Pzena Investment Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Pzena Investment Management LLC reported 154 stock positions worth $30.9 billion. Its top holding was Magna International (MGA) at 6.2% of the portfolio, followed by Baxter International (BAX, 4.2%) and Citigroup (C, 4.1%). Compared with Q2 2025, it opened 7 new positions, sold out of 5, added to 67 and reduced 71. The biggest buy was Universal Health Services-B (UHS, shares +310%) and the biggest sale Charter Communications Class A (CHTR, shares −85%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001027796
- Portfolio Value
- $30.9B (Q3 2025)
- SEC Filing
- 0001027796-25-000057 ↗ filed Nov 7, 2025
Holdings Value
Holdings 154 stocks · $30.9B
| MGA Magna International Inc. | 6.19% | 29,068,447 | $1.9B | Reduce -1.5% |
| BAX Baxter International Inc. | 4.22% | 57,387,040 | $1.3B | Add +45.9% |
| C Citigroup Inc. | 4.11% | 12,532,003 | $1.3B | Reduce -7.7% |
| DG Dollar General Corp. | 3.90% | 11,677,669 | $1.2B | Reduce -1.4% |
| CVS CVS Health Corp. | 3.86% | 15,844,972 | $1.2B | Reduce -5.4% |
| CTSH Cognizant Tech Solutions-A | 3.84% | 17,710,868 | $1.2B | Add +1.5% |
| COF Capital One Financial Corp. | 3.47% | 5,052,134 | $1.1B | Reduce -6.8% |
| HUM Humana Inc. | 3.39% | 4,031,083 | $1.0B | Reduce -1.1% |
| UBS UBS Group AG-Reg | 3.13% | 29,746,473 | $967.1M | Reduce -3.7% |
| SWKS Skyworks Solutions Inc. | 3.05% | 12,272,162 | $944.7M | Add +0.5% |
| GPN Global Payments Inc. | 2.93% | 10,908,810 | $906.3M | Reduce -1.3% |
| SSNC Ss&c Technologies Holdings | 2.92% | 10,175,891 | $903.2M | Reduce -2.7% |
| WFC Wells Fargo & Co. | 2.77% | 10,217,379 | $856.4M | Reduce -1.5% |
| MET Metlife Inc. | 2.57% | 9,672,023 | $796.7M | Add +5.8% |
| LEA Lear Corp. | 2.44% | 7,497,417 | $754.3M | Reduce -1.4% |
| TSN Tyson Foods Inc. Class A | 2.43% | 13,829,526 | $750.9M | Add +0.9% |
| CRBG Corebridge Financial Inc. | 2.31% | 22,329,199 | $715.7M | Add +19.3% |
| BMY Bristol-Myers Squibb Co. | 2.17% | 14,901,604 | $672.1M | Add +0.4% |
| DOW Dow Inc. | 2.01% | 27,166,229 | $622.9M | Add +0.3% |
| MDT Medtronic PLC | 1.82% | 5,928,086 | $564.6M | Reduce -33.1% |
| NOV Nov Inc. | 1.82% | 42,389,833 | $561.7M | Reduce -0.8% |
| DOX Amdocs Ltd. | 1.75% | 6,593,249 | $541.0M | Add +0.6% |
| PVH PVH Corp. | 1.69% | 6,254,994 | $524.0M | Reduce -2.4% |
| TEL Te Connectivity PLC | 1.34% | 1,889,576 | $414.8M | Reduce -21.9% |
| FMS Fresenius Medical Care-ADR | 1.26% | 14,816,852 | $390.1M | Add +1.1% |
| NOK Nokia Corp.-Spon ADR | 1.25% | 80,329,917 | $386.4M | Add +17.0% |
| AVT Avnet Inc. | 1.21% | 7,143,346 | $373.5M | Reduce -2.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.08% | 6,503,771 | $335.5M | Reduce -1.1% |
| UHS Universal Health Services-B | 1.06% | 1,607,029 | $328.5M | Add +310.2% |
| BAP Credicorp Ltd. | 0.91% | 1,053,056 | $280.4M | Add +2.5% |
| VOYA Voya Financial Inc. | 0.88% | 3,645,695 | $272.7M | Reduce -0.4% |
| NWL Newell Brands Inc. | 0.81% | 47,643,771 | $249.7M | Reduce -1.5% |
| AAP Advance Auto Parts Inc. | 0.79% | 3,995,052 | $245.3M | Reduce -9.1% |
| SHEL Shell PLC-ADR | 0.78% | 3,370,332 | $241.1M | Reduce -8.0% |
| DAL Delta Air Lines Inc. | 0.78% | 4,230,418 | $240.1M | Reduce -1.9% |
| EQH Equitable Holdings Inc. | 0.71% | 4,297,008 | $218.2M | Add +1.3% |
| PPG PPG Industries Inc. | 0.59% | 1,747,664 | $183.7M | Add +72.3% |
| PFE Pfizer Inc. | 0.54% | 6,615,598 | $168.6M | Add +0.9% |
| ZTO Zto Express Cayman Inc.-ADR | 0.50% | 7,999,407 | $153.6M | Add +4.9% |
| CI The Cigna Group | 0.49% | 529,841 | $152.7M | Add +1.2% |
| MHK Mohawk Industries Inc. | 0.49% | 1,179,068 | $152.0M | Add +0.3% |
| GL Globe Life Inc. | 0.46% | 998,506 | $142.8M | Add +5.5% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.46% | 1,732,148 | $141.5M | Add +3.1% |
| HAL Halliburton Co. | 0.43% | 5,346,596 | $131.5M | Add +43.2% |
| SPB Spectrum Brands Holdings Inc. | 0.42% | 2,459,485 | $129.2M | Add +66.8% |
| MS Morgan Stanley | 0.40% | 785,597 | $124.9M | Reduce -0.7% |
| CHTR Charter Communications Inc. Class A | 0.36% | 405,081 | $111.4M | Reduce -84.7% |
| RHI Robert Half Inc. | 0.35% | 3,179,968 | $108.1M | Add +33.8% |
| JPM JPMorgan Chase & Co. | 0.35% | 340,025 | $107.3M | Reduce -0.7% |
| CSCO Cisco Systems Inc. | 0.34% | 1,544,377 | $105.7M | Reduce -3.5% |
| CNXC Concentrix Corp. | 0.33% | 2,212,592 | $102.1M | Reduce -2.8% |
| LKQ LKQ Corp. | 0.33% | 3,339,732 | $102.0M | Add +19.9% |
| CNO Cno Financial Group Inc. | 0.32% | 2,542,121 | $100.5M | Reduce -0.4% |
| GD General Dynamics Corp. | 0.32% | 293,443 | $100.1M | Add +0.7% |
| GS Goldman Sachs Group Inc. | 0.32% | 123,552 | $98.4M | Reduce -2.2% |
| WBS Webster Financial Corp. | 0.32% | 1,652,636 | $98.2M | Add +2.5% |
| OLN Olin Corp. | 0.31% | 3,836,663 | $95.9M | Add +0.2% |
| REZI Resideo Technologies Inc. | 0.31% | 2,204,467 | $95.2M | Reduce -18.0% |
| ADNT Adient PLC | 0.29% | 3,689,680 | $88.8M | Reduce -11.6% |
| GPC Genuine Parts Co. | 0.27% | 605,063 | $83.9M | Add +1.5% |
| ACN Accenture PLC Class A | 0.27% | 337,930 | $83.3M | New |
| ARCO Arcos Dorados Holdings Inc. Class A | 0.25% | 11,427,294 | $77.1M | Add +74.9% |
| AMWD American Woodmark Corp. | 0.25% | 1,152,739 | $77.0M | Add +0.4% |
| XOM Exxon Mobil Corp. | 0.24% | 661,764 | $74.6M | Add +1.2% |
| MRC MRC Global Inc. | 0.24% | 5,145,005 | $74.2M | Reduce -1.5% |
| WAB Wabtec Corp. | 0.24% | 367,582 | $73.7M | Add +1.9% |
| ELV Elevance Health Inc. | 0.23% | 216,709 | $70.0M | Reduce -0.3% |
| PLOW Douglas Dynamics Inc. | 0.22% | 2,218,823 | $69.4M | Reduce -2.8% |
| DRH Diamondrock Hospitality Co. | 0.22% | 8,584,035 | $68.3M | Reduce -2.3% |
| OSK Oshkosh Corp. | 0.22% | 514,513 | $66.7M | Reduce -2.2% |
| HSIC Henry Schein Inc. | 0.20% | 925,992 | $61.5M | Add +0.6% |
| ONB Old National Bancorp | 0.19% | 2,633,476 | $57.8M | Reduce -2.3% |
| AEBI Aebi Schmidt Holding AG | 0.18% | 4,578,822 | $57.1M | Add +23.0% |
| KFY Korn Ferry | 0.18% | 811,374 | $56.8M | Reduce -0.8% |
| MBUU Malibu Boats Inc. Class A | 0.18% | 1,680,244 | $54.5M | Add +0.6% |
| MBC Masterbrand Inc. | 0.18% | 4,123,054 | $54.3M | Reduce -0.8% |
| ABM Abm Industries Inc. | 0.17% | 1,164,842 | $53.7M | Add +20.8% |
| VREX Varex Imaging Corp. | 0.17% | 4,227,023 | $52.4M | Reduce -0.4% |
| TRS Trimas Corp. | 0.16% | 1,302,265 | $50.3M | Reduce -40.2% |
| WNS WNS Holdings Ltd. filed as WNS HLDGS LTD | 0.16% | 659,313 | $50.3M | Reduce -60.3% |
| WSFS WSFS Financial Corp. | 0.16% | 928,413 | $50.1M | Add +14.4% |
| COLB Columbia Banking System Inc. | 0.16% | 1,926,346 | $49.6M | Add +24.9% |
| NVST Envista Holdings Corp. | 0.16% | 2,414,866 | $49.2M | Reduce -1.8% |
| RF Regions Financial Corp. | 0.16% | 1,839,825 | $48.5M | Reduce -3.1% |
| HUN Huntsman Corp. | 0.16% | 5,393,866 | $48.4M | Add +1.6% |
| SHG Shinhan Financial Group-ADR | 0.16% | 952,762 | $48.0M | Reduce -7.3% |
| TFX Teleflex Inc. | 0.15% | 387,483 | $47.4M | Add +8.8% |
| ASB Associated Banc-Corp. | 0.15% | 1,819,595 | $46.8M | Reduce -2.1% |
| CBRE CBRE Group Inc. Class A | 0.15% | 295,522 | $46.6M | Add +0.1% |
| LDOS Leidos Holdings Inc. | 0.15% | 244,661 | $46.2M | Add +0.1% |
| JNJ Johnson & Johnson | 0.15% | 248,251 | $46.0M | Add +0.8% |
| WCC Wesco International Inc. | 0.15% | 213,069 | $45.1M | Reduce -6.9% |
| BFH Bread Financial Holdings Inc. | 0.14% | 785,417 | $43.8M | Reduce -1.8% |
| HCA HCA Healthcare Inc. | 0.14% | 101,060 | $43.1M | Add +1.1% |
| FITB Fifth Third Bancorp | 0.14% | 945,184 | $42.1M | Reduce -0.7% |
| SCSC Scansource Inc. | 0.13% | 945,599 | $41.6M | Reduce -3.1% |
| MSM MSC Industrial Direct Co. Class A | 0.13% | 444,666 | $41.0M | Reduce -3.7% |
| GCO Genesco Inc. | 0.13% | 1,385,618 | $40.2M | Reduce -3.3% |
| HR Healthcare Realty Trust Inc. | 0.13% | 2,225,789 | $40.1M | No change |
| OEC Orion SA | 0.12% | 4,694,825 | $35.6M | Add +2.6% |
Portfolio Sells Q2 2025 → Q3 2025
| CHTR Charter Communications Inc. Class A | Reduce -84.7% | 0.36% | −3.16 |
| MDT Medtronic PLC | Reduce -33.1% | 1.82% | −0.69 |
| DG Dollar General Corp. | Reduce -1.4% | 3.90% | −0.51 |
| COF Capital One Financial Corp. | Reduce -6.8% | 3.47% | −0.28 |
| WNS WNS Holdings Ltd. | Reduce -60.3% | 0.16% | −0.18 |
| SCS Steelcase Inc. Class A | Reduce -93.2% | 0.02% | −0.17 |
| SNV Synovus Financial Corp. | Sold out | 0.00% | −0.11 |
| CHRW C.H. Robinson Worldwide Inc. | Reduce -93.5% | 0.01% | −0.07 |
| CNXC Concentrix Corp. | Reduce -2.8% | 0.33% | −0.06 |
| AVT Avnet Inc. | Reduce -2.7% | 1.21% | −0.06 |
| SHEL Shell PLC-ADR | Reduce -8.0% | 0.78% | −0.06 |
| HDB HDFC Bank Ltd.-ADR | Reduce -26.4% | 0.09% | −0.05 |
| ELV Elevance Health Inc. | Reduce -0.3% | 0.23% | −0.05 |
| ABEV Ambev SA-ADR | Reduce -56.2% | 0.03% | −0.05 |
| NWL Newell Brands Inc. | Reduce -1.5% | 0.81% | −0.04 |
| BIDU Baidu Inc. - Spon ADR | Reduce -69.7% | 0.04% | −0.04 |
| TRS Trimas Corp. | Reduce -40.2% | 0.16% | −0.04 |
| UVV Universal Corp. | Reduce -32.1% | 0.06% | −0.03 |
| CSCO Cisco Systems Inc. | Reduce -3.5% | 0.34% | −0.02 |
| KFY Korn Ferry | Reduce -0.8% | 0.18% | −0.01 |
| ARW Arrow Electronics Inc. | Reduce -4.6% | 0.08% | −0.01 |
| DAN Dana Inc. | Reduce -93.6% | 0.00% | −0.01 |
| BFH Bread Financial Holdings Inc. | Reduce -1.8% | 0.14% | −0.01 |
| TBI Trueblue Inc. | Reduce -0.9% | 0.06% | −0.00 |
| KB KB Financial Group Inc.-ADR | Reduce -14.6% | 0.01% | −0.00 |
| IBN Icici Bank Ltd.-Spon ADR | Sold out | 0.00% | −0.00 |
| NWG Natwest Group PLC -Spon ADR | Sold out | 0.00% | −0.00 |
| ULTA Ulta Beauty Inc. | Sold out | 0.00% | −0.00 |
| ALKS Alkermes PLC | Sold out | 0.00% | −0.00 |
| ONB Old National Bancorp | Reduce -2.3% | 0.19% | −0.00 |
| INTC Intel Corp. | Reduce -32.5% | 0.00% | 0.00 |
| BCS Barclays PLC-Spons ADR | Reduce -6.8% | 0.00% | +0.00 |
| CRUS Cirrus Logic Inc. | Reduce -4.5% | 0.00% | +0.00 |
| DELL Dell Technologies -C | Reduce -1.1% | 0.00% | +0.00 |
| SCSC Scansource Inc. | Reduce -3.1% | 0.13% | +0.00 |
| DRH Diamondrock Hospitality Co. | Reduce -2.3% | 0.22% | +0.00 |
| NVST Envista Holdings Corp. | Reduce -1.8% | 0.16% | +0.00 |
| FNF Fidelity National Financial | Reduce -0.0% | 0.04% | +0.00 |
| ASB Associated Banc-Corp. | Reduce -2.1% | 0.15% | +0.00 |
| SHG Shinhan Financial Group-ADR | Reduce -7.3% | 0.16% | +0.00 |
| BABA Alibaba Group Holding-SP ADR | Reduce -22.4% | 0.02% | +0.00 |
| CNO Cno Financial Group Inc. | Reduce -0.4% | 0.32% | +0.00 |
| MSM MSC Industrial Direct Co. Class A | Reduce -3.7% | 0.13% | +0.00 |
| PLOW Douglas Dynamics Inc. | Reduce -2.8% | 0.22% | +0.01 |
| MRC MRC Global Inc. | Reduce -1.5% | 0.24% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.2% | 0.04% | +0.01 |
| HVT Haverty Furniture | Reduce -0.1% | 0.11% | +0.01 |
| WCC Wesco International Inc. | Reduce -6.9% | 0.15% | +0.01 |
| FITB Fifth Third Bancorp | Reduce -0.7% | 0.14% | +0.01 |
| CMA Comerica Inc. | Reduce -0.3% | 0.09% | +0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| UHS Universal Health Services-B | Add +310.2% | 1.06% | +0.83 |
| BAX Baxter International Inc. | Add +45.9% | 4.22% | +0.35 |
| ACN Accenture PLC Class A | New | 0.27% | +0.27 |
| PPG PPG Industries Inc. | Add +72.3% | 0.59% | +0.22 |
| MET Metlife Inc. | Add +5.8% | 2.57% | +0.18 |
| HAL Halliburton Co. | Add +43.2% | 0.43% | +0.18 |
| SPB Spectrum Brands Holdings Inc. | Add +66.8% | 0.42% | +0.16 |
| BAP Credicorp Ltd. | Add +2.5% | 0.91% | +0.16 |
| CRBG Corebridge Financial Inc. | Add +19.3% | 2.31% | +0.15 |
| SOLV Solventum Corp. | New | 0.10% | +0.10 |
| SWKS Skyworks Solutions Inc. | Add +0.5% | 3.05% | +0.10 |
| NOK Nokia Corp.-Spon ADR | Add +17.0% | 1.25% | +0.09 |
| MHK Mohawk Industries Inc. | Add +0.3% | 0.49% | +0.09 |
| ARCO Arcos Dorados Holdings Inc. Class A | Add +74.9% | 0.25% | +0.08 |
| GL Globe Life Inc. | Add +5.5% | 0.46% | +0.08 |
| ST Sensata Technologies Holdplc | New | 0.07% | +0.07 |
| OLN Olin Corp. | Add +0.2% | 0.31% | +0.06 |
| ZTO Zto Express Cayman Inc.-ADR | Add +4.9% | 0.50% | +0.06 |
| AMWD American Woodmark Corp. | Add +0.4% | 0.25% | +0.05 |
| GD General Dynamics Corp. | Add +0.7% | 0.32% | +0.05 |
| COLB Columbia Banking System Inc. | Add +24.9% | 0.16% | +0.04 |
| AEBI Aebi Schmidt Holding AG | Add +23.0% | 0.18% | +0.04 |
| GPC Genuine Parts Co. | Add +1.5% | 0.27% | +0.04 |
| RHI Robert Half Inc. | Add +33.8% | 0.35% | +0.03 |
| WBS Webster Financial Corp. | Add +2.5% | 0.32% | +0.03 |
| PFE Pfizer Inc. | Add +0.9% | 0.54% | +0.03 |
| JNJ Johnson & Johnson | Add +0.8% | 0.15% | +0.03 |
| ABM Abm Industries Inc. | Add +20.8% | 0.17% | +0.03 |
| LDOS Leidos Holdings Inc. | Add +0.1% | 0.15% | +0.02 |
| WSFS WSFS Financial Corp. | Add +14.4% | 0.16% | +0.02 |
| TFX Teleflex Inc. | Add +8.8% | 0.15% | +0.02 |
| CBRE CBRE Group Inc. Class A | Add +0.1% | 0.15% | +0.02 |
| HCA HCA Healthcare Inc. | Add +1.1% | 0.14% | +0.01 |
| XOM Exxon Mobil Corp. | Add +1.2% | 0.24% | +0.01 |
| MYE Myers Industries Inc. | New | 0.01% | +0.01 |
| KEY Keycorp | Add +0.3% | 0.10% | +0.01 |
| MBUU Malibu Boats Inc. Class A | Add +0.6% | 0.18% | +0.01 |
| CIG Cia Energetica DE-Spon ADR | Add +26.7% | 0.01% | +0.00 |
| AMAT Applied Materials Inc. | New | 0.00% | +0.00 |
| HALO Halozyme Therapeutics Inc. | New | 0.00% | +0.00 |
| PHG Koninklijke Philips NVR- NY | Add +40.0% | 0.00% | +0.00 |
| ING ING Groep N.V.-Sponsored ADR | Add +2.7% | 0.00% | +0.00 |
| MT Arcelormittal-NY Registered | Add +2.9% | 0.00% | +0.00 |
| GE General Electric | New | 0.00% | +0.00 |
| HSBC HSBC Holdings PLC-Spons ADR | Add +2.6% | 0.00% | +0.00 |
| GSK GSK PLC-Spon ADR | Add +16.1% | 0.00% | +0.00 |
| ADBE Adobe Inc. | Add +37.6% | 0.00% | +0.00 |
| EQNR Equinor ASA-Spon ADR | Add +23.2% | 0.00% | +0.00 |
| SMFG Sumitomo Mitsui-Spons ADR | Add +2.6% | 0.00% | +0.00 |
| SNY Sanofi-ADR | Add +19.5% | 0.00% | +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 |