Pzena Investment Management Llc
SEC-registered
Private Fund Manager · Large ($10B–$100B)
CRD 106847
· SEC file 801-50838
· New York, NY
· www.linkedin.com
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ADV data as of Mar 30, 2026
- Regulatory AUM
- $81.4B
- Discretionary
- $80.6B
- Clients
- 245
- Avg AUM / client
- $332M
- Accounts
- 245
- Employees
- 164
AUM over time
$14.6B
$81.4B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Asset allocation (SMA assets by investment type)
as of Mar 30, 2026
Exchange-traded equities
$79.0B
97%
Cash & equivalents
$1.6B
2%
Non-exchange-traded equities
$814M
1%
Share of SMA assets by investment vehicle type, as filed in Form ADV Item 5.K. Dollar figures are percentages applied to total regulatory AUM.
Investments (13F portfolio — 158 positions, $30,796,447,662)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Magna Intl Inc | COM | $1,967,837,607 | 25,329,355 | 6.39% | 2.42% |
| 2 | Cognizant Technology Solutio | CL A | $1,243,095,908 | 20,262,362 | 4.04% | 1.53% |
| 3 | Tyson Foods Inc | CL A | $1,099,166,532 | 17,155,713 | 3.57% | 1.35% |
| 4 | Baxter Intl Inc | COM | $1,084,067,427 | 64,527,823 | 3.52% | 1.33% |
| 5 | Bristol Myers Squibb Co | COM | $1,036,856,085 | 17,095,731 | 3.37% | 1.27% |
| 6 | Cvs Health Corp | COM | $989,180,667 | 13,773,053 | 3.21% | 1.21% |
| 7 | Humana Inc | COM | $948,613,569 | 5,470,982 | 3.08% | 1.16% |
| 8 | Citigroup Inc | COM NEW | $927,168,031 | 8,175,364 | 3.01% | 1.14% |
| 9 | Skyworks Solutions Inc | COM | $862,590,790 | 16,108,138 | 2.8% | 1.06% |
| 10 | Capital One Finl Corp | COM | $835,551,292 | 4,580,120 | 2.71% | 1.03% |
| 11 | Amdocs Ltd | SHS | $827,567,868 | 12,681,089 | 2.69% | 1.02% |
| 12 | Dollar Gen Corp | COM | $818,945,043 | 6,897,541 | 2.66% | 1.01% |
| 13 | Lear Corp | COM NEW | $818,319,785 | 6,758,505 | 2.66% | 1.0% |
| 14 | Ubs Group Ag | SHS | $815,708,023 | 26,544,355 | 2.65% | 1.0% |
| 15 | Metlife Inc | COM | $799,406,080 | 11,303,819 | 2.6% | 0.98% |
| 16 | Ppg Inds Inc | COM | $799,317,684 | 7,478,646 | 2.6% | 0.98% |
| 17 | Dow Hldgs Inc | COM | $789,167,623 | 18,947,602 | 2.56% | 0.97% |
| 18 | Global Pmts Inc | COM | $781,728,332 | 11,615,577 | 2.54% | 0.96% |
| 19 | Nov Inc | COM | $706,041,796 | 37,535,449 | 2.29% | 0.87% |
| 20 | Wells Fargo & Co | COM | $698,428,720 | 8,773,128 | 2.27% | 0.86% |
| 21 | Ss&C Tech Hldgs | COM | $655,378,998 | 9,699,260 | 2.13% | 0.8% |
| 22 | Corebridge Finl Inc | COM | $645,312,645 | 27,045,794 | 2.1% | 0.79% |
| 23 | Nokia Corp | SPONSORED ADR | $509,941,161 | 63,425,518 | 1.66% | 0.63% |
| 24 | Accenture Plc Ireland | SHS CLASS A | $477,022,806 | 2,405,683 | 1.55% | 0.59% |
| 25 | Pvh Corporation | COM | $402,438,882 | 5,768,906 | 1.31% | 0.49% |
Top 25 of 158 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 8 | $3.4M | 0.0% |
| High net worth individuals | 36 | $101M | 0.12% |
| Investment companies | 19 | $24.4B | 29.9% |
| Pooled investment vehicles (non-investment companies) | 53 | $35.8B | 44.0% |
| Pension and profit sharing plans | 23 | $3.1B | 3.86% |
| Charitable organizations | 21 | $419M | 0.51% |
| State or municipal government entities | 29 | $14.5B | 17.8% |
| Other investment advisers | 4 | $1.2B | 1.48% |
| Insurance companies | 6 | $573M | 0.7% |
| Sovereign wealth funds and foreign official institutions | 1 | $199M | 0.24% |
| Corporations and other businesses | 45 | $1.1B | 1.33% |
Private funds (7)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $655M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Pzena Global Value Fund 2 (Dst), A Series Of Pzena Trust | Other Private Fund | Delaware | $288M | 2 |
| Pzena U.S. Best Ideas Fund, Lp | Hedge Fund | Delaware | $105M | 12 |
| Pzena Emerging Markets Focused Value Fund (Gt), A Separate Investment Fund Of Pzena Value Group Trust | Other Private Fund | Illinois | $97.6M | 1 |
| Pzena International (Ex U.S.) Focused Value Fund (Dst) | Other Private Fund | Delaware | $78.0M | 4 |
| Pzena Global Best Ideas Fund, Lp | Hedge Fund | Delaware | $45.2M | 6 |
| Pzena Focused Credit Opportunities Master Fund, Lp master | Hedge Fund | Cayman Islands | $33.3M | 9 |
| Pzena Global Value Fund (Dst), A Series Of Pzena Value Trust | Other Private Fund | Delaware | $7.5M | 3 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Hotel Union And Hotel Industry Of Hawaii Pension Plan Board Of Trustees Of The Hotel Union & Hotel Industry Of Hawaii Pensio | 2024 | |
| United Food & Commercial Workers Union Local 152 Retail Meat Pension Plan Board Of Trustees, United Food & Commercial Workers Union Local 152 | 2024 | |
| Gannett Retirement Plan Gannett Media Corp. | 2024 | |
| Sutter Health Retirement Plan Sutter Health | 2024 | |
| American Federation Of Musicians And Employers' Pension Fund And Subsidiary Board Of Trustees Of The American Federation Of Musicians And Employe | 2024 | |
| Amgen Retirement And Savings Plan Amgen Inc. | 2024 | |
| The Retirement And Savings Plan For Amgen Manufacturing Limited Llc Amgen Manufacturing Limited Llc | 2024 | |
| Ameren Retirement Plan Ameren Corporation | St. Louis, MO | 2024 |
People (9)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Richard Stanton Pzena | Chairman; Co Chief Investment Officer | Dec 1995 (31y) | ≈ 37.5% – 75% via Pzena Investment Management, Lp | |
| Goetz, John, Paul | Co Chief Investment Officer | Jun 1996 (30y) | Less than 5% | |
| Lipsey, William, Louis | Vice Chairman | Feb 1997 (30y) | Less than 5% | |
| Doran, Jessica, Ryan | Chief Financial Officer | Jul 2016 (10y) | Less than 5% | |
| Cai, Chenyu, Caroline | Chief Executive Officer | Feb 2019 (8y) | Less than 5% | |
| Fire, Evan, Keith | Chief Operating Officer | Sep 2019 (7y) | Less than 5% | |
| Bauer, Geoffrey, Jacob | Chief Legal Officer | Jan 2023 (4y) | Less than 5% | |
| Coffey, Steven, Mark | Chief Legal Risk Officer And Chief Compliance Officer | Jan 2023 (4y) | Less than 5% | |
| Fisch, Allison, Jill | President | Jan 2023 (4y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Pzena Investment Management, Lp | Member With Class B Units | Jan 2016 | A | 75% or more |
| Pzena Investment Management Gp, Llc | General Partner | Oct 2022 | B | GP / trustee / elected manager of Pzena Investment Management, Lp (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Richard Stanton Pzena: 50% – 75% of Pzena Investment Management, Lp × 75% – 100% direct ≈ 37.5% – 75% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (7, $655M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Pzena Global Value Fund 2 (Dst), A Series Of Pzena Trust | Other Private Fund | $288M | $5.0M | 2 |
| Pzena U.S. Best Ideas Fund, Lp | Hedge Fund | $105M | $5.0M | 12 |
| Pzena Emerging Markets Focused Value Fund (Gt), A Separate Investment Fund Of Pzena Value Group Trust | Other Private Fund | $97.6M | $5.0M | 1 |
| Pzena International (Ex U.S.) Focused Value Fund (Dst) | Other Private Fund | $78.0M | $5.0M | 4 |
| Pzena Global Best Ideas Fund, Lp | Hedge Fund | $45.2M | $5.0M | 6 |
| Pzena Focused Credit Opportunities Master Fund, Lp | Hedge Fund | $33.3M | $5.0M | 9 |
| Pzena Global Value Fund (Dst), A Series Of Pzena Value Trust | Other Private Fund | $7.5M | $5.0M | 3 |
From Form ADV Section 7.B private fund reporting.
Retirement plans served (8)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Hotel Union And Hotel Industry Of Hawaii Pension Plan | Board Of Trustees Of The Hotel Union & Hotel Industry Of Hawaii Pensio | 7,585 | $763M | 08/01/2024 |
| United Food & Commercial Workers Union Local 152 Retail Meat Pension Plan | Board Of Trustees, United Food & Commercial Workers Union Local 152 | 1,488 | $530M | 07/01/2024 |
| Gannett Retirement Plan | Gannett Media Corp. | 957 | $864M | 01/01/2024 |
| Sutter Health Retirement Plan | Sutter Health | 40,026 | $6.2B | 01/01/2024 |
| American Federation Of Musicians And Employers' Pension Fund And Subsidiary | Board Of Trustees Of The American Federation Of Musicians And Employe | 19,513 | $3.2B | 01/01/2024 |
| Amgen Retirement And Savings Plan | Amgen Inc. | 14,965 | $7.7B | 01/01/2024 |
| The Retirement And Savings Plan For Amgen Manufacturing Limited Llc | Amgen Manufacturing Limited Llc | 2,589 | $780M | 01/01/2024 |
| Ameren Retirement Plan | Ameren Corporation | 9,113 | $4.8B | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 2.64 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Principal Investors Corporation $10.0B (12% of AUM) Mar 2026
- BNY Mellon $6.7B (8% of AUM) Mar 2026
- Northern Trust $3.3B (6% of AUM) Mar 2024
- J.P. Morgan $1.3B (4% of AUM) Mar 2019
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗