PZENA INVESTMENT MANAGEMENT LLC

NEW YORK, NY · CIK 1027796 · 13F filing filed 2026-08-07

SEC-registered investment adviser since 1995 · limited liability company

Assets managed$81.4bn
Staff164 · 55 in investment roles
Main clients (by assets)Private funds 44%, Mutual funds and ETFs 30%, State and local governments 18%
Private funds6 (3 hedge) · $601.8m gross assets
Form ADV · 2026-03-30SEC adviser record

Legal entityPZENA INVESTMENT MANAGEMENT, LLC (US)

$34.1bn reported value +10.6% vs Q1 2026

161positions

37.6%in top 10

12 new 71 added 70 reduced 9 sold out vs Q1 2026

This report includes the holdings of 1 other manager that shares the investment decisions:

ALPS ADVISORS INC – files its own report too; $120.3m of shares are in both

Also in the report of:

Russell Investments Group, Ltd. – $328.6m of shares are in both reports
ABN AMRO INVESTMENT SOLUTIONS – $9.1m of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MAGNA INTL INC COM MGA	MGA	23,882,824	$2.2bn6.54%	6.54%	Reduced -1.4m	-1,446,531 -5.7%
2	HUMANA INC COM HUM	HUM	4,403,136	$1.7bn5.13%	5.13%	Reduced -1.1m	-1,067,846 -19.5%
3	BAXTER INTL INC COM BAX	BAX	65,295,393	$1.4bn4.09%	4.09%	Added +767.6k	+767,570 1.2%
4	CVS HEALTH CORP COM CVS	CVS	11,769,536	$1.2bn3.57%	3.57%	Reduced -2.0m	-2,003,517 -14.6%
5	DOLLAR GEN CORP NEW COM DG	DG	10,222,060	$1.2bn3.45%	3.45%	Added +3.3m	+3,324,519 48.2%
6	SKYWORKS SOLUTIONS INC COM SWKS	SWKS	15,973,040	$1.1bn3.18%	3.18%	Reduced -135.1k	-135,098 -0.8%
7	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	26,529,172	$1.0bn3.02%	3.02%	Added +6.3m	+6,266,810 30.9%
8	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	17,007,044	$979.9m2.88%	2.88%	Reduced -88.7k	-88,687 -0.5%
9	TYSON FOODS INC CL A TSN	TSN	17,016,651	$974.2m2.86%	2.86%	Reduced -139.1k	-139,062 -0.8%
10	COREBRIDGE FINL INC COM CRBG	CRBG	33,789,727	$967.4m2.84%	2.84%	Added +6.7m	+6,743,933 24.9%
11	PPG INDS INC COM PPG	PPG	7,807,438	$947.0m2.78%	2.78%	Added +328.8k	+328,792 4.4%
12	METLIFE INC COM MET	MET	11,130,983	$941.8m2.76%	2.76%	Reduced -172.8k	-172,836 -1.5%
13	CAPITAL ONE FINL CORP COM COF	COF	4,593,920	$921.6m2.71%	2.71%	Added +13.8k	+13,800 0.3%
14	UBS GROUP AG SHS UBS	UBS	22,604,129	$905.5m2.66%	2.66%	Reduced -3.9m	-3,940,226 -14.8%
15	LEAR CORP COM NEW LEA	LEA	6,638,413	$889.9m2.61%	2.61%	Reduced -120.1k	-120,092 -1.8%
16	GLOBAL PMTS INC COM GPN	GPN	11,691,625	$848.3m2.49%	2.49%	Added +76.0k	+76,048 0.7%
17	CITIGROUP INC COM NEW C	C	5,548,789	$776.6m2.28%	2.28%	Reduced -2.6m	-2,626,575 -32.1%
18	WELLS FARGO CO NEW COM WFC	WFC	8,827,468	$729.5m2.14%	2.14%	Added +54.3k	+54,340 0.6%
19	AMDOCS LTD SHS DOX	DOX	13,985,330	$706.8m2.07%	2.07%	Added +1.3m	+1,304,241 10.3%
20	SS&C TECHNOLOGIES HLDGS INC COM SSNC	SSNC	11,036,568	$684.8m2.01%	2.01%	Added +1.3m	+1,337,308 13.8%
21	NOV INC COM NOV	NOV	36,376,087	$674.8m1.98%	1.98%	Reduced -1.2m	-1,159,362 -3.1%
22	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	5,142,176	$639.9m1.88%	1.88%	Added +2.7m	+2,736,493 113.8%
23	PVH CORPORATION COM PVH	PVH	5,986,677	$444.6m1.31%	1.31%	Added +217.8k	+217,771 3.8%
24	LKQ CORP COM LKQ	LKQ	15,142,285	$398.7m1.17%	1.17%	Added +8.9m	+8,909,385 142.9%
25	CDW CORP COM CDW	CDW	2,638,900	$371.1m1.09%	1.09%	Added +1.5m	+1,523,365 136.6%
26	BANK AMERICA CORP COM BAC	BAC	6,310,363	$359.6m1.06%	1.06%	Reduced -112.4k	-112,391 -1.8%
27	DOW INC COM DOW	DOW	12,507,011	$342.2m1.00%	1.00%	Reduced -6.4m	-6,440,591 -34.0%
28	FRESENIUS MEDICAL CARE AG SPONSORED ADR FMS	FMS	14,992,081	$339.0m1.00%	1.00%	Reduced -60.7k	-60,741 -0.4%
29	CREDICORP LTD COM BAP	BAP	836,569	$325.9m0.96%	0.96%	Reduced -75.5k	-75,491 -8.3%
30	VOYA FINANCIAL INC COM VOYA	VOYA	3,529,646	$319.5m0.94%	0.94%	Reduced -143.5k	-143,472 -3.9%
31	NEWELL BRANDS INC COM NWL	NWL	47,990,664	$294.7m0.86%	0.86%	Added +187.7k	+187,729 0.4%
32	UNIVERSAL HLTH SVCS INC CL B UHS	UHS	1,969,327	$292.8m0.86%	0.86%	Added +57.1k	+57,092 3.0%
33	AVNET INC COM AVT	AVT	3,120,395	$277.2m0.81%	0.81%	Reduced -2.6m	-2,571,835 -45.2%
34	ADVANCE AUTO PARTS INC COM AAP	AAP	4,389,501	$273.1m0.80%	0.80%	Added +88.4k	+88,412 2.1%
35	KASPI KZ JSC SPONSORED ADS KSPI	KSPI	3,071,888	$266.1m0.78%	0.78%	Added +399.5k	+399,501 14.9%
36	MEDTRONIC PLC SHS MDT	MDT	3,147,999	$246.3m0.72%	0.72%	Reduced -9.0k	-9,016 -0.3%
37	DELTA AIR LINES INC DEL COM NEW DAL	DAL	2,618,707	$245.3m0.72%	0.72%	Reduced -189.0k	-188,960 -6.7%
38	EQUITABLE HLDGS INC COM EQH	EQH	5,561,804	$244.1m0.72%	0.72%	Added +1.1m	+1,097,457 24.6%
39	GLOBE LIFE INC COM GL	GL	1,355,811	$242.3m0.71%	0.71%	Added +329.6k	+329,565 32.1%
40	WORKDAY INC CL A WDAY	WDAY	1,971,270	$241.3m0.71%	0.71%	New
41	SPECTRUM BRANDS HLDGS INC NE COM SPB	SPB	2,420,808	$207.6m0.61%	0.61%	Added +82.4k	+82,385 3.5%
42	MAGNUM ICE CREAM CO NV ORD SHS MICC	MICC	13,199,616	$201.1m0.59%	0.59%	Added +6.2m	+6,163,429 87.6%
43	SHELL PLC SPON ADS SHEL	SHEL	2,581,244	$200.1m0.59%	0.59%	Reduced -615.2k	-615,205 -19.2%
44	ROBERT HALF INC. COM RHI	RHI	6,222,305	$191.0m0.56%	0.56%	Added +255.6k	+255,571 4.3%
45	ZTO EXPRESS CAYMAN INC SPONSORED ADS A ZTO	ZTO	7,322,331	$163.9m0.48%	0.48%	Reduced -138.6k	-138,600 -1.9%
46	MASTERBRAND INC COMMON STOCK MBC	MBC	15,329,483	$157.7m0.46%	0.46%	Added +11.5m	+11,515,469 301.9%
47	THE CIGNA GROUP COM CI	CI	562,036	$154.9m0.45%	0.45%	Reduced -16.4k	-16,412 -2.8%
48	CISCO SYS INC COM CSCO	CSCO	1,281,329	$150.5m0.44%	0.44%	Reduced -27.4k	-27,411 -2.1%
49	PFIZER INC COM PFE	PFE	5,958,922	$143.5m0.42%	0.42%	Added +34.0k	+34,030 0.6%
50	MOHAWK INDS INC COM MHK	MHK	1,142,841	$138.7m0.41%	0.41%	Reduced -10.0k	-9,973 -0.9%
51	HALLIBURTON CO COM HAL	HAL	3,925,702	$133.3m0.39%	0.39%	Reduced -141.3k	-141,339 -3.5%
52	KE HLDGS INC SPONSORED ADS BEKE	BEKE	8,877,643	$129.0m0.38%	0.38%	New
53	KT CORP SPONSORED ADR KT	KT	7,286,500	$125.9m0.37%	0.37%	Added +111.0k	+110,953 1.6%
54	CNO FINL GROUP INC COM CNO	CNO	2,441,665	$124.5m0.37%	0.37%	Reduced -29.3k	-29,256 -1.2%
55	TE CONNECTIVITY PLC ORD SHS TEL	TEL	555,637	$112.0m0.33%	0.33%	Reduced -48.3k	-48,341 -8.0%
56	GLOBANT S A COM GLOB	GLOB	3,859,718	$111.7m0.33%	0.33%	Added +890.9k	+890,890 30.0%
57	JPMORGAN CHASE & CO COM JPM	JPM	334,094	$109.4m0.32%	0.32%	Reduced -3.2k	-3,168 -0.9%
58	SENSATA TECHNOLOGIES HLDG PL SHS ST	ST	2,251,907	$107.5m0.32%	0.32%	Reduced -1.2m	-1,230,359 -35.3%
59	MORGAN STANLEY COM NEW MS	MS	454,492	$95.0m0.28%	0.28%	Reduced -21.9k	-21,873 -4.6%
60	GENPACT LIMITED SHS G	G	3,319,546	$91.3m0.27%	0.27%	Added +2.6m	+2,587,492 353.5%
61	FIFTH THIRD BANCORP COM FITB	FITB	1,584,757	$89.3m0.26%	0.26%	Reduced -51.1k	-51,060 -3.1%
62	ARCOS DORADOS HOLDINGS INC SHS CLASS -A - ARCO	ARCO	10,804,358	$87.1m0.26%	0.26%	Added +63.2k	+63,192 0.6%
63	ELEVANCE HEALTH INC COM ELV	ELV	224,575	$86.8m0.25%	0.25%	Added +4.4k	+4,399 2.0%
64	DISNEY WALT CO COM DIS	DIS	883,495	$85.0m0.25%	0.25%	Added +793.3k	+793,276 879.3%
65	CONSTELLATION BRANDS INC CL A STZ	STZ	599,314	$83.4m0.24%	0.24%	Added +3.5k	+3,519 0.6%
66	EXXON MOBIL CORP COM XOM	XOM	589,449	$80.6m0.24%	0.24%	Reduced -27.7k	-27,695 -4.5%
67	ABM INDS INC COM ABM	ABM	1,808,203	$80.0m0.23%	0.23%	Added +285.3k	+285,267 18.7%
68	OLIN CORP COM PAR $1 OLN	OLN	3,890,204	$77.1m0.23%	0.23%	Reduced -541.4k	-541,409 -12.2%
69	CONCENTRIX CORP COM CNXC	CNXC	3,413,879	$76.5m0.22%	0.22%	Added +470.7k	+470,667 16.0%
70	TELEFLEX INCORPORATED COM TFX	TFX	603,206	$76.5m0.22%	0.22%	Reduced -95.9k	-95,919 -13.7%
71	DOUGLAS DYNAMICS INC COM PLOW	PLOW	1,384,680	$74.7m0.22%	0.22%	Reduced -208.5k	-208,453 -13.1%
72	OLD NATL BANCORP IND COM ONB	ONB	2,843,497	$73.6m0.22%	0.22%	Added +149.9k	+149,855 5.6%
73	HENRY SCHEIN INC COM HSIC	HSIC	860,733	$71.9m0.21%	0.21%	Reduced -26.9k	-26,906 -3.0%
74	GENUINE PARTS CO COM GPC	GPC	591,970	$69.8m0.21%	0.21%	Added +17.9k	+17,882 3.1%
75	ADIENT PLC ORD SHS ADNT	ADNT	3,771,026	$69.3m0.20%	0.20%	Added +135.7k	+135,729 3.7%
76	COLUMBIA BKG SYS INC COM COLB	COLB	2,129,322	$68.2m0.20%	0.20%	Added +96.1k	+96,103 4.7%
77	WSFS FINL CORP COM WSFS	WSFS	888,496	$68.2m0.20%	0.20%	Added +9.9k	+9,908 1.1%
78	MARCUS & MILLICHAP INC COM MMI	MMI	2,141,001	$66.7m0.20%	0.20%	Added +128.2k	+128,238 6.4%
79	NOKIA CORP SPONSORED ADR NOK	NOK	5,010,906	$66.5m0.20%	0.20%	Reduced -58.4m	-58,414,612 -92.1%
80	OSHKOSH CORP COM OSK	OSK	415,766	$63.8m0.19%	0.19%	Reduced -23.1k	-23,090 -5.3%
81	MILLERKNOLL INC COM MLKN	MLKN	3,032,700	$62.0m0.18%	0.18%	Added +1.0m	+1,036,963 52.0%
82	ASSOCIATED BANC CORP COM ASB	ASB	1,990,243	$61.2m0.18%	0.18%	Added +67.3k	+67,261 3.5%
83	ALPHABET INC CAP STK CL A GOOGL	GOOGL	171,157	$61.2m0.18%	0.18%	Unchanged
84	SCANSOURCE INC COM SCSC	SCSC	1,109,743	$57.8m0.17%	0.17%	Added +196.5k	+196,504 21.5%
85	KORN FERRY COM NEW KFY	KFY	867,680	$57.8m0.17%	0.17%	Added +70.2k	+70,242 8.8%
86	REGIONS FINANCIAL CORP NEW COM RF	RF	1,839,825	$55.6m0.16%	0.16%	Unchanged
87	HUNTSMAN CORP COM HUN	HUN	5,161,672	$54.8m0.16%	0.16%	Reduced -654.7k	-654,687 -11.3%
88	AEBI SCHMIDT HLDG AG COM AEBI	AEBI	4,319,337	$54.2m0.16%	0.16%	Added +208.5k	+208,487 5.1%
89	WINNEBAGO INDS INC COM WGO	WGO	1,709,531	$53.4m0.16%	0.16%	Added +716.2k	+716,237 72.1%
90	RESIDEO TECHNOLOGIES INC COM REZI	REZI	1,686,765	$52.5m0.15%	0.15%	Added +309.7k	+309,735 22.5%
91	MALIBU BOATS INC COM CL A MBUU	MBUU	1,794,261	$49.2m0.14%	0.14%	Added +96.8k	+96,804 5.7%
92	TARGET CORP COM TGT	TGT	373,503	$48.8m0.14%	0.14%	Added +128	+128 0.0%
93	KOPPERS HOLDINGS INC COM KOP	KOP	1,061,285	$47.7m0.14%	0.14%	Reduced -148.1k	-148,091 -12.2%
94	VAREX IMAGING CORP COM VREX	VREX	4,344,381	$45.3m0.13%	0.13%	Added +352.1k	+352,101 8.8%
95	HEALTHCARE RLTY TR CL A COM HR	HR	2,225,430	$44.9m0.13%	0.13%	Unchanged
96	MSC INDL DIRECT INC CL A MSM	MSM	373,664	$44.4m0.13%	0.13%	Reduced -70.9k	-70,946 -16.0%
97	SHINHAN FINANCIAL GROUP CO L SPN ADR RESTRD SHG	SHG	669,474	$42.3m0.12%	0.12%	Reduced -21.2k	-21,177 -3.1%
98	HDFC BANK LTD SPONSORED ADS HDB	HDB	1,613,476	$41.7m0.12%	0.12%	Added +94.0k	+93,975 6.2%
99	CBRE GROUP INC CL A CBRE	CBRE	305,781	$41.2m0.12%	0.12%	Added +3.9k	+3,910 1.3%
100	HAVERTY FURNITURE COS INC COM HVT	HVT	1,563,451	$39.9m0.12%	0.12%	Added +103.3k	+103,303 7.1%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
WABTEC WAB	WAB	367,753	$91.9m367.8k shares
AMERICAN WOODMARK CORPORATIO AMWD	AMWD	1,643,562	$65.5m1.6m shares
JOHNSON & JOHNSON JNJ	JNJ	203,965	$49.9m204.0k shares
TRIMAS CORP TRS	TRS	9,923	$356.6k9.9k shares
CIRRUS LOGIC INC CRUS	CRUS	2,114	$305.7k2.1k shares
HOLOGIC INC HOLX	HOLX	3,964	$299.6k4.0k shares
HARTFORD INSURANCE GROUP INC HIG	HIG	2,127	$287.6k2.1k shares
INTUIT INTU	INTU	560	$242.1k560 shares
T-MOBILE US INC TMUS	TMUS	975	$204.8k975 shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on. The largest 25 of 35.

Company	Ticker	Stake	Change	Schedule	Last filed
HOOKER FURNISHINGS CORPORATI HOFT · 13G · filed 2026-07-15	HOFT	14.4%≈ $27.5m	+1.2 pts	13G	2026-07-15
LEAR CORP LEA · 13G · filed 2024-10-07	LEA	13.8%≈ $1.0bn	new	13G	2024-10-07
PVH CORPORATION PVH · 13G · filed 2025-07-11	PVH	13.4%≈ $480.2m	+2.2 pts	13G	2025-07-11
AMDOCS LTD DOX · 13G · filed 2026-07-15	DOX	13.2%≈ $717.7m	+1.9 pts	13G	2026-07-15
BAXTER INTL INC BAX · 13G · filed 2026-04-21	BAX	12.7%≈ $1.4bn	-1.1 pts	13G	2026-04-21
NEWELL BRANDS INC NWL · 13G · filed 2025-01-23	NWL	11.9%≈ $303.5m	new	13G	2025-01-23
GLOBANT S A GLOB · 13G · filed 2026-10-19	GLOB	11.4%≈ $142.6m	-1.5 pts	13G	2026-10-19
AMERICAN WOODMARK CORPORATIO AMWD · 13G · filed 2026-04-02	AMWD	11.3%	+3.4 pts	13G	2026-04-02
NOV INC NOV · 13G · filed 2024-10-04	NOV	11.0%≈ $804.1m	new	13G	2024-10-04
HAVERTY FURNITURE COS INC HVT · 13G · filed 2025-07-03	HVT	10.5%≈ $39.8m	+4.1 pts	13G	2025-07-03
SPECTRUM BRANDS HLDGS INC NE SPB · 13G · filed 2025-10-03	SPB	10.2%≈ $210.9m	+5.1 pts	13G	2025-10-03
SHYFT GROUP INC SPAR · 13G · filed 2025-07-03	SPAR	10.2%	+1.2 pts	13G	2025-07-03
GENESCO INC GCO · 13G · filed 2026-05-05	GCO	10.1%≈ $37.2m	+0.1 pts	13G	2026-05-05
TRUEBLUE INC TBI · 13G · filed 2026-10-19	TBI	9.4%≈ $19.8m	-1.1 pts	13G	2026-10-19
SKYWORKS SOLUTIONS INC SWKS · 13G · filed 2026-10-19	SWKS	9.3%≈ $946.5m	-2.4 pts	13G	2026-10-19
LKQ CORP LKQ · 13G · filed 2026-10-19	LKQ	9.0%≈ $602.8m	+2.9 pts	13G	2026-10-19
MALIBU BOATS INC MBUU · 13G · filed 2026-01-16	MBUU	9.0%≈ $47.2m	+1.2 pts	13G	2026-01-16
MAGNA INTL INC MGA · 13G · filed 2026-07-15	MGA	8.8%≈ $1.6bn	-1.2 pts	13G	2026-07-15
ARCOS DORADOS HOLDINGS INC ARCO · 13G · filed 2025-10-16	ARCO	8.7%≈ $92.1m	+3.7 pts	13G	2025-10-16
ADVANCE AUTO PARTS INC AAP · 13G · filed 2026-10-21	AAP	8.3%≈ $310.3m	+1.1 pts	13G	2026-10-21
ORION S.A. OEC · 13G · filed 2025-07-11	OEC	8.1%≈ $30.3m	+1.8 pts	13G	2025-07-11
COREBRIDGE FINL INC CRBG · 13G · filed 2026-07-15	CRBG	7.7%≈ $979.3m	+1.7 pts	13G	2026-07-15
MASTERBRAND INC MBC · 13G · filed 2026-07-22	MBC	7.5%≈ $157.7m	new	13G	2026-07-22
DOUGLAS DYNAMICS INC PLOW · 13G · filed 2026-04-17	PLOW	6.9%≈ $85.9m	-3.2 pts	13G	2026-04-17
MRC GLOBAL INC MRC · 13G · filed 2024-10-21	MRC	6.8%	new	13G	2024-10-21