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PZENA INVESTMENT MANAGEMENT LLC

320 PARK AVENUE, 8TH FLOOR, NEW YORK, NY 10022 • 212-355-1600

Q2 2025 · Filed 2025-07-25
Market Value
$30.6B
+7.0%
Holdings
156
-6
New Purchases
11
Added To
92
Closed
6
Reduced
34
Top 10 Concentration
38.9%
Turnover
10.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CRBG 2.17% 0.89% +1.28% $665M
SWKS 2.97% 1.75% +1.22% $910M
DG 4.42% 3.92% +0.50% $1.4B
C 3.77% 3.30% +0.47% $1.2B
COF 3.76% 3.48% +0.28% $1.2B
WFC 2.71% 2.46% +0.25% $831M
MGA 5.07% 4.86% +0.21% $1.6B
OSK 0.19% 0.00% +0.19% $60M
LKQ 0.34% 0.15% +0.19% $103M
ARCO 0.17% 0.00% +0.17% $52M
TFX 0.14% 0.00% +0.14% $42M
TEL 1.33% 1.22% +0.11% $408M
GPC 0.24% 0.13% +0.11% $72M
HAL 0.25% 0.14% +0.11% $76M
ADNT 0.27% 0.18% +0.09% $81M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
DOW 2.34% 3.04% -0.70% $717M
BMY 2.24% 2.87% -0.62% $687M
BAX 3.89% 4.39% -0.51% $1.2B
NOV 1.73% 2.21% -0.48% $531M
TSN 2.50% 2.96% -0.45% $767M
CVS 3.77% 4.18% -0.41% $1.2B
NOK 1.16% 1.48% -0.32% $356M
EQH 0.78% 1.07% -0.30% $238M
HUM 3.25% 3.54% -0.29% $997M
JELD 0.00% 0.21% -0.21% $0
SSNC 2.83% 3.04% -0.21% $866M
NWL 0.85% 1.06% -0.20% $261M
CTSH 4.44% 4.56% -0.12% $1.4B
MDT 2.52% 2.63% -0.11% $772M
PFE 0.52% 0.62% -0.11% $159M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 22.1%
Technology 19.4%
Healthcare 18.7%
Consumer Cyclical 14.0%
Consumer Defensive 8.3%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 15 $3.1B 10.1%
Large Cap 74 $20.3B 66.2%
Mid Cap 37 $5.8B 18.9%
Small Cap 27 $1.5B 4.8%
Micro Cap 3 $33M 0.1%

Portfolio Analytics

Avg Market Cap
$78.9B
Median Market Cap
$16.0B
Avg P/E
22.8
Median P/E
16.1
Avg Dividend Yield
0.02%
Avg Beta
0.88
# Stocks
156
# ETFs / Funds
0

Top Holdings (156 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 MGA 5.07% 29,502,929 $1.6B $52.64 $161M +1,051,882 +3.7%
2 CTSH 4.44% 17,450,691 $1.4B $78.03 $55M +375,619 +2.2%
3 DG 4.42% 11,848,938 $1.4B $114.38 $232M -921,604 -7.2%
4 BAX 3.89% 39,336,485 $1.2B $30.28 -$68M +2,563,919 +7.0%
5 C 3.77% 13,574,700 $1.2B $85.12 $209M +242,560 +1.8%
6 CVS 3.77% 16,746,853 $1.2B $68.98 -$43M -935,521 -5.3%
7 COF 3.76% 5,421,535 $1.2B $212.76 $155M -144,577 -2.6%
8 CHTR 3.53% 2,650,032 $1.1B $408.81 $58M -133,435 -4.8%
9 HUM 3.25% 4,076,667 $997M $244.48 -$16M +247,744 +6.5%
10 SWKS 2.97% 12,207,643 $910M $74.52 $408M +4,444,747 +57.3%
11 GPN 2.89% 11,050,253 $884M $80.04 $68M +2,716,156 +32.6%
12 SSNC 2.83% 10,460,579 $866M $82.80 -$5M +37,134 +0.4%
13 WFC 2.71% 10,371,812 $831M $80.12 $125M +542,493 +5.5%
14 UBS 2.71% 30,902,392 $830M $26.85 $41M +1,551,567 +5.3%
15 MDT 2.52% 8,855,291 $772M $87.17 $18M +469,069 +5.6%
16 TSN 2.50% 13,708,700 $767M $55.94 -$80M +444,648 +3.4%
17 MET 2.40% 9,144,635 $735M $80.42 $48M +585,671 +6.8%
18 LEA 2.36% 7,602,991 $722M $94.98 $46M -61,809 -0.8%
19 DOW 2.34% 27,091,238 $717M $26.48 -$154M +2,134,253 +8.6%
20 BMY 2.24% 14,843,475 $687M $46.29 -$134M +1,384,649 +10.3%
21 CRBG 2.17% 18,723,701 $665M $35.50 $411M +10,673,099 +132.6%
22 DOX 1.95% 6,551,065 $598M $91.24 $10M +132,463 +2.1%
23 NOV 1.73% 42,708,890 $531M $12.43 -$102M +1,144,486 +2.8%
24 PVH 1.43% 6,407,637 $440M $68.60 $41M +246,070 +4.0%
25 FMS 1.37% 14,662,982 $419M $28.57 $36M -714,108 -4.6%
26 TEL 1.33% 2,418,553 $408M $168.67 $59M -50,033 -2.0%
27 AVT 1.27% 7,341,299 $390M $53.08 $47M +209,003 +2.9%
28 NOK 1.16% 68,662,240 $356M $5.18 -$68M -11,799,730 -14.7%
29 BAC 1.02% 6,576,743 $311M $47.32 $46M +223,798 +3.5%
30 NWL 0.85% 48,374,455 $261M $5.40 -$41M -364,156 -0.8%
31 VOYA 0.85% 3,661,257 $260M $71.00 $16M +62,093 +1.7%
32 SHEL 0.84% 3,665,115 $258M $70.41 -$5M +72,897 +2.0%
33 EQH 0.78% 4,241,210 $238M $56.10 -$70M -1,661,147 -28.1%
34 BAP 0.75% 1,027,717 $230M $223.52 $35M -17,657 -1.7%
35 DAL 0.69% 4,312,417 $212M $49.18 $28M +80,805 +1.9%
36 AAP 0.67% 4,394,964 $204M $46.49 $35M +82,456 +1.9%
37 CI 0.56% 523,600 $173M $330.58 $16M +46,140 +9.7%
38 PFE 0.52% 6,559,114 $159M $24.24 -$20M -499,867 -7.1%
39 KSPI 0.47% 1,680,646 $143M $84.89 $10M +247,665 +17.3%
40 ZTO 0.44% 7,623,228 $135M $17.75 -$18M -105,374 -1.4%
41 MHK 0.40% 1,175,775 $123M $104.84 -$4M +59,831 +5.4%
42 CNXC 0.39% 2,276,780 $120M $52.86 -$7M -10,084 -0.4%
43 GL 0.38% 945,983 $118M $124.29 -$6M +5,103 +0.5%
44 PPG 0.38% 1,014,004 $115M $113.75 $10M +50,592 +5.2%
45 MS 0.36% 791,167 $111M $140.86 $22M +27,993 +3.7%
46 CSCO 0.36% 1,599,953 $111M $69.38 -$2M -229,467 -12.5%
47 LKQ 0.34% 2,785,203 $103M $37.01 $60M +1,779,315 +176.9%
48 JPM 0.32% 342,316 $99M $289.91 $23M +30,083 +9.6%
49 CNO 0.32% 2,552,298 $98M $38.58 -$8M -12,495 -0.5%
50 RHI 0.32% 2,377,277 $98M $41.05 $26M +1,058,569 +80.3%
51 GS 0.29% 126,315 $89M $707.75 $15M -10,338 -7.6%
52 WBS 0.29% 1,612,758 $88M $54.60 $6M +23,605 +1.5%
53 GD 0.28% 291,536 $85M $291.66 $9M +13,008 +4.7%
54 ANTM 0.28% 217,276 $85M $388.96 -$3M +16,296 +8.1%
55 ADNT 0.27% 4,174,493 $81M $19.46 $31M +272,920 +7.0%
56 SPB 0.25% 1,474,451 $78M $53.00 -$17M +140,418 +10.5%
57 OLN 0.25% 3,829,021 $77M $20.09 -$12M +166,482 +4.5%
58 HAL 0.25% 3,734,069 $76M $20.38 $36M +2,142,939 +134.7%
59 WAB 0.25% 360,696 $76M $209.35 $13M +16,560 +4.8%
60 GPC 0.24% 596,051 $72M $121.31 $36M +295,064 +98.0%
61 MRC 0.23% 5,223,482 $72M $13.71 $10M -126,937 -2.4%
62 UHS 0.23% 391,743 $71M $181.15 -$3M -94 -0.0%
63 XOM 0.23% 654,086 $71M $107.80 -$3M +38,663 +6.3%
64 DRH 0.22% 8,785,278 $67M $7.66 $875K +181,610 +2.1%
65 PLOW 0.22% 2,281,587 $67M $29.47 $14M +8,584 +0.4%
66 HSIC 0.22% 920,231 $67M $73.05 $1M -45,502 -4.7%
67 TRS 0.20% 2,177,761 $62M $28.61 $12M +42,207 +2.0%
68 AMWD 0.20% 1,148,331 $61M $53.37 $12M +307,657 +36.6%
69 SCS 0.20% 5,754,832 $60M $10.43 $1M +389,912 +7.3%
70 KFY 0.20% 818,329 $60M $73.33 $8M +50,371 +6.6%
71 OSK 0.19% 525,887 $60M $113.54 +525,887 NEW
72 REZI 0.19% 2,687,128 $59M $22.06 $12M +41,808 +1.6%
73 ONB 0.19% 2,695,779 $58M $21.34 -$3M -179,402 -6.2%
74 HUN 0.18% 5,310,768 $55M $10.42 -$21M +451,761 +9.3%
75 MBUU 0.17% 1,670,977 $52M $31.34 $5M +136,138 +8.9%
76 ARCO 0.17% 6,533,482 $52M $7.89 +6,533,482 NEW
77 NVST 0.16% 2,459,082 $48M $19.54 $8M +164,825 +7.2%
78 OEC 0.16% 4,577,197 $48M $10.49 $5M +1,248,295 +37.5%
79 SHG 0.15% 1,027,646 $46M $45.18 $12M -51,050 -4.7%
80 BFH 0.15% 800,143 $46M $57.12 $9M +71,939 +9.9%
81 ABM 0.15% 963,943 $46M $47.21 $5M +114,485 +13.5%
82 MBC 0.15% 4,154,751 $45M $10.93 $8M +1,295,267 +45.3%
83 ASB 0.15% 1,859,542 $45M $24.39 $5M +71,676 +4.0%
84 SHYF 0.15% 3,579,364 $45M $12.54 $20M +494,933 +16.1%
85 HDB 0.15% 583,478 $45M $76.67 $11M +70,597 +13.8%
86 RF 0.15% 1,899,232 $45M $23.52 $3M
87 WSFS 0.15% 811,169 $45M $55.00 $4M +23,360 +3.0%
88 WCC 0.14% 228,819 $42M $185.20 $7M
89 TFX 0.14% 356,107 $42M $118.36 +356,107 NEW
90 CBRE 0.13% 295,228 $41M $140.12 -$11M -108,394 -26.9%
91 SCSC 0.13% 975,578 $41M $41.81 $9M +33,510 +3.6%
92 KOP 0.13% 1,248,032 $40M $32.15 $6M +26,704 +2.2%
93 MSM 0.13% 461,931 $39M $85.02 $3M
94 FITB 0.13% 951,468 $39M $41.13 $2M +617 +0.1%
95 LDOS 0.13% 244,302 $39M $157.76 $7M +12,599 +5.4%
96 HCA 0.12% 99,982 $38M $383.10 -$1M -14,169 -12.4%
97 JNJ 0.12% 246,313 $38M $152.75 -$1M +10,527 +4.5%
98 VREX 0.12% 4,244,977 $37M $8.67 -$7M +442,628 +11.6%
99 AIG 0.12% 429,369 $37M $85.59 -$6M -58,705 -12.0%
100 USNA 0.12% 1,198,260 $37M $30.53 $7M +103,074 +9.4%

New Positions

SymbolValue% Port
OSK $60M 0.19%
ARCO $52M 0.17%
TFX $42M 0.14%
GSK $288K —%
CALM $281K —%
MRK $263K —%
ULTA $246K —%
ADBE $226K —%
HIG $220K —%
ALKS $213K —%
DELL $209K —%

Sold Out Positions

SymbolValue% Port
JELD —%
GILD —%
PAHC —%
EBAY —%
DFS —%
ABC —%
View SEC EDGAR Filings for PZENA INVESTMENT MANAGEMENT LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms