PZENA INVESTMENT MANAGEMENT LLC

CIK

1027796

Location

NEW YORK, NY

Portfolio Value

Large $30,475,912,157

Diversification

Diversified

Filing Date

Global Rank

#205 / 8,605 ▼ 7 · as of Mar 2026

Top Industry

Banks - Diversified 10.1%

3Y Alpha vs SPY

-8.5%

Period ended 3 months ago

Filed Apr 24, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+41.3%

SPY

+76.5%

Annualised alpha

-8.6%

Max drawdown

−19.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

157 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

4.6%

−0.1 pts

Top 5

19.3%

−2.3 pts

Top 10

34.9%

−4.0 pts

HHI

224

Diversified−26

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	23.0%	$7,010,174,440	34
Technology	19.6%	$5,964,345,957	25
Healthcare	18.9%	$5,759,003,865	24
Consumer Cyclical	12.3%	$3,759,625,230	21
Consumer Defensive	8.4%	$2,555,718,496	11
Industrials	6.2%	$1,899,609,190	18
Basic Materials	6.2%	$1,878,290,374	8
Energy	4.2%	$1,270,313,565	6
Communication Services	0.7%	$217,467,094	5
Real Estate	0.5%	$158,780,873	4
Utilities	0.0%	$2,583,073	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
SWKS	Skyworks Solutions, Inc.	+3,481,658	16,108,138	$862,590,789
CRBG	Corebridge Financial, Inc.	+3,413,384	27,045,794	$645,312,644
CTSH	Cognizant Technology Solutions Corp	+2,633,683	20,262,362	$1,243,095,908
LKQ	Lkq Corp	+1,850,727	6,232,900	$183,060,273
TSN	Tyson Foods, Inc.	+1,845,200	17,155,713	$1,099,166,531
RHI	Robert Half Inc.	+1,571,883	5,966,734	$151,555,043
HUM	Humana Inc	+1,398,774	5,470,982	$948,613,568
MMI	Marcus & Millichap, Inc.	+1,398,441	2,012,763	$53,519,368
ACN	Accenture plc	+1,097,961	2,405,683	$477,022,881
FITB	Fifth Third Bancorp	+697,995	1,635,817	$76,000,057
HDB	Hdfc Bank Ltd	+681,053	1,519,501	$37,805,184
DOX	Amdocs Ltd	+644,074	12,681,089	$827,567,867
AMWD	American Woodmark Corp	+493,348	1,643,562	$65,463,074
PPG	Ppg Industries Inc	+379,879	7,478,646	$799,317,684
ABM	Abm Industries Inc /De/	+351,407	1,522,936	$58,663,494
AAP	Advance Auto Parts Inc	+327,596	4,301,089	$226,882,444
TFX	Teleflex Inc	+319,660	699,125	$83,622,341
FMS	Fresenius Medical Care AG	+299,986	15,052,822	$339,591,664
ABEV	Ambev S.A.	+295,709	4,717,328	$13,774,597
COLB	Columbia Banking System, Inc.	+228,825	2,033,219	$55,771,197
GPN	Global Payments Inc	+205,880	11,615,577	$781,728,331
ARCO	Arcos Dorados Holdings Inc.	+178,602	10,741,166	$88,614,619
ASB	Associated Banc-Corp	+177,829	1,922,982	$49,728,314
ONB	Old National Bancorp /In/	+175,594	2,693,642	$59,529,488
EQH	Equitable Holdings, Inc.	+138,999	4,464,347	$165,671,917
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
NOK	Nokia Corp	−28,516,989	63,425,518	$509,941,164
DOW	Dow Inc.	−8,679,285	18,947,602	$789,167,622
BAX	Baxter International Inc	−5,518,428	64,527,823	$1,084,067,425
NOV	NOV Inc.	−4,628,779	37,535,449	$706,041,794
MGA	Magna International Inc	−3,784,227	25,329,355	$1,413,631,302
DG	Dollar General Corp	−3,779,282	6,897,541	$818,945,042
UBS	UBS Group AG	−3,230,218	26,544,355	$1,037,087,949
DRH	DiamondRock Hospitality Co	−2,481,976	2,834,579	$26,560,005
C	Citigroup Inc	−2,439,770	8,175,364	$927,168,030
NWL	Newell Brands Inc.	−2,216,618	47,802,935	$163,964,066
CVS	CVS HEALTH Corp	−1,808,254	13,773,053	$989,180,665
AVT	Avnet Inc	−1,345,568	5,692,230	$350,755,212
HAL	Halliburton Co	−1,266,702	4,067,041	$158,573,928
WBS	Webster Financial Corp	−1,243,364	409,207	$28,407,149
WFC	Wells Fargo & Company/Mn	−1,207,519	8,773,128	$698,428,719
DNOW	DNOW Inc.	−1,065,814	3,095,315	$36,865,201
BMY	Bristol Myers Squibb Co	−847,772	17,095,731	$1,036,856,084
NVST	Envista Holdings Corp	−721,663	1,604,196	$40,698,452
LEA	Lear Corp	−708,849	6,758,505	$818,319,785
SSNC	SS&C Technologies Holdings Inc	−614,322	9,699,260	$655,378,998
PFE	Pfizer Inc	−601,908	5,924,892	$166,370,967
MET	Metlife Inc	−579,519	11,303,819	$799,406,079
PLOW	Douglas Dynamics, Inc	−533,475	1,593,133	$67,054,967
TRS	Trimas Corp	−528,448	9,923	$356,632
COF	Capital One Financial Corp	−440,733	4,580,120	$835,551,291
No positions match the current search.

New Positions

Positions the filer opened this quarter

9 positions

Ticker	Company	Shares	Value
KT	Kt Corp	7,175,547	$153,915,483
GLOB	Globant S.A.	2,968,828	$136,892,659
CDW	CDW Corp	1,115,535	$135,002,045
MICC	Magnum Ice Cream Co N.V.	7,036,187	$105,190,995
MLKN	Millerknoll, Inc.	1,995,737	$28,858,357
MSFT	Microsoft Corp	762	$282,069
ADSK	Autodesk, Inc.	1,018	$243,709
INTU	Intuit Inc.	560	$242,132
TMUS	T-Mobile US, Inc.	975	$204,779
No positions match the current search.

Sold Out

Positions the filer fully exited

7 positions

Ticker	Company	Shares	Value
CHTR	Charter Communications, Inc. /Mo/	118,715	$24,781,756
GS	Goldman Sachs Group Inc	12,225	$10,745,775
FMC	Fmc Corp	572,048	$7,934,305
CINF	Cincinnati Financial Corp	1,792	$292,669
ADM	Archer-Daniels-Midland Co	4,842	$278,366
INTC	Intel Corp	7,515	$277,303
TPG	TPG Inc.	3,386	$216,162
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

157 positions · $30,475,912,157 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 157 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MGA	Magna International Inc Consumer Cyclical	Reduced	25,329,355	-3,784,227	$1,413,631,302	−8.9%	4.64%
CTSH	Cognizant Technology Solutions Corp Technology	Added	20,262,362	+2,633,683	$1,243,095,908	−15.0%	4.08%
TSN	Tyson Foods, Inc. Consumer Defensive	Reduced	17,155,713	-13,613,701	$1,099,166,531	−39.1%	3.61%
BAX	Baxter International Inc Healthcare	Reduced	64,527,823	-76,384,477	$1,084,067,425	−59.7%	3.56%
UBS	UBS Group AG Financial Services	Reduced	26,544,355	-3,230,218	$1,037,087,949	−24.8%	3.40%
BMY	Bristol Myers Squibb Co Healthcare	Reduced	17,095,731	-847,772	$1,036,856,084	+7.1%	3.40%
CVS	CVS HEALTH Corp Healthcare	Reduced	13,773,053	-1,808,254	$989,180,665	−20.0%	3.25%
HUM	Humana Inc Healthcare	Added	5,470,982	+1,398,774	$948,613,568	−9.1%	3.11%
C	Citigroup Inc Financial Services	Reduced	8,175,364	-2,439,770	$927,168,030	−25.1%	3.04%
SWKS	Skyworks Solutions, Inc. Technology	Added	16,108,138	+3,481,658	$862,590,789	+7.7%	2.83%
COF	Capital One Financial Corp Financial Services	Reduced	4,580,120	-440,733	$835,551,291	−31.3%	2.74%
DOX	Amdocs Ltd Technology	Added	12,681,089	+644,074	$827,567,867	−14.6%	2.72%
DG	Dollar General Corp Consumer Defensive	Reduced	6,897,541	-3,779,282	$818,945,042	−42.2%	2.69%
LEA	Lear Corp Consumer Cyclical	Reduced	6,758,505	-708,849	$818,319,785	−4.4%	2.69%
MET	Metlife Inc Financial Services	Reduced	11,303,819	-579,519	$799,406,079	−14.8%	2.62%
PPG	Ppg Industries Inc Basic Materials	Added	7,478,646	+379,879	$799,317,684	+9.9%	2.62%
DOW	Dow Inc. Basic Materials	Reduced	18,947,602	-8,679,285	$789,167,622	+22.2%	2.59%
GPN	Global Payments Inc Industrials	Added	11,615,577	+205,880	$781,728,331	−11.5%	2.57%
NOV	NOV Inc. Energy	Reduced	37,535,449	-4,628,779	$706,041,794	+7.1%	2.32%
WFC	Wells Fargo & Company/Mn Financial Services	Reduced	8,773,128	-1,207,519	$698,428,719	−24.9%	2.29%
SSNC	SS&C Technologies Holdings Inc Technology	Reduced	9,699,260	-614,322	$655,378,998	−27.3%	2.15%
CRBG	Corebridge Financial, Inc. Financial Services	Added	27,045,794	+3,413,384	$645,312,644	−9.5%	2.12%
NOK	Nokia Corp Technology	Reduced	63,425,518	-28,516,989	$509,941,164	−14.3%	1.67%
ACN	Accenture plc Technology	Added	2,405,683	+1,097,961	$477,022,881	+36.0%	1.57%
PVH	Pvh Corp. /De/ Consumer Cyclical	Reduced	5,768,906	-425,723	$402,438,882	−3.1%	1.32%
AVT	Avnet Inc Technology	Reduced	5,692,230	-1,345,568	$350,755,212	+3.7%	1.15%
UHS	Universal Health Services Inc Healthcare	Reduced	1,912,235	-200,369	$342,232,697	−25.7%	1.12%
FMS	Fresenius Medical Care AG Healthcare	Added	15,052,822	+299,986	$339,591,664	−3.4%	1.11%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	6,422,754	-57,341	$313,109,256	−12.1%	1.03%
BAP	Credicorp Ltd Financial Services	Reduced	912,060	-156,882	$309,352,510	+0.8%	1.02%
SHEL	Shell plc Energy	Reduced	3,196,449	-80,879	$297,269,757	+23.4%	0.98%
MDT	Medtronic plc Healthcare	Reduced	3,157,015	-61,837	$273,555,349	−11.5%	0.90%
VOYA	Voya Financial, Inc. Financial Services	Added	3,673,118	+46,906	$250,947,421	−7.1%	0.82%
AAP	Advance Auto Parts Inc Consumer Cyclical	Added	4,301,089	+327,596	$226,882,444	+45.3%	0.74%
KSPI	Joint Stock Co Kaspi.kz Technology	Reduced	2,672,387	-33,347	$197,943,705	−6.4%	0.65%
ZTO	ZTO Express (Cayman) Inc. Industrials	Reduced	7,460,931	-119,523	$187,791,633	+18.6%	0.62%
DAL	Delta Air Lines, Inc. Industrials	Reduced	2,807,667	-175,126	$186,653,701	−9.8%	0.61%
LKQ	Lkq Corp Consumer Cyclical	Added	6,232,900	+1,850,727	$183,060,273	+38.3%	0.60%
SPB	Spectrum Brands Holdings, Inc. Consumer Defensive	Reduced	2,338,423	-63,525	$172,341,775	+21.4%	0.57%
PFE	Pfizer Inc Healthcare	Reduced	5,924,892	-601,908	$166,370,967	+2.4%	0.55%
EQH	Equitable Holdings, Inc. Financial Services	Added	4,464,347	+138,999	$165,671,917	−19.6%	0.54%
NWL	Newell Brands Inc. Consumer Defensive	Reduced	47,802,935	-2,216,618	$163,964,066	−11.9%	0.54%
HAL	Halliburton Co Energy	Reduced	4,067,041	-1,266,702	$158,573,928	+5.2%	0.52%
CI	Cigna Group Healthcare	Added	578,448	+7,615	$154,301,004	−1.8%	0.51%
KT	Kt Corp Communication Services	NEW	7,175,547	NEW	$153,915,483	NEW	0.51%
RHI	Robert Half Inc. Industrials	Added	5,966,734	+1,571,883	$151,555,043	+27.0%	0.50%
GL	Globe Life Inc. Financial Services	Added	1,026,246	+50,199	$142,822,655	+4.6%	0.47%
GLOB	Globant S.A. Technology	NEW	2,968,828	NEW	$136,892,659	NEW	0.45%
CDW	CDW Corp Technology	NEW	1,115,535	NEW	$135,002,045	NEW	0.44%
OLN	OLIN Corp Basic Materials	Reduced	4,431,613	-76,300	$131,751,854	+40.3%	0.43%