13F-HR 1 form13f.txt PZENA INVESTMENT MANAGEMENT 13F-HR 9-30-2010 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2010 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 11/12/10 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: 121 Form 13F Information Table Value Total: $10,237,240,000 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)

-------------------------------------------------------------------------------------------------------------------------- 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 179,276 3,077,706 3,003,394 0 74,312 1 2,751,162 0 326,544 ADPT CORP COM 00101B103 3,965 1,344,064 1,344,064 0 0 866,264 0 477,800 AETNA INC COM 00817Y108 232,951 7,369,545 7,247,595 0 121,950 1 6,058,345 0 1,311,200 ALCATEL-LUCENT COM 013904305 142,599 42,189,081 41,077,498 0 1,111,583 1 35,352,248 0 6,836,833 ALLSTATE CORP COM 020002101 351,578 11,143,515 10,917,490 0 226,025 1 9,279,087 0 1,864,428 AMERICAN COM 025676206 35,583 3,474,925 3,474,925 0 0 2,812,939 0 661,986 EQUITY INVT LIFE AMERICAN COM 029263100 5,215 664,347 664,347 0 0 597,422 0 66,925 REPROGRAPHICS APACHE CORP COM 037411105 128,641 1,315,882 1,278,782 0 37,100 1 1,065,657 0 250,225 APOLLO GROUP INC COM 037604105 2,809 54,707 54,707 0 0 19,384 0 35,323 ARGO GROUP COM G0464B107 35,281 1,015,584 1,015,584 0 0 827,709 0 187,875 INTERNATIONAL ARMSTRONG COM 04247X102 5,935 142,975 142,975 0 0 126,301 0 16,674 WORLD INDUSTRIES ARTHUR J COM 363576109 27,839 1,055,700 1,055,700 0 0 831,875 0 223,825 GALLAGHER & CO. ATC TECHNOLOGY COM 00211W104 1,068 43,187 43,187 0 0 25,069 0 18,118 CORP AVNET INC COM 053807103 71,935 2,663,289 2,663,289 0 0 1,705,971 0 957,318 AVON PRODUCTS COM 054303102 103,591 3,226,127 3,195,309 0 30,818 1 2,589,593 0 636,534 INC. AXIS CAPITAL COM G0692U109 158,650 4,816,320 4,663,595 0 152,725 1 4,066,970 0 749,350 HOLDINGS LTD BAKER HUGHES COM 057224107 18,099 424,861 424,861 0 0 414,358 0 10,503 INC BANK OF COM 060505104 206,733 15,769,099 15,489,599 0 279,500 1 13,476,579 0 2,292,520 AMERICA CORP BLOUNT COM 095180105 27,149 2,132,628 2,132,628 0 0 1,748,903 0 383,725 INTERNATIONAL BOEING COM 097023105 55,503 834,131 834,131 0 0 702,331 0 131,800 COMPANY BP PLC COM 055622104 185,315 4,501,211 4,399,207 0 102,004 1 3,785,957 0 715,254 BRADY CORP COM 104674106 42,665 1,462,648 1,462,648 0 0 1,205,573 0 257,075 CA INC. COM 12673P105 325,884 15,430,106 15,173,356 0 256,750 1 12,909,611 0 2,520,495 CAPITAL ONE COM 14040H105 32,097 811,554 811,554 0 0 478,688 0 332,866 FINL CORP CHEMICAL COM 163731102 15,893 770,020 770,020 0 0 629,232 0 140,788 FINANCIAL CORP CIBER INC. COM 17163B102 8,111 2,694,806 2,694,806 0 0 2,139,981 0 554,825 CIRCOR COM 17273K109 28,383 898,202 898,202 0 0 744,717 0 153,485 INTERNATIONAL INC CITIGROUP INC COM 172967101 242,083 62,072,536.00 60,916,968.00 0 1,155,568 1 52,543,664.00 0 9,528,872 CNO FINANCIAL COM 12621E103 19,190 3,463,809 3,463,809 0 0 2,828,709 0 635,100 GROUP INC COMERICA INC COM 200340107 53,264 1,433,749 1,399,290 0 34,459 1 968,466 0 465,283 CONMED CORP. COM 207410101 20,712 924,213 924,213 0 0 763,288 0 160,925 CON-WAY INC COM 205944101 40,705 1,313,475 1,313,475 0 0 1,078,025 0 235,450 COOPER COM G24140108 1,716 35,075 35,075 0 0 22,750 0 12,325 INDUSTRIES PLC CURTISS-WRIGHT COM 231561101 24,872 820,842 820,842 0 0 684,892 0 135,950 CORP DELL INC COM 24702R101 151,872 11,718,512 11,432,387 0 286,125 1 9,278,072 0 2,440,440 DELPHI FINL COM 247131105 35,916 1,437,233 1,437,233 0 0 1,186,079 0 251,154 GRP DIAMONDROCK COM 252784301 32,259 3,399,230 3,399,230 0 0 2,785,385 0 613,845 HOSPITALITY CO. DIODES INC. COM 254543101 33,421 1,955,587 1,955,587 0 0 1,619,537 0 336,050 EDISON COM 281020107 132,322 3,847,687 3,735,512 0 112,175 1 3,256,487 0 591,200 INTERNATIONAL ENSCO PLC COM 29358Q109 2,134 47,700 47,700 0 0 47,700 0 0 EXXON MOBIL COM 30231G102 451,812 7,312,052 7,175,627 0 136,425 1 6,139,110 0 1,172,942 CORP FANNIE MAE COM 313586109 8 29,300 29,300 0 0 29,300 0 0 FIDELITY COM 31620R105 97,122 6,182,153 5,981,203 0 200,950 1 5,137,312 0 1,044,841 NATIONAL FINANCIAL INC. FIFTH THIRD COM 316773100 5,144 427,625 427,625 0 0 358,175 0 69,450 BANCORP FIRST AMERICAN COM 31847R102 5,622 376,325 376,325 0 0 317,300 0 59,025 FINANCIAL FOREST LABS COM 345838106 143,058 4,625,230 4,491,880 0 133,350 1 3,487,158 0 1,138,072 FORTUNE BRANDS COM 349631101 244,453 4,965,536 4,875,636 0 89,900 1 4,101,811 0 863,725 INC FREDDIE MAC COM 313400301 14 48,850 48,850 0 0 48,850 0 0 GLOBAL COM G39319101 26,987 1,681,428 1,681,428 0 0 1,392,204 0 289,224 INDEMNITY PLC GOLDMAN SACHS COM 38141G104 135,839 939,539 913,914 0 25,625 1 734,089 0 205,450 GROUP INC GRACO INC COM 384109104 23,164 730,025 730,025 0 0 610,250 0 119,775 GRIFFON COM 398433102 25,621 2,101,769 2,101,769 0 0 1,610,196 0 491,573 CORPORATION HARTE-HANKS, COM 416196103 45,467 3,896,093 3,896,093 0 0 3,197,543 0 698,550 INC. HEARTLAND COM 42235N108 11,582 760,964 760,964 0 0 638,803 0 122,161 PAYMENT SYSTEMS, INC. HEWLETT- COM 428236103 283,043 6,727,906 6,587,206 0 140,700 1 5,535,171 0 1,192,735 PACKARD CO HORIZON COM 44044K101 2,324 553,425 553,425 0 0 416,950 0 136,475 LINES INC HOSPITALITY COM 44106M102 47,666 2,134,607 2,134,607 0 0 1,315,101 0 819,506 PROPERTIES TRUST HSBC COM 404280406 332 6,572 6,572 0 0 6,572 0 0 HOLDINGS PLC IMMUCOR INC. COM 452526106 34,025 1,715,847 1,715,847 0 0 1,408,622 0 307,225 INSIGHT COM 45765U103 20,100 1,285,181 1,285,181 0 0 1,072,656 0 212,525 ENTERPRISES INC. J.C. PENNEY COM 708160106 409,851 15,079,154 14,787,729 0 291,425 1 12,438,999 0 2,640,155 CO. INC. JARDEN COM 471109108 45,992 1,477,403 1,477,403 0 0 921,653 0 555,750 CORP JOHNSON & COM 478160104 177,143 2,858,984 2,810,609 0 48,375 1 2,353,209 0 505,775 JOHNSON JONES APPAREL COM 480074103 34,190 1,740,838 1,740,838 0 0 1,449,163 0 291,675 GROUP INC JP MORGAN COM 46625H100 147,627 3,877,783 3,780,008 0 97,775 1 3,101,783 0 776,000 CHASE & CO KELLY SERVICES COM 488152208 5,794 493,948 493,948 0 0 278,987 0 214,961 INC KEY CORP COM 493267108 4,071 511,400 511,400 0 0 425,900 0 85,500 KRAFT FOODS COM 50075N104 44,755 1,450,261 1,450,261 0 0 1,399,861 0 50,400 INC L-3 COM 502424104 269,970 3,735,570 3,647,120 0 88,450 1 3,040,727 0 694,843 COMMUNICATIONS LABORATORY COM 50540R409 138,436 1,765,089 1,721,389 0 43,700 1 1,341,462 0 423,627 CORPORATION OF AMERICA HOLDINGS LAM RESEARCH COM 512807108 343 8,200 8,200 0 0 8,200 0 0 CORP MARSHALL & COM 571837103 4,141 588,225 588,225 0 0 489,775 0 98,450 ILSLEY CORPORATION MASCO CORP COM 574599106 248,237 22,546,496 22,101,346 0 445,150 1 18,702,096 0 3,844,400 MEDNAX INC. COM 58502B106 20,596 386,423 386,423 0 0 332,048 0 54,375 METLIFE INC COM 59156R108 1,500 39,032 39,032 0 0 39,032 0 0 MI COM 55304X104 13,531 1,233,459 1,233,459 0 0 1,041,934 0 191,525 DEVELOPMENTS INC. MICROSOFT COM 594918104 174,407 7,121,564 6,981,839 0 139,725 1 6,056,919 0 1,064,645 CORP MORGAN COM 617446448 143,676 5,821,551 5,684,401 0 137,150 1 4,672,828 0 1,148,723 STANLEY MTS SYSTEMS COM 553777103 31,309 1,009,981 1,009,981 0 0 825,704 0 184,277 CORP NARA BANCORP COM 63080P105 24,460 3,464,628 3,464,628 0 0 2,845,470 0 619,158 INC NATIONAL COM 637138108 25,511 4,081,782 4,081,782 0 0 3,351,757 0 730,025 PENN BANCSHARES INC NCI BUILDING COM 628852204 4,652 488,180 488,180 0 0 424,505 0 63,675 SYSTEMS INC NORTHROP COM 666807102 428,159 7,061,835 6,918,235 0 143,600 1 5,955,184 0 1,106,651 GRUMMAN CORP OMNICOM GROUP COM 681919106 365,131 9,248,498 9,065,648 0 182,850 1 7,693,298 0 1,555,200 PHH CORP COM 693320202 31,915 1,515,434 1,515,434 0 0 1,225,784 0 289,650 PIKE COM 721283109 11,271 1,548,172 1,548,172 0 0 1,309,372 0 238,800 ELECTRIC CORPORATION PLANTRONICS, COM 727493108 23,307 689,951 689,951 0 0 539,626 0 150,325 INC. PNC FINANCIAL COM 693475105 163,667 3,152,896 3,086,855 0 66,041 1 2,594,950 0 557,946 SERVICES PNM COM 69349H107 32,884 2,887,080 2,887,080 0 0 2,349,430 0 537,650 RESOURCES INC POPULAR INC. COM 733174106 7,753 2,673,527 2,673,527 0 0 2,388,346 0 285,181 PORTLAND COM 736508847 16,794 828,125 828,125 0 0 744,450 0 83,675 GENERAL ELECTRIC CO PPG INDUSTRIES COM 693506107 143,077 1,965,345 1,915,595 0 49,750 1 1,471,445 0 493,900 INC PRIMERICA INC COM 74164M108 10,319 507,350 507,350 0 0 430,200 0 77,150 PROTECTIVE COM 743674103 8,038 369,400 369,400 0 0 311,975 0 57,425 LIFE CORP REGIONS FINL COM 7591EP100 3,991 548,900 548,900 0 0 447,650 0 101,250 CORP REGIS CORP COM 758932107 19,390 1,013,577 1,013,577 0 0 821,652 0 191,925 RENAISSANCE COM G7496G103 107,221 1,788,209 1,788,209 0 0 1,455,354 0 332,855 RE HLDGS LTD RENT COM 76009N100 24,020 1,073,293 1,073,293 0 0 884,868 0 188,425 A CENTER INC SEALY CORP Conv. 812139400 18,759 262,479 262,479 0 0 228,139 0 34,340 Note CONVERTIBLE NOTE 8% 7/15/16 SEALY COM 812139301 16,027 6,568,509 6,568,509 0 0 5,006,095 0 1,562,414 CORPORATION SEMPRA ENERGY COM 816851109 40,484 752,489 752,489 0 0 727,614 0 24,875 SFN GROUP INC COM 784153108 8,180 1,361,148 1,361,148 0 0 1,114,740 0 246,408 SHERWIN COM 824348106 155,939 2,075,317 2,026,917 0 48,400 1 1,658,817 0 416,500 WILLIAMS CO SPIRIT COM 848574109 7,834 393,080 393,080 0 0 333,430 0 59,650 AEROSYSTEMS HOLDINGS I STATE STREET COM 857477103 184,352 4,895,169 4,803,719 0 91,450 1 4,098,294 0 796,875 CORP TECH DATA COM 878237106 23,154 574,550 574,550 0 0 470,938 0 103,612 CORP THE HARTFORD COM 416515104 82,606 3,599,405 3,512,905 0 86,500 1 2,924,713 0 674,692 FINANCIAL SERVICES GROUP INC TORCHMARK COM 891027104 237,242 4,464,462 4,358,662 0 105,800 1 3,559,810 0 904,652 CORP TREX COM 89531P105 918 48,134 48,134 0 0 37,884 0 10,250 COMPANY TYCO COM H8912P106 393,887 13,480,050 13,226,175 0 253,875 1 11,461,475 0 2,018,575 ELECTRONICS LTD UBS AG COM H89231338 215,571 12,658,303 12,333,603 0 324,700 1 9,947,353 0 2,710,950 UNIFIRST COM 904708104 2,049 46,400 46,400 0 0 46,400 0 0 CORP/MA VALASSIS COM 918866104 27,094 799,461 799,461 0 0 654,411 0 145,050 COMMUNICATIONS INC VALERO ENERGY COM 91913Y100 117,929 6,734,962 6,571,512 0 163,450 1 5,410,937 0 1,324,025 VALIDUS COM G9319H102 16,605 629,913 629,913 0 0 476,007 0 153,906 HOLDINGS LTD VIAD CORP NEW COM 92552R406 23,023 1,190,435 1,190,435 0 0 990,388 0 200,047 WEBSTER COM 947890109 28,122 1,601,475 1,601,475 0 0 1,318,825 0 282,650 FINANCIAL CORP. WELLPOINT INC. COM 94973V107 690 12,186 12,186 0 0 12,186 0 0 WILLIS GROUP COM G96666105 177,651 5,764,131 5,613,681 0 150,450 1 4,921,761 0 842,370 HOLDINGS LTD WSFS COM 929328102 12,710 338,850 338,850 0 0 279,875 0 58,975 FINANCIAL CORP ZIMMER COM 98956P102 230,171 4,398,460 4,309,110 0 89,350 1 3,685,110 0 713,350 HOLDINGS INC ZORAN CORP COM 98975F101 22,517 2,947,233 2,947,233 0 0 2,434,789 0 512,444