PZENA INVESTMENT MANAGEMENT LLC

CIK 0001027796 · Q1 2026

13F Equity AUM

$30.8B

-7.8% QoQ

Positions

158

+1 QoQ

AUM Rank

#306

Top 3%

Skill Alpha (FF)

-0.1%/yr^ns

No Clear Edge

Rank #2,456 · Top 30%

vs S&P -5.3%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 20.9%Top 10: 35.7%Top 20: 61.2%

MGA6.4%

CTSH4.0%

TSN3.6%

BAX3.5%

BMY3.4%

CVS3.2%

HUM3.1%

TRVC3.0%

AWM2.8%

COF2.7%

Others (148)64.3%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology19.4%

Financial Services19.0%

Healthcare18.7%

Consumer Cyclical13.4%

Consumer Defensive8.3%

Basic Materials6.1%

Industrials5.9%

Energy4.3%

Other5.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 158Median: 0.17%Avg: 0.63%

0–0.5%

114(15.6%)

0.5–1%

14(9.0%)

1–3%

22(45.1%)

3–5%

7(23.8%)

5%+

1(6.4%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 158Unique: 0vs 20 funds

2.2%Low

158

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

3.9%

MORGAN STANLEY

BANK OF AMERICA CORP /DE/

3.3%

JPMORGAN CHASE & CO

3.1%

STATE STREET CORP

4.2%

FMR LLC

4.8%

VANGUARD CAPITAL MANAGEMENT LLC

GEODE CAPITAL MANAGEMENT, LLC

3.8%

VANGUARD PORTFOLIO MANAGEMENT LLC

4.5%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New9Increased65Decreased74Exited8

New Positions

KT0.5%

+7.2M

CDW0.4%

+1.1M

GLOB0.4%

+3.0M

MICC0.3%

+7.0M

MLKN0.1%

+2.0M

INTU0.0%

+560

TMUS0.0%

+975

ADSK0.0%

+1K

MSFT0.0%

+762

Increased

AWM2.8%

+3.5M(+28%)

CRBG2.1%

+3.4M(+14%)

CTSH4.0%

+2.6M(+15%)

LKQ10.6%

+1.9M(+42%)

TSN3.6%

+1.8M(+12%)

RHI0.5%

+1.6M(+36%)

HUM3.1%

+1.4M(+34%)

MMI0.2%

+1.4M(+228%)

ACN1.6%

+1.1M(+84%)

FITB0.3%

+698K(+74%)

Decreased

NOK1.7%

-28,516,989(-31%)

DOW2.6%

-8,679,285(-31%)

BAX3.5%

-5,518,428(-8%)

NOV2.3%

-4,628,779(-11%)

MGA6.4%

-3,784,227(-13%)

DG2.7%

-3,779,282(-35%)

UBS2.6%

-3,230,218(-11%)

DRH0.1%

-2,481,976(-47%)

TRVC3.0%

-2,439,770(-23%)

NWL0.5%

-2,216,618(-4%)

Exited

CMA

-374,001

CHTR

-118,715

-12,225

-572,048

-1,792

-7,515

-3,386

-4,842

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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