PZENA INVESTMENT MANAGEMENT LLC

Long Only Manager • Value

PZENA INVESTMENT MANAGEMENT LLC is a Value-focused institution based in New York, NY led by Chenyu Caroline Cai, reporting $63.7B in AUM as of Q3 2025 with MGA as the largest holding (6% allocation).

CEOChenyu Caroline Cai

Portfolio Value: $30.9B
Positions: 154
Top Holding: MGA at 6.19%
Last Reported: Q3 2025

Address320 Park Avenue, 8th Floor, New York, NY, 10022, United States

Top Holdings

Largest long holdings in PZENA INVESTMENT MANAGEMENT LLC's portfolio (39.2% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Magna International MGA	Auto - Parts Consumer Cyclical	$1.9B	6.19%	-$28.6M Sold	10.32% 29.1M shares	Q4 2022 Held for 3 years
2 Baxter International BAX	Medical - Instruments & Supplies Healthcare	$1.3B	4.22%	+$411.0M Bought	11.17% 57.4M shares	Q3 2023 Held for 2y 3m
3 Citigroup C	Banks - Diversified Financial Services	$1.3B	4.11%	-$105.8M Sold	0.68% 12.5M shares	≤ Q2 2013 Held for 12y 6m+
4 Dollar General DG	Discount Stores Consumer Defensive	$1.2B	3.90%	-$17.7M Sold	5.31% 11.7M shares	Q1 2024 Held for 1y 9m
5 CVS Health CVS	Medical - Healthcare Plans Healthcare	$1.2B	3.86%	-$68.0M Sold	1.25% 15.8M shares	Q4 2023 Held for 2 years
6 Cognizant CTSH	Information Technology Services Technology	$1.2B	3.84%	+$17.5M Bought	3.63% 17.7M shares	Q1 2015 Held for 10y 9m
7 Capital One Financial COF	Financial - Credit Services Financial Services	$1.1B	3.47%	-$78.5M Sold	0.79% 5.1M shares	Q3 2016 Held for 9y 3m
8 Humana HUM	Medical - Healthcare Plans Healthcare	$1.0B	3.39%	-$11.9M Sold	3.35% 4.0M shares	Q3 2021 Held for 4y 3m
9 UBS Group UBS	Banks - Diversified Financial Services	$967.1M	3.13%	-$37.6M Sold	0.94% 29.7M shares	Q4 2014 Held for 11 years
10 Skyworks Solutions SWKS	Semiconductors Technology	$944.7M	3.05%	+$5.0M Bought	8.27% 12.3M shares	Q4 2023 Held for 2 years

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in PZENA INVESTMENT MANAGEMENT LLC's latest filing

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Market Value

$30.9B

Prior: $30.8B

Q/Q Change

+0.617%

+$189.9M

Net Flows % of MV

-1.68%

Turnover Ratio

5.29%

New Purchases

6 stocks

$197.2M

Added To

66 stocks

+$1.2B

Sold Out Of

6 stocks

$81.2M

Reduced Holdings

71 stocks

-$1.9B

Increased Positions

Position	Shares Δ	Change
1 Accenture ACN	New	0 → 337.9K +$83.3M
2 Aebi Schmidt Holding AG Common Stock AEBI	New	0 → 4.6M +$57.1M
3 Solventum SOLV	New	0 → 434.3K +$31.7M
4 Sensata Technologies ST	New	0 → 730.5K +$22.3M
5 Myers Industries MYE	New	0 → 142.6K +$2.4M

Decreased Positions

Position	Shares Δ	Change
1 The Shyft Group SHYF	Sold	3.6M → 0 −$44.9M
2 Synovus Financial SNV	Sold	680.4K → 0 −$35.2M
3 NWG NatWest Group NWG	Sold	24.2K → 0 −$342.6K
4 IBN ICICI Bank IBN	Sold	10.0K → 0 −$335.6K
5 Ulta Beauty, Inc. ULTA	Sold	525.0 → 0 −$245.6K

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Analytics

Portfolio insights and performance metrics for PZENA INVESTMENT MANAGEMENT LLC

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Sector Allocation

Financial Services

25.60%

Healthcare

18.90%

Technology

15.80%

Consumer Cyclical

14.00%

Consumer Defensive

7.90%

Industrials

5.90%

Basic Materials

3.40%

Energy

2.70%

Real Estate

0.60%

Communication Services

0.40%

Market Cap Distribution

Mega Cap (> $200B)

5.65%

Large Cap ($10B - $200B)

68.70%

Mid Cap ($2B - $10B)

16.74%

Small Cap ($300M - $2B)

3.99%

Micro Cap ($50M - $300M)

0.10%

Nano Cap (< $50M)

0.13%

N/A (ETF or Unknown)

4.69%

Portfolio Concentration

Top 10 Holdings %

39.17%

Top 20 Holdings %

63.55%

Top 50 Holdings %

87.84%

Top 100 Holdings %

98.01%