PZENA INVESTMENT MANAGEMENT LLC
SEC Form 13F institutional filer · CIK 0001027796
13F-HR · 59 reported holdings · 2026-03-31
Pzena Investment Management LLC is an asset manager.
Reported long-US-equity value
$19.03B
Top-10 concentration
51.7%
PZENA INVESTMENT MANAGEMENT LLC — $19B AUM allocation strategy
PZENA INVESTMENT MANAGEMENT LLC files SEC Form 13F and reports $19B of long US equity value across 59 reported holdings for 2026-03-31.
Its largest sector bet is Financials 24.8%, followed by Health Care 23.1% and Information Technology 16.2%.
The top 10 holdings account for 52% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
PZENA INVESTMENT MANAGEMENT LLC — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$19B
total across 59 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
52% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$SWKS +3.48M sh · +$61.9M+$AIG +3.42M sh · −$71.5M+$CTSH +2.63M sh · −$220M
Biggest trims (shares)
−$AMAT −28.5M sh · −$84.9M−$DOW −8.68M sh · +$143M−$BAX −5.52M sh · −$255M
Exited to nil (held last quarter, gone now)
$CHTR ($24.8M last qtr)$GS ($10.7M last qtr)$CINF ($293K last qtr)$ADM ($278K last qtr)$INTC ($277K last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- IT Consulting & Other Services9.0%—
- Diversified Banks8.5%—
- Packaged Foods & Meats5.7%—
- Health Care Equipment5.7%—
- Pharmaceuticals5.5%—
- Health Care Services5.2%—
- Managed Health Care5.0%—
- Semiconductors4.6%—
- Other holdings50.8%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
10 of 10 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $CTSH | Cognizant Technology Solutions Corporation | 20.3M | $1.24B | +2.63M | 6.5% |
| $TSN | Tyson Foods Inc | 17.2M | $1.1B | +1.85M | 5.8% |
| $BAX | Baxter International Inc | 64.5M | $1.08B | -5.52M | 5.7% |
| $BMY | Bristol-Myers Squibb Company | 17.1M | $1.04B | -848K | 5.4% |
| $CVS | CVS Health Corporation | 13.8M | $989M | -1.81M | 5.2% |
| $HUM | Humana Inc | 5.47M | $949M | +1.4M | 5.0% |
| $C | Citigroup Inc | 8.18M | $927M | -2.44M | 4.9% |
| $SWKS | Skyworks Solutions Inc | 16.1M | $863M | +3.48M | 4.5% |
| $COF | Capital One Financial Corporation | 4.58M | $836M | -441K | 4.4% |
| $DG | Dollar General Corporation | 6.9M | $819M | -3.78M | 4.3% |
…and 49 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
← All 13F filers·← QuantOrb.pro
How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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