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 Q2 2026, up 10.6% quarter on quarter. Over the quarter, the manager initiated 12 new positions, bought more shares in 71 holdings, trimmed 70 holdings, and exited 9 positions.
PZENA INVESTMENT MANAGEMENT LLC's top buy was a new stake in Workday INC (WDAY) , equal to 0.7% of the disclosed portfolio. Its top sell was Wabtec (WAB) . The manager exited the position completely after it had accounted for 0.3% of the previous portfolio.
New PositionsQ2 2026
Securities disclosed for the first time in Q2 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| WORKDAY INC | WDAY | 0.7% | Holders → |
| KE HLDGS INC | BEKE | 0.4% | Holders → |
| SAP SE SPON ADR | SAP | 0.0% | Holders → |
| ZEBRA TECHNOLOGIES CORPORATI | ZBRA | 0.0% | Holders → |
| TOAST INC | TOST | 0.0% | Holders → |
| ORACLE CORP | ORCL | 0.0% | Holders → |
| NVIDIA CORPORATION | NVDA | 0.0% | Holders → |
| QORVO INC | QRVO | 0.0% | Holders → |
| EXPEDIA GROUP INC | EXPE | 0.0% | Holders → |
| SALESFORCE INC | CRM | 0.0% | Holders → |
| GE VERNOVA INC | GEV | 0.0% | Holders → |
| STATE STR CORP | STT | 0.0% | Holders → |
Top BuysQ2 2026
Showing the top 10 buys among 71 existing positions where the manager bought more shares in Q2 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| DISNEY WALT CO | DIS | +0.2% | +879.3% | Holders → |
| GENPACT LTD | G | +0.2% | +353.5% | Holders → |
| MASTERBRAND INC | MBC | +0.4% | +301.9% | Holders → |
| LKQ CORP | LKQ | +0.6% | +142.9% | Holders → |
| CDW CORP | CDW | +0.7% | +136.6% | Holders → |
| ACCENTURE PLC IRELAND | ACN | +0.3% | +113.8% | Holders → |
| MAGNUM ICE CREAM CO NV | MICC | +0.3% | +87.6% | Holders → |
| WINNEBAGO INDS INC | WGO | +0.1% | +72.1% | Holders → |
| MILLERKNOLL INC | MLKN | +0.1% | +52.0% | Holders → |
| DOLLAR GEN CORP | DG | +0.8% | +48.2% | History → |
Top SellsQ2 2026
Showing the top 10 sells among 70 existing positions where the manager sold shares in Q2 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| WEBSTER FINL CORP | WBS | -0.1% | 99.2% | Holders → |
| KNIGHT-SWIFT TRANSN HLDGS IN | KNX | -0.2% | 95.3% | Holders → |
| NOKIA CORP | NOK | -1.5% | 92.1% | Holders → |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | -0.0% | 78.6% | Holders → |
| PETROLEO BRASILEIRO SA - PETROBRAS | PBR/A | -0.0% | 73.0% | – |
| VALE S.A., ADR | VALE | -0.0% | 68.7% | Holders → |
| ITAU UNIBANCO HOLDING SA | ITUB | -0.0% | 64.4% | Holders → |
| KB FINL GROUP INC | KB | -0.0% | 59.8% | Holders → |
| CIA ENERGETICA DE MINAS GERAIS | CIG | -0.0% | 58.0% | Holders → |
| ARCELORMITTAL SA | MT | -0.0% | 55.6% | Holders → |
Full ExitsQ2 2026
Positions present in the prior 13F-HR filing that no longer appear in Q2 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| WABTEC | WAB | 0.3% |
| AMERICAN WOODMARK CORP | AMWD | 0.2% |
| JOHNSON & JOHNSON | JNJ | 0.2% |
| TRIMAS CORP | TRS | 0.0% |
| CIRRUS LOGIC INC | CRUS | 0.0% |
| HOLOGIC INC | HO1 | 0.0% |
| HARTFORD INSURANCE GROUP INC | HIG | 0.0% |
| INTUIT | INTU | 0.0% |
| T-MOBILE US INC | TMUS | 0.0% |
Net Portfolio Value ChangeQ2 2026
- $30.8BPrior quarter
- $34.1BCurrent quarter
- +$3.3BNet delta
- +10.6%% 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 Q2 2026?
In Q2 2026, PZENA INVESTMENT MANAGEMENT LLC initiated 12 new positions (WORKDAY INC (WDAY), KE HLDGS INC (BEKE), SAP SE SPON ADR (SAP), ZEBRA TECHNOLOGIES CORPORATI (ZBRA), TOAST INC (TOST), ORACLE CORP (ORCL), NVIDIA CORPORATION (NVDA), QORVO INC (QRVO), EXPEDIA GROUP INC (EXPE), SALESFORCE INC (CRM), GE VERNOVA INC (GEV), STATE STR CORP (STT)); bought more shares of DISNEY WALT CO (DIS), GENPACT LTD (G), MASTERBRAND INC (MBC), LKQ CORP (LKQ), CDW CORP (CDW) (the largest 5 of 71 adds).
What stocks did PZENA INVESTMENT MANAGEMENT LLC sell in Q2 2026?
In Q2 2026, PZENA INVESTMENT MANAGEMENT LLC fully sold 9 positions (WABTEC (WAB), AMERICAN WOODMARK CORP (AMWD), JOHNSON & JOHNSON (JNJ), TRIMAS CORP (TRS), CIRRUS LOGIC INC (CRUS), HOLOGIC INC (HO1), HARTFORD INSURANCE GROUP INC (HIG), INTUIT (INTU), T-MOBILE US INC (TMUS)); reduced holdings in WEBSTER FINL CORP (WBS), KNIGHT-SWIFT TRANSN HLDGS IN (KNX), NOKIA CORP (NOK), TAIWAN SEMICONDUCTOR MANUFAC (TSM), PETROLEO BRASILEIRO SA - PETROBRAS (PBR/A) (the largest 5 of 70 reductions).
Which positions did PZENA INVESTMENT MANAGEMENT LLC initiate in Q2 2026?
PZENA INVESTMENT MANAGEMENT LLC established 12 new positions in Q2 2026: WORKDAY INC (WDAY, 0.7%), KE HLDGS INC (BEKE, 0.4%), SAP SE SPON ADR (SAP, 0.0%), ZEBRA TECHNOLOGIES CORPORATI (ZBRA, 0.0%), TOAST INC (TOST, 0.0%), ORACLE CORP (ORCL, 0.0%), NVIDIA CORPORATION (NVDA, 0.0%), QORVO INC (QRVO, 0.0%), EXPEDIA GROUP INC (EXPE, 0.0%), SALESFORCE INC (CRM, 0.0%), GE VERNOVA INC (GEV, 0.0%), STATE STR CORP (STT, 0.0%).
Which existing positions saw the largest allocation increases for PZENA INVESTMENT MANAGEMENT LLC in Q2 2026?
Of 71 existing positions with share-count increases in Q2 2026, the largest were: DISNEY WALT CO (DIS, +0.2% weight, +879.3% shares), GENPACT LTD (G, +0.2% weight, +353.5% shares), MASTERBRAND INC (MBC, +0.4% weight, +301.9% shares), LKQ CORP (LKQ, +0.6% weight, +142.9% shares), CDW CORP (CDW, +0.7% weight, +136.6% shares), ACCENTURE PLC IRELAND (ACN, +0.3% weight, +113.8% shares), MAGNUM ICE CREAM CO NV (MICC, +0.3% weight, +87.6% shares), WINNEBAGO INDS INC (WGO, +0.1% weight, +72.1% shares), MILLERKNOLL INC (MLKN, +0.1% weight, +52.0% shares), DOLLAR GEN CORP (DG, +0.8% weight, +48.2% shares).
Which positions did PZENA INVESTMENT MANAGEMENT LLC fully exit in Q2 2026?
PZENA INVESTMENT MANAGEMENT LLC fully exited 9 positions in Q2 2026: WABTEC (WAB, last-reported weight 0.3%), AMERICAN WOODMARK CORP (AMWD, last-reported weight 0.2%), JOHNSON & JOHNSON (JNJ, last-reported weight 0.2%), TRIMAS CORP (TRS, last-reported weight 0.0%), CIRRUS LOGIC INC (CRUS, last-reported weight 0.0%), HOLOGIC INC (HO1, last-reported weight 0.0%), HARTFORD INSURANCE GROUP INC (HIG, last-reported weight 0.0%), INTUIT (INTU, last-reported weight 0.0%), T-MOBILE US INC (TMUS, last-reported weight 0.0%).
Which existing positions saw the largest allocation reductions for PZENA INVESTMENT MANAGEMENT LLC in Q2 2026?
Of 70 existing positions with share-count reductions in Q2 2026, the largest were: WEBSTER FINL CORP (WBS, -0.1% weight, -99.2% shares), KNIGHT-SWIFT TRANSN HLDGS IN (KNX, -0.2% weight, -95.3% shares), NOKIA CORP (NOK, -1.5% weight, -92.1% shares), TAIWAN SEMICONDUCTOR MANUFAC (TSM, -0.0% weight, -78.6% shares), PETROLEO BRASILEIRO SA - PETROBRAS (PBR/A, -0.0% weight, -73.0% shares), VALE S.A., ADR (VALE, -0.0% weight, -68.7% shares), ITAU UNIBANCO HOLDING SA (ITUB, -0.0% weight, -64.4% shares), KB FINL GROUP INC (KB, -0.0% weight, -59.8% shares), CIA ENERGETICA DE MINAS GERAIS (CIG, -0.0% weight, -58.0% shares), ARCELORMITTAL SA (MT, -0.0% weight, -55.6% 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.