
	Richard Pzena 13F
	Pzena Investment Management LLC

	Last update 2023-03-08	181 Stocks (25 new)
	Value $22.61 Bil	Turnover 6 %
	Top Holdings: CTSH(4.39%) EIX(3.83%) LEA(3.77%) GE(3.76%) WAB(3.45%) Portfolio Report

Richard Pzena Profile

Richard Pzena is the founder and Co-Chief Investment Officer of Pzena Investment Management, LLC. Pzena started the firm in 1995. He earned a BS summa cum laude from the Wharton School in 1979 and an MBA from the University of Pennsylvania in 1980.

Richard Pzena Investing Philosophy

Pzena's philosophy is based on ranking companies from the cheapest to the most expensive on the basis of how their current share price compares to their normal long-term earnings power. He purchases shares in good businesses that are selling at a low price. He understands that it is often unrealistic to expect such opportunities to be available absent some sort of problem which causes the price of the shares to drop. The question Pzena and his team try to answer is whether the issue that caused the drop in price is temporary or permanent.

Richard Pzena Portfolio and Latest Trades

Ticker
Ticker
NRG
MCK
MGA
HAL
FMS
FTI
CTSH
DOW
XOM
NWL
NOV
BKNG
SSNC
WAB
COF
AIG
DOX
FLEX
FBIN
GE
C
MET
BAP
DOOR
R
SMCI
FNF
TSM
VOYA
AXS
GIL
RF
CNO
BIDU
SKX
BDC
ARGO
TCOM
WFC
VFC
ASB
CAH
EIX
HPE
BMY
EPAC
GPS
SCS
UBS
ADNT
GS
DAN
CLS
EQH
RGA
MBC
TRS
TEX
SHEL
AXTA
CI
ABEV
IBN
IPG
MPAA
ONB
PFE
SHG
OLN
AEL
FITB
AMGN
GMS
DRH
BKR
GL
AMWD
AVT
KEY
KOP
MTZ
NOK
REVG
SPB
UVSP
UMPQ
SCSC
OEC
ORCL
WBS
VREX
WSFS
BABA
HSBC
LSTR
LEA
LPLA
GXYYY
LH
BAC

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
NRG	NRG Energy Inc	2022-12-31	Reduce	-1.57%	● 31.05 ($39.56) 45.4	$31.49	-20.40%	Reduce -49.7%	8,352,024	-8,252,613
MCK	McKesson Corp	2022-12-31	Reduce	-1.26%	● 345.39 ($372.97) 397.58	$346.56	-7.08%	Reduce -43.43%	973,538	-747,521
MGA	Magna International Inc	2022-12-31	New Buy	+1.02%	● 47.19 ($56.18) 63.42	$50.18	-10.68%	New holding	4,096,785	4,096,785
HAL	Halliburton Co	2022-12-31	Reduce	-0.94%	● 26.38 ($35.39) 39.54	$29.60	-16.36%	Reduce -49.47%	7,893,885	-7,727,294
FMS	Fresenius Medical Care AG & Co. KGaA	2022-12-31	Add	+0.81%	● 12.81 ($14.82) 16.38	$20.06	35.36%	Add 85.41%	24,332,192	11,209,015
FTI	TechnipFMC PLC	2022-12-31	Reduce	-0.80%	● 8.93 ($11.19) 12.89	$12.51	11.80%	Reduce -72.03%	7,374,728	-18,993,002
CTSH	Cognizant Technology Solutions Corp	2022-12-31	Add	+0.78%	● 51.96 ($58.65) 63.02	$58.65	0%	Add 21.77%	17,357,679	3,102,695
DOW	Dow Inc	2022-12-31	Add	+0.67%	● 43.81 ($48.85) 53.14	$51.78	6.00%	Add 40.27%	10,535,990	3,024,868
XOM	Exxon Mobil Corp	2022-12-31	Reduce	-0.51%	● 91.92 ($107.14) 114.18	$103.53	-3.37%	Reduce -56.16%	905,060	-1,159,626
NWL	Newell Brands Inc	2022-12-31	Add	+0.49%	● 12.58 ($13.66) 15.74	$11.63	-14.86%	Add 21.58%	47,361,679	8,407,044
NOV	NOV Inc	2022-12-31	Reduce	-0.46%	● 17.15 ($20.99) 23.94	$17.25	-17.82%	Reduce -16.29%	29,568,913	-5,752,565
BKNG	Booking Holdings Inc	2022-12-31	Add	+0.45%	● 1634.61 ($1898.11) 2085.44	$2,499.33	31.67%	Add 47.71%	155,403	50,193
SSNC	SS&C Technologies Holdings Inc	2022-12-31	Add	+0.45%	● 46.46 ($50.68) 54.12	$53.92	6.39%	Add 18.22%	12,635,958	1,947,334
WAB	Westinghouse Air Brake Technologies Corp	2022-12-31	Reduce	-0.43%	● 83.98 ($95.58) 103.41	$95.50	-0.08%	Reduce -12.02%	7,803,373	-1,066,300
COF	Capital One Financial Corp	2022-12-31	Add	+0.25%	● 87.87 ($98.32) 116.25	$90.45	-8.00%	Add 11.52%	5,972,255	616,973
AIG	American International Group Inc	2022-12-31	Reduce	-0.24%	● 48.05 ($58.19) 63.63	$47.34	-18.65%	Reduce -9.45%	9,780,944	-1,021,048
DOX	Amdocs Ltd	2022-12-31	Reduce	-0.22%	● 79.01 ($85.06) 90.95	$94.00	10.51%	Reduce -9.95%	5,061,331	-559,450
FLEX	Flex Ltd	2022-12-31	Reduce	-0.20%	● 16.87 ($19.91) 23.15	$20.99	5.42%	Reduce -32.46%	5,055,347	-2,429,951
FBIN	Fortune Brands Innovations Inc	2022-12-31	New Buy	+0.20%	● 45.67 ($52.56) 57.62	$57.03	8.50%	New holding	782,473	782,473
GE	General Electric Co	2022-12-31	Reduce	-0.17%	● 49.63 ($61.57) 68.78	$91.37	48.40%	Reduce -4.06%	13,202,922	-558,693
C	Citigroup Inc	2022-12-31	Add	+0.17%	● 40.45 ($45.43) 50.19	$43.11	-5.11%	Add 5.69%	16,153,249	869,737
MET	MetLife Inc	2022-12-31	Reduce	-0.15%	● 62.58 ($71.63) 76.95	$54.35	-24.12%	Reduce -10.26%	4,261,945	-487,174
BAP	Credicorp Ltd	2022-12-31	Add	+0.14%	● 126.4 ($141.72) 157	$124.28	-12.31%	Add 65.02%	600,199	236,494
DOOR	Masonite International Corp	2022-12-31	Add	+0.13%	● 66.16 ($73.88) 82.8	$86.36	16.89%	Add 80.48%	830,512	370,355
R	Ryder System Inc	2022-12-31	Sold Out	-0.13%	● 73.43 ($83.95) 96.05	$83.94	-0.01%	Sold Out	0	-341,544
SMCI	Super Micro Computer Inc	2022-12-31	Sold Out	-0.11%	● 52.42 ($76.13) 93.87	$110.83	45.58%	Sold Out	0	-396,954
FNF	Fidelity National Financial Inc	2022-12-31	Add	+0.10%	● 35.07 ($37.52) 40.88	$33.32	-11.19%	Add 145.94%	1,043,473	619,196
TSM	Taiwan Semiconductor Manufacturing Co Ltd	2022-12-31	Add	+0.10%	● 60.28 ($72.34) 82.98	$92.79	28.27%	Add 69.13%	755,008	308,603
VOYA	Voya Financial Inc	2022-12-31	Reduce	-0.10%	● 59.18 ($64.07) 68.51	$67.64	5.57%	Reduce -7.13%	4,172,982	-320,570
AXS	Axis Capital Holdings Ltd	2022-12-31	Reduce	-0.09%	● 48.97 ($54.02) 57.56	$52.37	-3.05%	Reduce -6.4%	5,543,905	-378,756
GIL	Gildan Activewear Inc	2022-12-31	Reduce	-0.09%	● 26.51 ($29.04) 32.25	$31.82	9.57%	Reduce -5.3%	11,514,716	-644,218
RF	Regions Financial Corp	2022-12-31	Reduce	-0.09%	● 19.52 ($21.68) 23.41	$17.88	-17.53%	Reduce -26.59%	2,446,181	-885,981
CNO	CNO Financial Group Inc	2022-12-31	Add	+0.08%	● 18.35 ($21.57) 23.48	$21.12	-2.09%	Add 11.09%	7,627,617	761,752
BIDU	Baidu Inc	2022-12-31	Reduce	-0.08%	● 76.57 ($102.04) 123.3	$156.27	53.15%	Reduce -17.49%	618,622	-131,161
SKX	Skechers USA Inc	2022-12-31	Reduce	-0.08%	● 32.15 ($38.3) 43.36	$44.91	17.26%	Reduce -6.08%	7,522,541	-487,400
BDC	Belden Inc	2022-12-31	Reduce	-0.07%	● 60.45 ($72.58) 81.95	$83.71	15.33%	Reduce -16.68%	1,107,617	-221,812
ARGO	Argo Group International Holdings Ltd	2022-12-31	Add	+0.07%	● 19.25 ($24.65) 27.43	$29.00	17.65%	Add 47.18%	1,891,939	606,520
TCOM	Trip.com Group Ltd	2022-12-31	Reduce	-0.07%	● 20.36 ($28.73) 35.46	$36.22	26.07%	Reduce -4.9%	9,677,682	-499,085
WFC	Wells Fargo & Co	2022-12-31	Add	+0.07%	● 40.23 ($44.26) 47.95	$36.23	-18.14%	Add 2.16%	17,710,817	375,214
VFC	VF Corp	2022-12-31	Sold Out	-0.07%	● 25.17 ($29.39) 34.34	$20.29	-30.96%	Sold Out	0	-458,387
ASB	Associated Banc-Corp	2022-12-31	Reduce	-0.06%	● 20.54 ($23.09) 25.13	$17.91	-22.43%	Reduce -15.56%	3,110,151	-572,962
CAH	Cardinal Health Inc	2022-12-31	Reduce	-0.06%	● 67.86 ($75.98) 80.98	$70.37	-7.38%	Reduce -6.71%	2,547,552	-183,203
EIX	Edison International	2022-12-31	Add	+0.06%	● 54.94 ($61.37) 67.87	$68.38	11.42%	Add 1.5%	13,619,885	201,583
HPE	Hewlett Packard Enterprise Co	2022-12-31	Reduce	-0.05%	● 12.21 ($14.74) 16.82	$14.23	-3.46%	Reduce -2.95%	29,386,268	-892,458
BMY	Bristol-Myers Squibb Co	2022-12-31	Reduce	-0.05%	● 68.48 ($75.4) 81.13	$67.68	-10.24%	Reduce -3.3%	3,860,572	-131,559
EPAC	Enerpac Tool Group Corp	2022-12-31	Reduce	-0.04%	● 18.06 ($24.1) 26.95	$26.22	8.80%	Reduce -12.25%	3,398,059	-474,186
GPS	Gap Inc	2022-12-31	Reduce	-0.04%	● 8.61 ($11.97) 15.15	$9.00	-24.81%	Reduce -7.5%	10,857,596	-880,567
SCS	Steelcase Inc	2022-12-31	Add	+0.04%	● 6.25 ($7.39) 8.5	$8.38	13.40%	Add 14.63%	10,607,518	1,353,472
UBS	UBS Group AG	2022-12-31	Reduce	-0.04%	● 13.99 ($17.01) 18.8	$18.99	11.64%	Reduce -11.65%	4,356,997	-574,420
ADNT	Adient PLC	2022-12-31	Add	+0.04%	● 28.71 ($34.97) 40.4	$37.89	8.35%	Add 23.44%	1,352,640	256,880
GS	The Goldman Sachs Group Inc	2022-12-31	Reduce	-0.03%	● 294.21 ($348.16) 388.86	$312.57	-10.22%	Reduce -3.98%	544,422	-22,574
DAN	Dana Inc	2022-12-31	Reduce	-0.03%	● 12.08 ($15.51) 18.65	$13.75	-11.35%	Reduce -9.08%	5,207,116	-519,924
CLS	Celestica Inc	2022-12-31	Reduce	-0.03%	● 8.55 ($10.51) 11.45	$12.37	17.70%	Reduce -9.95%	6,188,544	-683,536
EQH	Equitable Holdings Inc	2022-12-31	Reduce	-0.03%	● 27.17 ($29.6) 31.98	$23.58	-20.34%	Reduce -1.15%	22,605,769	-262,742
RGA	Reinsurance Group of America Inc	2022-12-31	Reduce	-0.03%	● 129.54 ($139.65) 148.55	$127.45	-8.74%	Reduce -11.66%	393,179	-51,909
MBC	MasterBrand Inc	2022-12-31	New Buy	+0.03%	● 7.5 ($8.19) 10	$7.26	-11.36%	New holding	779,649	779,649
TRS	TriMas Corp	2022-12-31	Add	+0.03%	● 22.53 ($26.71) 28.6	$27.04	1.24%	Add 15.18%	1,934,414	254,948
TEX	Terex Corp	2022-12-31	Reduce	-0.03%	● 30.99 ($40.27) 46.04	$46.00	14.23%	Reduce -5.33%	4,105,227	-231,166
SHEL	Shell PLC	2022-12-31	Reduce	-0.03%	● 50.18 ($55.12) 58.47	$54.57	-1.00%	Reduce -4.39%	2,750,063	-126,403
AXTA	Axalta Coating Systems Ltd	2022-12-31	Reduce	-0.02%	● 21.27 ($24.71) 26.99	$28.10	13.72%	Reduce -4.23%	4,646,839	-205,126
CI	Cigna Corp	2022-12-31	Add	+0.02%	● 285.73 ($316.43) 339.3	$260.21	-17.77%	Add 3.73%	431,116	15,521
ABEV	Ambev SA	2022-12-31	Add	+0.02%	● 2.72 ($2.91) 3.24	$2.63	-9.62%	Add 16.05%	11,397,027	1,576,403
IBN	ICICI Bank Ltd	2022-12-31	Reduce	-0.02%	● 20.87 ($22.27) 23.72	$20.74	-6.87%	Reduce -12.9%	1,378,197	-204,081
IPG	The Interpublic Group of Companies Inc	2022-12-31	Add	+0.02%	● 26.1 ($31.02) 34.5	$35.04	12.96%	Add 18.18%	1,109,575	170,653
MPAA	Motorcar Parts of America Inc	2022-12-31	Reduce	-0.02%	● 9.94 ($14.55) 19.84	$6.95	-52.23%	Reduce -14.12%	1,577,618	-259,305
ONB	Old National Bancorp	2022-12-31	Reduce	-0.02%	● 16.87 ($18.36) 19.79	$14.58	-20.59%	Reduce -4.64%	4,108,101	-199,986
PFE	Pfizer Inc	2022-12-31	Reduce	-0.02%	● 41.75 ($47.94) 54.48	$40.39	-15.75%	Reduce -3.82%	2,759,833	-109,519
SHG	Shinhan Financial Group Co Ltd	2022-12-31	Add	+0.02%	● 23.59 ($26.93) 29.67	$26.55	-1.41%	Add 18.9%	864,876	137,460
OLN	Olin Corp	2022-12-31	Reduce	-0.02%	● 45.11 ($53.08) 60.44	$51.84	-2.34%	Reduce -3.6%	2,627,751	-98,014
AEL	American Equity Investment Life Holding Co	2022-12-31	Add	+0.01%	● 32.99 ($40.27) 46.15	$35.32	-12.29%	Add 2.62%	997,069	25,473
FITB	Fifth Third Bancorp	2022-12-31	Reduce	-0.01%	● 31.15 ($34.13) 36.85	$25.48	-25.34%	Reduce -2.63%	1,339,388	-36,143
AMGN	Amgen Inc	2022-12-31	Add	+0.01%	● 229.03 ($268.06) 292.39	$238.03	-11.20%	Add 2.02%	509,626	10,094
GMS	GMS Inc	2022-12-31	Reduce	-0.01%	● 40.79 ($47.93) 56.65	$54.13	12.94%	Reduce -4.11%	1,009,428	-43,231
DRH	Diamondrock Hospitality Co	2022-12-31	Reduce	-0.01%	● 7.72 ($8.7) 9.41	$7.40	-14.94%	Reduce -2.71%	6,313,155	-175,971
BKR	Baker Hughes Co	2022-12-31	Reduce	-0.01%	● 22.25 ($27.59) 31.02	$27.02	-2.07%	Reduce -85.97%	7,613	-46,641
GL	Globe Life Inc	2022-12-31	Add	+0.01%	● 102.09 ($114.36) 121.14	$106.69	-6.71%	Add 8.37%	261,898	20,228
AMWD	American Woodmark Corp	2022-12-31	Reduce	-0.01%	● 41.81 ($49.64) 56.7	$49.84	0.40%	Reduce -3.03%	838,198	-26,198
AVT	Avnet Inc	2022-12-31	Reduce	-0.01%	● 36.63 ($41.58) 45.67	$43.34	4.23%	Reduce -0.62%	9,282,603	-58,182
KEY	KeyCorp	2022-12-31	Reduce	-0.01%	● 15.59 ($17.59) 19.83	$11.86	-32.58%	Reduce -2.18%	3,307,382	-73,809
KOP	Koppers Holdings Inc	2022-12-31	Add	+0.01%	● 21.54 ($26.99) 31.76	$32.82	21.60%	Add 16.05%	503,296	69,596
MTZ	MasTec Inc	2022-12-31	Reduce	-0.01%	● 63.24 ($82.03) 95.69	$91.48	11.52%	Reduce -2.92%	872,571	-26,238
NOK	Nokia Oyj	2022-12-31	Add	+0.01%	● 4.16 ($4.61) 5.05	$4.63	0.43%	Add 156.73%	292,950	178,844
REVG	REV Group Inc	2022-12-31	Reduce	-0.01%	● 11.55 ($13.17) 14.56	$11.41	-13.36%	Reduce -4.07%	3,833,025	-162,676
SPB	Spectrum Brands Holdings Inc	2022-12-31	Reduce	-0.01%	● 40.48 ($50.41) 66.68	$58.50	16.05%	Reduce -6.94%	986,135	-73,521
UVSP	Univest Financial Corp	2022-12-31	Reduce	-0.01%	● 23.85 ($26.82) 29.06	$24.62	-8.20%	Reduce -3.27%	1,641,462	-55,536
UMPQ	Umpqua Holdings Corp	2022-12-31	Reduce	-0.01%	● 17.17 ($18.83) 20.93	$17.66	-6.21%	Reduce -4.41%	3,298,180	-152,226
SCSC	ScanSource Inc	2022-12-31	Reduce	-0.01%	● 26.61 ($29.67) 32.05	$29.09	-1.95%	Reduce -2.96%	1,541,255	-47,021
OEC	Orion Engineered Carbons SA	2022-12-31	Reduce	-0.01%	● 13.27 ($16.82) 19.11	$24.90	48.04%	Reduce -4.27%	4,343,557	-193,756
ORCL	Oracle Corp	2022-12-31	Reduce	-0.01%	● 62.41 ($76) 84.11	$88.01	15.80%	Reduce -1.36%	2,043,729	-28,252
WBS	Webster Financial Corp	2022-12-31	Reduce	-0.01%	● 44.4 ($50.08) 55.4	$38.62	-22.88%	Reduce -2.35%	2,196,059	-52,892
VREX	Varex Imaging Corp	2022-12-31	Reduce	-0.01%	● 19.13 ($20.91) 22.9	$17.94	-14.20%	Reduce -4.7%	1,190,066	-58,735
WSFS	WSFS Financial Corp	2022-12-31	Reduce	-0.01%	● 44.36 ($47.02) 49.78	$37.97	-19.25%	Reduce -3.41%	1,098,216	-38,760
BABA	Alibaba Group Holding Ltd	2022-12-31	Add	0%	● 63.15 ($78.85) 94.17	$86.90	10.21%	Add 14.33%	44,799	5,615
HSBC	HSBC Holdings PLC	2022-12-31	New Buy	0%	● 25.01 ($28.38) 31.21	$33.08	16.56%	New holding	21,662	21,662
LSTR	Landstar System Inc	2022-12-31	Add	0%	● 143.63 ($160.52) 173.49	$173.17	7.88%	Add 201.16%	4,665	3,116
LEA	Lear Corp	2022-12-31	Add	0%	● 120.63 ($132.49) 150.07	$137.97	4.14%	Add 0.02%	6,865,532	1,383
LPLA	LPL Financial Holdings Inc	2022-12-31	Add	0%	● 206.94 ($233.77) 269.17	$192.00	-17.87%	Add 65.73%	3,434	1,362
GXYYY	Galaxy Entertainment Group Ltd	2022-12-31	Add	0%	● 22.35 ($29.42) 34.35	$32.88	11.76%	Add 15.98%	124,859	17,200
LH	Laboratory Corp of America Holdings	2022-12-31	New Buy	0%	● 204.3 ($227.5) 248.97	$218.41	-4.00%	New holding	1,779	1,779
BAC	Bank of America Corp	2022-12-31	Add	0%	● 29.77 ($34.44) 38.41	$27.14	-21.20%	Add 0.07%	9,071,627	6,024

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