Pzena Investment Management

Q4 2025 13F · by Caroline Cai, CEO

As of: Dec 31, 2025
Filed: Feb 6, 2026
US stock: $33.4B · prev $30.9B
Positions: 157 · prev 154
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%

Moves157 since the prior filing

+5.0 pp in · −4.9 pp out

New 12 +0.88 pp
Added 50 +4.07 pp
Trimmed 86 −4.45 pp
Exited 9 −0.47 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.1 years per position

Low
Moderate
High

Top 5 positions23% of US stock

MGA Magna International added+0.19 pp added+0.196.4%
CTSH Cognizant Technology Solutions trimmed+0.54 pp trimmed+0.544.4%
DG Dollar General Corp. trimmed+0.34 pp trimmed+0.344.2%
BAX Baxter International Inc. added−0.21 pp added−0.214.0%
C Citigroup Inc. trimmed−0.40 pp trimmed−0.403.7%

Positions157 in this filing · 9 exited


MGAMagna International	6.38%	29,113,582	$2.1B	added0%	+0.19 pp	13 q
CTSHCognizant Technology Solutions	4.38%	17,628,679	$1.5B	trimmed−0%	+0.54 pp	44 q
DGDollar General Corp.	4.24%	10,676,823	$1.4B	trimmed−9%	+0.34 pp	8 q
BAXBaxter International Inc.	4.01%	70,046,251	$1.3B	added+22%	−0.21 pp	10 q
CCitigroup Inc.	3.71%	10,615,134	$1.2B	trimmed−15%	−0.40 pp	51 q
CVSCvs Health Corporation	3.70%	15,581,307	$1.2B	trimmed−2%	−0.16 pp	9 q
COFCapital One Financial	3.64%	5,020,853	$1.2B	trimmed−1%	+0.17 pp	38 q
UBSUBS Group AG	3.29%	29,774,573	$1.1B	added0%	+0.16 pp	45 q
HUMHumana Inc.	3.12%	4,072,208	$1.0B	added+1%	−0.27 pp	10 q
BMYBristol-Myers Squibb Co.	2.90%	17,943,503	$968M	added+20%	+0.73 pp	26 q
DOXAmdocs Limited	2.90%	12,037,015	$969M	added+83%	+1.15 pp	37 q
METMetLife, Inc.	2.81%	11,883,338	$938M	added+23%	+0.24 pp	51 q
WFCWells Fargo & Co.	2.78%	9,980,647	$930M	trimmed−2%	+0.01 pp	51 q
SSNCSS&C Technologies Inc	2.70%	10,313,582	$902M	added+1%	−0.22 pp	19 q
TSNTyson Foods, Inc.	2.69%	15,310,513	$898M	added+11%	+0.26 pp	10 q
GPNGlobal Payments, Inc.	2.64%	11,409,697	$883M	added+5%	−0.29 pp	10 q
LEALear Corporation	2.56%	7,467,354	$856M	trimmed−0%	+0.12 pp	29 q
SWKSSkyworks Solutions Inc	2.40%	12,626,480	$801M	added+3%	−0.65 pp	9 q
PPGPPG Industries, Inc.	2.18%	7,098,767	$727M	added×4.1	+1.59 pp	4 q
CRBGCorebridge Financial, Inc.	2.13%	23,632,410	$713M	added+6%	−0.18 pp	10 q
NOVNOV Inc.	1.97%	42,164,228	$659M	trimmed−1%	+0.15 pp	31 q
DOWDow Inc.	1.93%	27,626,887	$646M	added+2%	−0.08 pp	24 q
NOKNokia Corporation	1.78%	91,942,507	$595M	added+14%	+0.53 pp	19 q
UHSUniversal Health Services, Inc. Class B	1.38%	2,112,604	$461M	added+31%	+0.32 pp	9 q
PVHPVH Corp.	1.24%	6,194,629	$415M	trimmed−1%	−0.45 pp	28 q
BACBank of America Corporation	1.07%	6,480,095	$356M	trimmed−0%	−0.01 pp	51 q
FMSFresenius Medical Care AG	1.05%	14,752,836	$351M	trimmed−0%	−0.21 pp	18 q
ACNAccenture PLC	1.05%	1,307,722	$351M	added×3.9	+0.78 pp	2 q
AVTAvnet, Inc.	1.01%	7,037,798	$338M	trimmed−1%	−0.20 pp	51 q
MDTMedtronic plc	0.93%	3,218,852	$309M	trimmed−46%	−0.89 pp	12 q
BAPCredicorp LTD	0.92%	1,068,942	$307M	added+2%	+0.01 pp	14 q
VOYAVoya Financial, Inc.	0.81%	3,626,212	$270M	trimmed−1%	−0.07 pp	47 q
SHELShell plc	0.72%	3,277,328	$241M	trimmed−3%	−0.06 pp	16 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.63%	2,705,734	$211M	added+56%	+0.17 pp	7 q
DALDelta Air Lines, Inc.	0.62%	2,982,793	$207M	trimmed−29%	−0.16 pp	6 q
EQHEquitable Holdings, Inc.	0.62%	4,325,348	$206M	added+1%	−0.09 pp	24 q
NWLNewell Brands Inc.	0.56%	50,019,553	$186M	added+5%	−0.25 pp	31 q
TELTE Connectivity plc	0.55%	811,891	$185M	trimmed−57%	−0.79 pp	6 q
PFEPfizer Inc.	0.49%	6,526,800	$163M	trimmed−1%	−0.05 pp	45 q
AAPAdvance Auto Parts Inc	0.47%	3,973,493	$156M	trimmed−1%	−0.32 pp	10 q
CIThe Cigna Group	0.47%	570,833	$157M	added+8%	−0.02 pp	29 q
ZTOZTO Express (Cayman) Inc.	0.47%	7,580,454	$158M	trimmed−5%	−0.03 pp	10 q
HALHalliburton Company	0.45%	5,333,743	$151M	trimmed−0%	+0.02 pp	40 q
SPBSpectrum Brands Holdings, Inc.	0.42%	2,401,948	$142M	trimmed−2%	0.00 pp	28 q
GLGlobe Life Inc.	0.41%	976,047	$137M	trimmed−2%	−0.05 pp	51 q
LKQLKQ Corporation	0.40%	4,382,173	$132M	added+31%	+0.07 pp	4 q
MHKMohawk Industries, Inc.	0.39%	1,186,400	$130M	added+1%	−0.10 pp	28 q
CNXCConcentrix Corporation	0.36%	2,927,196	$122M	added+32%	+0.03 pp	9 q
RHIRobert Half Inc.	0.36%	4,394,851	$119M	added+38%	+0.01 pp	9 q
STSensata Technologies Holding plc	0.35%	3,509,416	$117M	added×4.8	+0.28 pp	2 q
JPMJPMorgan Chase & Co.	0.33%	342,390	$110M	added+1%	−0.02 pp	51 q
CSCOCisco Systems, Inc. (DE)	0.32%	1,396,376	$108M	trimmed−10%	−0.02 pp	51 q
CNOCNO Financial Group, Inc.	0.31%	2,462,868	$105M	trimmed−3%	−0.01 pp	28 q
WEDWebster Financial Corp	0.31%	1,652,571	$104M	trimmed0%	−0.01 pp	51 q
GDGeneral Dynamics Corporation	0.30%	293,443	$99M	held	—	18 q
OLNOlin Corp.	0.28%	4,507,913	$94M	added+18%	−0.03 pp	25 q
MSMorgan Stanley	0.25%	472,239	$84M	trimmed−40%	−0.15 pp	51 q
STZConstellation Brands, Inc.	0.24%	589,891	$81M	new	+0.24 pp	new
XOMExxon Mobil Corp	0.24%	660,739	$80M	trimmed−0%	0.00 pp	51 q
ELVElevance Health, Inc.	0.23%	216,322	$76M	trimmed−0%	0.00 pp	18 q
WABWabtec Inc.	0.23%	366,410	$78M	trimmed−0%	−0.01 pp	28 q
ARCOArcos Dorados Holdings Inc.	0.23%	10,562,564	$78M	trimmed−8%	−0.02 pp	3 q
GPCGenuine Parts Company	0.22%	606,880	$75M	added0%	−0.05 pp	4 q
PLOWDouglas Dynamics, Inc.	0.21%	2,126,608	$69M	trimmed−4%	−0.01 pp	7 q
ADNTAdient plc	0.21%	3,677,070	$70M	trimmed−0%	−0.08 pp	14 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.20%	1,265,317	$66M	new	+0.20 pp	new
HSICHenry Schein Inc	0.20%	887,725	$67M	trimmed−4%	0.00 pp	16 q
unresolvedAmerican Woodmark Corporation	0.19%	1,150,214	$62M	trimmed−0%	−0.06 pp	17 q
OSKOshkosh Corp.	0.19%	513,621	$65M	trimmed−0%	−0.03 pp	3 q
HUNHuntsman Corporation	0.17%	5,705,178	$57M	added+6%	+0.01 pp	6 q
DNOWDNOW Inc.	0.17%	4,161,129	$55M	new	+0.17 pp	new
ONBOld National Bancorp	0.17%	2,518,048	$56M	trimmed−4%	−0.02 pp	16 q
GOOGLAlphabet Inc. Class A	0.16%	171,157	$54M	new	+0.16 pp	new
KFYKorn Ferry	0.16%	791,865	$52M	trimmed−2%	−0.02 pp	9 q
AEBIAebi Schmidt Holding AG	0.16%	4,250,372	$54M	trimmed−7%	−0.02 pp	2 q
ABMABM Industries, Inc.	0.15%	1,171,529	$50M	added+1%	−0.02 pp	7 q
COLBColumbia Banking Systems Inc	0.15%	1,804,394	$50M	trimmed−6%	−0.01 pp	12 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	0.15%	2,325,859	$50M	trimmed−4%	−0.01 pp	5 q
JNJJohnson & Johnson	0.15%	245,951	$51M	trimmed−1%	0.00 pp	18 q
MBUUMalibu Boats, Inc. Class A	0.15%	1,721,957	$49M	added+2%	−0.03 pp	7 q
RFRegions Financial Corp.	0.15%	1,839,825	$50M	held	—	51 q
SHGShinhan Financial Group Co Ltd	0.15%	911,788	$49M	trimmed−4%	−0.01 pp	49 q
WSFSWSFS Financial Corp	0.15%	876,816	$48M	trimmed−6%	−0.01 pp	51 q
BFHBread Financial Holdings, Inc.	0.14%	640,130	$47M	trimmed−19%	0.00 pp	11 q
CBRECbre Group, Inc.	0.14%	296,040	$48M	added0%	−0.01 pp	18 q
DRHDiamondrock Hospitality Company	0.14%	5,316,555	$48M	trimmed−38%	−0.08 pp	51 q
HCAHCA Healthcare, Inc.	0.14%	100,830	$47M	trimmed−0%	0.00 pp	4 q
REZIResideo Technologies, Inc.	0.14%	1,372,625	$48M	trimmed−38%	−0.17 pp	12 q
TFXTeleflex Incorporated	0.14%	379,465	$46M	trimmed−2%	−0.01 pp	3 q
VREXVarex Imaging Corporation	0.14%	3,989,364	$46M	trimmed−6%	−0.03 pp	29 q
ASBAssociated Banc-Corp	0.13%	1,745,153	$45M	trimmed−4%	−0.02 pp	48 q
FITBFifth Third Bancorp	0.13%	937,822	$44M	trimmed−1%	−0.01 pp	51 q
LDOSLeidos Holdings, Inc.	0.13%	244,271	$44M	trimmed−0%	−0.02 pp	11 q
MBCMasterBrand, Inc.	0.13%	3,785,921	$42M	trimmed−8%	−0.05 pp	13 q
AIGAmerican International Group, Inc.	0.11%	440,331	$38M	trimmed−0%	0.00 pp	51 q
HRHealthcare Realty Trust Incorporated	0.11%	2,225,789	$38M	held	—	6 q
MSMMSC Industrial Direct Co., Inc. Class A	0.11%	444,666	$37M	held	—	25 q
SCSCScansource Inc	0.11%	907,456	$35M	trimmed−4%	−0.02 pp	40 q
TGTTarget Corporation	0.11%	374,240	$37M	added0%	0.00 pp	4 q
WGOWinnebago Industries, Inc.	0.11%	928,962	$38M	new	+0.11 pp	new
CMAComerica Incorporated	0.10%	374,001	$33M	trimmed−11%	+0.01 pp	12 q
HVTHaverty Furniture Companies, Inc.	0.10%	1,458,459	$34M	trimmed−6%	−0.01 pp	6 q
KEYKeyCorp	0.10%	1,644,569	$34M	trimmed−1%	0.00 pp	51 q
KOPKoppers Holdings, Inc.	0.10%	1,204,252	$33M	trimmed−4%	−0.01 pp	14 q
SOLVSolventum Corporation	0.10%	435,310	$34M	added0%	0.00 pp	2 q
GGenpact Limited	0.10%	732,142	$34M	held	—	44 q
GCOGenesco Inc.	0.09%	1,243,696	$31M	trimmed−10%	−0.04 pp	10 q
HDBHDFC Bank Limited	0.09%	838,448	$31M	trimmed−2%	0.00 pp	9 q
UVSPUnivest Financial Corporation	0.08%	856,235	$28M	trimmed−4%	−0.01 pp	24 q
WCCWesco International Inc.	0.08%	113,617	$28M	trimmed−47%	−0.07 pp	7 q
ARWArrow Electronics, Inc.	0.07%	211,106	$23M	added0%	−0.01 pp	48 q
CHTRCharter Comm Inc Del CL A New	0.07%	118,715	$25M	trimmed−71%	−0.29 pp	12 q
MYEMyers Industries, Inc.	0.07%	1,302,309	$24M	added×9.1	+0.06 pp	2 q
USNAUSANA Health Sciences Inc	0.07%	1,134,429	$22M	trimmed−6%	−0.04 pp	18 q
OECOrion S.A.	0.07%	4,582,596	$24M	trimmed−2%	−0.05 pp	23 q
TRSTrimas Corporation	0.06%	538,371	$19M	trimmed−59%	−0.10 pp	46 q
HELEHelen Of Troy Ltd	0.06%	947,568	$20M	trimmed−6%	−0.02 pp	6 q
HOFTHooker Furnishings Corporation	0.05%	1,382,690	$16M	trimmed−2%	0.00 pp	26 q
MMIMarcus & Millichap	0.05%	614,322	$17M	trimmed−3%	−0.01 pp	10 q
UVVUniversal Corporation	0.05%	327,678	$17M	trimmed−3%	−0.01 pp	43 q
TBITrueblue, Inc.	0.04%	2,864,609	$13M	trimmed−1%	−0.02 pp	22 q
ABEVAmbev S.a.	0.03%	4,421,619	$11M	trimmed−2%	0.00 pp	22 q
DISThe Walt Disney Company	0.03%	90,219	$10M	added×35.5	+0.03 pp	10 q
GSGoldman Sachs Group Inc.	0.03%	12,225	$11M	trimmed−90%	−0.29 pp	51 q
MANManpowerGroup	0.03%	351,121	$10M	held	—	7 q
BIDUBaidu, Inc.	0.02%	56,507	$7M	trimmed−33%	−0.02 pp	36 q
FMCFMC Corporation	0.02%	572,048	$8M	added0%	−0.04 pp	7 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.02%	26,342	$8M	trimmed−38%	−0.02 pp	50 q
BABAAlibaba Group Holding Limited	0.01%	25,437	$4M	trimmed−39%	−0.01 pp	18 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	1,080,784	$2M	trimmed−46%	0.00 pp	24 q
HSBCHSBC Holdings PLC	0.01%	22,906	$2M	added+18%	+0.01 pp	13 q
INGING Groep N.V.	0.01%	68,962	$2M	added+19%	+0.01 pp	13 q
VALEVale S.a.	0.01%	172,732	$2M	trimmed−40%	0.00 pp	9 q
ADBEAdobe Inc.	0.00%	837	$292,942	added+4%	0.00 pp	3 q
MTArcelorMittal	0.00%	34,475	$2M	trimmed−10%	0.00 pp	13 q
ADMArcher Daniels Midland Company	0.00%	4,842	$278,367	new	0.00 pp	new
BCSBarclays PLC	0.00%	44,945	$1M	trimmed−25%	0.00 pp	17 q
CINFCincinnati Financial Corp	0.00%	1,792	$292,669	new	0.00 pp	new
CRUSCirrus Logic Inc	0.00%	2,222	$263,307	held	—	4 q
DOCUDocuSign, Inc.	0.00%	4,510	$308,484	new	0.00 pp	new
EQNREquinor ASA	0.00%	29,555	$698,387	added+79%	0.00 pp	4 q
GEGE Aerospace	0.00%	736	$226,710	held	—	2 q
GSKGSK plc	0.00%	13,444	$659,292	added+54%	0.00 pp	3 q
HALOHalozyme Therapeutics, Inc.	0.00%	4,278	$287,909	added+4%	0.00 pp	2 q
HIGThe Hartford Insurance Group, Inc.	0.00%	2,127	$293,101	added+23%	0.00 pp	3 q
HOLXHologic Inc	0.00%	4,109	$306,079	new	0.00 pp	new
INTCIntel Corp	0.00%	7,515	$277,304	trimmed−10%	0.00 pp	4 q
ITUBItau Unibanco Holding S.A.	0.00%	225,157	$2M	trimmed−47%	−0.01 pp	21 q
KBKB Financial Group Inc	0.00%	19,023	$2M	trimmed−46%	−0.01 pp	30 q
PHGKoninklijke Philips N.v.	0.00%	36,969	$1M	added+26%	0.00 pp	11 q
MRKMerck & Co., Inc.	0.00%	3,324	$349,884	held	—	3 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.00%	124,899	$1M	trimmed−46%	−0.01 pp	12 q
SNYSanofi	0.00%	11,749	$569,342	added+76%	0.00 pp	4 q
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	28,473	$550,381	added+15%	0.00 pp	13 q
TPGTPG Inc. Class A	0.00%	3,386	$216,162	new	0.00 pp	new
TAKTakeda Pharmaceutical Company Limited	0.00%	20,627	$321,575	new	0.00 pp	new
TTETotalEnergies SE	0.00%	20,693	$1M	new	0.00 pp	new
37MMrc Global Inc	—	−5,145,005	—	exited	−0.24 pp	—
WNSWns Holdings Ltd	—	−659,313	—	exited	−0.16 pp	—
FNFFidelity National Financial, Inc.	—	−223,286	—	exited	−0.04 pp	—
GJBSteelcase Inc-cl A	—	−391,559	—	exited	−0.02 pp	—
CHRWC.H. Robinson Worldwide, Inc.	—	−16,380	—	exited	−0.01 pp	—
AMATApplied Materials Inc	—	−1,473	—	exited	0.00 pp	—
CALMCal-Maine Foods Inc	—	−2,860	—	exited	0.00 pp	—
DANDana Incorporated	—	−10,094	—	exited	0.00 pp	—
DELLDell Technologies Inc.	—	−1,685	—	exited	0.00 pp	—