PZENA INVESTMENT MANAGEMENT LLC 13F: Quarter-over-Quarter Portfolio Changes
PZENA INVESTMENT MANAGEMENT LLC reported a disclosed portfolio value of approximately $30.8 billion in its latest SEC Form 13F-HR filing for Q1 2026, down 7.8% quarter on quarter. Over the quarter, the manager initiated 9 new positions, bought more shares in 65 holdings, trimmed 74 holdings, and exited 8 positions.
PZENA INVESTMENT MANAGEMENT LLC's top buy was a new stake in Kt Corp-Adr (KT) , equal to 0.5% of the disclosed portfolio. Its top sell was Comerica INC (CMA) . The manager exited the position completely after it had accounted for 0.1% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| KT CORP-ADR | KT | 0.5% | Holders → |
| GLOBANT S A | GLOB | 0.4% | Holders → |
| CDW CORP | CDW | 0.4% | Holders → |
| MAGNUM ICE CREAM CO NV | MICC | 0.3% | Holders → |
| MILLERKNOLL INC | MLKN | 0.1% | Holders → |
| MICROSOFT | MSFT | 0.0% | Holders → |
| AUTODESK INC | ADSK | 0.0% | Holders → |
| INTUIT | INTU | 0.0% | Holders → |
| T-MOBILE US INC | TMUS | 0.0% | Holders → |
Top BuysQ1 2026
Showing the top 10 buys among 65 existing positions where the manager bought more shares in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| MARCUS & MILLICHAP INC | MMI | +0.1% | +227.6% | Holders → |
| TELEFLEX INCORPORATED | TFX | +0.1% | +84.2% | Holders → |
| ACCENTURE | ACN | +0.5% | +84.0% | Holders → |
| HDFC BANK-ADR | HDB | +0.0% | +81.2% | Holders → |
| FIFTH THIRD BANCORP | FITB | +0.1% | +74.4% | Holders → |
| SANOFI SA | SNY | +0.0% | +62.5% | Holders → |
| PETROLEO BRASILEIRO S A | PBR/A | +0.0% | +57.7% | — |
| AMERICAN WOODMARK CORP | AMWD | +0.0% | +42.9% | Holders → |
| LKQ CORP | LKQ | +0.2% | +42.2% | Holders → |
| GSK PLC | GSK | +0.0% | +40.0% | Holders → |
Top SellsQ1 2026
Showing the top 10 sells among 74 existing positions where the manager sold shares in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| TRIMAS CORP | TRS | -0.1% | 98.2% | Holders → |
| WEBSTER FINL CORP | WBS | -0.2% | 75.2% | Holders → |
| GENERAL DYNAMICS | GD | -0.2% | 63.4% | Holders → |
| BARCLAYS PLC | BCS | -0.0% | 60.2% | Holders → |
| DIAMONDROCK HOSPITALITY CO | DRH | -0.1% | 46.7% | Holders → |
| ARCELORMITTAL SA LUXEMBOURG | MT | -0.0% | 46.6% | Holders → |
| DOLLAR GEN CORP | DG | -1.6% | 35.4% | Holders → |
| DOW HLDGS INC | DOW | 0.6% | 31.4% | Holders → |
| ENVISTA HOLDINGS CORPORATION | NVST | -0.0% | 31.0% | Holders → |
| NOKIA CORP | NOK | -0.1% | 31.0% | Holders → |
Full ExitsQ1 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 | 0.1% |
| CHARTER COMMUNICATIONS INC | CHTR | 0.1% |
| GOLDMAN SACHS GROUP INC | GS | 0.0% |
| FMC CORP. | FMC | 0.0% |
| CINCINNATI FINL CORP | CINF | 0.0% |
| ARCHER DANIELS MIDLAND CO | ADM | 0.0% |
| INTEL CORP | INTC | 0.0% |
| TPG INC | TPG | 0.0% |
Net Portfolio Value ChangeQ1 2026
- $33.4BPrior quarter
- $30.8BCurrent quarter
- $-2.6BNet delta
- -7.8%% 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 Q1 2026?
In Q1 2026, PZENA INVESTMENT MANAGEMENT LLC initiated 9 new positions (KT CORP-ADR (KT), GLOBANT S A (GLOB), CDW CORP (CDW), MAGNUM ICE CREAM CO NV (MICC), MILLERKNOLL INC (MLKN), MICROSOFT (MSFT), AUTODESK INC (ADSK), INTUIT (INTU), T-MOBILE US INC (TMUS)); bought more shares of MARCUS & MILLICHAP INC (MMI), TELEFLEX INCORPORATED (TFX), ACCENTURE (ACN), HDFC BANK-ADR (HDB), FIFTH THIRD BANCORP (FITB) — the largest 5 of 65 adds.
What stocks did PZENA INVESTMENT MANAGEMENT LLC sell in Q1 2026?
In Q1 2026, PZENA INVESTMENT MANAGEMENT LLC fully sold 8 positions (COMERICA INC (CMA), CHARTER COMMUNICATIONS INC (CHTR), GOLDMAN SACHS GROUP INC (GS), FMC CORP. (FMC), CINCINNATI FINL CORP (CINF), ARCHER DANIELS MIDLAND CO (ADM), INTEL CORP (INTC), TPG INC (TPG)); reduced holdings in TRIMAS CORP (TRS), WEBSTER FINL CORP (WBS), GENERAL DYNAMICS (GD), BARCLAYS PLC (BCS), DIAMONDROCK HOSPITALITY CO (DRH) — the largest 5 of 74 reductions.
Which positions did PZENA INVESTMENT MANAGEMENT LLC initiate in Q1 2026?
PZENA INVESTMENT MANAGEMENT LLC established 9 new positions in Q1 2026: KT CORP-ADR (KT, 0.5%), GLOBANT S A (GLOB, 0.4%), CDW CORP (CDW, 0.4%), MAGNUM ICE CREAM CO NV (MICC, 0.3%), MILLERKNOLL INC (MLKN, 0.1%), MICROSOFT (MSFT, 0.0%), AUTODESK INC (ADSK, 0.0%), INTUIT (INTU, 0.0%), T-MOBILE US INC (TMUS, 0.0%).
Which existing positions saw the largest allocation increases for PZENA INVESTMENT MANAGEMENT LLC in Q1 2026?
Of 65 existing positions with share-count increases in Q1 2026, the largest were: MARCUS & MILLICHAP INC (MMI, +0.1% weight, +227.6% shares), TELEFLEX INCORPORATED (TFX, +0.1% weight, +84.2% shares), ACCENTURE (ACN, +0.5% weight, +84.0% shares), HDFC BANK-ADR (HDB, +0.0% weight, +81.2% shares), FIFTH THIRD BANCORP (FITB, +0.1% weight, +74.4% shares), SANOFI SA (SNY, +0.0% weight, +62.5% shares), PETROLEO BRASILEIRO S A (PBR/A, +0.0% weight, +57.7% shares), AMERICAN WOODMARK CORP (AMWD, +0.0% weight, +42.9% shares), LKQ CORP (LKQ, +0.2% weight, +42.2% shares), GSK PLC (GSK, +0.0% weight, +40.0% 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 0.1%), CHARTER COMMUNICATIONS INC (CHTR, last-reported weight 0.1%), GOLDMAN SACHS GROUP INC (GS, last-reported weight 0.0%), FMC CORP. (FMC, last-reported weight 0.0%), CINCINNATI FINL CORP (CINF, last-reported weight 0.0%), ARCHER DANIELS MIDLAND CO (ADM, last-reported weight 0.0%), INTEL CORP (INTC, last-reported weight 0.0%), TPG INC (TPG, last-reported weight 0.0%).
Which existing positions saw the largest allocation reductions for PZENA INVESTMENT MANAGEMENT LLC in Q1 2026?
Of 74 existing positions with share-count reductions in Q1 2026, the largest were: TRIMAS CORP (TRS, -0.1% weight, -98.2% shares), WEBSTER FINL CORP (WBS, -0.2% weight, -75.2% shares), GENERAL DYNAMICS (GD, -0.2% weight, -63.4% shares), BARCLAYS PLC (BCS, -0.0% weight, -60.2% shares), DIAMONDROCK HOSPITALITY CO (DRH, -0.1% weight, -46.7% shares), ARCELORMITTAL SA LUXEMBOURG (MT, -0.0% weight, -46.6% shares), DOLLAR GEN CORP (DG, -1.6% weight, -35.4% shares), DOW HLDGS INC (DOW, 0.6% weight, -31.4% shares), ENVISTA HOLDINGS CORPORATION (NVST, -0.0% weight, -31.0% shares), NOKIA CORP (NOK, -0.1% weight, -31.0% 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.