PI
Pzena Investment Management LLC — 13F Portfolio Report & Top Holdings (Q2 2026)
Pzena Investment Management LLCCIK: 0001027796
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$34.1B
Reporting period: 2026-06-30 · Number of holdings: 195
PZENA INVESTMENT MANAGEMENT LLC disclosed 195 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $34.1B and a quarterly turnover rate of 25.5%.
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Personality snowflake
- Concentration
- 9.72
- Portfolio Stability
- 25.45
- Momentum
- 100
- Sector conviction
- 50.53
- Diversification
- 100
- Sizing Uniformity
- 82.88
Pzena Investment Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.024 — mathematically equivalent to about 41 equally-sized positions, well below its 195 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.71), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd HUM
-19.5% $800.4M
Trim DOW
-34.0% -$447.0M
Trim NOK
-92.1% -$443.4M
Trim CTSH
+30.9% -$215.6M
Add DG
+48.2% $357.7M
Add CRBG
+24.9% $322.1M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
This quarter's activity reflects a decisive rotation: the manager actively trimmed HUM, DOW, and NOK while adding to DG, CRBG, and BAX, plus establishing a fresh position in WDAY. Capital is clearly migrating out of Materials and Communication Services into Health Care, Insurance, and Consumer Staples. The turnover ratio of ~25% confirms this was a period of deliberate repositioning rather than passive drift.
Macro & Fundamentals
The sector flows plausibly align with a defensive posture ahead of a potential growth slowdown—trimming cyclical exposure (DOW, NOK) while building positions in rate-sensitive insurers (CRBG) and defensive healthcare (BAX). This pattern is consistent with expectations of a peak in interest rates and a flight to cash-flow visibility, though this inference rests only on the limited holdings data and cannot confirm an underlying macro thesis.
Blind Spots / Risks
A subtle but material risk emerges from the weight changes on two 'trimmed' positions: HUM's weight climbed from 3.08% to 5.13%, and MGA's from 6.39% to 6.54%. If these reductions were modest relative to price appreciation, the portfolio's effective concentration in these names has grown despite the active sell-action. Should either stock correct sharply, the drawdown impact would be larger than the trading summary suggests—a concentration risk that the aggregate diversification score of 100 may mask at the individual-name level.
Sourced and summarized by AI directly from this institution's SEC EDGAR filings, limited to historical activity. Not investment guidance — verify against the primary filing below. View the original 2026-06-30 Form 13F filing on SEC.gov
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Top 10 holdings by weight
Full holdings list this quarter
Showing top 161 holdings (of 195 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MGA | Magna International Inc | Stock-Consumer Disc | 6.54% | +0.15% | -5.71% | |
| 2 | HUM | Humana Inc | Stock-Healthcare | 5.13% | +2.05% | -19.52% | |
| 3 | BAX | Baxter International Inc | Stock-Healthcare | 4.09% | +0.57% | +1.19% | |
| 4 | CVS | Cvs Health CORP | Stock-Healthcare | 3.57% | +0.36% | -14.55% | |
| 5 | DG | Dollar General CORP | Stock-Consumer Staples | 3.45% | +0.79% | +48.20% | |
| 6 | SWKS | Skyworks Solutions Inc | Stock-Tech | 3.18% | +0.38% | -0.84% | |
| 7 | CTSH | Cognizant Tech Solutions-a | Stock-Tech | 3.02% | -1.02% | +30.93% | |
| 8 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 2.88% | -0.49% | -0.52% | |
| 9 | TSN | Tyson Foods Inc-cl A | Stock-Consumer Staples | 2.86% | -0.71% | -0.81% | |
| 10 | CRBG | Corebridge Financial Inc | Stock-Financials | 2.84% | +0.74% | +24.94% | |
| 11 | PPG | Ppg Industries Inc | Stock-Materials | 2.78% | +0.18% | +4.40% | |
| 12 | MET | Metlife Inc | Stock-Financials | 2.76% | +0.16% | -1.53% | |
| 13 | COF | Capital One Financial CORP | Stock-Financials | 2.71% | — | +0.30% | |
| 14 | UBS | UBS Group AG | Stock-Financials | 2.66% | +0.01% | -14.84% | |
| 15 | LEA | Lear CORP | Stock-Consumer Disc | 2.61% | -0.05% | -1.78% | |
| 16 | GPN | Global Payments Inc | Stock-Industrials | 2.49% | -0.05% | +0.65% | |
| 17 | C | Citigroup Inc | Stock-Financials | 2.28% | -0.73% | -32.13% | |
| 18 | WFC | Wells Fargo & Co | Stock-Financials | 2.14% | -0.13% | +0.62% | |
| 19 | DOX | Amdocs Limited | Stock-Tech | 2.07% | -0.62% | +10.28% | |
| 20 | SSNC | Ss&c Technologies Holdings | Stock-Tech | 2.01% | -0.12% | +13.79% | |
| 21 | NOV | Nov Inc | Stock-Energy | 1.98% | -0.31% | -3.09% | |
| 22 | ACN | Accenture plc | Stock-Tech | 1.88% | +0.33% | +113.75% | |
| 23 | PVH | Pvh CORP | Stock-Consumer Disc | 1.31% | -0.01% | +3.77% | |
| 24 | LKQ | Lkq CORP | Stock-Consumer Disc | 1.17% | +0.58% | +142.94% | |
| 25 | CDW | Cdw Corp/de | Stock-Tech | 1.09% | +0.65% | +136.56% | |
| 26 | BAC | Bank Of America CORP | Stock-Financials | 1.06% | +0.04% | -1.75% | |
| 27 | DOW | Dow Inc | Stock-Materials | 1.00% | -1.56% | -33.99% | |
| 28 | FMS | Fresenius Medical Care-adr | Stock-Other | 1.00% | -0.10% | -0.40% | |
| 29 | BAP | Credicorp Ltd. | Stock-Financials | 0.96% | -0.04% | -8.28% | |
| 30 | VOYA | Voya Financial Inc | Stock-Financials | 0.94% | +0.13% | -3.91% | |
| 31 | NWL | Newell Brands Inc | Stock-Consumer Staples | 0.86% | +0.33% | +0.39% | |
| 32 | UHS | Universal Health Services-b | Stock-Healthcare | 0.86% | -0.25% | +2.99% | |
| 33 | AVT | Avnet Inc | Stock-Tech | 0.81% | -0.33% | -45.18% | |
| 34 | AAP | Advance Auto Parts Inc | Stock-Consumer Disc | 0.80% | +0.06% | +2.06% | |
| 35 | KSPI | Jsc Kaspi.kz Adr | Stock-Other | 0.78% | +0.14% | +14.95% | |
| 36 | MDT | Medtronic plc | Stock-Healthcare | 0.72% | -0.17% | -0.29% | |
| 37 | DAL | Delta Air Lines Inc | Stock-Industrials | 0.72% | +0.11% | -6.73% | |
| 38 | EQH | Equitable Holdings Inc | Stock-Financials | 0.72% | +0.18% | +24.58% | |
| 39 | GL | Globe Life Inc | Stock-Financials | 0.71% | +0.25% | +32.11% | |
| 40 | WDAY | Workday Inc-class A | Stock-Tech | 0.71% | +0.71% | NEW | |
| 41 | SPB | Spectrum Brands Holdings Inc | Stock-Other | 0.61% | +0.05% | +3.52% | |
| 42 | MICC | The Magnum Ice Cream Company N. | Stock-Consumer Staples | 0.59% | +0.30% | +87.60% | |
| 43 | SHEL | Shell Plc-adr | Stock-Energy | 0.59% | -0.38% | -19.25% | |
| 44 | RHI | Robert Half Inc | Stock-Industrials | 0.56% | +0.07% | +4.28% | |
| 45 | ZTO | Zto Express Cayman Inc-adr | Stock-Other | 0.48% | -0.13% | -1.86% | |
| 46 | MBC | Masterbrand Inc | Stock-Consumer Disc | 0.46% | +0.36% | +301.93% | |
| 47 | CI | THE Cigna Group | Stock-Healthcare | 0.45% | -0.05% | -2.84% | |
| 48 | CSCO | Cisco Systems Inc | Stock-Tech | 0.44% | +0.11% | -2.09% | |
| 49 | PFE | Pfizer Inc | Stock-Healthcare | 0.42% | -0.12% | +0.57% | |
| 50 | MHK | Mohawk Industries Inc | Stock-Consumer Disc | 0.41% | +0.04% | -0.87% |
1–50 of 161
Portfolio Performance
Performance for Q3 2026
+8.2%
Performance Last 4 Quarters
+18%
- Stdev
- +15.6%
- Beta
- +0.87
- Alpha
- -2.9%
- Max Drawdown
- -10.5%
- Annualized Perf
- +14.3%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +1.79
- Stutzer
- +0.28
- Treynor
- +0.17
- Sterling
- +0.83
- Calmar
- +1.37
- Information Ratio
- -0.5
- Tracking Error
- +10.8%
- Stdev Down
- +8.2%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- +27.6%
- Worst 12 Months
- -1.7%
- Efficiency Ratio
- +0.36
- Sharpe
- +0.94
- Stdev Sectors
- +8.3%
- Skewness
- +0.13
- Kurtosis
- -0.94
- Upside Potential
- +3.68
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 195 | $34.1B | 25 | ||
| 2026 Q1 | 192 | $30.8B | 20 | ||
| 2025 Q4 | 189 | $33.4B | 19 | ||
| 2025 Q3 | 186 | $30.9B | 24 | ||
| 2025 Q2 | 184 | $30.8B | 0 | ||
| 2025 Q1 | 178 | $28.6B | 100 | ||
| 2024 Q4 | 184 | $29.4B | 0 | ||
| 2024 Q3 | 191 | $31.0B | 0 | ||
| 2024 Q2 | 194 | $28.4B | 0 | ||
| 2024 Q1 | 220 | $29.1B | 0 | ||
| 2023 Q4 | 222 | $26.6B | 0 | ||
| 2023 Q3 | 165 | $23.3B | 0 | ||
| 2023 Q2 | 166 | $23.4B | 0 | ||
| 2023 Q1 | 168 | $23.2B | 0 | ||
| 2022 Q4 | 186 | $22.6B | 0 | ||
| 2022 Q3 | 181 | $20.1B | 0 | ||
| 2022 Q2 | 173 | $22.3B | 0 | ||
| 2022 Q1 | 182 | $26.5B | 0 | ||
| 2021 Q4 | 179 | $26.5B | 0 | ||
| 2021 Q3 | 173 | $25.3B | 0 | ||
| 2021 Q2 | 170 | $25.7B | 98 | ||
| 2021 Q1 | 175 | $24.6B | 24 | ||
| 2020 Q4 | 171 | $21.2B | 33 | ||
| 2020 Q3 | 172 | $16.0B | 17 | ||
| 2020 Q2 | 174 | $15.3B | 25 | ||
| 2020 Q1 | 169 | $13.2B | 55 | ||
| 2019 Q4 | 178 | $21.4B | 21 | ||
| 2019 Q3 | 179 | $18.4B | 14 | ||
| 2019 Q2 | 176 | $19.0B | 17 | ||
| 2019 Q1 | 176 | $18.4B | 22 | ||
| 2018 Q4 | 189 | $17.1B | 29 | ||
| 2018 Q3 | 189 | $20.6B | 15 | ||
| 2018 Q2 | 167 | $19.9B | 21 | ||
| 2018 Q1 | 163 | $19.7B | 19 | ||
| 2017 Q4 | 161 | $20.4B | 15 | ||
| 2017 Q3 | 154 | $18.9B | 21 | ||
| 2017 Q2 | 155 | $18.3B | 11 | ||
| 2017 Q1 | 158 | $17.7B | 21 | ||
| 2016 Q4 | 159 | $17.5B | 16 | ||
| 2016 Q3 | 154 | $16.4B | 18 | ||
| 2016 Q2 | 146 | $16.0B | 10 | ||
| 2016 Q1 | 155 | $16.3B | 24 | ||
| 2015 Q4 | 153 | $16.2B | 17 | ||
| 2015 Q3 | 151 | $15.7B | 22 | ||
| 2015 Q2 | 151 | $17.7B | 14 | ||
| 2015 Q1 | 151 | $18.0B | 14 | ||
| 2014 Q4 | 141 | $18.7B | 23 | ||
| 2014 Q3 | 144 | $18.3B | 12 | ||
| 2014 Q2 | 140 | $18.0B | 22 | ||
| 2014 Q1 | 146 | $17.4B | 15 | ||
| 2013 Q4 | 130 | $17.1B | 22 | ||
| 2013 Q3 | 130 | $15.5B | 22 | ||
| 2013 Q2 | 122 | $15.0B | 0 |
Holding changes this quarter
Pzena Investment Management LLC's most significant position changes for 2026-06-30: New buy: Workday Inc-class A (WDAY); New buy: Ke Holdings Inc-adr (BEKE); Sold out: Wabtec CORP (WAB); Sold out: American Woodmark CORP (AHQ); Sold out: Johnson & Johnson (JNJ).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | HUM | Humana Inc | +2.1% | -19.52% | Trim |
| 2 | DG | Dollar General CORP | +0.8% | +48.20% | Add |
| 3 | CRBG | Corebridge Financial Inc | +0.7% | +24.94% | Add |
| 4 | WDAY | Workday Inc-class A | +0.7% | NEW | New buy |
| 5 | CDW | Cdw Corp/de | +0.7% | +136.56% | Add |
| 6 | LKQ | Lkq CORP | +0.6% | +142.94% | Add |
| 7 | BAX | Baxter International Inc | +0.6% | +1.19% | Add |
| 8 | SWKS | Skyworks Solutions Inc | +0.4% | -0.84% | Trim |
| 9 | BEKE | Ke Holdings Inc-adr | +0.4% | NEW | New buy |
| 10 | CVS | Cvs Health CORP | +0.4% | -14.55% | Trim |
| 11 | MBC | Masterbrand Inc | +0.4% | +301.93% | Add |
| 12 | ACN | Accenture plc | +0.3% | +113.75% | Add |
| 13 | NWL | Newell Brands Inc | +0.3% | +0.39% | Add |
| 14 | MICC | The Magnum Ice Cream Company N. | +0.3% | +87.60% | Add |
| 15 | GL | Globe Life Inc | +0.3% | +32.11% | Add |
| 16 | DIS | Walt Disney Co/the | +0.2% | +879.28% | Add |
| 17 | PPG | Ppg Industries Inc | +0.2% | +4.40% | Add |
| 18 | EQH | Equitable Holdings Inc | +0.2% | +24.58% | Add |
| 19 | G | Genpact Limited | +0.2% | +353.46% | Add |
| 20 | MET | Metlife Inc | +0.2% | -1.53% | Trim |
| 21 | MGA | Magna International Inc | +0.2% | -5.71% | Trim |
| 22 | KSPI | Jsc Kaspi.kz Adr | +0.1% | +14.95% | Add |
| 23 | VOYA | Voya Financial Inc | +0.1% | -3.91% | Trim |
| 24 | DAL | Delta Air Lines Inc | +0.1% | -6.73% | Trim |
| 25 | CSCO | Cisco Systems Inc | +0.1% | -2.09% | Trim |
| 26 | MLKN | Millerknoll Inc | +0.1% | +51.96% | Add |
| 27 | RHI | Robert Half Inc | +0.1% | +4.28% | Add |
| 28 | AAP | Advance Auto Parts Inc | +0.1% | +2.06% | Add |
| 29 | SCSC | Scansource Inc | +0.1% | +21.52% | Add |
| 30 | WGO | Winnebago Industries | +0.1% | +72.11% | Add |
| 31 | SPB | Spectrum Brands Holdings Inc | +0.1% | +3.52% | Add |
| 32 | BAC | Bank Of America CORP | 0% | -1.75% | Trim |
| 33 | MHK | Mohawk Industries Inc | 0% | -0.87% | Trim |
| 34 | CNO | Cno Financial Group Inc | 0% | -1.18% | Trim |
| 35 | ELV | Elevance Health Inc | 0% | +2.00% | Add |
| 36 | ABM | Abm Industries Inc | 0% | +18.73% | Add |
| 37 | MS | Morgan Stanley | 0% | -4.59% | Trim |
| 38 | ✓ | Aebi Schmidt Hldg AG | 0% | +5.07% | Add |
| 39 | ONB | Old National Bancorp | 0% | +5.56% | Add |
| 40 | MMI | Marcus & Millichap Inc | 0% | +6.37% | Add |
| 41 | COLB | Columbia Banking System Inc | 0% | +4.73% | Add |
| 42 | GOOGL | Alphabet Inc-cl A | 0% | — | Unchanged |
| 43 | ASB | Associated Banc-corp | 0% | +3.50% | Add |
| 44 | TBI | Trueblue Inc | 0% | +7.63% | Add |
| 45 | HOFT | Hooker Furnishings CORP | 0% | +11.89% | Add |
| 46 | HVT | Haverty Furniture | 0% | +7.07% | Add |
| 47 | HELE | Helen of Troy Limited | 0% | -11.11% | Trim |
| 48 | UVSP | Univest Financial CORP | 0% | -0.93% | Trim |
| 49 | USNA | Usana Health Sciences Inc | 0% | +8.72% | Add |
| 50 | UBS | UBS Group AG | 0% | -14.84% | Trim |
1–50 of 170
Filing History
FAQ
What is Pzena Investment Management LLC and what type of investor is it?
Pzena Investment Management LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $34.1B, spread across 195 disclosed positions.
What are Pzena Investment Management LLC's largest equity positions?
Based on the latest 13F filing, Pzena Investment Management LLC's top holdings by market value are:
1. Magna International Inc (MGA) — $2.2B (6.5%)
2. Humana Inc (HUM) — $1.7B (5.1%)
3. Baxter International Inc (BAX) — $1.4B (4.1%)
4. Cvs Health CORP (CVS) — $1.2B (3.6%)
5. Dollar General CORP (DG) — $1.2B (3.5%)
What changes did Pzena Investment Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Pzena Investment Management LLC made 162 notable position adjustments: 12 new positions were initiated, 71 existing holdings were added to, 70 positions were partially reduced, and 9 were completely exited. The largest of these moves: New buy: Workday Inc-class A (WDAY); New buy: Ke Holdings Inc-adr (BEKE); Sold out: Wabtec CORP (WAB); Sold out: American Woodmark CORP (AHQ); Sold out: Johnson & Johnson (JNJ)
What sectors does Pzena Investment Management LLC focus on?
Pzena Investment Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 23.9%
• Health Care: 20.6%
• Information Technology: 18.4%
• Consumer Discretionary: 14.7%
• Consumer Staples: 8.7%
• Industrials: 5.0%
Investment Profile
Pzena Investment Management LLC returned an annualized 14.3% over the trailing 36 months — underperforming the S&P 500 by 2.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.87 (less volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active.
Its turnover score has risen from 0 to 25 over the past 4 quarters — a shift toward more active trading.
It has added to its ACN position over the past two quarters (+$289.0M, now $639.9M), while trimming NOK over the same stretch (-$528.3M, still holding $66.5M).
Peer Institutions
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Sector conviction48.1
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SW
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Total reported value
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MB
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Developer Access
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REST API
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