Pzena Investment Management

Q1 2026 13F · by Caroline Cai, CEO

As of: Mar 31, 2026
Filed: Apr 24, 2026
US stock: $30.8B · prev $33.4B
Positions: 158 · 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%

Moves156 since the prior filing

+4.7 pp in · −4.7 pp out

New 9 +1.76 pp
Added 65 +2.95 pp
Trimmed 74 −4.43 pp
Exited 8 −0.22 pp

The book

Diversified · behaves like 43 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.9 years per position

Low
Moderate
High

Top 5 positions21% of US stock

Positions158 in this filing · 8 exited


MGAMagna International	6.39%	25,329,355	$2.0B	trimmed−13%	+0.01 pp	14 q
CTSHCognizant Technology Solutions	4.04%	20,262,362	$1.2B	added+15%	−0.34 pp	45 q
TSNTyson Foods, Inc.	3.57%	17,155,713	$1.1B	added+12%	+0.88 pp	11 q
BAXBaxter International Inc.	3.52%	64,527,823	$1.1B	trimmed−8%	−0.49 pp	11 q
BMYBristol-Myers Squibb Co.	3.37%	17,095,731	$1.0B	trimmed−5%	+0.47 pp	27 q
CVSCvs Health Corporation	3.21%	13,773,053	$989M	trimmed−12%	−0.49 pp	10 q
HUMHumana Inc.	3.08%	5,470,982	$949M	added+34%	−0.04 pp	11 q
CCitigroup Inc.	3.01%	8,175,364	$927M	trimmed−23%	−0.70 pp	52 q
SWKSSkyworks Solutions Inc	2.80%	16,108,138	$863M	added+28%	+0.40 pp	10 q
COFCapital One Financial	2.71%	4,580,120	$836M	trimmed−9%	−0.93 pp	39 q
DOXAmdocs Limited	2.69%	12,681,089	$828M	added+5%	−0.21 pp	38 q
DGDollar General Corp.	2.66%	6,897,541	$819M	trimmed−35%	−1.58 pp	9 q
LEALear Corporation	2.66%	6,758,505	$818M	trimmed−9%	+0.10 pp	30 q
UBSUBS Group AG	2.65%	26,544,355	$816M	trimmed−11%	−0.64 pp	46 q
METMetLife, Inc.	2.60%	11,303,819	$799M	trimmed−5%	−0.21 pp	52 q
PPGPPG Industries, Inc.	2.60%	7,478,646	$799M	added+5%	+0.42 pp	5 q
DOWDow Inc.	2.56%	18,947,602	$789M	trimmed−31%	+0.63 pp	25 q
GPNGlobal Payments, Inc.	2.54%	11,615,577	$782M	added+2%	−0.10 pp	11 q
NOVNOV Inc.	2.29%	37,535,449	$706M	trimmed−11%	+0.32 pp	32 q
WFCWells Fargo & Co.	2.27%	8,773,128	$698M	trimmed−12%	−0.51 pp	52 q
SSNCSS&C Technologies Inc	2.13%	9,699,260	$655M	trimmed−6%	−0.57 pp	20 q
CRBGCorebridge Financial, Inc.	2.10%	27,045,794	$645M	added+14%	−0.03 pp	11 q
NOKNokia Corporation	1.66%	63,425,518	$510M	trimmed−31%	−0.12 pp	20 q
ACNAccenture PLC	1.55%	2,405,683	$477M	added+84%	+0.50 pp	3 q
PVHPVH Corp.	1.31%	5,768,906	$402M	trimmed−7%	+0.07 pp	29 q
AVTAvnet, Inc.	1.14%	5,692,230	$351M	trimmed−19%	+0.13 pp	52 q
UHSUniversal Health Services, Inc. Class B	1.11%	1,912,235	$342M	trimmed−9%	−0.27 pp	10 q
FMSFresenius Medical Care AG	1.10%	15,052,822	$340M	added+2%	+0.05 pp	19 q
BACBank of America Corporation	1.02%	6,422,754	$313M	trimmed−1%	−0.05 pp	52 q
BAPCredicorp LTD	1.00%	912,060	$309M	trimmed−15%	+0.08 pp	15 q
SHELShell plc	0.97%	3,196,449	$297M	trimmed−2%	+0.25 pp	17 q
MDTMedtronic plc	0.89%	3,157,015	$274M	trimmed−2%	−0.04 pp	13 q
VOYAVoya Financial, Inc.	0.81%	3,673,118	$251M	added+1%	0.00 pp	48 q
AAPAdvance Auto Parts Inc	0.74%	4,301,089	$227M	added+8%	+0.27 pp	11 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.64%	2,672,387	$198M	trimmed−1%	+0.01 pp	8 q
DALDelta Air Lines, Inc.	0.61%	2,807,667	$187M	trimmed−6%	−0.01 pp	7 q
ZTOZTO Express (Cayman) Inc.	0.61%	7,460,931	$188M	trimmed−2%	+0.14 pp	11 q
LKQLKQ Corporation	0.59%	6,232,900	$183M	added+42%	+0.19 pp	5 q
SPBSpectrum Brands Holdings, Inc.	0.56%	2,338,423	$172M	trimmed−3%	+0.14 pp	29 q
EQHEquitable Holdings, Inc.	0.54%	4,464,347	$166M	added+3%	−0.08 pp	25 q
PFEPfizer Inc.	0.54%	5,924,892	$166M	trimmed−9%	+0.05 pp	46 q
NWLNewell Brands Inc.	0.53%	47,802,935	$164M	trimmed−4%	−0.03 pp	32 q
HALHalliburton Company	0.51%	4,067,041	$159M	trimmed−24%	+0.06 pp	41 q
CIThe Cigna Group	0.50%	578,448	$154M	added+1%	+0.03 pp	30 q
KTKT Corp.	0.50%	7,175,547	$154M	new	+0.50 pp	new
RHIRobert Half Inc.	0.49%	5,966,734	$152M	added+36%	+0.13 pp	10 q
GLGlobe Life Inc.	0.46%	1,026,246	$143M	added+5%	+0.05 pp	52 q
CDWCDW Corporation	0.44%	1,115,535	$135M	new	+0.44 pp	new
GLOBGlobant S.a.	0.44%	2,968,828	$137M	new	+0.44 pp	new
OLNOlin Corp.	0.43%	4,431,613	$132M	trimmed−2%	+0.15 pp	26 q
TELTE Connectivity plc	0.41%	603,978	$126M	trimmed−26%	−0.14 pp	7 q
STSensata Technologies Holding plc	0.40%	3,482,266	$123M	trimmed−1%	+0.05 pp	3 q
MHKMohawk Industries, Inc.	0.37%	1,152,814	$114M	trimmed−3%	−0.02 pp	29 q
XOMExxon Mobil Corp	0.34%	617,144	$105M	trimmed−7%	+0.10 pp	52 q
CNOCNO Financial Group, Inc.	0.33%	2,470,921	$101M	added0%	+0.02 pp	29 q
CSCOCisco Systems, Inc. (DE)	0.33%	1,308,740	$102M	trimmed−6%	+0.01 pp	52 q
JPMJPMorgan Chase & Co.	0.32%	337,262	$99M	trimmed−2%	−0.01 pp	52 q
WABWabtec Inc.	0.30%	367,753	$92M	added0%	+0.07 pp	29 q
STZConstellation Brands, Inc.	0.29%	595,795	$89M	added+1%	+0.05 pp	2 q
ARCOArcos Dorados Holdings Inc.	0.29%	10,741,166	$89M	added+2%	+0.06 pp	4 q
MICCThe Magnum Ice Cream Company N.V.	0.29%	7,036,187	$89M	new	+0.29 pp	new
TFXTeleflex Incorporated	0.27%	699,125	$84M	added+84%	+0.13 pp	4 q
CNXCConcentrix Corporation	0.26%	2,943,212	$81M	added+1%	−0.10 pp	10 q
FITBFifth Third Bancorp	0.25%	1,635,817	$76M	added+74%	+0.12 pp	52 q
HUNHuntsman Corporation	0.25%	5,816,359	$77M	added+2%	+0.08 pp	7 q
MSMorgan Stanley	0.25%	476,365	$78M	added+1%	0.00 pp	52 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.24%	1,259,811	$73M	trimmed−0%	+0.04 pp	2 q
ADNTAdient plc	0.24%	3,635,297	$73M	trimmed−1%	+0.03 pp	15 q
PLOWDouglas Dynamics, Inc.	0.22%	1,593,133	$67M	trimmed−25%	+0.01 pp	8 q
unresolvedAmerican Woodmark Corporation	0.21%	1,643,562	$65M	added+43%	+0.02 pp	18 q
ELVElevance Health, Inc.	0.21%	220,176	$64M	added+2%	−0.02 pp	19 q
OSKOshkosh Corp.	0.21%	438,856	$65M	trimmed−15%	+0.02 pp	4 q
HSICHenry Schein Inc	0.21%	887,639	$65M	trimmed−0%	+0.01 pp	17 q
GPCGenuine Parts Company	0.20%	574,088	$61M	trimmed−5%	−0.02 pp	5 q
ABMABM Industries, Inc.	0.19%	1,522,936	$59M	added+30%	+0.04 pp	8 q
ONBOld National Bancorp	0.19%	2,693,642	$60M	added+7%	+0.02 pp	17 q
WSFSWSFS Financial Corp	0.19%	878,588	$58M	added0%	+0.04 pp	52 q
COLBColumbia Banking Systems Inc	0.18%	2,033,219	$56M	added+13%	+0.03 pp	13 q
MMIMarcus & Millichap	0.17%	2,012,763	$54M	added×3.3	+0.12 pp	11 q
GOOGLAlphabet Inc. Class A	0.16%	171,157	$49M	held	—	2 q
ASBAssociated Banc-Corp	0.16%	1,922,982	$50M	added+10%	+0.03 pp	49 q
JNJJohnson & Johnson	0.16%	203,965	$50M	trimmed−17%	+0.01 pp	19 q
KFYKorn Ferry	0.16%	797,438	$50M	added+1%	0.00 pp	10 q
RFRegions Financial Corp.	0.16%	1,839,825	$48M	held	—	52 q
BFHBread Financial Holdings, Inc.	0.15%	613,673	$46M	trimmed−4%	+0.01 pp	12 q
KOPKoppers Holdings, Inc.	0.15%	1,209,376	$47M	added0%	+0.05 pp	15 q
REZIResideo Technologies, Inc.	0.15%	1,377,030	$46M	added0%	+0.01 pp	13 q
TGTTarget Corporation	0.15%	373,375	$45M	trimmed−0%	+0.04 pp	5 q
HCAHCA Healthcare, Inc.	0.14%	94,261	$45M	trimmed−7%	0.00 pp	5 q
MBUUMalibu Boats, Inc. Class A	0.14%	1,697,457	$44M	trimmed−1%	−0.01 pp	8 q
SHGShinhan Financial Group Co Ltd	0.14%	690,651	$42M	trimmed−24%	−0.01 pp	50 q
VREXVarex Imaging Corporation	0.14%	3,992,280	$42M	added0%	0.00 pp	30 q
CBRECbre Group, Inc.	0.13%	301,871	$41M	added+2%	−0.01 pp	19 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	0.13%	1,604,196	$41M	trimmed−31%	−0.02 pp	6 q
LDOSLeidos Holdings, Inc.	0.13%	247,937	$39M	added+2%	0.00 pp	12 q
MSMMSC Industrial Direct Co., Inc. Class A	0.13%	444,610	$41M	trimmed−0%	+0.02 pp	26 q
AEBIAebi Schmidt Holding AG	0.13%	4,110,850	$40M	trimmed−3%	−0.03 pp	3 q
GDGeneral Dynamics Corporation	0.12%	107,467	$37M	trimmed−63%	−0.18 pp	19 q
HDBHDFC Bank Limited	0.12%	1,519,501	$38M	added+81%	+0.03 pp	10 q
HRHealthcare Realty Trust Incorporated	0.12%	2,225,430	$38M	trimmed−0%	+0.01 pp	7 q
DNOWDNOW Inc.	0.12%	3,095,315	$37M	trimmed−26%	−0.05 pp	2 q
AIGAmerican International Group, Inc.	0.11%	449,749	$34M	added+2%	0.00 pp	52 q
KEYKeyCorp	0.11%	1,658,905	$33M	added+1%	+0.01 pp	52 q
SCSCScansource Inc	0.11%	913,239	$33M	added+1%	0.00 pp	41 q
ARWArrow Electronics, Inc.	0.10%	211,048	$30M	trimmed−0%	+0.03 pp	49 q
GCOGenesco Inc.	0.10%	1,080,582	$31M	trimmed−13%	+0.01 pp	11 q
HVTHaverty Furniture Companies, Inc.	0.10%	1,460,148	$31M	added0%	0.00 pp	7 q
MBCMasterBrand, Inc.	0.10%	3,814,014	$32M	added+1%	−0.03 pp	14 q
WCCWesco International Inc.	0.10%	113,581	$31M	trimmed−0%	+0.02 pp	8 q
WGOWinnebago Industries, Inc.	0.10%	993,294	$31M	added+7%	−0.01 pp	2 q
OECOrion S.A.	0.10%	4,599,907	$30M	added0%	+0.03 pp	24 q
DRHDiamondrock Hospitality Company	0.09%	2,834,579	$27M	trimmed−47%	−0.05 pp	52 q
MLKNMillerKnoll, Inc.	0.09%	1,995,737	$29M	new	+0.09 pp	new
MYEMyers Industries, Inc.	0.09%	1,284,585	$27M	trimmed−1%	+0.02 pp	3 q
SOLVSolventum Corporation	0.09%	439,918	$29M	added+1%	−0.01 pp	3 q
UVSPUnivest Financial Corporation	0.09%	842,425	$29M	trimmed−2%	+0.01 pp	25 q
WEDWebster Financial Corp	0.09%	409,207	$28M	trimmed−75%	−0.22 pp	52 q
GGenpact Limited	0.09%	732,054	$27M	trimmed−0%	−0.01 pp	45 q
HOFTHooker Furnishings Corporation	0.06%	1,378,725	$18M	trimmed−0%	+0.01 pp	27 q
USNAUSANA Health Sciences Inc	0.06%	1,108,933	$19M	trimmed−2%	−0.01 pp	19 q
UVVUniversal Corporation	0.06%	329,488	$17M	added+1%	+0.01 pp	44 q
ABEVAmbev S.a.	0.04%	4,717,328	$14M	added+7%	+0.01 pp	23 q
TBITrueblue, Inc.	0.04%	2,871,630	$11M	added0%	0.00 pp	23 q
HELEHelen Of Troy Ltd	0.04%	761,173	$11M	trimmed−20%	−0.02 pp	7 q
DISThe Walt Disney Company	0.03%	90,219	$9M	held	—	11 q
MANManpowerGroup	0.03%	351,121	$10M	held	—	8 q
BIDUBaidu, Inc.	0.02%	48,767	$5M	trimmed−14%	0.00 pp	37 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.02%	18,986	$6M	trimmed−28%	0.00 pp	51 q
BABAAlibaba Group Holding Limited	0.01%	28,435	$4M	added+12%	0.00 pp	19 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	1,080,784	$3M	held	—	25 q
EQNREquinor ASA	0.01%	40,516	$2M	added+37%	+0.01 pp	5 q
HSBCHSBC Holdings PLC	0.01%	23,950	$2M	added+5%	0.00 pp	14 q
INGING Groep N.V.	0.01%	80,698	$2M	added+17%	0.00 pp	14 q
ITUBItau Unibanco Holding S.A.	0.01%	225,157	$2M	held	—	22 q
KBKB Financial Group Inc	0.01%	19,023	$2M	held	—	31 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.01%	196,970	$4M	added+58%	+0.01 pp	13 q
VALEVale S.a.	0.01%	188,719	$3M	added+9%	0.00 pp	10 q
TTETotalEnergies SE	0.01%	22,133	$2M	added+7%	+0.01 pp	2 q
ADBEAdobe Inc.	0.00%	1,010	$245,511	added+21%	0.00 pp	4 q
MTArcelorMittal	0.00%	18,409	$956,894	trimmed−47%	0.00 pp	14 q
ADSKAutodesk Inc	0.00%	1,018	$243,709	new	0.00 pp	new
BCSBarclays PLC	0.00%	17,888	$378,519	trimmed−60%	0.00 pp	18 q
CRUSCirrus Logic Inc	0.00%	2,114	$305,727	trimmed−5%	0.00 pp	5 q
DOCUDocuSign, Inc.	0.00%	4,510	$213,819	held	—	2 q
GEGE Aerospace	0.00%	736	$208,855	held	—	3 q
GSKGSK plc	0.00%	18,823	$1M	added+40%	0.00 pp	4 q
HALOHalozyme Therapeutics, Inc.	0.00%	4,049	$261,687	trimmed−5%	0.00 pp	3 q
HIGThe Hartford Insurance Group, Inc.	0.00%	2,127	$287,634	held	—	4 q
HOLXHologic Inc	0.00%	3,964	$299,639	trimmed−4%	0.00 pp	2 q
INTUIntuit Inc	0.00%	560	$242,133	new	0.00 pp	new
PHGKoninklijke Philips N.v.	0.00%	41,643	$1M	added+13%	0.00 pp	12 q
MRKMerck & Co., Inc.	0.00%	2,511	$302,048	trimmed−24%	0.00 pp	4 q
MSFTMicrosoft Corp	0.00%	762	$282,070	new	0.00 pp	new
SNYSanofi	0.00%	19,088	$919,636	added+62%	0.00 pp	5 q
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	32,548	$642,814	added+14%	0.00 pp	14 q
TMUST-Mobile US, Inc.	0.00%	975	$204,779	new	0.00 pp	new
TAKTakeda Pharmaceutical Company Limited	0.00%	28,360	$525,231	added+37%	0.00 pp	2 q
TRSTrimas Corporation	0.00%	9,923	$356,633	trimmed−98%	−0.06 pp	47 q
CMAComerica Incorporated	—	−374,001	—	exited	−0.10 pp	—
CHTRCharter Comm Inc Del CL A New	—	−118,715	—	exited	−0.07 pp	—
GSGoldman Sachs Group Inc.	—	−12,225	—	exited	−0.03 pp	—
FMCFMC Corporation	—	−572,048	—	exited	−0.02 pp	—
ADMArcher Daniels Midland Company	—	−4,842	—	exited	0.00 pp	—
CINFCincinnati Financial Corp	—	−1,792	—	exited	0.00 pp	—
INTCIntel Corp	—	−7,515	—	exited	0.00 pp	—
TPGTPG Inc. Class A	—	−3,386	—	exited	0.00 pp	—