CIK: 0001027796
Total reported value
$30.8B
Reporting period: 2026-03-31 · Number of holdings: 192
PZENA INVESTMENT MANAGEMENT LLC disclosed 192 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $30.8B and a quarterly turnover rate of 20.0%.
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Pzena Investment Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.023 — mathematically equivalent to about 43 equally-sized positions, well below its 192 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 1.65), 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.
Sector classification currently covers about 22% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim DG
-35.4% -$598.6M
Trim COF
-8.8% -$381.3M
Add TSN
+12.1% $201.7M
Trim C
-23.0% -$311.5M
Trim UBS
-10.8% -$284.8M
Add DOW
-31.4% $143.3M
PZENA is not hunting alpha this quarter—it is systematically reducing its largest positions across Financials and Health Care, a deliberate move to fortify a defensive posture. The absence of any new buys confirms a risk-reduction mandate over active allocation.
The fund's flow profile leans heavily into a secular, low-beta narrative: overweighting Healthcare and Financials while skipping growth, tech, and cyclicals entirely. The opposing thesis is a macroeconomic acceleration that rewards innovation and risk-taking, exposing this portfolio to a regime where it is structurally short the upside.
An extreme sector conviction score paired with zero exposure to Industrials, IT, and Discretionary creates a single-scenario dependency. If the economy reflates or inflation resurges, this two-sector bet becomes a drowning anchor—diversified on the surface but deeply concentrated in factor risk.
Sourced and summarized by AI from public SEC filings, limited to historical activity. Not investment guidance.
Showing top 158 holdings (of 192 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MGA | Magna International INC | Stock-Consumer Disc | 6.39% | +0.01% | -13.00% | |
| 2 | CTSH | Cognizant Tech Solutions-a | Stock-Tech | 4.04% | -0.34% | +14.94% | |
| 3 | TSN | Tyson Foods Inc-cl A | Stock-Consumer Staples | 3.57% | +0.88% | +12.05% | |
| 4 | BAX | Baxter International INC | Stock-Healthcare | 3.52% | -0.49% | -7.88% | |
| 5 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 3.37% | +0.47% | -4.72% | |
| 6 | CVS | Cvs Health CORP | Stock-Healthcare | 3.21% | -0.49% | -11.61% | |
| 7 | HUM | Humana INC | Stock-Healthcare | 3.08% | -0.04% | +34.35% | |
| 8 | C | Citigroup INC | Stock-Financials | 3.01% | -0.70% | -22.98% | |
| 9 | SWKS | Skyworks Solutions INC | Stock-Tech | 2.80% | +0.40% | +27.57% | |
| 10 | COF | Capital One Financial CORP | Stock-Financials | 2.71% | -0.93% | -8.78% | |
| 11 | DOX | Amdocs Limited | Stock-Tech | 2.69% | -0.21% | +5.35% | |
| 12 | DG | Dollar General CORP | Stock-Consumer Staples | 2.66% | -1.58% | -35.40% | |
| 13 | LEA | Lear CORP | Stock-Consumer Disc | 2.66% | +0.10% | -9.49% | |
| 14 | UBS | UBS Group AG | Stock-Financials | 2.65% | -0.64% | -10.85% | |
| 15 | MET | Metlife INC | Stock-Financials | 2.60% | -0.21% | -4.88% | |
| 16 | PPG | Ppg Industries INC | Stock-Materials | 2.60% | +0.42% | +5.35% | |
| 17 | DOW | Dow INC | Stock-Materials | 2.56% | +0.63% | -31.42% | |
| 18 | GPN | Global Payments INC | Stock-Industrials | 2.54% | -0.10% | +1.80% | |
| 19 | NOV | Nov INC | Stock-Energy | 2.29% | +0.32% | -10.98% | |
| 20 | WFC | Wells Fargo & Co | Stock-Financials | 2.27% | -0.51% | -12.10% | |
| 21 | SSNC | Ss&c Technologies Holdings | Stock-Tech | 2.13% | -0.57% | -5.96% | |
| 22 | CRBG | Corebridge Financial INC | Stock-Financials | 2.10% | -0.03% | +14.44% | |
| 23 | NOK | Nokia Corp-spon Adr | Stock-Tech | 1.66% | -0.12% | -31.02% | |
| 24 | ACN | Accenture plc | Stock-Tech | 1.55% | +0.50% | +83.96% | |
| 25 | PVH | Pvh CORP | Stock-Consumer Disc | 1.31% | — | -6.87% | |
| 26 | AVT | Avnet INC | Stock-Tech | 1.14% | — | -19.12% | |
| 27 | UHS | Universal Health Services-b | Stock-Healthcare | 1.11% | -0.27% | -9.48% | |
| 28 | FMS | Fresenius Medical Care-adr | Stock-Other | 1.10% | — | +2.03% | |
| 29 | BAC | Bank Of America CORP | Stock-Financials | 1.02% | -0.05% | -0.88% | |
| 30 | BAP | Credicorp Ltd. | Stock-Financials | 1.00% | — | -14.68% | |
| 31 | SHEL | Shell Plc-adr | Stock-Energy | 0.97% | +0.25% | -2.47% | |
| 32 | MDT | Medtronic plc | Stock-Healthcare | 0.89% | -0.04% | -1.92% | |
| 33 | VOYA | Voya Financial INC | Stock-Financials | 0.81% | — | +1.29% | |
| 34 | AAP | Advance Auto Parts INC | Stock-Consumer Disc | 0.74% | +0.27% | +8.24% | |
| 35 | KSPI | Jsc Kaspi.kz Adr | Stock-Other | 0.64% | — | -1.23% | |
| 36 | ZTO | Zto Express Cayman Inc-adr | Stock-Other | 0.61% | +0.14% | -1.58% | |
| 37 | DAL | Delta Air Lines INC | Stock-Industrials | 0.61% | — | -5.87% | |
| 38 | LKQ | Lkq CORP | Stock-Consumer Disc | 0.59% | +0.19% | +42.23% | |
| 39 | SPB | Spectrum Brands Holdings INC | Stock-Other | 0.56% | +0.14% | -2.64% | |
| 40 | PFE | Pfizer INC | Stock-Healthcare | 0.54% | — | -9.22% | |
| 41 | EQH | Equitable Holdings INC | Stock-Financials | 0.54% | -0.08% | +3.21% | |
| 42 | NWL | Newell Brands INC | Stock-Consumer Staples | 0.53% | — | -4.43% | |
| 43 | HAL | Halliburton Co | Stock-Energy | 0.51% | — | -23.75% | |
| 44 | CI | THE Cigna Group | Stock-Healthcare | 0.50% | — | +1.33% | |
| 45 | KT | Kt Corp-sp Adr | Stock-Other | 0.50% | +0.50% | NEW | |
| 46 | RHI | Robert Half INC | Stock-Industrials | 0.49% | +0.13% | +35.77% | |
| 47 | GL | Globe Life INC | Stock-Financials | 0.46% | — | +5.14% | |
| 48 | GLOB | Globant S.A. | Stock-Tech | 0.44% | +0.44% | NEW | |
| 49 | CDW | Cdw Corp/de | Stock-Tech | 0.44% | +0.44% | NEW | |
| 50 | OLN | Olin CORP | Stock-Materials | 0.43% | +0.15% | -1.69% |
Performance for Q3 2026
+8.7%
Performance Last 4 Quarters
+15.8%
Based on 69% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 192 | $30.8B | 20 | |
| 2025-12-31 | 189 | $33.4B | 19 | |
| 2025-09-30 | 186 | $30.9B | 24 | |
| 2025-06-30 | 184 | $30.8B | 0 | |
| 2025-03-31 | 178 | $28.6B | 100 | |
| 2024-12-31 | 184 | $29.4B | 0 | |
| 2024-09-30 | 191 | $31.0B | 0 | |
| 2024-06-30 | 194 | $28.4B | 0 | |
| 2024-03-31 | 220 | $29.1B | 0 | |
| 2023-12-31 | 222 | $26.6B | 0 | |
| 2023-09-30 | 165 | $23.3B | 0 | |
| 2023-06-30 | 166 | $23.4B | 0 | |
| 2023-03-31 | 168 | $23.2B | 0 | |
| 2022-12-31 | 186 | $22.6B | 0 | |
| 2022-09-30 | 181 | $20.1B | 0 | |
| 2022-06-30 | 173 | $22.3B | 0 | |
| 2022-03-31 | 182 | $26.5B | 0 | |
| 2021-12-31 | 179 | $26.5B | 0 | |
| 2021-09-30 | 173 | $25.3B | 0 | |
| 2021-06-30 | 170 | $25.7B | 98 | |
| 2021-03-31 | 175 | $24.6B | 24 | |
| 2020-12-31 | 171 | $21.2B | 33 | |
| 2020-09-30 | 172 | $16.0B | 17 | |
| 2020-06-30 | 174 | $15.3B | 25 | |
| 2020-03-31 | 169 | $13.2B | 55 | |
| 2019-12-31 | 178 | $21.4B | 21 | |
| 2019-09-30 | 179 | $18.4B | 14 | |
| 2019-06-30 | 176 | $19.0B | 17 | |
| 2019-03-31 | 176 | $18.4B | 22 | |
| 2018-12-31 | 189 | $17.1B | 29 | |
| 2018-09-30 | 189 | $20.6B | 15 | |
| 2018-06-30 | 167 | $19.9B | 21 | |
| 2018-03-31 | 163 | $19.7B | 19 | |
| 2017-12-31 | 161 | $20.4B | 15 | |
| 2017-09-30 | 154 | $18.9B | 21 | |
| 2017-06-30 | 155 | $18.3B | 11 | |
| 2017-03-31 | 158 | $17.7B | 21 | |
| 2016-12-31 | 159 | $17.5B | 16 | |
| 2016-09-30 | 154 | $16.4B | 18 | |
| 2016-06-30 | 146 | $16.0B | 10 | |
| 2016-03-31 | 155 | $16.3B | 24 | |
| 2015-12-31 | 153 | $16.2B | 17 | |
| 2015-09-30 | 151 | $15.7B | 22 | |
| 2015-06-30 | 151 | $17.7B | 14 | |
| 2015-03-31 | 151 | $18.0B | 14 | |
| 2014-12-31 | 141 | $18.7B | 23 | |
| 2014-09-30 | 144 | $18.3B | 12 | |
| 2014-06-30 | 140 | $18.0B | 22 | |
| 2014-03-31 | 146 | $17.4B | 15 | |
| 2013-12-31 | 130 | $17.1B | 22 | |
| 2013-09-30 | 130 | $15.5B | 22 | |
| 2013-06-30 | 122 | $15.0B | 0 |
Pzena Investment Management LLC's most significant position changes for 2026-03-31: New buy: Kt Corp-sp Adr (KT); New buy: Globant S.A. (GLOB); New buy: Cdw Corp/de (CDW); New buy: The Magnum Ice Cream Company N. (MICC); Sold out: Comerica INC (CMA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TSN | Tyson Foods Inc-cl A | +0.9% | +12.05% | Add |
| 2 | DOW | Dow INC | +0.6% | -31.42% | Trim |
| 3 | ACN | Accenture plc | +0.5% | +83.96% | Add |
| 4 | BMY | Bristol-myers Squibb Co | +0.5% | -4.72% | Trim |
| 5 | PPG | Ppg Industries INC | +0.4% | +5.35% | Add |
| 6 | SWKS | Skyworks Solutions INC | +0.4% | +27.57% | Add |
| 7 | NOV | Nov INC | +0.3% | -10.98% | Trim |
| 8 | AAP | Advance Auto Parts INC | +0.3% | +8.24% | Add |
| 9 | SHEL | Shell Plc-adr | +0.3% | -2.47% | Trim |
| 10 | LKQ | Lkq CORP | +0.2% | +42.23% | Add |
| 11 | OLN | Olin CORP | +0.2% | -1.69% | Trim |
| 12 | SPB | Spectrum Brands Holdings INC | +0.1% | -2.64% | Trim |
| 13 | ZTO | Zto Express Cayman Inc-adr | +0.1% | -1.58% | Trim |
| 14 | TFX | Teleflex INC | +0.1% | +84.24% | Add |
| 15 | RHI | Robert Half INC | +0.1% | +35.77% | Add |
| 16 | MMI | Marcus & Millichap INC | +0.1% | +227.64% | Add |
| 17 | FITB | Fifth Third Bancorp | +0.1% | +74.43% | Add |
| 18 | LEA | Lear CORP | +0.1% | -9.49% | Trim |
| 19 | XOM | Exxon Mobil CORP | +0.1% | -6.60% | Trim |
| 20 | MGA | Magna International INC | 0% | -13.00% | Trim |
| 21 | CRBG | Corebridge Financial INC | 0% | +14.44% | Add |
| 22 | HUM | Humana INC | 0% | +34.35% | Add |
| 23 | MDT | Medtronic plc | 0% | -1.92% | Trim |
| 24 | BAC | Bank Of America CORP | -0.1% | -0.88% | Trim |
| 25 | EQH | Equitable Holdings INC | -0.1% | +3.21% | Add |
| 26 | GPN | Global Payments INC | -0.1% | +1.80% | Add |
| 27 | CNXC | Concentrix CORP | -0.1% | +0.55% | Add |
| 28 | NOK | Nokia Corp-spon Adr | -0.1% | -31.02% | Trim |
| 29 | TEL | TE Connectivity plc | -0.1% | -25.61% | Trim |
| 30 | GD | General Dynamics CORP | -0.2% | -63.38% | Trim |
| 31 | DOX | Amdocs Limited | -0.2% | +5.35% | Add |
| 32 | MET | Metlife INC | -0.2% | -4.88% | Trim |
| 33 | WBS | Webster Financial CORP | -0.2% | -75.24% | Trim |
| 34 | UHS | Universal Health Services-b | -0.3% | -9.48% | Trim |
| 35 | CTSH | Cognizant Tech Solutions-a | -0.3% | +14.94% | Add |
| 36 | BAX | Baxter International INC | -0.5% | -7.88% | Trim |
| 37 | CVS | Cvs Health CORP | -0.5% | -11.61% | Trim |
| 38 | WFC | Wells Fargo & Co | -0.5% | -12.10% | Trim |
| 39 | SSNC | Ss&c Technologies Holdings | -0.6% | -5.96% | Trim |
| 40 | UBS | UBS Group AG | -0.6% | -10.85% | Trim |
| 41 | C | Citigroup INC | -0.7% | -22.98% | Trim |
| 42 | COF | Capital One Financial CORP | -0.9% | -8.78% | Trim |
| 43 | DG | Dollar General CORP | -1.6% | -35.40% | Trim |
| 44 | KT | Kt Corp-sp Adr | — | NEW | New buy |
| 45 | GLOB | Globant S.A. | — | NEW | New buy |
| 46 | CDW | Cdw Corp/de | — | NEW | New buy |
| 47 | MICC | The Magnum Ice Cream Company N. | — | NEW | New buy |
| 48 | CMA | Comerica INC | — | EXIT | Sold out |
| 49 | MLKN | Millerknoll INC | — | NEW | New buy |
| 50 | CHTR | Charter Communications Inc-a | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-24 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-06 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-07 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-25 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-02 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-07 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-08 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-02 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-03 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-09 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-04 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-03 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | Amendment | View on EDGAR |
| 2022-09-30 | 2022-11-04 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-05 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-06 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-04 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-05 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-06 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-07 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-05 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-30 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-31 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-01 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-07 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-01 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-02 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-03 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-08 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-03 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-04 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-09 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-03 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-04 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-05 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-04 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-05 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-06 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-05 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-06 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-07 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-08 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-06 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-07 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-08 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-09 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-07 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-08 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-09 | 13F-HR | View on EDGAR |
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