PZENA INVESTMENT MANAGEMENT LLC — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, PZENA INVESTMENT MANAGEMENT LLC initiated 9 new positions, increased allocation to 10 existing positions, trimmed 10 positions, and exited 8 positions entirely. The fund's 13F equity book declined from $33.40B to $30.80B (-7.8% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $33.40BPrior quarter
- $30.80BCurrent quarter
- $-2.61BNet delta
- -7.8%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| KT CORP | KT | 0.50% | Holders → |
| GLOBANT S A | GLOB | 0.44% | Holders → |
| CDW CORP | CDW | 0.44% | Holders → |
| MAGNUM ICE CREAM CO NV | MICC | 0.29% | Holders → |
| MILLERKNOLL INC | MLKN | 0.09% | Holders → |
| MICROSOFT CORP | MSFT | 0.00% | Holders → |
| AUTODESK INC | ADSK | 0.00% | Holders → |
| INTUIT | INTU | 0.00% | Holders → |
| T-MOBILE US INC | TMUS | 0.00% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| MARCUS & MILLICHAP INC | MMI | +0.12% | +227.64% | Holders → |
| TELEFLEX INCORPORATED | TFX | +0.13% | +84.24% | Holders → |
| ACCENTURE PLC IRELAND | ACN | +0.50% | +83.96% | Holders → |
| HDFC BANK LTD | HDB | +0.03% | +81.23% | Holders → |
| FIFTH THIRD BANCORP | FITB | +0.12% | +74.43% | Holders → |
| SANOFI SA | SNY | +0.00% | +62.46% | Holders → |
| PETROLEO BRASILEIRO S A | PBR/A | +0.01% | +57.70% | Holders → |
| AMERICAN WOODMARK CORP | AMWD | +0.03% | +42.89% | Holders → |
| LKQ CORP | LKQ | +0.20% | +42.23% | Holders → |
| GSK PLC | GSK | +0.00% | +40.01% | Holders → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| TRIMAS CORP | TRS | -0.06% | -98.16% | Holders → |
| WEBSTER FINL CORP | WBS | -0.22% | -75.24% | Holders → |
| GENERAL DYNAMICS | GD | -0.18% | -63.38% | Holders → |
| BARCLAYS PLC | BCS | -0.00% | -60.20% | Holders → |
| DIAMONDROCK HOSPITALITY CO | DRH | -0.06% | -46.68% | Holders → |
| ARCELORMITTAL SA LUXEMBOURG | MT | -0.00% | -46.60% | Holders → |
| DOLLAR GEN CORP | DG | -1.58% | -35.40% | Holders → |
| DOW HLDGS INC | DOW | 0.63% | -31.42% | Holders → |
| ENVISTA HOLDINGS CORPORATION | NVST | -0.02% | -31.03% | Holders → |
| NOKIA CORP | NOK | -0.13% | -31.02% | Holders → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| COMERICA INC | CMA | 0.10% |
| CHARTER COMMUNICATIONS INC | CHTR | 0.07% |
| GOLDMAN SACHS GROUP INC | GS | 0.03% |
| FMC CORP. | FMC | 0.02% |
| CINCINNATI FINL CORP | CINF | 0.00% |
| ARCHER DANIELS MIDLAND CO | ADM | 0.00% |
| INTEL CORP | INTC | 0.00% |
| TPG INC | TPG | 0.00% |
Methodology & FAQ
How PZENA INVESTMENT MANAGEMENT LLC Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for PZENA INVESTMENT MANAGEMENT LLC against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did PZENA INVESTMENT MANAGEMENT LLC initiate in Q1 2026?
PZENA INVESTMENT MANAGEMENT LLC established 9 new positions in Q1 2026: KT CORP (KT, 0.50%), GLOBANT S A (GLOB, 0.44%), CDW CORP (CDW, 0.44%), MAGNUM ICE CREAM CO NV (MICC, 0.29%), MILLERKNOLL INC (MLKN, 0.09%), MICROSOFT CORP (MSFT, 0.00%), AUTODESK INC (ADSK, 0.00%), INTUIT (INTU, 0.00%), T-MOBILE US INC (TMUS, 0.00%).
Which existing positions saw the largest allocation increases for PZENA INVESTMENT MANAGEMENT LLC in Q1 2026?
The largest portfolio-weight increases in existing positions were: MARCUS & MILLICHAP INC (MMI, +0.12% weight, +227.64% shares), TELEFLEX INCORPORATED (TFX, +0.13% weight, +84.24% shares), ACCENTURE PLC IRELAND (ACN, +0.50% weight, +83.96% shares), HDFC BANK LTD (HDB, +0.03% weight, +81.23% shares), FIFTH THIRD BANCORP (FITB, +0.12% weight, +74.43% shares), SANOFI SA (SNY, +0.00% weight, +62.46% shares), PETROLEO BRASILEIRO S A (PBR/A, +0.01% weight, +57.70% shares), AMERICAN WOODMARK CORP (AMWD, +0.03% weight, +42.89% shares), LKQ CORP (LKQ, +0.20% weight, +42.23% shares), GSK PLC (GSK, +0.00% weight, +40.01% shares).
Which positions did PZENA INVESTMENT MANAGEMENT LLC fully exit in Q1 2026?
PZENA INVESTMENT MANAGEMENT LLC fully exited 8 positions in Q1 2026: COMERICA INC (CMA, last-reported weight 0.10%), CHARTER COMMUNICATIONS INC (CHTR, last-reported weight 0.07%), GOLDMAN SACHS GROUP INC (GS, last-reported weight 0.03%), FMC CORP. (FMC, last-reported weight 0.02%), CINCINNATI FINL CORP (CINF, last-reported weight 0.00%), ARCHER DANIELS MIDLAND CO (ADM, last-reported weight 0.00%), INTEL CORP (INTC, last-reported weight 0.00%), TPG INC (TPG, last-reported weight 0.00%).
Which existing positions saw the largest allocation reductions for PZENA INVESTMENT MANAGEMENT LLC in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: TRIMAS CORP (TRS, -0.06% weight, -98.16% shares), WEBSTER FINL CORP (WBS, -0.22% weight, -75.24% shares), GENERAL DYNAMICS (GD, -0.18% weight, -63.38% shares), BARCLAYS PLC (BCS, -0.00% weight, -60.20% shares), DIAMONDROCK HOSPITALITY CO (DRH, -0.06% weight, -46.68% shares), ARCELORMITTAL SA LUXEMBOURG (MT, -0.00% weight, -46.60% shares), DOLLAR GEN CORP (DG, -1.58% weight, -35.40% shares), DOW HLDGS INC (DOW, 0.63% weight, -31.42% shares), ENVISTA HOLDINGS CORPORATION (NVST, -0.02% weight, -31.03% shares), NOKIA CORP (NOK, -0.13% weight, -31.02% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.