PZENA INVESTMENT MANAGEMENT LLC 13F: Quarter-over-Quarter Portfolio Changes
Pzena Investment Management LLC reported a disclosed portfolio value of approximately $34.1 billion in its latest SEC Form 13F-HR filing for Q3 2026, up 0.1% quarter on quarter. Over the quarter, the manager initiated 9 new positions, bought more shares in 51 holdings, trimmed 91 holdings, and exited 11 positions.
Pzena Investment Management LLC's top buy was Microsoft (MSFT). The manager bought 31819.6% more shares, lifting the position's portfolio weight by 0.4 percentage points. Its top sell was Cisco Systems (CSCO). The manager exited the position completely after it had accounted for 0.4% of the previous portfolio.
New PositionsQ3 2026
Securities disclosed for the first time in Q3 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| GE HEALTHCARE TECHNOLOGIES I | GEHC | 0.2% | Holders → |
| ADI GLOBAL DISTR INC | ADIG | 0.0% | Holders → |
| BLACKROCK INC | BLK | 0.0% | Holders → |
| SANMINA CORP | SANM | 0.0% | Holders → |
| JABIL INC | JBL | 0.0% | Holders → |
| REGENERON PHARMACEUTICALS | REGN | 0.0% | Holders → |
| L3HARRIS TECHNOLOGIES INC | LHX | 0.0% | Holders → |
| SOUTHWEST GAS HLDGS INC | SWX | 0.0% | Holders → |
| CIRRUS LOGIC INC | CRUS | 0.0% | Holders → |
Top BuysQ3 2026
Showing the top 10 buys among 51 existing positions where the manager bought more shares in Q3 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| MICROSOFT CORP | MSFT | +0.4% | +31819.6% | Holders → |
| SANOFI SA | SNY | +0.0% | +348.2% | Holders → |
| GLOBE LIFE INC | GL | +1.0% | +156.6% | Holders → |
| SAP SE | SAP | +0.0% | +128.6% | Holders → |
| RESIDEO TECHNOLOGIES INC | REZI | +0.0% | +119.3% | Holders → |
| LKQ CORP | LKQ | +0.3% | +49.0% | Holders → |
| STATE STR CORP | STT | +0.0% | +43.7% | Holders → |
| UNIVERSAL HLTH SVCS INC | UHS | +0.5% | +32.4% | Holders → |
| GLOBANT S A | GLOB | +0.2% | +27.7% | Holders → |
| CDW CORP | CDW | +0.2% | +27.1% | Holders → |
Top SellsQ3 2026
Showing the top 10 sells among 91 existing positions where the manager sold shares in Q3 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| NOKIA CORP | NOK | -0.2% | 99.0% | Holders → |
| MYERS INDS INC | MYE | -0.1% | 94.2% | Holders → |
| KNIGHT-SWIFT TRANSN HLDGS IN | KNX | -0.0% | 80.7% | Holders → |
| VAREX IMAGING CORP | VREX | -0.0% | 58.9% | Holders → |
| ALPHABET INC | GOOGL | -0.1% | 54.1% | Holders → |
| MORGAN STANLEY | MS | -0.2% | 54.0% | Holders → |
| SHINHAN FINANCIAL GROUP CO L | SHG | -0.0% | 48.5% | Holders → |
| WESCO INTL INC | WCC | -0.0% | 46.1% | Holders → |
| AVNET INC | AVT | -0.3% | 44.8% | Holders → |
| UNIVEST FINANCIAL CORPORATIO | UVSP | -0.0% | 39.1% | Holders → |
Full ExitsQ3 2026
Positions present in the prior 13F-HR filing that no longer appear in Q3 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| CISCO SYS INC | CSCO | 0.4% |
| ARCELORMITTAL SA LUXEMBOURG | MT | 0.0% |
| ZEBRA TECHNOLOGIES CORPORATI | ZBRA | 0.0% |
| MERCK & CO INC | MRK | 0.0% |
| HALOZYME THERAPEUTICS | HALO | 0.0% |
| TOAST INC | TOST | 0.0% |
| AUTODESK INC | ADSK | 0.0% |
| EXPEDIA GROUP INC | EXPE | 0.0% |
| WEBSTER FINL CORP | WBS | 0.0% |
| SALESFORCE INC | CRM | 0.0% |
| GE VERNOVA INC | GEV | 0.0% |
Net Portfolio Value ChangeQ3 2026
- $34.1BPrior quarter
- $34.1BCurrent quarter
- +$0.0BNet delta
- +0.1%% change
Methodology & FAQ
How PZENA INVESTMENT MANAGEMENT LLC Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for PZENA INVESTMENT MANAGEMENT LLC: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description, including how confidential treatment filings are handled, is documented in the Methodology.
What stocks did PZENA INVESTMENT MANAGEMENT LLC buy in Q3 2026?
In Q3 2026, PZENA INVESTMENT MANAGEMENT LLC initiated 9 new positions (GE HEALTHCARE TECHNOLOGIES I (GEHC), ADI GLOBAL DISTR INC (ADIG), BLACKROCK INC (BLK), SANMINA CORP (SANM), JABIL INC (JBL), REGENERON PHARMACEUTICALS (REGN), L3HARRIS TECHNOLOGIES INC (LHX), SOUTHWEST GAS HLDGS INC (SWX), CIRRUS LOGIC INC (CRUS)); bought more shares of MICROSOFT CORP (MSFT), SANOFI SA (SNY), GLOBE LIFE INC (GL), SAP SE (SAP), RESIDEO TECHNOLOGIES INC (REZI) (the largest 5 of 51 adds).
What stocks did PZENA INVESTMENT MANAGEMENT LLC sell in Q3 2026?
In Q3 2026, PZENA INVESTMENT MANAGEMENT LLC fully sold 11 positions (CISCO SYS INC (CSCO), ARCELORMITTAL SA LUXEMBOURG (MT), ZEBRA TECHNOLOGIES CORPORATI (ZBRA), MERCK & CO INC (MRK), HALOZYME THERAPEUTICS (HALO), TOAST INC (TOST), AUTODESK INC (ADSK), EXPEDIA GROUP INC (EXPE), WEBSTER FINL CORP (WBS), SALESFORCE INC (CRM), GE VERNOVA INC (GEV)); reduced holdings in NOKIA CORP (NOK), MYERS INDS INC (MYE), KNIGHT-SWIFT TRANSN HLDGS IN (KNX), VAREX IMAGING CORP (VREX), ALPHABET INC (GOOGL) (the largest 5 of 91 reductions).
Which positions did PZENA INVESTMENT MANAGEMENT LLC initiate in Q3 2026?
PZENA INVESTMENT MANAGEMENT LLC established 9 new positions in Q3 2026: GE HEALTHCARE TECHNOLOGIES I (GEHC, 0.2%), ADI GLOBAL DISTR INC (ADIG, 0.0%), BLACKROCK INC (BLK, 0.0%), SANMINA CORP (SANM, 0.0%), JABIL INC (JBL, 0.0%), REGENERON PHARMACEUTICALS (REGN, 0.0%), L3HARRIS TECHNOLOGIES INC (LHX, 0.0%), SOUTHWEST GAS HLDGS INC (SWX, 0.0%), CIRRUS LOGIC INC (CRUS, 0.0%).
Which existing positions saw the largest allocation increases for PZENA INVESTMENT MANAGEMENT LLC in Q3 2026?
Of 51 existing positions with share-count increases in Q3 2026, the largest were: MICROSOFT CORP (MSFT, +0.4% weight, +31819.6% shares), SANOFI SA (SNY, +0.0% weight, +348.2% shares), GLOBE LIFE INC (GL, +1.0% weight, +156.6% shares), SAP SE (SAP, +0.0% weight, +128.6% shares), RESIDEO TECHNOLOGIES INC (REZI, +0.0% weight, +119.3% shares), LKQ CORP (LKQ, +0.3% weight, +49.0% shares), STATE STR CORP (STT, +0.0% weight, +43.7% shares), UNIVERSAL HLTH SVCS INC (UHS, +0.5% weight, +32.4% shares), GLOBANT S A (GLOB, +0.2% weight, +27.7% shares), CDW CORP (CDW, +0.2% weight, +27.1% shares).
Which positions did PZENA INVESTMENT MANAGEMENT LLC fully exit in Q3 2026?
PZENA INVESTMENT MANAGEMENT LLC fully exited 11 positions in Q3 2026: CISCO SYS INC (CSCO, last-reported weight 0.4%), ARCELORMITTAL SA LUXEMBOURG (MT, last-reported weight 0.0%), ZEBRA TECHNOLOGIES CORPORATI (ZBRA, last-reported weight 0.0%), MERCK & CO INC (MRK, last-reported weight 0.0%), HALOZYME THERAPEUTICS (HALO, last-reported weight 0.0%), TOAST INC (TOST, last-reported weight 0.0%), AUTODESK INC (ADSK, last-reported weight 0.0%), EXPEDIA GROUP INC (EXPE, last-reported weight 0.0%), WEBSTER FINL CORP (WBS, last-reported weight 0.0%), SALESFORCE INC (CRM, last-reported weight 0.0%), GE VERNOVA INC (GEV, last-reported weight 0.0%).
Which existing positions saw the largest allocation reductions for PZENA INVESTMENT MANAGEMENT LLC in Q3 2026?
Of 91 existing positions with share-count reductions in Q3 2026, the largest were: NOKIA CORP (NOK, -0.2% weight, -99.0% shares), MYERS INDS INC (MYE, -0.1% weight, -94.2% shares), KNIGHT-SWIFT TRANSN HLDGS IN (KNX, -0.0% weight, -80.7% shares), VAREX IMAGING CORP (VREX, -0.0% weight, -58.9% shares), ALPHABET INC (GOOGL, -0.1% weight, -54.1% shares), MORGAN STANLEY (MS, -0.2% weight, -54.0% shares), SHINHAN FINANCIAL GROUP CO L (SHG, -0.0% weight, -48.5% shares), WESCO INTL INC (WCC, -0.0% weight, -46.1% shares), AVNET INC (AVT, -0.3% weight, -44.8% shares), UNIVEST FINANCIAL CORPORATIO (UVSP, -0.0% weight, -39.1% 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. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.