Pzena Investment Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Pzena Investment Management LLC reported 157 stock positions worth $33.4 billion. Its top holding was Magna International (MGA) at 6.4% of the portfolio, followed by Cognizant Tech Solutions-A (CTSH, 4.4%) and Dollar General (DG, 4.2%). Compared with Q3 2025, it opened 12 new positions, sold out of 9, added to 50 and reduced 86. The biggest buy was PPG Industries (PPG, shares +306%) and the biggest sale Medtronic (MDT, shares −46%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001027796
- Portfolio Value
- $33.4B (Q4 2025)
- SEC Filing
- 0001027796-26-000009 ↗ filed Feb 6, 2026
Holdings Value
Holdings 157 stocks · $33.4B
| MGA Magna International Inc. | 6.38% | 29,113,582 | $2.1B | Add +0.2% |
| CTSH Cognizant Tech Solutions-A | 4.38% | 17,628,679 | $1.5B | Reduce -0.5% |
| DG Dollar General Corp. | 4.24% | 10,676,823 | $1.4B | Reduce -8.6% |
| BAX Baxter International Inc. | 4.01% | 70,046,251 | $1.3B | Add +22.1% |
| C Citigroup Inc. | 3.71% | 10,615,134 | $1.2B | Reduce -15.3% |
| CVS CVS Health Corp. | 3.70% | 15,581,307 | $1.2B | Reduce -1.7% |
| COF Capital One Financial Corp. | 3.64% | 5,020,853 | $1.2B | Reduce -0.6% |
| UBS UBS Group AG-Reg | 3.29% | 29,774,573 | $1.1B | Add +0.1% |
| HUM Humana Inc. | 3.12% | 4,072,208 | $1.0B | Add +1.0% |
| DOX Amdocs Ltd. | 2.90% | 12,037,015 | $969.1M | Add +82.6% |
| BMY Bristol-Myers Squibb Co. | 2.90% | 17,943,503 | $967.9M | Add +20.4% |
| MET Metlife Inc. | 2.81% | 11,883,338 | $938.1M | Add +22.9% |
| WFC Wells Fargo & Co. | 2.78% | 9,980,647 | $930.2M | Reduce -2.3% |
| SSNC Ss&c Technologies Holdings | 2.70% | 10,313,582 | $901.6M | Add +1.4% |
| TSN Tyson Foods Inc. Class A | 2.69% | 15,310,513 | $897.5M | Add +10.7% |
| GPN Global Payments Inc. | 2.64% | 11,409,697 | $883.1M | Add +4.6% |
| LEA Lear Corp. | 2.56% | 7,467,354 | $855.8M | Reduce -0.4% |
| SWKS Skyworks Solutions Inc. | 2.40% | 12,626,480 | $800.6M | Add +2.9% |
| PPG PPG Industries Inc. | 2.18% | 7,098,767 | $727.3M | Add +306.2% |
| CRBG Corebridge Financial Inc. | 2.13% | 23,632,410 | $713.0M | Add +5.8% |
| NOV Nov Inc. | 1.97% | 42,164,228 | $659.0M | Reduce -0.5% |
| DOW Dow Inc. | 1.93% | 27,626,887 | $645.9M | Add +1.7% |
| NOK Nokia Corp.-Spon ADR | 1.78% | 91,942,507 | $594.9M | Add +14.5% |
| UHS Universal Health Services-B | 1.38% | 2,112,604 | $460.6M | Add +31.5% |
| PVH PVH Corp. | 1.24% | 6,194,629 | $415.2M | Reduce -1.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.07% | 6,480,095 | $356.4M | Reduce -0.4% |
| FMS Fresenius Medical Care-ADR | 1.05% | 14,752,836 | $351.4M | Reduce -0.4% |
| ACN Accenture PLC Class A | 1.05% | 1,307,722 | $350.9M | Add +287.0% |
| AVT Avnet Inc. | 1.01% | 7,037,798 | $338.4M | Reduce -1.5% |
| MDT Medtronic PLC | 0.93% | 3,218,852 | $309.2M | Reduce -45.7% |
| BAP Credicorp Ltd. | 0.92% | 1,068,942 | $306.8M | Add +1.5% |
| VOYA Voya Financial Inc. | 0.81% | 3,626,212 | $270.1M | Reduce -0.5% |
| SHEL Shell PLC-ADR | 0.72% | 3,277,328 | $240.8M | Reduce -2.8% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.63% | 2,705,734 | $211.4M | Add +56.2% |
| DAL Delta Air Lines Inc. | 0.62% | 2,982,793 | $207.0M | Reduce -29.5% |
| EQH Equitable Holdings Inc. | 0.62% | 4,325,348 | $206.1M | Add +0.7% |
| NWL Newell Brands Inc. | 0.56% | 50,019,553 | $186.1M | Add +5.0% |
| TEL Te Connectivity PLC | 0.55% | 811,891 | $184.7M | Reduce -57.0% |
| PFE Pfizer Inc. | 0.49% | 6,526,800 | $162.5M | Reduce -1.3% |
| ZTO Zto Express Cayman Inc.-ADR | 0.47% | 7,580,454 | $158.4M | Reduce -5.2% |
| CI The Cigna Group | 0.47% | 570,833 | $157.1M | Add +7.7% |
| AAP Advance Auto Parts Inc. | 0.47% | 3,973,493 | $156.2M | Reduce -0.5% |
| HAL Halliburton Co. | 0.45% | 5,333,743 | $150.7M | Reduce -0.2% |
| SPB Spectrum Brands Holdings Inc. | 0.42% | 2,401,948 | $141.9M | Reduce -2.3% |
| GL Globe Life Inc. | 0.41% | 976,047 | $136.5M | Reduce -2.3% |
| LKQ LKQ Corp. | 0.40% | 4,382,173 | $132.3M | Add +31.2% |
| MHK Mohawk Industries Inc. | 0.39% | 1,186,400 | $129.7M | Add +0.6% |
| CNXC Concentrix Corp. | 0.36% | 2,927,196 | $121.7M | Add +32.3% |
| RHI Robert Half Inc. | 0.36% | 4,394,851 | $119.4M | Add +38.2% |
| ST Sensata Technologies Holdplc | 0.35% | 3,509,416 | $116.8M | Add +380.4% |
| JPM JPMorgan Chase & Co. | 0.33% | 342,390 | $110.3M | Add +0.7% |
| CSCO Cisco Systems Inc. | 0.32% | 1,396,376 | $107.6M | Reduce -9.6% |
| CNO Cno Financial Group Inc. | 0.31% | 2,462,868 | $104.6M | Reduce -3.1% |
| WBS Webster Financial Corp. | 0.31% | 1,652,571 | $104.0M | Reduce 0.0% |
| GD General Dynamics Corp. | 0.30% | 293,443 | $98.8M | No change |
| OLN Olin Corp. | 0.28% | 4,507,913 | $93.9M | Add +17.5% |
| MS Morgan Stanley | 0.25% | 472,239 | $83.8M | Reduce -39.9% |
| STZ Constellation Brands Inc. Class A | 0.24% | 589,891 | $81.4M | New |
| XOM Exxon Mobil Corp. | 0.24% | 660,739 | $79.5M | Reduce -0.1% |
| WAB Wabtec Corp. | 0.23% | 366,410 | $78.2M | Reduce -0.3% |
| ARCO Arcos Dorados Holdings Inc. Class A | 0.23% | 10,562,564 | $77.5M | Reduce -7.6% |
| ELV Elevance Health Inc. | 0.23% | 216,322 | $75.8M | Reduce -0.2% |
| GPC Genuine Parts Co. | 0.22% | 606,880 | $74.6M | Add +0.3% |
| ADNT Adient PLC | 0.21% | 3,677,070 | $70.5M | Reduce -0.3% |
| PLOW Douglas Dynamics Inc. | 0.21% | 2,126,608 | $69.4M | Reduce -4.2% |
| HSIC Henry Schein Inc. | 0.20% | 887,725 | $67.1M | Reduce -4.1% |
| KNX Knight-Swift Transportation | 0.20% | 1,265,317 | $66.2M | New |
| OSK Oshkosh Corp. | 0.19% | 513,621 | $64.5M | Reduce -0.2% |
| AMWD American Woodmark Corp. | 0.19% | 1,150,214 | $62.0M | Reduce -0.2% |
| HUN Huntsman Corp. | 0.17% | 5,705,178 | $57.1M | Add +5.8% |
| ONB Old National Bancorp | 0.17% | 2,518,048 | $56.2M | Reduce -4.4% |
| DNOW Dnow Inc. | 0.17% | 4,161,129 | $55.1M | New |
| AEBI Aebi Schmidt Holding AG | 0.16% | 4,250,372 | $53.8M | Reduce -7.2% |
| GOOGL Alphabet Inc. Class A | 0.16% | 171,157 | $53.6M | New |
| KFY Korn Ferry | 0.16% | 791,865 | $52.3M | Reduce -2.4% |
| JNJ Johnson & Johnson | 0.15% | 245,951 | $50.9M | Reduce -0.9% |
| NVST Envista Holdings Corp. | 0.15% | 2,325,859 | $50.5M | Reduce -3.7% |
| COLB Columbia Banking System Inc. | 0.15% | 1,804,394 | $50.4M | Reduce -6.3% |
| RF Regions Financial Corp. | 0.15% | 1,839,825 | $49.9M | No change |
| ABM Abm Industries Inc. | 0.15% | 1,171,529 | $49.6M | Add +0.6% |
| SHG Shinhan Financial Group-ADR | 0.15% | 911,788 | $48.9M | Reduce -4.3% |
| MBUU Malibu Boats Inc. Class A | 0.15% | 1,721,957 | $48.6M | Add +2.5% |
| WSFS WSFS Financial Corp. | 0.14% | 876,816 | $48.4M | Reduce -5.6% |
| REZI Resideo Technologies Inc. | 0.14% | 1,372,625 | $48.2M | Reduce -37.7% |
| DRH Diamondrock Hospitality Co. | 0.14% | 5,316,555 | $47.6M | Reduce -38.1% |
| CBRE CBRE Group Inc. Class A | 0.14% | 296,040 | $47.6M | Add +0.2% |
| BFH Bread Financial Holdings Inc. | 0.14% | 640,130 | $47.4M | Reduce -18.5% |
| HCA HCA Healthcare Inc. | 0.14% | 100,830 | $47.1M | Reduce -0.2% |
| VREX Varex Imaging Corp. | 0.14% | 3,989,364 | $46.5M | Reduce -5.6% |
| TFX Teleflex Inc. | 0.14% | 379,465 | $46.3M | Reduce -2.1% |
| ASB Associated Banc-Corp. | 0.13% | 1,745,153 | $45.0M | Reduce -4.1% |
| LDOS Leidos Holdings Inc. | 0.13% | 244,271 | $44.1M | Reduce -0.2% |
| FITB Fifth Third Bancorp | 0.13% | 937,822 | $43.9M | Reduce -0.8% |
| MBC Masterbrand Inc. | 0.13% | 3,785,921 | $41.8M | Reduce -8.2% |
| HR Healthcare Realty Trust Inc. | 0.11% | 2,225,789 | $37.7M | No change |
| AIG American International Group | 0.11% | 440,331 | $37.7M | Reduce -0.2% |
| WGO Winnebago Industries | 0.11% | 928,962 | $37.6M | New |
| MSM MSC Industrial Direct Co. Class A | 0.11% | 444,666 | $37.4M | No change |
| TGT Target Corp. | 0.11% | 374,240 | $36.6M | Add +0.0% |
| SCSC Scansource Inc. | 0.11% | 907,456 | $35.4M | Reduce -4.0% |
Portfolio Sells Q3 2025 → Q4 2025
| MDT Medtronic PLC | Reduce -45.7% | 0.93% | −0.90 |
| TEL Te Connectivity PLC | Reduce -57.0% | 0.55% | −0.79 |
| PVH PVH Corp. | Reduce -1.0% | 1.24% | −0.45 |
| C Citigroup Inc. | Reduce -15.3% | 3.71% | −0.40 |
| AAP Advance Auto Parts Inc. | Reduce -0.5% | 0.47% | −0.33 |
| CHTR Charter Communications Inc. Class A | Reduce -70.7% | 0.07% | −0.29 |
| GS Goldman Sachs Group Inc. | Reduce -90.1% | 0.03% | −0.29 |
| MRC MRC Global Inc. | Sold out | 0.00% | −0.24 |
| FMS Fresenius Medical Care-ADR | Reduce -0.4% | 1.05% | −0.21 |
| AVT Avnet Inc. | Reduce -1.5% | 1.01% | −0.19 |
| REZI Resideo Technologies Inc. | Reduce -37.7% | 0.14% | −0.16 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −0.16 |
| CVS CVS Health Corp. | Reduce -1.7% | 3.70% | −0.16 |
| DAL Delta Air Lines Inc. | Reduce -29.5% | 0.62% | −0.16 |
| MS Morgan Stanley | Reduce -39.9% | 0.25% | −0.15 |
| TRS Trimas Corp. | Reduce -58.7% | 0.06% | −0.11 |
| DRH Diamondrock Hospitality Co. | Reduce -38.1% | 0.14% | −0.08 |
| ADNT Adient PLC | Reduce -0.3% | 0.21% | −0.08 |
| VOYA Voya Financial Inc. | Reduce -0.5% | 0.81% | −0.07 |
| AMWD American Woodmark Corp. | Reduce -0.2% | 0.19% | −0.06 |
| WCC Wesco International Inc. | Reduce -46.7% | 0.08% | −0.06 |
| PFE Pfizer Inc. | Reduce -1.3% | 0.49% | −0.06 |
| SHEL Shell PLC-ADR | Reduce -2.8% | 0.72% | −0.06 |
| GL Globe Life Inc. | Reduce -2.3% | 0.41% | −0.05 |
| MBC Masterbrand Inc. | Reduce -8.2% | 0.13% | −0.05 |
| FNF Fidelity National Financial | Sold out | 0.00% | −0.04 |
| OEC Orion SA | Reduce -2.4% | 0.07% | −0.04 |
| USNA Usana Health Sciences Inc. | Reduce -6.5% | 0.07% | −0.04 |
| GCO Genesco Inc. | Reduce -10.2% | 0.09% | −0.04 |
| VREX Varex Imaging Corp. | Reduce -5.6% | 0.14% | −0.03 |
| SCSC Scansource Inc. | Reduce -4.0% | 0.11% | −0.03 |
| KFY Korn Ferry | Reduce -2.4% | 0.16% | −0.03 |
| AEBI Aebi Schmidt Holding AG | Reduce -7.2% | 0.16% | −0.02 |
| OSK Oshkosh Corp. | Reduce -0.2% | 0.19% | −0.02 |
| ZTO Zto Express Cayman Inc.-ADR | Reduce -5.2% | 0.47% | −0.02 |
| HELE Helen of Troy Ltd. | Reduce -6.3% | 0.06% | −0.02 |
| SCS Steelcase Inc. Class A | Sold out | 0.00% | −0.02 |
| CSCO Cisco Systems Inc. | Reduce -9.6% | 0.32% | −0.02 |
| ONB Old National Bancorp | Reduce -4.4% | 0.17% | −0.02 |
| TBI Trueblue Inc. | Reduce -0.9% | 0.04% | −0.02 |
| LDOS Leidos Holdings Inc. | Reduce -0.2% | 0.13% | −0.02 |
| BAC Bank of America Corp. | Reduce -0.4% | 1.07% | −0.02 |
| ARCO Arcos Dorados Holdings Inc. Class A | Reduce -7.6% | 0.23% | −0.02 |
| WSFS WSFS Financial Corp. | Reduce -5.6% | 0.14% | −0.02 |
| ASB Associated Banc-Corp. | Reduce -4.1% | 0.13% | −0.02 |
| PLOW Douglas Dynamics Inc. | Reduce -4.2% | 0.21% | −0.02 |
| KOP Koppers Holdings Inc. | Reduce -3.6% | 0.10% | −0.02 |
| TFX Teleflex Inc. | Reduce -2.1% | 0.14% | −0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -38.0% | 0.02% | −0.01 |
| BIDU Baidu Inc. - Spon ADR | Reduce -32.6% | 0.02% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| PPG PPG Industries Inc. | Add +306.2% | 2.18% | +1.58 |
| DOX Amdocs Ltd. | Add +82.6% | 2.90% | +1.15 |
| ACN Accenture PLC Class A | Add +287.0% | 1.05% | +0.78 |
| BMY Bristol-Myers Squibb Co. | Add +20.4% | 2.90% | +0.73 |
| NOK Nokia Corp.-Spon ADR | Add +14.5% | 1.78% | +0.53 |
| UHS Universal Health Services-B | Add +31.5% | 1.38% | +0.32 |
| ST Sensata Technologies Holdplc | Add +380.4% | 0.35% | +0.28 |
| TSN Tyson Foods Inc. Class A | Add +10.7% | 2.69% | +0.26 |
| STZ Constellation Brands Inc. Class A | New | 0.24% | +0.24 |
| MET Metlife Inc. | Add +22.9% | 2.81% | +0.23 |
| KNX Knight-Swift Transportation | New | 0.20% | +0.20 |
| MGA Magna International Inc. | Add +0.2% | 6.38% | +0.18 |
| KSPI JSC Kaspi.kz ADR | Add +56.2% | 0.63% | +0.18 |
| UBS UBS Group AG-Reg | Add +0.1% | 3.29% | +0.17 |
| DNOW Dnow Inc. | New | 0.17% | +0.17 |
| GOOGL Alphabet Inc. Class A | New | 0.16% | +0.16 |
| WGO Winnebago Industries | New | 0.11% | +0.11 |
| LKQ LKQ Corp. | Add +31.2% | 0.40% | +0.07 |
| MYE Myers Industries Inc. | Add +813.5% | 0.07% | +0.07 |
| CNXC Concentrix Corp. | Add +32.3% | 0.36% | +0.03 |
| DIS The Walt Disney Co. | Add +3446.3% | 0.03% | +0.03 |
| HUN Huntsman Corp. | Add +5.8% | 0.17% | +0.01 |
| BAP Credicorp Ltd. | Add +1.5% | 0.92% | +0.01 |
| RHI Robert Half Inc. | Add +38.2% | 0.36% | +0.01 |
| TTE Totalenergies SE | New | 0.00% | +0.00 |
| HSBC HSBC Holdings PLC-Spons ADR | Add +18.4% | 0.01% | +0.00 |
| TAK Takeda Pharmaceutic-SP ADR | New | 0.00% | +0.00 |
| TGT Target Corp. | Add +0.0% | 0.11% | +0.00 |
| CINF Cincinnati Financial Corp. | New | 0.00% | +0.00 |
| DOCU Docusign Inc. | New | 0.00% | +0.00 |
| HOLX Hologic Inc. | New | 0.00% | +0.00 |
| ING ING Groep N.V.-Sponsored ADR | Add +19.3% | 0.01% | +0.00 |
| ADM Archer-Daniels-Midland Co. | New | 0.00% | +0.00 |
| EQNR Equinor ASA-Spon ADR | Add +78.8% | 0.00% | +0.00 |
| GSK GSK PLC-Spon ADR | Add +54.2% | 0.00% | +0.00 |
| SOLV Solventum Corp. | Add +0.2% | 0.10% | +0.00 |
| SNY Sanofi-ADR | Add +76.3% | 0.00% | +0.00 |
| TPG TPG Inc. | New | 0.00% | +0.00 |
| PHG Koninklijke Philips NVR- NY | Add +25.9% | 0.00% | +0.00 |
| SMFG Sumitomo Mitsui-Spons ADR | Add +15.3% | 0.00% | +0.00 |
| HIG Hartford Insurance Group Inc. | Add +22.6% | 0.00% | +0.00 |
| ADBE Adobe Inc. | Add +4.4% | 0.00% | 0.00 |
| HALO Halozyme Therapeutics Inc. | Add +4.2% | 0.00% | −0.00 |
| CBRE CBRE Group Inc. Class A | Add +0.2% | 0.14% | −0.01 |
| ARW Arrow Electronics Inc. | Add +0.0% | 0.07% | −0.01 |
| JPM JPMorgan Chase & Co. | Add +0.7% | 0.33% | −0.02 |
| CI The Cigna Group | Add +7.7% | 0.47% | −0.02 |
| ABM Abm Industries Inc. | Add +0.6% | 0.15% | −0.03 |
| OLN Olin Corp. | Add +17.5% | 0.28% | −0.03 |
| MBUU Malibu Boats Inc. Class A | Add +2.5% | 0.15% | −0.03 |
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 |