Pzena Investment Management

Q2 2026 13F · by Caroline Cai, CEO

As of: Jun 30, 2026
Filed: Aug 7, 2026
US stock: $34.1B · prev $30.8B
Positions: 161 · prev 158
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%

Moves162 since the prior filing

+4.8 pp in · −4.9 pp out

New 12 +1.09 pp
Added 71 +3.72 pp
Trimmed 70 −4.25 pp
Exited 9 −0.67 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 34% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions23% of US stock

Positions161 in this filing · 9 exited


MGAMagna International	6.54%	23,882,824	$2.2B	trimmed−6%	+0.15 pp	15 q
HUMHumana Inc.	5.13%	4,403,136	$1.7B	trimmed−20%	+2.05 pp	12 q
BAXBaxter International Inc.	4.09%	65,295,393	$1.4B	added+1%	+0.57 pp	12 q
CVSCvs Health Corporation	3.57%	11,769,536	$1.2B	trimmed−15%	+0.36 pp	11 q
DGDollar General Corp.	3.45%	10,222,060	$1.2B	added+48%	+0.79 pp	10 q
SWKSSkyworks Solutions Inc	3.18%	15,973,040	$1.1B	trimmed−1%	+0.38 pp	11 q
CTSHCognizant Technology Solutions	3.02%	26,529,172	$1.0B	added+31%	−1.02 pp	46 q
BMYBristol-Myers Squibb Co.	2.88%	17,007,044	$980M	trimmed−1%	−0.49 pp	28 q
TSNTyson Foods, Inc.	2.86%	17,016,651	$974M	trimmed−1%	−0.71 pp	12 q
CRBGCorebridge Financial, Inc.	2.84%	33,789,727	$967M	added+25%	+0.74 pp	12 q
PPGPPG Industries, Inc.	2.78%	7,807,438	$947M	added+4%	+0.18 pp	6 q
METMetLife, Inc.	2.76%	11,130,983	$942M	trimmed−2%	+0.16 pp	53+ q
COFCapital One Financial	2.71%	4,593,920	$922M	added0%	0.00 pp	40 q
UBSUBS Group AG	2.66%	22,604,129	$906M	trimmed−15%	+0.01 pp	47 q
LEALear Corporation	2.61%	6,638,413	$890M	trimmed−2%	−0.05 pp	31 q
GPNGlobal Payments, Inc.	2.49%	11,691,625	$848M	added+1%	−0.05 pp	12 q
CCitigroup Inc.	2.28%	5,548,789	$777M	trimmed−32%	−0.73 pp	53+ q
WFCWells Fargo & Co.	2.14%	8,827,468	$730M	added+1%	−0.13 pp	53+ q
DOXAmdocs Limited	2.07%	13,985,330	$707M	added+10%	−0.62 pp	39 q
SSNCSS&C Technologies Inc	2.01%	11,036,568	$685M	added+14%	−0.12 pp	21 q
NOVNOV Inc.	1.98%	36,376,087	$675M	trimmed−3%	−0.31 pp	33 q
ACNAccenture PLC	1.88%	5,142,176	$640M	added×2.1	+0.33 pp	4 q
PVHPVH Corp.	1.31%	5,986,677	$445M	added+4%	0.00 pp	30 q
LKQLKQ Corporation	1.17%	15,142,285	$399M	added×2.4	+0.58 pp	6 q
CDWCDW Corporation	1.09%	2,638,900	$371M	added×2.4	+0.65 pp	2 q
BACBank of America Corporation	1.06%	6,310,363	$360M	trimmed−2%	+0.04 pp	53+ q
DOWDow Inc.	1.00%	12,507,011	$342M	trimmed−34%	−1.56 pp	26 q
FMSFresenius Medical Care AG	1.00%	14,992,081	$339M	trimmed−0%	−0.10 pp	20 q
BAPCredicorp LTD	0.96%	836,569	$326M	trimmed−8%	−0.04 pp	16 q
VOYAVoya Financial, Inc.	0.94%	3,529,646	$320M	trimmed−4%	+0.13 pp	49 q
NWLNewell Brands Inc.	0.86%	47,990,664	$295M	added0%	+0.33 pp	33 q
UHSUniversal Health Services, Inc. Class B	0.86%	1,969,327	$293M	added+3%	−0.25 pp	11 q
AVTAvnet, Inc.	0.81%	3,120,395	$277M	trimmed−45%	−0.33 pp	53+ q
AAPAdvance Auto Parts Inc	0.80%	4,389,501	$273M	added+2%	+0.06 pp	12 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.78%	3,071,888	$266M	added+15%	+0.14 pp	9 q
DALDelta Air Lines, Inc.	0.72%	2,618,707	$245M	trimmed−7%	+0.11 pp	8 q
EQHEquitable Holdings, Inc.	0.72%	5,561,804	$244M	added+25%	+0.18 pp	26 q
MDTMedtronic plc	0.72%	3,147,999	$246M	trimmed−0%	−0.17 pp	14 q
GLGlobe Life Inc.	0.71%	1,355,811	$242M	added+32%	+0.25 pp	53+ q
WDAYWorkday, Inc. Class A	0.71%	1,971,270	$241M	new	+0.71 pp	new
SPBSpectrum Brands Holdings, Inc.	0.61%	2,420,808	$208M	added+4%	+0.05 pp	30 q
SHELShell plc	0.59%	2,581,244	$200M	trimmed−19%	−0.38 pp	18 q
MICCThe Magnum Ice Cream Company N.V.	0.59%	13,199,616	$201M	added+88%	+0.30 pp	2 q
RHIRobert Half Inc.	0.56%	6,222,305	$191M	added+4%	+0.07 pp	11 q
ZTOZTO Express (Cayman) Inc.	0.48%	7,322,331	$164M	trimmed−2%	−0.13 pp	12 q
MBCMasterBrand, Inc.	0.46%	15,329,483	$158M	added×4.0	+0.36 pp	15 q
CIThe Cigna Group	0.45%	562,036	$155M	trimmed−3%	−0.05 pp	31 q
CSCOCisco Systems, Inc. (DE)	0.44%	1,281,329	$151M	trimmed−2%	+0.11 pp	53+ q
PFEPfizer Inc.	0.42%	5,958,922	$143M	added+1%	−0.12 pp	47 q
MHKMohawk Industries, Inc.	0.41%	1,142,841	$139M	trimmed−1%	+0.04 pp	30 q
HALHalliburton Company	0.39%	3,925,702	$133M	trimmed−3%	−0.12 pp	42 q
BEKEKE Holdings Inc.	0.38%	8,877,643	$129M	new	+0.38 pp	new
CNOCNO Financial Group, Inc.	0.37%	2,441,665	$124M	trimmed−1%	+0.04 pp	30 q
KTKT Corp.	0.37%	7,286,500	$126M	added+2%	−0.13 pp	2 q
TELTE Connectivity plc	0.33%	555,637	$112M	trimmed−8%	−0.08 pp	8 q
GLOBGlobant S.a.	0.33%	3,859,718	$112M	added+30%	−0.11 pp	2 q
JPMJPMorgan Chase & Co.	0.32%	334,094	$109M	trimmed−1%	0.00 pp	53+ q
STSensata Technologies Holding plc	0.32%	2,251,907	$108M	trimmed−35%	−0.08 pp	4 q
MSMorgan Stanley	0.28%	454,492	$95M	trimmed−5%	+0.03 pp	53+ q
GGenpact Limited	0.27%	3,319,546	$91M	added×4.5	+0.18 pp	46 q
FITBFifth Third Bancorp	0.26%	1,584,757	$89M	trimmed−3%	+0.01 pp	53+ q
ARCOArcos Dorados Holdings Inc.	0.26%	10,804,358	$87M	added+1%	−0.03 pp	5 q
ELVElevance Health, Inc.	0.25%	224,575	$87M	added+2%	+0.04 pp	20 q
DISThe Walt Disney Company	0.25%	883,495	$85M	added×9.8	+0.22 pp	12 q
STZConstellation Brands, Inc.	0.24%	599,314	$83M	added+1%	−0.05 pp	3 q
XOMExxon Mobil Corp	0.24%	589,449	$81M	trimmed−4%	−0.10 pp	53+ q
ABMABM Industries, Inc.	0.23%	1,808,203	$80M	added+19%	+0.04 pp	9 q
OLNOlin Corp.	0.23%	3,890,204	$77M	trimmed−12%	−0.20 pp	27 q
CNXCConcentrix Corporation	0.22%	3,413,879	$76M	added+16%	−0.04 pp	11 q
PLOWDouglas Dynamics, Inc.	0.22%	1,384,680	$75M	trimmed−13%	0.00 pp	9 q
ONBOld National Bancorp	0.22%	2,843,497	$74M	added+6%	+0.03 pp	18 q
TFXTeleflex Incorporated	0.22%	603,206	$76M	trimmed−14%	−0.05 pp	5 q
GPCGenuine Parts Company	0.21%	591,970	$70M	added+3%	+0.01 pp	6 q
HSICHenry Schein Inc	0.21%	860,733	$72M	trimmed−3%	0.00 pp	18 q
COLBColumbia Banking Systems Inc	0.20%	2,129,322	$68M	added+5%	+0.02 pp	14 q
MMIMarcus & Millichap	0.20%	2,141,001	$67M	added+6%	+0.03 pp	12 q
NOKNokia Corporation	0.20%	5,010,906	$67M	trimmed−92%	−1.46 pp	21 q
WSFSWSFS Financial Corp	0.20%	888,496	$68M	added+1%	+0.01 pp	53+ q
ADNTAdient plc	0.20%	3,771,026	$69M	added+4%	−0.04 pp	16 q
OSKOshkosh Corp.	0.19%	415,766	$64M	trimmed−5%	−0.02 pp	5 q
GOOGLAlphabet Inc. Class A	0.18%	171,157	$61M	held	—	3 q
ASBAssociated Banc-Corp	0.18%	1,990,243	$61M	added+4%	+0.02 pp	50 q
MLKNMillerKnoll, Inc.	0.18%	3,032,700	$62M	added+52%	+0.09 pp	2 q
KFYKorn Ferry	0.17%	867,680	$58M	added+9%	+0.01 pp	11 q
SCSCScansource Inc	0.17%	1,109,743	$58M	added+22%	+0.06 pp	42 q
HUNHuntsman Corporation	0.16%	5,161,672	$55M	trimmed−11%	−0.09 pp	8 q
RFRegions Financial Corp.	0.16%	1,839,825	$56M	held	—	53+ q
WGOWinnebago Industries, Inc.	0.16%	1,709,531	$53M	added+72%	+0.06 pp	3 q
AEBIAebi Schmidt Holding AG	0.16%	4,319,337	$54M	added+5%	+0.03 pp	4 q
REZIResideo Technologies, Inc.	0.15%	1,686,765	$52M	added+22%	0.00 pp	14 q
KOPKoppers Holdings, Inc.	0.14%	1,061,285	$48M	trimmed−12%	−0.01 pp	16 q
MBUUMalibu Boats, Inc. Class A	0.14%	1,794,261	$49M	added+6%	0.00 pp	9 q
TGTTarget Corporation	0.14%	373,503	$49M	added0%	−0.01 pp	6 q
HRHealthcare Realty Trust Incorporated	0.13%	2,225,430	$45M	held	—	8 q
MSMMSC Industrial Direct Co., Inc. Class A	0.13%	373,664	$44M	trimmed−16%	0.00 pp	27 q
VREXVarex Imaging Corporation	0.13%	4,344,381	$45M	added+9%	−0.01 pp	31 q
CBRECbre Group, Inc.	0.12%	305,781	$41M	added+1%	−0.01 pp	20 q
HDBHDFC Bank Limited	0.12%	1,613,476	$42M	added+6%	0.00 pp	11 q
HVTHaverty Furniture Companies, Inc.	0.12%	1,563,451	$40M	added+7%	+0.02 pp	8 q
SHGShinhan Financial Group Co Ltd	0.12%	669,474	$42M	trimmed−3%	−0.02 pp	51 q
GDGeneral Dynamics Corporation	0.11%	108,574	$38M	added+1%	−0.01 pp	20 q
GCOGenesco Inc.	0.11%	1,098,722	$37M	added+2%	+0.01 pp	12 q
HCAHCA Healthcare, Inc.	0.11%	96,598	$38M	added+2%	−0.03 pp	6 q
KEYKeyCorp	0.11%	1,597,019	$37M	trimmed−4%	0.00 pp	53+ q
DNOWDNOW Inc.	0.11%	2,893,482	$38M	trimmed−7%	−0.01 pp	3 q
UVSPUnivest Financial Corporation	0.11%	834,628	$37M	trimmed−1%	+0.02 pp	26 q
BFHBread Financial Holdings, Inc.	0.10%	327,448	$35M	trimmed−47%	−0.05 pp	13 q
AIGAmerican International Group, Inc.	0.10%	456,619	$34M	added+2%	−0.01 pp	53+ q
DRHDiamondrock Hospitality Company	0.10%	2,829,560	$34M	trimmed−0%	+0.01 pp	53+ q
NVSTEnvista Holdings Corporation, $0.01 par value per share	0.09%	1,157,273	$30M	trimmed−28%	−0.04 pp	7 q
SOLVSolventum Corporation	0.09%	417,770	$32M	trimmed−5%	0.00 pp	4 q
OECOrion S.A.	0.09%	4,771,969	$32M	added+4%	−0.01 pp	25 q
ARWArrow Electronics, Inc.	0.08%	125,168	$27M	trimmed−41%	−0.02 pp	50 q
HOFTHooker Furnishings Corporation	0.08%	1,542,623	$28M	added+12%	+0.02 pp	28 q
MYEMyers Industries, Inc.	0.08%	781,014	$28M	trimmed−39%	−0.01 pp	4 q
USNAUSANA Health Sciences Inc	0.08%	1,205,587	$26M	added+9%	+0.02 pp	20 q
LDOSLeidos Holdings, Inc.	0.07%	247,849	$26M	trimmed−0%	−0.06 pp	13 q
WCCWesco International Inc.	0.07%	71,494	$25M	trimmed−37%	−0.03 pp	9 q
TBITrueblue, Inc.	0.06%	3,090,808	$22M	added+8%	+0.02 pp	24 q
UVVUniversal Corporation	0.06%	363,477	$19M	added+10%	0.00 pp	45 q
HELEHelen Of Troy Ltd	0.06%	676,577	$20M	trimmed−11%	+0.02 pp	8 q
ABEVAmbev S.a.	0.03%	3,739,889	$12M	trimmed−21%	−0.01 pp	24 q
MANManpowerGroup	0.03%	351,121	$12M	held	—	9 q
BABAAlibaba Group Holding Limited	0.01%	26,761	$3M	trimmed−6%	0.00 pp	20 q
BIDUBaidu, Inc.	0.01%	41,474	$5M	trimmed−15%	−0.01 pp	38 q
HSBCHSBC Holdings PLC	0.01%	23,555	$2M	trimmed−2%	0.00 pp	15 q
INGING Groep N.V.	0.01%	94,897	$3M	added+18%	0.00 pp	15 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.01%	59,406	$5M	trimmed−95%	−0.23 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	4,054	$2M	trimmed−79%	−0.01 pp	52 q
ADBEAdobe Inc.	0.00%	1,094	$224,292	added+8%	0.00 pp	5 q
MTArcelorMittal	0.00%	8,180	$492,601	trimmed−56%	0.00 pp	15 q
ADSKAutodesk Inc	0.00%	1,506	$292,797	added+48%	0.00 pp	2 q
BCSBarclays PLC	0.00%	20,525	$551,304	added+15%	0.00 pp	19 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.00%	453,957	$953,310	trimmed−58%	−0.01 pp	26 q
DOCUDocuSign, Inc.	0.00%	4,510	$200,334	held	—	3 q
EQNREquinor ASA	0.00%	38,188	$1M	trimmed−6%	−0.01 pp	6 q
EXPEExpedia Group, Inc.	0.00%	1,060	$271,233	new	0.00 pp	new
GEVGE Vernova Inc.	0.00%	184	$216,174	new	0.00 pp	new
GEGE Aerospace	0.00%	736	$275,065	held	—	4 q
GSKGSK plc	0.00%	24,507	$1M	added+30%	0.00 pp	5 q
HALOHalozyme Therapeutics, Inc.	0.00%	4,049	$316,915	held	—	4 q
ITUBItau Unibanco Holding S.A.	0.00%	80,241	$655,569	trimmed−64%	−0.01 pp	23 q
KBKB Financial Group Inc	0.00%	7,640	$801,894	trimmed−60%	−0.01 pp	32 q
PHGKoninklijke Philips N.v.	0.00%	48,243	$1M	added+12%	0.00 pp	13 q
MRKMerck & Co., Inc.	0.00%	2,511	$322,664	held	—	5 q
MSFTMicrosoft Corp	0.00%	755	$281,630	trimmed−1%	0.00 pp	2 q
NVDANvidia Corp	0.00%	1,445	$289,130	new	0.00 pp	new
ORCLOracle Corp	0.00%	2,076	$304,238	new	0.00 pp	new
PBR.APetroleo Brasileiro S.A.-Petrobras	0.00%	53,138	$777,940	trimmed−73%	−0.01 pp	14 q
QRVOQorvo, Inc.	0.00%	3,045	$284,007	new	0.00 pp	new
CRMSalesforce, Inc.	0.00%	1,502	$235,303	new	0.00 pp	new
SNYSanofi	0.00%	25,302	$1M	added+33%	0.00 pp	6 q
SAPSap SE	0.00%	6,554	$1M	new	0.00 pp	new
STTState Street Corporation	0.00%	1,231	$208,778	new	0.00 pp	new
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	37,322	$880,055	added+15%	0.00 pp	15 q
TAKTakeda Pharmaceutical Company Limited	0.00%	37,820	$606,253	added+33%	0.00 pp	3 q
TOSTToast, Inc.	0.00%	10,945	$304,490	new	0.00 pp	new
VALEVale S.a.	0.00%	59,077	$888,522	trimmed−69%	−0.01 pp	11 q
WEDWebster Financial Corp	0.00%	3,189	$243,703	trimmed−99%	−0.09 pp	53+ q
ZBRAZebra Technologies Corporation	0.00%	1,359	$357,770	new	0.00 pp	new
TTETotalEnergies SE	0.00%	22,131	$2M	trimmed−0%	−0.01 pp	3 q
WABWabtec Inc.	—	−367,753	—	exited	−0.30 pp	—
unresolvedAmerican Woodmark Corporation	—	−1,643,562	—	exited	−0.21 pp	—
JNJJohnson & Johnson	—	−203,965	—	exited	−0.16 pp	—
CRUSCirrus Logic Inc	—	−2,114	—	exited	0.00 pp	—
HIGThe Hartford Insurance Group, Inc.	—	−2,127	—	exited	0.00 pp	—
HOLXHologic Inc	—	−3,964	—	exited	0.00 pp	—
INTUIntuit Inc	—	−560	—	exited	0.00 pp	—
TMUST-Mobile US, Inc.	—	−975	—	exited	0.00 pp	—
TRSTrimas Corporation	—	−9,923	—	exited	0.00 pp	—