Richard Pzena - Pzena Investment Management 13F Activity & Position Changes (Q2 2025)

According to the SEC 13F filed on Jul 25, 2025, the Pzena Investment Management portfolio showed several notable changes in holdings as of quarter-end Jun 30, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys - Adobe Inc., Alkermes, Arcos Dorados, Cal-Maine Foods, Inc., Dell Technologies Inc., and 7 more

Increases - Advance Auto Parts Inc., ABM Industries Incorporated, Adient plc, American Woodmark Corporation, Associated Banc-Corp, and 87 more

Reductions - Ambev S.A., American International Group, I, Credicorp Ltd., Baidu, Inc., CBRE Group Inc, and 30 more

Complete Exits - Cencora, Inc., Discover Financial Services, eBay Inc., Gilead Sciences, Inc., JELD-WEN Holding, Inc., and 1 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Showing 30 of 145 transactions.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q2 2025	AAP Advance Auto Parts Inc.	Advance Auto Parts Inc.	Buy	+82,456	+1.9%	$204.32M	4,394,964
Q2 2025	ABEV Ambev S.A.	Ambev S.A.	Sell	-3,524,497	-25.5%	$24.86M	10,315,005
Q2 2025	ABM ABM Industries Incorporated	ABM Industries Incorporated	Buy	+114,485	+13.5%	$45.51M	963,943
Q2 2025	ADBE Adobe Inc.	Adobe Inc.	Buy - Position Entry	+583	-	$225.55K	583
Q2 2025	ADNT Adient plc	Adient plc	Buy	+272,920	+7.0%	$81.24M	4,174,493
Q2 2025	AIG American International Group, I	American International Group, I	Sell	-58,705	-12.0%	$36.75M	429,369
Q2 2025	ALKS Alkermes	Alkermes	Buy - Position Entry	+7,439	-	$212.83K	7,439
Q2 2025	AMWD American Woodmark Corporation	American Woodmark Corporation	Buy	+307,657	+36.6%	$61.29M	1,148,331
Q2 2025	ARCO Arcos Dorados	Arcos Dorados	Buy - Position Entry	+6,533,482	-	$51.55M	6,533,482
Q2 2025	ASB Associated Banc-Corp	Associated Banc-Corp	Buy	+71,676	+4.0%	$45.35M	1,859,542
Q2 2025	AVT Avnet, Inc.	Avnet, Inc.	Buy	+209,003	+2.9%	$389.68M	7,341,299
Q2 2025	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Buy	+268	+0.5%	$6.05M	53,338
Q2 2025	BAC Bank of America Corporation	Bank of America Corporation	Buy	+223,798	+3.5%	$311.21M	6,576,743
Q2 2025	BAP Credicorp Ltd.	Credicorp Ltd.	Sell	-17,657	-1.7%	$229.72M	1,027,717
Q2 2025	BAX Baxter International Inc.	Baxter International Inc.	Buy	+2,563,919	+7.0%	$1.19B	39,336,485
Q2 2025	BCS Barclays PLC	Barclays PLC	Buy	+5,308	+9.0%	$1.20M	64,604
Q2 2025	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+71,939	+9.9%	$45.70M	800,143
Q2 2025	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-172	-0.1%	$23.71M	276,435
Q2 2025	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+1,384,649	+10.3%	$687.10M	14,843,475
Q2 2025	C Citigroup, Inc.	Citigroup, Inc.	Buy	+242,560	+1.8%	$1.16B	13,574,700
Q2 2025	CALM Cal-Maine Foods, Inc.	Cal-Maine Foods, Inc.	Buy - Position Entry	+2,823	-	$281.25K	2,823
Q2 2025	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-108,394	-26.9%	$41.37M	295,228
Q2 2025	CHRW C.H. Robinson Worldwide, Inc.	C.H. Robinson Worldwide, Inc.	Sell	-16,975	-6.3%	$24.10M	251,220
Q2 2025	CHTR Charter Communications, Inc.	Charter Communications, Inc.	Sell	-133,435	-4.8%	$1.08B	2,650,032
Q2 2025	CI The Cigna Group	The Cigna Group	Buy	+46,140	+9.7%	$173.09M	523,600
Q2 2025	CIG Comp En De Mn Cemig	Comp En De Mn Cemig	Buy	+4,700	+0.3%	$3.11M	1,588,094
Q2 2025	CNO CNO Financial Group, Inc.	CNO Financial Group, Inc.	Sell	-12,495	-0.5%	$98.47M	2,552,298
Q2 2025	CNXC Concentrix Corporation	Concentrix Corporation	Sell	-10,084	-0.4%	$120.34M	2,276,780
Q2 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-144,577	-2.6%	$1.15B	5,421,535
Q2 2025	COLB Columbia Banking System, Inc.	Columbia Banking System, Inc.	Buy	+121,758	+8.6%	$36.04M	1,541,697