PZENA INVESTMENT MANAGEMENT LLC

CIK 0001027796 · Q2 2026

13F Equity AUM

$34.1B

+10.6% QoQ

Positions

161

+3 QoQ

AUM Rank

#236

Top 3%

Skill Alpha (FF)

-0.2%/yr^ns

No Clear Edge

Rank #3,082 · Top 37%

vs S&P -2.7%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 22.8%Top 10: 37.6%Top 20: 62.1%

MGA6.5%

HUM5.1%

BAX4.1%

CVS3.6%

DG3.5%

AWM3.2%

CTSH3.0%

BMY2.9%

TSN2.9%

CRBG2.8%

Others (151)62.4%

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

Sector Allocation

Financial Services20.4%

Healthcare20.3%

Technology18.0%

Consumer Cyclical13.9%

Consumer Defensive9.0%

Industrials5.4%

Basic Materials4.4%

Energy3.3%

Other5.3%

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

Position Sizing

Positions: 161Median: 0.18%Avg: 0.62%

0–0.5%

117(15.5%)

0.5–1%

17(12.9%)

1–3%

20(42.6%)

3–5%

5(17.3%)

5%+

2(11.7%)

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

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Portfolio Overlap

Shared: 0Unique: 161vs 20 funds

0%Low

161

Fund positions

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.

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Position Changes This Quarter

New12Increased71Decreased70Exited9

New Positions

WDAY0.7%

+2.0M

BEKE0.4%

+8.9M

ORCL0.0%

+2K

STT0.0%

+1K

ZBRA0.0%

+1K

GEV0.0%

+184

EXPE0.0%

+1K

QRVO0.0%

+3K

CRM0.0%

+2K

TOST0.0%

+11K

Increased

MBC0.5%

+11.5M(+302%)

LKQ11.2%

+8.9M(+143%)

CRBG2.8%

+6.7M(+25%)

CTSH3.0%

+6.3M(+31%)

MICC0.6%

+6.2M(+88%)

DG3.5%

+3.3M(+48%)

ACN1.9%

+2.7M(+114%)

G0.3%

+2.6M(+353%)

CDW1.1%

+1.5M(+137%)

SSNC2.0%

+1.3M(+14%)

Decreased

NOK0.2%

-58,414,612(-92%)

DOW1.0%

-6,440,591(-34%)

UBS2.7%

-3,940,226(-15%)

TRVC2.3%

-2,626,575(-32%)

AVT0.8%

-2,571,835(-45%)

CVS3.6%

-2,003,517(-15%)

MGA6.5%

-1,446,531(-6%)

ST0.3%

-1,230,359(-35%)

KNX0.0%

-1,200,405(-95%)

NOV2.0%

-1,159,362(-3%)

Exited

-367,753

-1,643,562

-203,965

-2,114

-2,127

-975

-560

-3,964

-9,923

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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