Pzena Investment Management LLC

Name: PZENA INVESTMENT MANAGEMENT LLC 13F holdings, Q2 2025
Creator: PZENA INVESTMENT MANAGEMENT LLC
Published: 2025-07-25

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 25, 2025), Pzena Investment Management LLC reported 152 stock positions worth $30.8 billion. Its top holding was Magna International (MGA) at 5.1% of the portfolio, followed by Cognizant Tech Solutions-A (CTSH, 4.4%) and Dollar General (DG, 4.4%). Compared with Q1 2025, it opened 12 new positions, sold out of 6, added to 92 and reduced 35. The biggest buy was Corebridge Financial (CRBG, shares +133%) and the biggest sale CVS Health (CVS, shares −5%).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001027796
Portfolio Value: $30.8B (Q2 2025)
SEC Filing: 0001027796-25-000043 ↗ filed Jul 25, 2025

Holdings Value

Holdings 152 stocks · $30.8B


MGA Magna International Inc.	5.05%	29,502,929	$1.6B	Add +3.7%
CTSH Cognizant Tech Solutions-A	4.43%	17,450,691	$1.4B	Add +2.2%
DG Dollar General Corp.	4.41%	11,848,938	$1.4B	Reduce -7.2%
BAX Baxter International Inc.	3.87%	39,336,485	$1.2B	Add +7.0%
C Citigroup Inc.	3.76%	13,574,700	$1.2B	Add +1.8%
CVS CVS Health Corp.	3.76%	16,746,853	$1.2B	Reduce -5.3%
COF Capital One Financial Corp.	3.75%	5,421,535	$1.2B	Reduce -2.6%
CHTR Charter Communications Inc. Class A	3.52%	2,650,032	$1.1B	Reduce -4.8%
HUM Humana Inc.	3.24%	4,076,667	$996.7M	Add +6.5%
SWKS Skyworks Solutions Inc.	2.96%	12,207,643	$909.7M	Add +57.3%
GPN Global Payments Inc.	2.88%	11,050,253	$884.5M	Add +32.6%
SSNC Ss&c Technologies Holdings	2.82%	10,460,579	$866.1M	Add +0.4%
WFC Wells Fargo & Co.	2.70%	10,371,812	$831.0M	Add +5.5%
UBS UBS Group AG-Reg	2.70%	30,902,392	$829.7M	Add +5.3%
MDT Medtronic PLC	2.51%	8,855,291	$771.9M	Add +5.6%
TSN Tyson Foods Inc. Class A	2.49%	13,708,700	$766.9M	Add +3.4%
MET Metlife Inc.	2.39%	9,144,635	$735.4M	Add +6.8%
LEA Lear Corp.	2.35%	7,602,991	$722.1M	Reduce -0.8%
DOW Dow Inc.	2.33%	27,091,238	$717.4M	Add +8.6%
BMY Bristol-Myers Squibb Co.	2.23%	14,843,475	$687.1M	Add +10.3%
CRBG Corebridge Financial Inc.	2.16%	18,723,701	$664.7M	Add +132.6%
DOX Amdocs Ltd.	1.94%	6,551,065	$597.7M	Add +2.1%
NOV Nov Inc.	1.73%	42,708,890	$530.9M	Add +2.8%
PVH PVH Corp.	1.43%	6,407,637	$439.6M	Add +4.0%
FMS Fresenius Medical Care-ADR	1.36%	14,662,982	$418.9M	Reduce -4.6%
TEL Te Connectivity PLC	1.33%	2,418,553	$407.9M	Reduce -2.0%
AVT Avnet Inc.	1.27%	7,341,299	$389.7M	Add +2.9%
NOK Nokia Corp.-Spon ADR	1.16%	68,662,240	$355.7M	Reduce -14.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP	1.01%	6,576,743	$311.2M	Add +3.5%
NWL Newell Brands Inc.	0.85%	48,374,455	$261.2M	Reduce -0.8%
VOYA Voya Financial Inc.	0.85%	3,661,257	$259.9M	Add +1.7%
SHEL Shell PLC-ADR	0.84%	3,665,115	$258.1M	Add +2.0%
EQH Equitable Holdings Inc.	0.77%	4,241,210	$237.9M	Reduce -28.1%
BAP Credicorp Ltd.	0.75%	1,027,717	$229.7M	Reduce -1.7%
DAL Delta Air Lines Inc.	0.69%	4,312,417	$212.1M	Add +1.9%
AAP Advance Auto Parts Inc.	0.66%	4,394,964	$204.3M	Add +1.9%
CI The Cigna Group	0.56%	523,600	$173.1M	Add +9.7%
PFE Pfizer Inc.	0.52%	6,559,114	$159.0M	Reduce -7.1%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC	0.46%	1,680,646	$142.7M	Add +17.3%
ZTO Zto Express Cayman Inc.-ADR	0.44%	7,623,228	$135.3M	Reduce -1.4%
MHK Mohawk Industries Inc.	0.40%	1,175,775	$123.3M	Add +5.4%
CNXC Concentrix Corp.	0.39%	2,276,780	$120.3M	Reduce -0.4%
GL Globe Life Inc.	0.38%	945,983	$117.6M	Add +0.5%
PPG PPG Industries Inc.	0.38%	1,014,004	$115.3M	Add +5.3%
MS Morgan Stanley	0.36%	791,167	$111.4M	Add +3.7%
CSCO Cisco Systems Inc.	0.36%	1,599,953	$111.0M	Reduce -12.5%
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD	0.34%	1,662,463	$105.1M	New
LKQ LKQ Corp.	0.34%	2,785,203	$103.1M	Add +176.9%
JPM JPMorgan Chase & Co.	0.32%	342,316	$99.2M	Add +9.6%
CNO Cno Financial Group Inc.	0.32%	2,552,298	$98.5M	Reduce -0.5%
RHI Robert Half Inc.	0.32%	2,377,277	$97.6M	Add +80.3%
GS Goldman Sachs Group Inc.	0.29%	126,315	$89.4M	Reduce -7.6%
WBS Webster Financial Corp.	0.29%	1,612,758	$88.1M	Add +1.5%
GD General Dynamics Corp.	0.28%	291,536	$85.0M	Add +4.7%
ELV Elevance Health Inc.	0.27%	217,276	$84.5M	Add +8.1%
ADNT Adient PLC	0.26%	4,174,493	$81.2M	Add +7.0%
SPB Spectrum Brands Holdings Inc.	0.25%	1,474,451	$78.1M	Add +10.5%
OLN Olin Corp.	0.25%	3,829,021	$76.9M	Add +4.5%
HAL Halliburton Co.	0.25%	3,734,069	$76.1M	Add +134.7%
WAB Wabtec Corp.	0.25%	360,696	$75.5M	Add +4.8%
GPC Genuine Parts Co.	0.24%	596,051	$72.3M	Add +98.0%
MRC MRC Global Inc.	0.23%	5,223,482	$71.6M	Reduce -2.4%
UHS Universal Health Services-B	0.23%	391,743	$71.0M	Reduce -0.0%
XOM Exxon Mobil Corp.	0.23%	654,086	$70.5M	Add +6.3%
DRH Diamondrock Hospitality Co.	0.22%	8,785,278	$67.3M	Add +2.1%
PLOW Douglas Dynamics Inc.	0.22%	2,281,587	$67.2M	Add +0.4%
HSIC Henry Schein Inc.	0.22%	920,231	$67.2M	Reduce -4.7%
TRS Trimas Corp.	0.20%	2,177,761	$62.3M	Add +2.0%
AMWD American Woodmark Corp.	0.20%	1,148,331	$61.3M	Add +36.6%
SCS Steelcase Inc. Class A	0.20%	5,754,832	$60.0M	Add +7.3%
KFY Korn Ferry	0.20%	818,329	$60.0M	Add +6.6%
OSK Oshkosh Corp.	0.19%	525,887	$59.7M	New
REZI Resideo Technologies Inc.	0.19%	2,687,128	$59.3M	Add +1.6%
ONB Old National Bancorp	0.19%	2,695,779	$57.5M	Reduce -6.2%
HUN Huntsman Corp.	0.18%	5,310,768	$55.3M	Add +9.3%
MBUU Malibu Boats Inc. Class A	0.17%	1,670,977	$52.4M	Add +8.9%
ARCO Arcos Dorados Holdings Inc. Class A	0.17%	6,533,482	$51.5M	New
NVST Envista Holdings Corp.	0.16%	2,459,082	$48.1M	Add +7.2%
OEC Orion SA	0.16%	4,577,197	$48.0M	Add +37.5%
SHG Shinhan Financial Group-ADR	0.15%	1,027,646	$46.4M	Reduce -4.7%
BFH Bread Financial Holdings Inc.	0.15%	800,143	$45.7M	Add +9.9%
ABM Abm Industries Inc.	0.15%	963,943	$45.5M	Add +13.5%
MBC Masterbrand Inc.	0.15%	4,154,751	$45.4M	Add +45.3%
ASB Associated Banc-Corp.	0.15%	1,859,542	$45.4M	Add +4.0%
SHYF The Shyft Group Inc.	0.15%	3,579,364	$44.9M	Add +16.1%
HDB HDFC Bank Ltd.-ADR	0.15%	583,478	$44.7M	Add +13.8%
RF Regions Financial Corp.	0.15%	1,899,232	$44.7M	No change
WSFS WSFS Financial Corp.	0.15%	811,169	$44.6M	Add +3.0%
WCC Wesco International Inc.	0.14%	228,819	$42.4M	No change
TFX Teleflex Inc.	0.14%	356,107	$42.1M	New
CBRE CBRE Group Inc. Class A	0.13%	295,228	$41.4M	Reduce -26.9%
SCSC Scansource Inc.	0.13%	975,578	$40.8M	Add +3.6%
KOP Koppers Holdings Inc.	0.13%	1,248,032	$40.1M	Add +2.2%
MSM MSC Industrial Direct Co. Class A	0.13%	461,931	$39.3M	No change
FITB Fifth Third Bancorp	0.13%	951,468	$39.1M	Add +0.1%
LDOS Leidos Holdings Inc.	0.13%	244,302	$38.5M	Add +5.4%
HCA HCA Healthcare Inc.	0.12%	99,982	$38.3M	Reduce -12.4%
JNJ Johnson & Johnson	0.12%	246,313	$37.6M	Add +4.5%
VREX Varex Imaging Corp.	0.12%	4,244,977	$36.8M	Add +11.6%
AIG American International Group	0.12%	429,369	$36.7M	Reduce -12.0%
USNA Usana Health Sciences Inc.	0.12%	1,198,260	$36.6M	Add +9.4%
TGT Target Corp.	0.12%	366,820	$36.2M	Add +6.3%
COLB Columbia Banking System Inc.	0.12%	1,541,697	$36.0M	Add +8.6%
HR Healthcare Realty Trust Inc.	0.11%	2,225,789	$35.3M	No change
SNV Synovus Financial Corp.	0.11%	680,368	$35.2M	Add +1.7%
G Genpact Ltd.	0.10%	732,142	$32.2M	No change
HVT Haverty Furniture	0.10%	1,560,557	$31.8M	Add +61.5%
UVV Universal Corp.	0.09%	496,979	$28.9M	Reduce -45.5%
KEY Keycorp	0.09%	1,648,725	$28.7M	Add +0.2%
GCO Genesco Inc.	0.09%	1,433,190	$28.2M	Add +44.4%
ARW Arrow Electronics Inc.	0.09%	221,239	$28.2M	No change
HELE Helen of Troy Ltd.	0.09%	985,331	$28.0M	Add +30.3%
UVSP Univest Financial Corp.	0.09%	888,209	$26.7M	Reduce -22.3%
CMA Comerica Inc.	0.08%	422,573	$25.2M	No change
ABEV Ambev SA-ADR	0.08%	10,315,005	$24.9M	Reduce -25.5%
CHRW C.H. Robinson Worldwide Inc.	0.08%	251,220	$24.1M	Reduce -6.3%
BIDU Baidu Inc. - Spon ADR	0.08%	276,435	$23.7M	Reduce -0.1%
FMC FMC Corp.	0.08%	561,418	$23.4M	Add +0.1%
TBI Trueblue Inc.	0.06%	2,919,252	$18.9M	Add +3.0%
MMI Marcus & Millichap Inc.	0.06%	614,410	$18.9M	Add +6.6%
HOFT Hooker Furnishings Corp.	0.05%	1,358,726	$14.4M	Add +2.2%
MAN Manpowergroup Inc.	0.05%	351,121	$14.2M	No change
FNF Fidelity National Financial	0.04%	223,336	$12.5M	Reduce -4.8%
TSM Taiwan Semiconductor-SP ADR	0.03%	42,551	$9.6M	Add +2.5%
BABA Alibaba Group Holding-SP ADR	0.02%	53,338	$6.0M	Add +0.5%
KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC	0.01%	41,601	$3.4M	Reduce -17.4%
CIG Cia Energetica DE-Spon ADR	0.01%	1,588,094	$3.1M	Add +0.3%
ITUB Itau Unibanco H-Spon PRF ADR	0.01%	408,895	$2.8M	No change
VALE Vale SA-SP ADR	0.01%	285,881	$2.8M	No change
DAN Dana Inc.	0.01%	157,419	$2.7M	Reduce -89.5%
PBR.A Petroleo Brasil-SP Pref ADR	0.01%	230,441	$2.7M	Add +19.6%
ING ING Groep N.V.-Sponsored ADR	0.00%	56,268	$1.2M	Add +11.5%
BCS Barclays PLC-Spons ADR	0.00%	64,604	$1.2M	Add +8.9%
MT Arcelormittal-NY Registered	0.00%	37,354	$1.2M	Add +10.5%
HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC	0.00%	18,851	$1.1M	Add +6.0%
PHG Koninklijke Philips NVR- NY	0.00%	20,978	$503K	Add +33.5%
SMFG Sumitomo Mitsui-Spons ADR	0.00%	24,052	$363K	Add +8.7%
NWG Natwest Group PLC -Spon ADR	0.00%	24,210	$343K	Reduce -45.1%
EQNR Equinor ASA-Spon ADR	0.00%	13,422	$337K	Add +44.3%
IBN Icici Bank Ltd.-Spon ADR	0.00%	9,977	$336K	Reduce -48.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.00%	2,544	$315K	No change
GSK GSK PLC-Spon ADR	0.00%	7,510	$288K	New
CALM Cal-Maine Foods Inc.	0.00%	2,823	$281K	New
INTC Intel Corp.	0.00%	12,326	$276K	No change
SNY Sanofi-ADR	0.00%	5,580	$270K	Add +3.6%
MRK Merck & Co. Inc.	0.00%	3,324	$263K	New
ULTA Ulta Beauty Inc.	0.00%	525	$246K	New
CRUS Cirrus Logic Inc.	0.00%	2,327	$243K	No change
ADBE Adobe Inc.	0.00%	583	$226K	New
HIG Hartford Insurance Group Inc.	0.00%	1,735	$220K	New
ALKS Alkermes PLC	0.00%	7,439	$213K	New
DELL Dell Technologies -C	0.00%	1,703	$209K	New

Portfolio Sells Q1 2025 → Q2 2025


CVS CVS Health Corp.	Reduce -5.3%	3.76%	−0.43
NOK Nokia Corp.-Spon ADR	Reduce -14.7%	1.16%	−0.32
EQH Equitable Holdings Inc.	Reduce -28.1%	0.77%	−0.30
JELD Jeld-Wen Holding Inc.	Sold out	0.00%	−0.21
NWL Newell Brands Inc.	Reduce -0.8%	0.85%	−0.21
PFE Pfizer Inc.	Reduce -7.1%	0.52%	−0.11
ZTO Zto Express Cayman Inc.-ADR	Reduce -1.4%	0.44%	−0.10
UVV Universal Corp.	Reduce -45.5%	0.09%	−0.08
DAN Dana Inc.	Reduce -89.5%	0.01%	−0.06
CHTR Charter Communications Inc. Class A	Reduce -4.8%	3.52%	−0.06
PAHC Phibro Animal Health Corp. Class A	Sold out	0.00%	−0.05
CNXC Concentrix Corp.	Reduce -0.4%	0.39%	−0.05
CNO Cno Financial Group Inc.	Reduce -0.5%	0.32%	−0.05
CBRE CBRE Group Inc. Class A	Reduce -26.9%	0.13%	−0.05
CSCO Cisco Systems Inc.	Reduce -12.5%	0.36%	−0.03
ABEV Ambev SA-ADR	Reduce -25.5%	0.08%	−0.03
AIG American International Group	Reduce -12.0%	0.12%	−0.03
UVSP Univest Financial Corp.	Reduce -22.3%	0.09%	−0.03
UHS Universal Health Services-B	Reduce -0.0%	0.23%	−0.03
ONB Old National Bancorp	Reduce -6.2%	0.19%	−0.03
CHRW C.H. Robinson Worldwide Inc.	Reduce -6.3%	0.08%	−0.02
HCA HCA Healthcare Inc.	Reduce -12.4%	0.12%	−0.01
FNF Fidelity National Financial	Reduce -4.8%	0.04%	−0.01
LEA Lear Corp.	Reduce -0.8%	2.35%	−0.01
HSIC Henry Schein Inc.	Reduce -4.7%	0.22%	−0.01
BIDU Baidu Inc. - Spon ADR	Reduce -0.1%	0.08%	−0.01
IBN Icici Bank Ltd.-Spon ADR	Reduce -48.9%	0.00%	−0.00
COR Cencora Inc.	Sold out	0.00%	−0.00
GILD Gilead Sciences Inc.	Sold out	0.00%	−0.00
DFS Discover Financial Services	Sold out	0.00%	−0.00
EBAY eBay Inc.	Sold out	0.00%	−0.00
NWG Natwest Group PLC -Spon ADR	Reduce -45.1%	0.00%	−0.00
KB KB Financial Group Inc.-ADR	Reduce -17.4%	0.01%	+0.00
MRC MRC Global Inc.	Reduce -2.4%	0.23%	+0.02
FMS Fresenius Medical Care-ADR	Reduce -4.6%	1.36%	+0.03
GS Goldman Sachs Group Inc.	Reduce -7.6%	0.29%	+0.03
SHG Shinhan Financial Group-ADR	Reduce -4.7%	0.15%	+0.03
BAP Credicorp Ltd.	Reduce -1.7%	0.75%	+0.07
TEL Te Connectivity PLC	Reduce -2.0%	1.33%	+0.11
COF Capital One Financial Corp.	Reduce -2.6%	3.75%	+0.27
DG Dollar General Corp.	Reduce -7.2%	4.41%	+0.49

Portfolio Buys Q1 2025 → Q2 2025


CRBG Corebridge Financial Inc.	Add +132.6%	2.16%	+1.27
SWKS Skyworks Solutions Inc.	Add +57.3%	2.96%	+1.21
C Citigroup Inc.	Add +1.8%	3.76%	+0.45
WNS WNS Holdings Ltd.	New	0.34%	+0.34
WFC Wells Fargo & Co.	Add +5.5%	2.70%	+0.24
OSK Oshkosh Corp.	New	0.19%	+0.19
MGA Magna International Inc.	Add +3.7%	5.05%	+0.19
LKQ LKQ Corp.	Add +176.9%	0.34%	+0.19
ARCO Arcos Dorados Holdings Inc. Class A	New	0.17%	+0.17
TFX Teleflex Inc.	New	0.14%	+0.14
GPC Genuine Parts Co.	Add +98.0%	0.24%	+0.11
HAL Halliburton Co.	Add +134.7%	0.25%	+0.11
ADNT Adient PLC	Add +7.0%	0.26%	+0.09
BAC Bank of America Corp.	Add +3.5%	1.01%	+0.09
AAP Advance Auto Parts Inc.	Add +1.9%	0.66%	+0.07
AVT Avnet Inc.	Add +2.9%	1.27%	+0.07
RHI Robert Half Inc.	Add +80.3%	0.32%	+0.07
SHYF The Shyft Group Inc.	Add +16.1%	0.15%	+0.06
JPM JPMorgan Chase & Co.	Add +9.6%	0.32%	+0.06
MS Morgan Stanley	Add +3.7%	0.36%	+0.05
DAL Delta Air Lines Inc.	Add +1.9%	0.69%	+0.05
PVH PVH Corp.	Add +4.0%	1.43%	+0.04
HVT Haverty Furniture	Add +61.5%	0.10%	+0.04
PLOW Douglas Dynamics Inc.	Add +0.4%	0.22%	+0.03
REZI Resideo Technologies Inc.	Add +1.6%	0.19%	+0.03
TRS Trimas Corp.	Add +2.0%	0.20%	+0.03
WAB Wabtec Corp.	Add +4.8%	0.25%	+0.03
GPN Global Payments Inc.	Add +32.6%	2.88%	+0.03
AMWD American Woodmark Corp.	Add +36.6%	0.20%	+0.03
HDB HDFC Bank Ltd.-ADR	Add +13.8%	0.15%	+0.03
BFH Bread Financial Holdings Inc.	Add +9.9%	0.15%	+0.02
SCSC Scansource Inc.	Add +3.6%	0.13%	+0.02
GCO Genesco Inc.	Add +44.4%	0.09%	+0.02
NVST Envista Holdings Corp.	Add +7.2%	0.16%	+0.02
MBC Masterbrand Inc.	Add +45.3%	0.15%	+0.02
LDOS Leidos Holdings Inc.	Add +5.4%	0.13%	+0.02
USNA Usana Health Sciences Inc.	Add +9.4%	0.12%	+0.02
CI The Cigna Group	Add +9.7%	0.56%	+0.01
KFY Korn Ferry	Add +6.6%	0.20%	+0.01
GD General Dynamics Corp.	Add +4.7%	0.28%	+0.01
KOP Koppers Holdings Inc.	Add +2.2%	0.13%	+0.01
TBI Trueblue Inc.	Add +3.0%	0.06%	+0.01
ABM Abm Industries Inc.	Add +13.5%	0.15%	+0.01
PPG PPG Industries Inc.	Add +5.3%	0.38%	+0.01
TSM Taiwan Semiconductor-SP ADR	Add +2.5%	0.03%	+0.01
ASB Associated Banc-Corp.	Add +4.0%	0.15%	+0.01
MBUU Malibu Boats Inc. Class A	Add +8.9%	0.17%	+0.01
OEC Orion SA	Add +37.5%	0.16%	+0.01
SNV Synovus Financial Corp.	Add +1.7%	0.11%	+0.01
WSFS WSFS Financial Corp.	Add +3.0%	0.15%	+0.00

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	161	$34.1B	MGA, HUM, BAX, CVS, DG
Q1 2026	158	$30.8B	MGA, CTSH, TSN, BAX, BMY
Q4 2025	157	$33.4B	MGA, CTSH, DG, BAX, C
Q3 2025	154	$30.9B	MGA, BAX, C, DG, CVS
Q2 2025	152	$30.8B	MGA, CTSH, DG, BAX, C
Q1 2025	146	$28.6B	MGA, CTSH, BAX, CVS, DG
Q4 2024	152	$29.4B	MGA, CTSH, COF, BAX, WFC
Q3 2024	157	$31.0B	MGA, CTSH, BAX, COF, DOW
Q2 2024	160	$28.4B	CTSH, MGA, BAX, DOW, C
Q1 2024	159	$29.1B	MGA, CTSH, COF, DOW, BAX