§ 13F · FUND PROFILE
PZENA INVESTMENT MANAGEMENT LLC.
Deep value, classic Graham-Dodd
AUM · $30.9B (13F)Positions · 186Turnover · 77% · Q1Filed · Apr 24, 2026
CONCENTRATION
35%
Top 10 holdings
NEW BUYS
+9
+$540M deployed
EXITS
0
No exits
SECTOR SHIFT
FINANCIAL SERVICES → OTHER
-2pp · +4pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q1 2026
FILED APR 24, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q1 |
|---|---|---|---|---|---|---|
| 1 | MGA | MAGNA INTL INC | 25.08M | $1.9B | 6.3% | −13% |
| 2 | CTSH | COGNIZANT TECHNOLOGY SOLUTIO | 20.07M | $1.2B | 4.0% | +15% |
| 3 | TSN | TYSON FOODS INC | 16.96M | $1.1B | 3.5% | +12% |
| 4 | BAX | BAXTER INTL INC | 63.44M | $1.1B | 3.5% | −8% |
| 5 | BMY | BRISTOL-MYERS SQUIBB CO | 16.85M | $1.0B | 3.3% | −5% |
| 6 | CVS | CVS HEALTH CORP | 13.50M | $970M | 3.1% | −12% |
| 7 | HUM | HUMANA INC | 5.38M | $933M | 3.0% | +34% |
| 8 | C | CITIGROUP INC | 8.03M | $910M | 3.0% | −23% |
| 9 | SWKS | SKYWORKS SOLUTIONS INC | 15.85M | $849M | 2.8% | +28% |
| 10 | COF | CAPITAL ONE FINL CORP | 4.51M | $823M | 2.7% | −9% |
§ 02 · SECTOR ALLOCATION
Where the money is
Other45.6% (+4pp)
Health Care14.6% (−1pp)
Financial Services12.4% (−2pp)
Banking9.3% (−1pp)
Auto Components9.3% (±0)
Technology8.7% (±0)
§ 03 · THE PZENA SIGNAL
AC read
PZENA INVESTMENT MANAGEMENT LLC is a Deep Value fund managing $30.9 billion in assets. The fund runs a portfolio of 186 positions, broad diversification across holdings, with the top 10 accounting for 35%. Trading activity is aggressive at 77% quarterly turnover, with 9 new positions and 0 exits last quarter. Top sector allocations: Other (46%), Health Care (15%), Financial Services (12%).
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
2 FILINGS
Q1 2026
Busy quarter
+9 buys · −0 exits · 139 changed
Q4 2025
Busy quarter
+12 buys · −0 exits · 136 changed
Q3 2025
Busy quarter
+8 buys · −0 exits · 137 changed
Q2 2025
Busy quarter
+12 buys · −0 exits · 127 changed