PZENA INVESTMENT MANAGEMENT LLC
Long book
$30.80B
Q1 2026
Positions
158
Top-10 weight
36%
concentration
Last quarter
+13.6%
SPY +14.8%
Turnover
10%
of book per quarter
Strategy in plain words
auto-generated from filingsPZENA INVESTMENT MANAGEMENT LLC is a diversified fundamental manager, running a $30.80B US long book across 158 positions.
The portfolio is moderately concentrated (top 10 ≈ 36% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: MAGNA INTERNATIONAL INC, COGNIZANT TECH SOLUTIONS-A, TYSON FOODS INC-CL A, BAXTER INTERNATIONAL INC, BRISTOL-MYERS SQUIBB CO.
Over the last 9 quarters its long book ran on average 2.4pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-6.4%
Q2 2024
+6.4%
Q3 2024
-1.6%
Q4 2024
+0.3%
Q1 2025
+3.2%
Q2 2025
+2.6%
Q3 2025
+4.6%
Q4 2025
-3.7%
Q1 2026
+13.6%
Sector allocation
Financials 27%
Technology 15%
Industrials 15%
Healthcare 14%
Consumer discretionary 8%
Other 6%
Services media 6%
Consumer staples 4%
Long book by quarter
What does PZENA INVESTMENT own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MGA MAGNA INTERNATIONAL INC | Industrials | 25.3M | $1.97B | 6.4% | -13.0% |
| CTSH COGNIZANT TECH SOLUTIONS-A | Technology | 20.3M | $1.24B | 4.0% | +14.9% |
| TSN TYSON FOODS INC-CL A | Consumer staples | 17.2M | $1.10B | 3.6% | +12.1% |
| BAX BAXTER INTERNATIONAL INC | Healthcare | 64.5M | $1.08B | 3.5% | -7.9% |
| BMY BRISTOL-MYERS SQUIBB CO | Healthcare | 17.1M | $1.04B | 3.4% | -4.7% |
| CVS CVS HEALTH CORP | Healthcare | 13.8M | $989.2M | 3.2% | -11.6% |
| HUM HUMANA INC | Financials | 5.5M | $948.6M | 3.1% | +34.3% |
| C CITIGROUP INC | Financials | 8.2M | $927.2M | 3.0% | -23.0% |
| SWKS SKYWORKS SOLUTIONS INC | Technology | 16.1M | $862.6M | 2.8% | +27.6% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 4.6M | $835.6M | 2.7% | -8.8% |
| DOX AMDOCS LTD | Technology | 12.7M | $827.6M | 2.7% | +5.4% |
| DG DOLLAR GENERAL CORP | Consumer discretionary | 6.9M | $818.9M | 2.7% | -35.4% |
| LEA LEAR CORP | Industrials | 6.8M | $818.3M | 2.7% | -9.5% |
| UBS UBS GROUP AG-REG | Financials | 26.5M | $815.7M | 2.6% | -10.8% |
| MET METLIFE INC | Financials | 11.3M | $799.4M | 2.6% | -4.9% |
| PPG PPG INDUSTRIES INC | Other | 7.5M | $799.3M | 2.6% | +5.4% |
| DOW DOW INC | Materials | 18.9M | $789.2M | 2.6% | -31.4% |
| GPN GLOBAL PAYMENTS INC | Services media | 11.6M | $781.7M | 2.5% | +1.8% |
| NOV NOV INC | Industrials | 37.5M | $706.0M | 2.3% | -11.0% |
| WFC WELLS FARGO & CO | Financials | 8.8M | $698.4M | 2.3% | -12.1% |
| SSNC SS&C TECHNOLOGIES HOLDINGS | Technology | 9.7M | $655.4M | 2.1% | -6.0% |
| CRBG COREBRIDGE FINANCIAL INC | Financials | 27.0M | $645.3M | 2.1% | +14.4% |
| ACN ACCENTURE PLC-CL A | Services media | 2.4M | $477.0M | 1.5% | +84.0% |
| PVH PVH CORP | Other | 5.8M | $402.4M | 1.3% | -6.9% |
| AVT AVNET INC | Consumer discretionary | 5.7M | $350.8M | 1.1% | -19.1% |
| UHS UNIVERSAL HEALTH SERVICES-B | Healthcare | 1.9M | $342.2M | 1.1% | -9.5% |
| BAC BANK OF AMERICA CORP | Financials | 6.4M | $313.1M | 1.0% | -0.9% |
| BAP CREDICORP LTD | Financials | 912.1K | $309.4M | 1.0% | -14.7% |
| MDT MEDTRONIC PLC | Healthcare | 3.2M | $273.6M | 0.9% | -1.9% |
| VOYA VOYA FINANCIAL INC | Financials | 3.7M | $250.9M | 0.8% | +1.3% |
| AAP ADVANCE AUTO PARTS INC | Consumer discretionary | 4.3M | $226.9M | 0.7% | +8.2% |
| DAL DELTA AIR LINES INC | Industrials | 2.8M | $186.7M | 0.6% | -5.9% |
| LKQ LKQ CORP | Consumer discretionary | 6.2M | $183.1M | 0.6% | +42.2% |
| SPB SPECTRUM BRANDS HOLDINGS INC | Technology | 2.3M | $172.3M | 0.6% | -2.6% |
| PFE PFIZER INC | Healthcare | 5.9M | $166.4M | 0.5% | -9.2% |
| EQH EQUITABLE HOLDINGS INC | Financials | 4.5M | $165.7M | 0.5% | +3.2% |
| NWL NEWELL BRANDS INC | Other | 47.8M | $164.0M | 0.5% | -4.4% |
| HAL HALLIBURTON CO | Energy | 4.1M | $158.6M | 0.5% | -23.7% |
| CI THE CIGNA GROUP | Financials | 578.4K | $154.3M | 0.5% | +1.3% |
| RHI ROBERT HALF INC | Services media | 6.0M | $151.6M | 0.5% | +35.8% |
| GL GLOBE LIFE INC | Financials | 1.0M | $142.8M | 0.5% | +5.1% |
| GLOB GLOBANT SA | Technology | 3.0M | $136.9M | 0.4% | New |
| CDW CDW CORP/DE | Consumer discretionary | 1.1M | $135.0M | 0.4% | New |
| OLN OLIN CORP | Materials | 4.4M | $131.8M | 0.4% | -1.7% |
| TEL TE CONNECTIVITY PLC | Consumer discretionary | 604.0K | $126.2M | 0.4% | -25.6% |
| ST SENSATA TECHNOLOGIES HOLDING | Technology | 3.5M | $122.6M | 0.4% | -0.8% |
| MHK MOHAWK INDUSTRIES INC | Other | 1.2M | $113.5M | 0.4% | -2.8% |
| XOM EXXON MOBIL CORP | Energy | 617.1K | $104.7M | 0.3% | -6.6% |
| CSCO CISCO SYSTEMS INC | Technology | 1.3M | $101.5M | 0.3% | -6.3% |
| CNO CNO FINANCIAL GROUP INC | Financials | 2.5M | $101.5M | 0.3% | +0.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 24, 2026 | 192 | $30.80B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 6, 2026 | 189 | $33.40B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 7, 2025 | 186 | $30.94B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 25, 2025 | 184 | $30.75B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 2, 2025 | 178 | $28.64B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 7, 2025 | 184 | $29.39B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 191 | $31.02B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 2, 2024 | 194 | $28.44B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 3, 2024 | 220 | $29.13B | canonical | SEC ↗ |
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