−9,977	—	exited	0.00 pp	—
NWGNatWest Group plc	—	−24,210	—	exited	0.00 pp	—
ULTAUlta Beauty, Inc.	—	−525	—	exited	0.00 pp	—
ALKSAlkermes Inc. plc	—	−7,439	—	exited	0.00 pp	—