13F-HR 1 form13f.txt PZENA INVESTMENT MANAGEMENT 13F-HR 3-31-2009 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2009 PZENA INVESTMENT MANAGEMENT, LLC ________________________________________________________________________________ Name of Institutional Investment Manager 120 West 45th Street, 20th Floor NY NY 10036 ________________________________________________________________________________ Business Address (Street) (City) (State) (Zip) 13F File Number: 28-03791 -------- The Institutional Investment Manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, and that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, and tables are considered integral parts of this form. Name, Title and Telephone Number of Person Submitting Report: Joan Berger General Counsel & Chief Compliance Officer (212) 355-1600 ________________________________________________________________________________ Name (Title ) (Phone) Signature, Place and Date of Signing: /s/Joan Berger ________________________ Joan Berger, General Counsel & Chief Compliance Officer Pzena Investment Management, LLC 120 West 45th Street, 20th Floor New York, New York 10036 05/15/09 Report Type: [ ] 13F HOLDINGS REPORT [ ] 13F NOTICE [X] 13F COMBINATION REPORT FORM 13F SUMMARY PAGE Number of Other Included Managers: Two (2) Form 13F Information Table Entry Total: 137 Form 13F Information Table Value Total: $6,988,147,000 List of Other Included Managers: Name and 13F file numbers of ALL Institutional Investment Managers with respect to which this schedule is filed (other than the one filing this report): (List in alphabetical order). 13F File No.: Name: ------------- --------------------- 028-01190 - Frank Russell Company 028-12230 - ALPS Advisers, Inc. (1) NAME OF REPORTING MANAGER: PZENA INVESTMENT MANAGEMENT, LLC

ITEM ITEM ITEM ITEM ITEM ITEM ITEM ITEM 1 2 3 4 5 6 7 8 ------------ ----- --------- ------- ----------- -------------------------------- ------- --------------------------------- INVESTMENT DISCRETION VOTING AUTHORITY (SHARES) -------------------------------- --------------------------------- B) SHARED SHARES AS NAME TITLE FAIR OF DEFINED C) MANAGERS OF OF CUSIP MARKET PRINCIPAL A) IN SHARED SEE A) B) C) ISSUER CLASS NUMBER VALUE AMOUNT SOLE INST. V OTHER INSTR.V SOLE SHARED NONE ------------- ------ ---------- -------- ------------ ------------- -------- ---------- -------- ------------- ------- ----------- ACE LTD COM H0023R105 224 5,550 5,550 0 0 5,550 0 0 ADAPTEC INC COM 00651F108 834 347,472 347,472 0 0 290,872 0 56,600 AFFILIATED COMPUTER SVCS IN COM 008190100 21,401 446,876 446,876 0 0 351,138 0 95,738 ALCATEL- LUCENT COM 013904305 178,227 95,820,836 93,970,228 0 1,850,608 1 84,155,513 0 11,665,323 ALLSTATE CORP COM 020002101 205,119 10,711,158 10,518,033 0 193,125 1 9,229,450 0 1,481,708 AMER INTL GROUP COM 026874107 33 32,800 32,800 0 0 32,800 0 0 AMER NATL INS COM 028591105 3,624 69,149 69,149 0 0 52,149 0 17,000 AMERICAN EQUITY INVT LIFE COM 025676206 12,471 2,997,878 2,997,878 0 0 2,290,267 0 707,611 AMERISOURCE- BERGEN CORP COM 03073E105 162,048 4,961,652 4,827,139 0 134,513 1 4,283,948 0 677,704 APACHE CORP COM 037411105 124,282 1,939,181 1,900,781 0 38,400 1 1,645,781 0 293,400 ARMSTRONG WORLD INDUSTRIES COM 04247X102 6,840 621,234 621,234 0 0 497,309 0 123,925 ARGO GROUP INTER- NATIONAL COM G0464B107 16,755 556,088 556,088 0 0 419,513 0 136,575 ARTHUR J GALLAGHER & CO. COM 363576109 3,440 202,363 202,363 0 0 149,513 0 52,850 ARVINMERITOR INC COM 043353101 501 634,305 634,305 0 0 445,805 0 188,500 AT&T INC. COM 00206R102 319 12,665 12,665 0 0 12,665 0 0 ATC TECHNOLOGY CORP COM 00211W104 6,798 606,951 606,951 0 0 474,101 0 132,850 AVNET INC COM 053807103 58,931 3,365,575 3,365,575 0 0 2,702,775 0 662,800 AVON PRODUCTS, INC. COM 054303102 123,907 6,443,431 6,316,431 0 127,000 1 5,515,031 0 928,400 BAKER HUGHES IN COM 057224107 376 13,175 13,175 0 0 13,175 0 0 BANK OF AMERICA CORP COM 060505104 118,971 17,444,419 17,173,744 0 270,675 1 15,036,199 0 2,408,220 BED BATH & BEYOND INC COM 075896100 436 17,625 17,625 0 0 17,625 0 0 BJ SERVICES COM 055482103 150,170 15,092,451 14,856,176 0 236,275 1 12,812,826 0 2,279,625 BLACK & DECKER COM 091797100 37,373 1,184,193 1,184,193 0 0 1,015,918 0 168,275 BLOUNT INTER- NATIONAL COM 095180105 5,233 1,132,653 1,132,653 0 0 859,053 0 273,600 BOEING COMPANY COM 097023105 203,652 5,723,769 5,619,794 0 103,975 1 4,932,994 0 790,775 BOSTON SCIENTIFIC CORP COM 101137107 524 65,875 65,875 0 0 65,875 0 0 BP PLC - SPONS ADR COM 055622104 95,577 2,383,461 2,297,482 0 85,979 1 2,112,582 0 270,879 BRADY CORP CL A COM 104674106 8,799 499,073 499,073 0 0 395,573 0 103,500 BRISTOL- MYERS SQUIBB CO COM 110122108 418 19,050 19,050 0 0 0 0 19,050 CA INC. COM 12673P105 201,738 11,455,892 11,261,492 0 194,400 1 9,685,062 0 1,770,830 CAPITAL ONE FINL CORP COM 14040H105 114,375 9,344,338 9,198,113 0 146,225 1 7,967,897 0 1,376,441 CARDINAL HEALTH COM 14149Y108 164,075 5,212,050 5,110,375 0 101,675 1 4,384,050 0 828,000 CARTER'S INC COM 146229109 8,331 442,885 442,885 0 0 334,774 0 108,111 CHARLES RIVER LABORATORIES COM 159864107 18,016 662,100 662,100 0 0 505,975 0 156,125 CHEMICAL FINANCIAL CORP COM 163731102 12,681 609,383 609,383 0 0 465,699 0 143,684 CHUBB CORP COM 171232101 201 4,750 4,750 0 0 4,750 0 0 CIBER INC. COM 17163B102 11,049 4,047,091 4,047,091 0 0 3,035,116 0 1,011,975 Citigroup Pre- INC fer- Preferred red 172967572 43,071 2,818,781 2,772,121 46,660 1 2,427,308 391,473 CITIGROUP INC COM 172967101 89,747 35,473,172 34,877,297 0 595,875 1 30,066,918 0 5,406,254 COACH INC COM 189754104 12 732 732 0 0 732 0 0 COMERICA INC COM 200340107 102,625 5,604,849 5,476,174 0 128,675 1 4,912,174 0 692,675 CONSECO INC COM 208464883 1,732 1,882,798 1,882,798 0 0 1,441,748 0 441,050 CON-WAY INC COM 205944101 4,254 237,267 237,267 0 0 183,642 0 53,625 DEL MONTE FOODS COM 24522P103 13,560 1,860,048 1,860,048 0 0 1,450,098 0 409,950 DELL INC COM 24702R101 145,534 15,351,723 15,002,873 0 348,850 1 12,963,923 0 2,387,800 DELPHI FINL GRP COM 247131105 15,131 1,124,123 1,124,123 0 0 875,344 0 248,779 DISCOVER FINANCIAL COM 254709108 77 12,215 12,215 0 0 12,215 0 0 DRESS BARN INC. COM 261570105 10,163 826,918 826,918 0 0 626,117 0 200,801 ERICSSON (LM) TEL COM 294821608 101 12,425 12,425 0 0 12,425 0 0 EVERCORE PARTNERS INC COM 29977A105 4,111 266,058 266,058 0 0 217,308 0 48,750 EXXON MOBIL CORP COM 30231G102 419 6,152 6,152 0 0 6,152 0 0 FANNIE MAE COM 313586109 167 239,250 239,250 0 0 239,250 0 0 FBL FINANCIAL GROUP INC. COM 30239F106 2,399 578,004 578,004 0 0 456,079 0 121,925 FIDELITY NATIONAL FINANCIAL INC. COM 31620R105 44,023 2,256,439 2,192,039 0 64,400 1 1,918,581 0 337,858 FIRST AMERICAN CORP COM 318522307 2,358 88,950 88,950 0 0 79,975 0 8,975 FIRST HORIZON NATIONAL CORP COM 320517105 1,952 181,828.92 181,828.92 0 0 169,428.92 0 12,400 FRANKLIN RESOURCES INC. COM 354613101 646 12,000 12,000 0 0 12,000 0 0 FREDDIE MAC COM 313400301 285 375,550 375,550 0 0 375,550 0 0 GRIFFON CORPORATION COM 398433102 15,809 2,107,847 2,107,847 0 0 1,585,349 0 522,498 HARMAN INTL COM 413086109 4,948 365,725 365,725 0 0 275,750 0 89,975 HARTE-HANKS, INC. COM 416196103 11,542 2,157,447 2,157,447 0 0 1,640,347 0 517,100 HEARTLAND PAYMENT SYSTEMS, INC. COM 42235N108 941 142,381 142,381 0 0 124,981 0 17,400 HOME DEPOT INC COM 437076102 144,541 6,135,008 5,997,858 0 137,150 1 5,085,983 0 1,049,025 HORIZON LINES INC COM 44044K101 1,522 502,332 502,332 0 0 373,225 0 129,107 HSBC HOLDINGS PLC COM 404280406 302 10,711 10,711 0 0 10,711 0 0 IMS HEALTH INCORPORATED COM 449934108 36,734 2,945,796 2,945,796 0 0 2,331,596 0 614,200 IPC HOLDINGS LTD COM G4933P101 19,274 712,803 712,803 0 0 550,403 0 162,400 J.C. PENNEY CO. INC. COM 708160106 295,787 14,737,775 14,468,675 0 269,100 1 12,489,621 0 2,248,154 JOHNSON & JOHNSON COM 478160104 115,252 2,191,109 2,142,734 0 48,375 1 1,882,863 0 308,246 JONES APPAREL GROUP INC COM 480074103 5,889 1,395,553 1,395,553 0 0 1,057,878 0 337,675 JP MORGAN CHASE & CO COM 46625H100 141,546 5,325,294 5,218,219 0 107,075 1 4,579,519 0 745,775 KB FINANCIAL GROUP INC COM 48241A105 4,197 173,075 173,075 0 0 148,450 0 24,625 KELLY SERVICES INC COM 488152208 8,209 1,019,851 1,019,851 0 0 779,990 0 239,861 KOREA ELEC POWER CORP COM 500631106 5,020 548,625 548,625 0 0 382,625 0 166,000 KRAFT FOODS INC COM 50075N104 93,869 4,211,264 4,097,764 0 113,500 1 3,593,889 0 617,375 L-3 COM- MUNICATIONS COM 502424104 126,384 1,864,072 1,826,397 0 37,675 1 1,638,880 0 225,192 LAM RESEARCH CORP COM 512807108 9,168 402,615 402,615 0 0 361,415 0 41,200 LEAR CORP COM 521865105 3,689 4,918,578 4,918,578 0 0 3,566,983 0 1,351,595 LIZ CLAIBORNE INC COM 539320101 47 19,225 19,225 0 0 19,225 0 0 LOWES COS INC COM 548661107 17,096 936,750 936,750 0 0 782,400 0 154,350 MAGNA INTL INC. COM 559222401 223,698 8,362,555 8,197,755 0 164,800 1 7,169,155 0 1,193,400 MI DEVELOPMENTS INC. COM 55304X104 6,272 1,021,456 1,021,456 0 0 823,481 0 197,975 MATTEL INC COM 577081102 143,591 12,453,645 12,232,070 0 221,575 1 10,412,546 0 2,041,099 MEDNAX INC COM 58502B106 11,043 374,708 374,708 0 0 293,083 0 81,625 MERCK & CO. INC. COM 589331107 67,970 2,540,945 2,475,970 0 64,975 1 2,198,220 0 342,725 METLIFE INC COM 59156R108 61,845 2,716,082 2,637,107 0 78,975 1 2,278,132 0 437,950 MICROSOFT CORP COM 594918104 227,305 12,373,685 12,154,935 0 218,750 1 10,511,328 0 1,862,357 MITSUBISHI UFJ FINL GRP COM 606822104 902 183,350 183,350 0 0 183,350 0 0 MOODY'S CORP COM 615369105 5,621 245,241 245,241 0 0 203,241 0 42,000 MORGAN STANLEY COM 617446448 124,863 5,483,683 5,360,508 0 123,175 1 4,649,585 0 834,098 MOTOROLA INC. COM 620076109 208,589 49,311,882 48,393,482 0 918,400 1 41,939,325 0 7,372,557 NARA BANCORP INC COM 63080P105 5,264 1,790,645 1,790,645 0 0 1,395,906 0 394,739 NCI BLDG SYS INC COM 628852105 743 334,611 334,611 0 0 238,636 0 95,975 NORTHROP GRUMMAN CORP COM 666807102 285,880 6,550,868 6,424,443 0 126,425 1 5,666,292 0 884,576 OMNICOM GROUP COM 681919106 188,007 8,034,488 7,874,563 0 159,925 1 6,753,613 0 1,280,875 PETROLEO BRASILEIRO S.A. COM 71654V408 275 9,025 9,025 0 0 9,025 0 0 PHH CORP COM 693320202 18,505 1,317,060 1,317,060 0 0 1,020,610 0 296,450 PIKE ELECTRIC CORPORATION COM 721283109 9,466 1,023,334 1,023,334 0 0 787,709 0 235,625 PLANTRONICS, INC. COM 727493108 9,828 814,261 814,261 0 0 620,236 0 194,025 PNC FINANCIAL SERVICES COM 693475105 98,340 3,357,455.33 3,294,839.33 0 62,616 1 2,801,406.33 0 556,049.00 PNM RESOURCES INC COM 69349H107 18,253 2,209,775 2,209,775 0 0 1,702,200 0 507,575 POPULAR INC. COM 733174106 24,175 11,089,261 11,089,261 0 0 9,051,026 0 2,038,235 PROTECTIVE LIFE CORP COM 743674103 1,670 318,050 318,050 0 0 271,325 0 46,725 REGIS CORP COM 758932107 16,570 1,146,683 1,146,683 0 0 908,333 0 238,350 RENAISSANCE RE HLDGS LTD COM G7496G103 92,061 1,862,068 1,862,068 0 0 1,556,613 0 305,455 RENT A CENTER INC COM 76009N100 17,818 919,868 919,868 0 0 719,893 0 199,975 SANDISK CORP COM 80004C101 12,996 1,027,325 1,027,325 0 0 770,650 0 256,675 SARA LEE CORP COM 803111103 88,430 10,944,283 10,704,137 0 240,146 1 9,637,807 0 1,306,476 SCHERING PLOUGH COM 806605101 82,876 3,519,149 3,447,799 0 71,350 1 2,860,833 0 658,316 SCHWEITZER MAUDUIT INTL I COM 808541106 13,422 727,092 727,092 0 0 619,202 0 107,890 SEALY CORPORATION COM 812139301 3,084 2,069,757 2,069,757 0 0 1,549,257 0 520,500 SEMPRA ENERGY COM 816851109 219,708 4,751,472 4,670,222 0 81,250 1 4,066,417 0 685,055 SKECHERS USA INC. COM 830566105 12,714 1,906,150 1,906,150 0 0 1,476,000 0 430,150 SPHERION CORPORATION COM 848420105 6,389 3,071,765 3,071,765 0 0 2,300,707 0 771,058 SPIRIT AEROSYSTEMS HOLDINGS I COM 848574109 3,683 369,380 369,380 0 0 316,030 0 53,350 STEWART INFORMATION SERVICES COM 860372101 706 36,213 36,213 0 0 8,088 0 28,125 TECH DATA CORP COM 878237106 21,187 972,792 972,792 0 0 751,330 0 221,462 TIMBERLAND CO COM 887100105 5,695 477,000 477,000 0 0 378,350 0 98,650 TIME WARNER CABLE COM 88732J207 2,103 84,790.01 84,790.01 0 0 51,474.70 0 33,315.30 TIME WARNER INC COM 887317105 6,519 337,791.96 337,791.96 0 0 205,068.28 0 132,723.67 TJX COS INC NEW COM 872540109 138,679 5,408,692 5,313,967 0 94,725 1 4,576,017 0 832,675 TORCHMARK CORP COM 891027104 164,859 6,285,119 6,146,244 0 138,875 1 5,450,362 0 834,757 TREX COMPANY COM 89531P105 5,756 754,439 754,439 0 0 583,039 0 171,400 TYCO ELECTRONICS LTD COM G9144P105 185,180 16,773,541 16,496,491 0 277,050 1 14,454,769 0 2,318,772 TYCO INTL LTD COM H89128104 5,771 295,023 295,023 0 0 263,132 0 31,891 UBS AG COM H89231338 130,403 13,828,511 13,529,436 0 299,075 1 11,778,911 0 2,049,600 UNITED AMERICA INDEMNITY - A COM 90933T109 5,578 1,387,683 1,387,683 0 0 1,069,726 0 317,957 UNITED AMERICA INDEMNITY- B RIGHTS COM 00335954Z 0 1,457,233 1,457,233 0 0 1,139,276 0 317,957 UNITED STATIONERS INC COM 913004107 6,635 236,305 236,305 0 0 181,480 0 54,825 UNIVERSAL CORP COM 913456109 5,432 181,556 181,556 0 0 145,881 0 35,675 VALERO ENERGY COM 91913Y100 15,750 879,875 879,875 0 0 699,550 0 180,325 VIACOM INC CL B COM - NEW COM 92553P201 334 19,243 19,243 0 0 19,243 0 0 VIAD CORP NEW COM 92552R406 3,213 227,568 227,568 0 0 176,513 0 51,055 WEBSTER FINANCIAL CORP. COM 947890109 5,262 1,238,075 1,238,075 0 0 951,325 0 286,750 WELLPOINT INC. COM 94973V107 187,083 4,927,125 4,841,350 0 85,775 1 4,168,439 0 758,686 WHIRLPOOL CORP COM 963320106 119,308 4,032,031 3,962,581 0 69,450 1 3,452,197 0 579,834 WISCONSIN ENERGY COM 976657106 35,769 868,819 838,091 0 30,728 1 723,016 0 145,803 ZORAN CORP COM 98975F101 3,187 362,132 362,132 0 0 271,357 0 90,775