Pzena Investment Management LLC
Reported US equity positions for Q1 2026 — $30.8B across 192 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| MGA Magna International, Inc. | $2.0B | 6.4% | 25,329,355 |
| CTSH Cognizant Technology Solutions Corporation | $1.2B | 4.0% | 20,262,362 |
| TSN Tyson Foods, Inc. | $1.1B | 3.6% | 17,155,713 |
| BAX Baxter International Inc. | $1.1B | 3.5% | 64,527,823 |
| BMY Bristol-Myers Squibb Company | $1.0B | 3.4% | 17,095,731 |
| CVS CVS Health Corporation | $989.2M | 3.2% | 13,773,053 |
| HUM Humana Inc. | $948.6M | 3.1% | 5,470,982 |
| C Citigroup, Inc. | $927.2M | 3.0% | 8,175,364 |
| SWKS Skyworks Solutions, Inc. | $862.6M | 2.8% | 16,108,138 |
| COF Capital One Financial Corporation | $835.6M | 2.7% | 4,580,120 |
| G02602103 Amdocs LTD | $827.6M | 2.7% | 12,681,089 |
| DG Dollar General Corporation | $818.9M | 2.7% | 6,897,541 |
| LEA Lear Corporation | $818.3M | 2.7% | 6,758,505 |
| H42097107 Ubs Group Ag | $815.7M | 2.6% | 26,544,355 |
| MET MetLife, Inc. | $799.4M | 2.6% | 11,303,819 |
| PPG PPG Industries, Inc. | $799.3M | 2.6% | 7,478,646 |
| DOW Dow Inc. | $789.2M | 2.6% | 18,947,602 |
| GPN Global Payments Inc. | $781.7M | 2.5% | 11,615,577 |
| NOV NOV Inc. | $706.0M | 2.3% | 37,535,449 |
| WFC Wells Fargo & Company | $698.4M | 2.3% | 8,773,128 |
| SSNC SS&C Technologies Holdings, Inc. | $655.4M | 2.1% | 9,699,260 |
| CRBG Corebridge Financial Inc. | $645.3M | 2.1% | 27,045,794 |
| NOK Nokia Corporation Sponsored American Depositary Shares | $509.9M | 1.7% | 63,425,518 |
| G1151C101 Accenture PLC Ireland | $477.0M | 1.5% | 2,405,683 |
| PVH PVH Corp. | $402.4M | 1.3% | 5,768,906 |
| AVT Avnet, Inc. | $350.8M | 1.1% | 5,692,230 |
| UHS Universal Health Services, Inc. | $342.2M | 1.1% | 1,912,235 |
| FMS Fresenius Medical Care AG American Preferred | $339.6M | 1.1% | 15,052,822 |
| BAC Bank of America Corporation | $313.1M | 1.0% | 6,422,754 |
| G2519Y108 Credicorp LTD | $309.4M | 1.0% | 912,060 |
| SHEL Shell PLC American Preferred | $297.3M | 1.0% | 3,196,449 |
| G5960L103 Medtronic PLC | $273.6M | 0.9% | 3,157,015 |
| VOYA Voya Financial, Inc. | $250.9M | 0.8% | 3,673,118 |
| AAP Advance Auto Parts Inc. | $226.9M | 0.7% | 4,301,089 |
| KSPI Joint Stock Company Kaspi.kz - American Depository Shares | $197.9M | 0.6% | 2,672,387 |
| ZTO ZTO Express (Cayman) Inc. American Preferred | $187.8M | 0.6% | 7,460,931 |
| DAL Delta Air Lines, Inc. | $186.7M | 0.6% | 2,807,667 |
| LKQ LKQ Corporation | $183.1M | 0.6% | 6,232,900 |
| SPB Spectrum Brands Holdings, Inc. | $172.3M | 0.6% | 2,338,423 |
| PFE Pfizer, Inc. | $166.4M | 0.5% | 5,924,892 |
| EQH Equitable Holdings, Inc. | $165.7M | 0.5% | 4,464,347 |
| NWL Newell Brands Inc. | $164.0M | 0.5% | 47,802,935 |
| HAL Halliburton Company | $158.6M | 0.5% | 4,067,041 |
| CI The Cigna Group | $154.3M | 0.5% | 578,448 |
| KT KT Corporation | $153.9M | 0.5% | 7,175,547 |
| RHI Robert Half Inc. | $151.6M | 0.5% | 5,966,734 |
| GL Globe Life Inc. | $142.8M | 0.5% | 1,026,246 |
| L44385109 Globant S A | $136.9M | 0.4% | 2,968,828 |
| CDW CDW Corporation | $135.0M | 0.4% | 1,115,535 |
| OLN Olin Corporation | $131.8M | 0.4% | 4,431,613 |
| G87052109 Te Connectivity PLC | $126.2M | 0.4% | 603,978 |
| G8060N102 Sensata Technologies Hldg Pl | $122.6M | 0.4% | 3,482,266 |
| MHK Mohawk Industries, Inc. | $113.5M | 0.4% | 1,152,814 |
| XOM ExxonMobil Holdings Corporation | $104.7M | 0.3% | 617,144 |
| CSCO Cisco Systems, Inc. | $101.5M | 0.3% | 1,308,740 |
| CNO CNO Financial Group, Inc. | $101.5M | 0.3% | 2,470,921 |
| JPM JP Morgan Chase & Co. | $99.2M | 0.3% | 337,262 |
| WAB Westinghouse Air Brake Technologies Corporation | $91.9M | 0.3% | 367,753 |
| N5505D105 Magnum Ice Cream Co Nv | $89.4M | 0.3% | 7,036,187 |
| STZ Constellation Brands, Inc. | $89.4M | 0.3% | 595,795 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| MGA Magna International, Inc. | Trim | $2.0B | $2.1B | -13% |
| CTSH Cognizant Technology Solutions Corporation | Add | $1.2B | $1.5B | +15% |
| TSN Tyson Foods, Inc. | Add | $1.1B | $897.5M | +12% |
| BAX Baxter International Inc. | Trim | $1.1B | $1.3B | -8% |
| BMY Bristol-Myers Squibb Company | Trim | $1.0B | $967.9M | -5% |
| CVS CVS Health Corporation | Trim | $989.2M | $1.2B | -12% |
| HUM Humana Inc. | Add | $948.6M | $1.0B | +34% |
| C Citigroup, Inc. | Trim | $927.2M | $1.2B | -23% |
| SWKS Skyworks Solutions, Inc. | Add | $862.6M | $800.6M | +28% |
| COF Capital One Financial Corporation | Trim | $835.6M | $1.2B | -9% |
| G02602103 Amdocs LTD | Add | $827.6M | $969.1M | +5% |
| DG Dollar General Corporation | Trim | $818.9M | $1.4B | -35% |
| LEA Lear Corporation | Trim | $818.3M | $855.8M | -9% |
| H42097107 Ubs Group Ag | Trim | $815.7M | $1.1B | -11% |
| MET MetLife, Inc. | Trim | $799.4M | $938.1M | -5% |
| PPG PPG Industries, Inc. | Add | $799.3M | $727.3M | +5% |
| DOW Dow Inc. | Trim | $789.2M | $645.9M | -31% |
| GPN Global Payments Inc. | Add | $781.7M | $883.1M | +2% |
| NOV NOV Inc. | Trim | $706.0M | $659.0M | -11% |
| WFC Wells Fargo & Company | Trim | $698.4M | $930.2M | -12% |
| SSNC SS&C Technologies Holdings, Inc. | Trim | $655.4M | $901.6M | -6% |
| CRBG Corebridge Financial Inc. | Add | $645.3M | $713.0M | +14% |
| NOK Nokia Corporation Sponsored American Depositary Shares | Trim | $509.9M | $594.9M | -31% |
| G1151C101 Accenture PLC Ireland | Add | $477.0M | $350.9M | +84% |
| PVH PVH Corp. | Trim | $402.4M | $415.2M | -7% |
| AVT Avnet, Inc. | Trim | $350.8M | $338.4M | -19% |
| UHS Universal Health Services, Inc. | Trim | $342.2M | $460.6M | -9% |
| FMS Fresenius Medical Care AG American Preferred | Add | $339.6M | $351.4M | +2% |
| G2519Y108 Credicorp LTD | Trim | $309.4M | $306.8M | -15% |
| SHEL Shell PLC American Preferred | Trim | $297.3M | $240.8M | -2% |
| G5960L103 Medtronic PLC | Trim | $273.6M | $309.2M | -2% |
| VOYA Voya Financial, Inc. | Add | $250.9M | $270.1M | +1% |
| AAP Advance Auto Parts Inc. | Add | $226.9M | $156.2M | +8% |
| KSPI Joint Stock Company Kaspi.kz - American Depository Shares | Trim | $197.9M | $211.4M | -1% |
| ZTO ZTO Express (Cayman) Inc. American Preferred | Trim | $187.8M | $158.4M | -2% |
| DAL Delta Air Lines, Inc. | Trim | $186.7M | $207.0M | -6% |
| LKQ LKQ Corporation | Add | $183.1M | $132.3M | +42% |
| SPB Spectrum Brands Holdings, Inc. | Trim | $172.3M | $141.9M | -3% |
| PFE Pfizer, Inc. | Trim | $166.4M | $162.5M | -9% |
| EQH Equitable Holdings, Inc. | Add | $165.7M | $206.1M | +3% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.