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PZENA INVESTMENT MANAGEMENT LLC

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

Q3 2025 · Filed 2025-11-07
Market Value
$30.8B
+0.6%
Holdings
157
+1
New Purchases
7
Added To
67
Closed
5
Reduced
69
Top 10 Concentration
39.3%
Turnover
7.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MGA 6.22% 5.07% +1.15% $1.9B
UHS 1.07% 0.23% +0.83% $329M
UBS 3.14% 2.71% +0.43% $967M
C 4.13% 3.77% +0.35% $1.3B
BAX 4.24% 3.89% +0.35% $1.3B
ACN 0.27% 0.00% +0.27% $83M
PVH 1.70% 1.43% +0.27% $524M
PPG 0.60% 0.38% +0.22% $184M
MET 2.58% 2.40% +0.18% $797M
HAL 0.43% 0.25% +0.18% $132M
SPB 0.42% 0.25% +0.16% $129M
BAP 0.91% 0.75% +0.16% $280M
CRBG 2.32% 2.17% +0.15% $716M
HUM 3.40% 3.25% +0.15% $1.0B
AAP 0.80% 0.67% +0.13% $245M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CHTR 0.36% 3.53% -3.17% $111M
MDT 1.83% 2.52% -0.69% $565M
CTSH 3.85% 4.44% -0.59% $1.2B
DG 3.91% 4.42% -0.51% $1.2B
DOW 2.02% 2.34% -0.32% $623M
COF 3.48% 3.76% -0.28% $1.1B
DOX 1.75% 1.95% -0.20% $541M
SCS 0.02% 0.20% -0.17% $7M
SHYF 0.00% 0.15% -0.15% $0
SNV 0.00% 0.11% -0.11% $0
FMS 1.27% 1.37% -0.10% $390M
CHRW 0.01% 0.08% -0.07% $2M
CI 0.50% 0.56% -0.07% $153M
EQH 0.71% 0.78% -0.07% $218M
TSN 2.44% 2.50% -0.07% $751M

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 17 $3.3B 10.6%
Large Cap 72 $19.7B 63.9%
Mid Cap 39 $6.4B 20.8%
Small Cap 27 $1.4B 4.6%
Micro Cap 2 $32M 0.1%

Portfolio Analytics

Avg Market Cap
$81.5B
Median Market Cap
$13.6B
Avg P/E
23.9
Median P/E
16.1
Avg Dividend Yield
0.02%
Avg Beta
0.89
# Stocks
157
# ETFs / Funds
0

Top Holdings (157 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 MGA 6.22% 29,068,447 $1.9B $65.94 $364M -434,482 -1.5%
2 BAX 4.24% 57,387,040 $1.3B $22.77 $116M +18,050,555 +45.9%
3 C 4.13% 12,532,003 $1.3B $101.50 $117M -1,042,697 -7.7%
4 DG 3.91% 11,677,669 $1.2B $103.35 -$148M -171,269 -1.4%
5 CVS 3.87% 15,844,972 $1.2B $75.39 $39M -901,881 -5.4%
6 CTSH 3.85% 17,710,868 $1.2B $67.07 -$174M +260,177 +1.5%
7 COF 3.48% 5,052,134 $1.1B $212.58 -$80M -369,401 -6.8%
8 HUM 3.40% 4,031,083 $1.0B $260.17 $52M -45,584 -1.1%
9 UBS 3.14% 29,746,473 $967M $32.51 $137M -1,155,919 -3.7%
10 SWKS 3.06% 12,272,162 $945M $76.98 $35M +64,519 +0.5%
11 GPN 2.94% 10,908,810 $906M $83.08 $22M -141,443 -1.3%
12 SSNC 2.93% 10,175,891 $903M $88.76 $37M -284,688 -2.7%
13 WFC 2.78% 10,217,379 $856M $83.82 $25M -154,433 -1.5%
14 MET 2.58% 9,672,023 $797M $82.37 $61M +527,388 +5.8%
15 LEA 2.45% 7,497,417 $754M $100.61 $32M -105,574 -1.4%
16 TSN 2.44% 13,829,526 $751M $54.30 -$16M +120,826 +0.9%
17 CRBG 2.32% 22,329,199 $716M $32.05 $51M +3,605,498 +19.3%
18 BMY 2.18% 14,901,604 $672M $45.10 -$15M +58,129 +0.4%
19 DOW 2.02% 27,166,229 $623M $22.93 -$94M +74,991 +0.3%
20 MDT 1.83% 5,928,086 $565M $95.24 -$207M -2,927,205 -33.1%
21 NOV 1.82% 42,389,833 $562M $13.25 $31M -319,057 -0.8%
22 DOX 1.75% 6,593,249 $541M $82.05 -$57M +42,184 +0.6%
23 PVH 1.70% 6,254,994 $524M $83.77 $84M -152,643 -2.4%
24 TEL 1.35% 1,889,576 $415M $219.53 $7M -528,977 -21.9%
25 FMS 1.27% 14,816,852 $390M $26.33 -$29M +153,870 +1.1%
26 NOK 1.25% 80,329,917 $386M $4.81 $31M +11,667,677 +17.0%
27 AVT 1.21% 7,143,346 $373M $52.28 -$16M -197,953 -2.7%
28 BAC 1.09% 6,503,771 $336M $51.59 $24M -72,972 -1.1%
29 UHS 1.07% 1,607,029 $329M $204.44 $258M +1,215,286 +310.2%
30 BAP 0.91% 1,053,056 $280M $266.28 $51M +25,339 +2.5%
31 VOYA 0.88% 3,645,695 $273M $74.80 $13M -15,562 -0.4%
32 NWL 0.81% 47,643,771 $250M $5.24 -$12M -730,684 -1.5%
33 AAP 0.80% 3,995,052 $245M $61.40 $41M -399,912 -9.1%
34 SHEL 0.78% 3,370,332 $241M $71.53 -$17M -294,783 -8.0%
35 DAL 0.78% 4,230,418 $240M $56.75 $28M -81,999 -1.9%
36 EQH 0.71% 4,297,008 $218M $50.78 -$20M +55,798 +1.3%
37 PPG 0.60% 1,747,664 $184M $105.11 $68M +733,660 +72.3%
38 PFE 0.55% 6,615,598 $169M $25.48 $10M +56,484 +0.9%
39 ZTO 0.50% 7,999,407 $154M $19.20 $18M +376,179 +4.9%
40 CI 0.50% 529,841 $153M $288.25 -$20M +6,241 +1.2%
41 MHK 0.49% 1,179,068 $152M $128.92 $29M +3,293 +0.3%
42 GL 0.46% 998,506 $143M $142.97 $25M +52,523 +5.5%
43 KSPI 0.46% 1,732,148 $141M $81.68 -$1M +51,502 +3.1%
44 HAL 0.43% 5,346,596 $132M $24.60 $55M +1,612,527 +43.2%
45 SPB 0.42% 2,459,485 $129M $52.53 $51M +985,034 +66.8%
46 MS 0.40% 785,597 $125M $158.96 $13M -5,570 -0.7%
47 CHTR 0.36% 405,081 $111M $275.11 -$972M -2,244,951 -84.7%
48 RHI 0.35% 3,179,968 $108M $33.98 $10M +802,691 +33.8%
49 JPM 0.35% 340,025 $107M $315.43 $8M -2,291 -0.7%
50 CSCO 0.34% 1,544,377 $106M $68.42 -$5M -55,576 -3.5%
51 CNXC 0.33% 2,212,592 $102M $46.15 -$18M -64,188 -2.8%
52 LKQ 0.33% 3,339,732 $102M $30.54 -$1M +554,529 +19.9%
53 CNO 0.33% 2,542,121 $101M $39.55 $2M -10,177 -0.4%
54 GD 0.32% 293,443 $100M $341.00 $15M +1,907 +0.7%
55 GS 0.32% 123,552 $98M $796.35 $9M -2,763 -2.2%
56 WBS 0.32% 1,652,636 $98M $59.44 $10M +39,878 +2.5%
57 OLN 0.31% 3,836,663 $96M $24.99 $19M +7,642 +0.2%
58 REZI 0.31% 2,204,467 $95M $43.18 $36M -482,661 -18.0%
59 ADNT 0.29% 3,689,680 $89M $24.08 $8M -484,813 -11.6%
60 GPC 0.27% 605,063 $84M $138.60 $12M +9,012 +1.5%
61 ACN 0.27% 337,930 $83M $246.60 +337,930 NEW
62 ARCO 0.25% 11,427,294 $77M $6.75 $26M +4,893,812 +74.9%
63 AMWD 0.25% 1,152,739 $77M $66.76 $16M +4,408 +0.4%
64 XOM 0.24% 661,764 $75M $112.75 $4M +7,678 +1.2%
65 MRC 0.24% 5,145,005 $74M $14.42 $3M -78,477 -1.5%
66 WAB 0.24% 367,582 $74M $200.47 -$2M +6,886 +1.9%
67 ANTM 0.23% 216,709 $70M $323.12 -$14M -567 -0.3%
68 PLOW 0.22% 2,218,823 $69M $31.26 $2M -62,764 -2.8%
69 DRH 0.22% 8,584,035 $68M $7.96 $1M -201,243 -2.3%
70 OSK 0.22% 514,513 $67M $129.70 $7M -11,374 -2.2%
71 HSIC 0.20% 925,992 $61M $66.37 -$6M +5,761 +0.6%
72 ONB 0.19% 2,633,476 $58M $21.95 $277K -62,303 -2.3%
73 KFY 0.18% 811,374 $57M $69.98 -$3M -6,955 -0.8%
74 MBUU 0.18% 1,680,244 $55M $32.45 $2M +9,267 +0.6%
75 MBC 0.18% 4,123,054 $54M $13.17 $9M -31,697 -0.8%
76 ABM 0.17% 1,164,842 $54M $46.12 $8M +200,899 +20.8%
77 VREX 0.17% 4,227,023 $52M $12.40 $16M -17,954 -0.4%
78 TRS 0.16% 1,302,265 $50M $38.64 -$12M -875,496 -40.2%
79 WSFS 0.16% 928,413 $50M $53.93 $5M +117,244 +14.4%
80 COLB 0.16% 1,926,346 $50M $25.74 $14M +384,649 +24.9%
81 NVST 0.16% 2,414,866 $49M $20.37 $1M -44,216 -1.8%
82 RF 0.16% 1,839,825 $49M $26.37 $4M -59,407 -3.1%
83 HUN 0.16% 5,393,866 $48M $8.98 -$7M +83,098 +1.6%
84 SHG 0.16% 952,762 $48M $50.37 $2M -74,884 -7.3%
85 TFX 0.15% 387,483 $47M $122.36 $5M +31,376 +8.8%
86 ASB 0.15% 1,819,595 $47M $25.71 $1M -39,947 -2.1%
87 CBRE 0.15% 295,522 $47M $157.56 $5M +294 +0.1%
88 LDOS 0.15% 244,661 $46M $188.96 $8M +359 +0.1%
89 JNJ 0.15% 248,251 $46M $185.42 $8M +1,938 +0.8%
90 WCC 0.15% 213,069 $45M $211.50 $3M -15,750 -6.9%
91 BFH 0.14% 785,417 $44M $55.77 -$2M -14,726 -1.8%
92 HCA 0.14% 101,060 $43M $426.20 $5M +1,078 +1.1%
93 FITB 0.14% 945,184 $42M $44.55 $3M -6,284 -0.7%
94 SCSC 0.13% 945,599 $42M $43.99 $808K -29,979 -3.1%
95 MSM 0.13% 444,666 $41M $92.14 $2M -17,265 -3.7%
96 GCO 0.13% 1,385,618 $40M $28.99 $12M -47,572 -3.3%
97 HR 0.13% 2,225,789 $40M $18.03 $5M
98 OEC 0.12% 4,694,825 $36M $7.58 -$12M +117,628 +2.6%
99 KOP 0.11% 1,249,272 $35M $28.00 -$5M +1,240 +0.1%
100 AIG 0.11% 441,103 $35M $78.54 -$2M +11,734 +2.7%

New Positions

SymbolValue% Port
ACN $83M 0.27%
SOLV $32M 0.10%
ST $22M 0.07%
MYE $2M 0.01%
AMAT $302K —%
HALO $301K —%
GE $221K —%

Sold Out Positions

SymbolValue% Port
IBN —%
ALKS —%
ULTA —%
SHYF —%
SNV —%
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