13F-HR 1 form13fhr.txt NONE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 3/31/2013 Check here if Amendment []; Amendment Number: ------- This Amendment (Check only one.): [] is a restatement. [] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: PZENA INVESTMENT MANAGEMENT, LLC Address: 120 West 45th Street, 20th Floor New York, NY 10036 Form 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, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this submission. Persons Signing this Report on Behalf of Reporting Manager: Name: Joan Berger Title: General Counsel & Chief Compliance Officer Phone: (212) 355-1600 Signature, Place, and Date of Signing: /s/ Joan Berger Joan Berger, General Counsel & 5/10/2013 Chief Compliance Officer Pzena Investment Management, LLC 120 West 45th Street, 20th Floor New York, New York 10036 --------------------------------- --------------------------------- ---------- [Signature] [City, State] [Date] Report Type (Check only one): [ ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [X] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 3 Form 13F Information Table Entry Total: 120 Form 13F Information Table Value Total: $ 14,280,012 -------------- (In Thousands) List of Other Included Managers: Provide a numbered list of the name(s) and 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name 1 028-12230 ALPS Advisers, Inc. ---- -------------------- ---------------------------------------------------- 2 028-14511 American Beacon Advisors, Inc. ---- -------------------- ---------------------------------------------------- 3 028-01190 Frank Russell Company ---- -------------------- ----------------------------------------------------

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ----------------------------- -------------- --------- -------- ------------------- ---------- -------- ---------------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ----------------------------- -------------- --------- -------- ---------- --- ---- ---------- -------- ---------- ------ ---------- ABBOTT LABORATORIES Com 002824100 156,635 4,434,735 SH DEFINED 1 2,537,460 1,897,275 ACTUANT CORP- A Com 00508X203 35,949 1,174,023 SH SOLE 1,059,223 114,800 ADVANCED SEMICONDUCTOR E-ADR Com 00756M404 358 87,200 SH SOLE 3,403 83,797 AECOM TECHNOLOGY CORP Com 00766T100 8,119 247,525 SH DEFINED 2 247,525 AEROPOSTALE INC. Com 007865108 30,480 2,241,158 SH SOLE 2,018,743 222,415 AETNA INC Com 00817Y108 99,884 1,953,905 SH DEFINED 1 775,424 1,178,481 ALLSTATE CORP Com 020002101 233,236 4,753,119 SH DEFINED 1 3,002,944 1,750,175 AMERICAN EQUITY INVT LIFE Com 025676206 30,227 2,030,037 SH SOLE 1,823,508 206,529 AMERICAN INTERNATIONAL GROUP Com 026874784 417,172 10,746,318 SH DEFINED 1 6,509,268 4,237,050 ANIXTER INTERNATIONAL INC Com 035290105 43,979 628,996 SH DEFINED 2 584,901 44,095 APACHE CORP Com 037411105 48,602 629,887 SH SOLE 27,612 602,275 APOLLO GROUP INC - CL A Com 037604105 94,339 5,424,905 SH DEFINED 1 2,375,749 3,049,156 ARC DOCUMENT SOLUTIONS INC Com 00191G103 8,300 2,785,150 SH SOLE 2,493,750 291,400 ARGO GROUP INTERNATIONAL Com G0464B107 36,425 880,267 SH SOLE 795,967 84,300 ASPEN INSURANCE HOLDINGS LTD Com G05384105 33,274 862,459 SH SOLE 775,359 87,100 ASSURANT INC Com 04621X108 59,781 1,328,179 SH DEFINED 2 741,829 586,350 AVNET INC Com 053807103 74,035 2,045,158 SH DEFINED 2 1,138,971 906,187 AXIS CAPITAL HOLDINGS LTD Com G0692U109 254,832 6,122,818 SH DEFINED 1,2 4,077,664 2,045,154 BAKER HUGHES INC Com 057224107 416,681 8,978,261 SH DEFINED 1 5,386,428 3,591,833 BANCORPSOUTH INC Com 059692103 15,328 940,398 SH SOLE 851,898 88,500 BANK OF AMERICA CORP Com 060505104 306,395 25,155,584 SH DEFINED 1 14,929,109 10,226,475 BBCN BANCORP INC Com 073295107 32,148 2,461,538 SH SOLE 2,212,538 249,000 BECTON DICKINSON & CO Com 075887109 332,237 3,474,918 SH DEFINED 1,2 1,866,383 1,608,535 BP PLC - SPONS ADR Com 055622104 425,460 10,046,272 SH DEFINED 1 5,442,599 4,603,673 BRADY CORP CL A Com 104674106 49,013 1,461,767 SH DEFINED 2 1,347,642 114,125 CIRCOR INTERNATIONAL INC Com 17273K109 23,578 554,770 SH SOLE 497,815 56,955 CISCO SYSTEMS INC Com 17275R102 61,589 2,945,450 SH SOLE 110,350 2,835,100 CITIGROUP INC Com 172967424 397,607 8,987,494 SH DEFINED 1 5,239,712 3,747,782 COMERICA INC Com 200340107 69,045 1,920,576 SH DEFINED 2 247,876 1,672,700 CON-WAY INC Com 205944101 45,659 1,296,763 SH DEFINED 2 1,196,638 100,125 CURTISS-WRIGHT CORP Com 231561101 35,332 1,018,204 SH DEFINED 2 943,727 74,477 DANA HOLDING CORP Com 235825205 45,458 2,549,499 SH DEFINED 2 2,362,125 187,374 DELL INC Com 24702R101 184,807 12,896,525 SH DEFINED 1 6,821,637 6,074,888 DELPHI AUTOMOTIVE PLC Com G27823106 360,122 8,110,862 SH DEFINED 1,2 5,121,187 2,989,675 DEVRY INC. Com 251893103 7,192 226,518 SH DEFINED 2 221,974 4,544 DIAMONDROCK HOSPITALITY CO. Com 252784301 22,041 2,367,467 SH SOLE 2,137,050 230,417 DIODES INC. Com 254543101 36,841 1,756,016 SH SOLE 1,582,541 173,475 ENGILITY HOLDINGS INC Com 29285W104 16,987 708,391 SH SOLE 637,258 71,133 ENI SPA -SPONSORED ADR Com 26874R108 763 17,000 SH SOLE 17,000 ENTERGY CORP Com 29364G103 264,866 4,188,269 SH DEFINED 1,2 2,454,619 1,733,650 EXXON MOBIL CORP Com 30231G102 248,049 2,752,731 SH DEFINED 1 1,407,339 1,345,392 FIFTH THIRD BANCORP Com 316773100 38,008 2,330,325 SH SOLE 46,525 2,283,800 FOREST LABORATORIES INC Com 345838106 34,535 907,850 SH SOLE 17,850 890,000 FORTUNE BRANDS HOME & Com 34964C106 20,048 535,610 SH DEFINED 2 310,510 225,100 SECURITY INC FRANKLIN RESOURCES INC. Com 354613101 212,531 1,409,266 SH DEFINED 1 761,780 647,486 GENERAL DYNAMICS CORP Com 369550108 39,479 559,900 SH SOLE 10,300 549,600 GENERAL MOTORS CO Com 37045V100 62,331 2,240,525 SH SOLE 41,275 2,199,250 GOLDMAN SACHS GROUP INC Com 38141G104 249,075 1,692,658 SH DEFINED 1 868,783 823,875 GOOGLE INC. Com 38259P508 306,548 386,066 SH DEFINED 1 225,548 160,518 GRIFFON CORPORATION Com 398433102 30,076 2,523,125 SH SOLE 2,251,866 271,259 HARSCO CORP Com 415864107 22,355 902,485 SH SOLE 810,660 91,825 HARTE-HANKS INC. Com 416196103 31,438 4,035,642 SH SOLE 3,614,067 421,575 HERMAN MILLER INC Com 600544100 26,142 944,793 SH SOLE 859,788 85,005 HEWLETT-PACKARD CO Com 428236103 818,329 34,325,885 SH DEFINED 1 19,542,785 14,783,100 HOSPIRA INC Com 441060100 34,280 1,044,175 SH SOLE 23,325 1,020,850 HOSPITALITY PROPERTIES TRUST Com 44106M102 49,754 1,813,186 SH DEFINED 2 941,509 871,677 HUNTINGTON INGALLS INDUSTRIES Com 446413106 26,849 503,457 SH SOLE 453,632 49,825 INGRAM MICRO INC CL-A Com 457153104 53,124 2,699,413 SH DEFINED 2 2,503,368 196,045 INSIGHT ENTERPRISES INC Com 45765U103 32,653 1,583,561 SH SOLE 1,432,061 151,500

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ----------------------------- -------------- --------- -------- ------------------- ---------- -------- ---------------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ----------------------------- -------------- --------- -------- ---------- --- ---- ---------- -------- ---------- ------ ---------- INTERPUBLIC GROUP OF COS INC Com 460690100 141,978 10,896,259 SH DEFINED 2 7,669,709 3,226,550 INVESCO LTD Com G491BT108 265,065 9,152,813 SH DEFINED 1,2 5,117,263 4,035,550 JAKKS PACIFIC INC Com 47012E106 16,246 1,548,749 SH SOLE 1,390,899 157,850 JOHNSON & JOHNSON Com 478160104 821 10,075 SH SOLE 10,075 JONES GROUP INC Com 48020T101 38,454 3,023,146 SH SOLE 2,726,262 296,884 JP MORGAN CHASE & CO Com 46625H100 281,795 5,937,534 SH DEFINED 1 2,879,409 3,058,125 KEY CORP Com 493267108 67,708 6,798,025 SH DEFINED 2 967,125 5,830,900 KOHLS CORP Com 500255104 30,094 652,375 SH SOLE 13,875 638,500 L-3 COMMUNICATIONS Com 502424104 265,645 3,282,807 SH DEFINED 1,2 1,865,332 1,417,475 LABORATORY CORPORATION OF Com 50540R409 208,065 2,306,707 SH DEFINED 1,2 1,466,607 840,100 AMERICA HOLDINGS MANPOWER INC Com 56418H100 7,067 124,600 SH DEFINED 2 124,600 MASCO CORP Com 574599106 236,298 11,669,016 SH DEFINED 1,2 5,918,168 5,750,848 MATTHEWS INTL CORP - CL A Com 577128101 25,480 730,298 SH SOLE 659,673 70,625 METLIFE INC Com 59156R108 311,021 8,180,453 SH DEFINED 1 4,372,903 3,807,550 MICROSOFT CORP Com 594918104 381,368 13,329,880 SH DEFINED 1 7,825,820 5,504,060 MOLSON COORS BREWING CO. -B Com 60871R209 125,262 2,560,031 SH DEFINED 1 1,494,166 1,065,865 MONSTER WORLDWIDE INC Com 611742107 18,240 3,597,561 SH SOLE 3,238,011 359,550 MORGAN STANLEY Com 617446448 253,156 11,517,553 SH DEFINED 1 6,498,237 5,019,316 MUELLER WATER PRODUCTS INC Com 624758108 20,313 3,425,451 SH SOLE 3,071,576 353,875 NATIONAL PENN BANCSHARES INC Com 637138108 28,805 2,694,613 SH SOLE 2,416,063 278,550 NORTHROP GRUMMAN CORP Com 666807102 288,801 4,116,900 SH DEFINED 1 2,483,650 1,633,250 OMNICOM GROUP Com 681919106 445,530 7,564,181 SH DEFINED 1,2 4,690,369 2,873,812 ORACLE CORP Com 68389X105 402,303 12,439,798 SH DEFINED 1 7,066,573 5,373,225 OWENS CORNING Com 690742101 38,660 980,480 SH DEFINED 2 516,836 463,644 PARTNERRE LTD Com G6852T105 127,307 1,367,270 SH SOLE 978,445 388,825 PHH CORP Com 693320202 27,563 1,255,163 SH SOLE 1,133,763 121,400 PNC FINANCIAL SERVICES Com 693475105 230,476 3,465,810 SH DEFINED 1 1,981,245 1,484,565 POPULAR INC. Com 733174700 2,314 83,828 SH SOLE 83,828 PPG INDUSTRIES INC Com 693506107 115,136 859,610 SH DEFINED 1 400,185 459,425 PRIMERICA INC Com 74164M108 31,040 946,925 SH DEFINED 2 873,456 73,469 PROCTER & GAMBLE COMPANY Com 742718109 793 10,290 SH SOLE 10,290 PROTECTIVE LIFE CORP Com 743674103 30,401 849,183 SH DEFINED 2 790,577 58,606 QUEST DIAGNOSTICS Com 74834L100 37,052 656,375 SH SOLE 13,500 642,875 REGIONS FINL CORP Com 7591EP100 45,324 5,534,118 SH DEFINED 2 794,718 4,739,400 RENAISSANCE RE HLDGS LTD Com G7496G103 11,198 121,730 SH DEFINED 2 121,730 RENT A CENTER INC Com 76009N100 18,888 511,322 SH SOLE 459,022 52,300 ROYAL DUTCH SHELL PLC ADR Com 780259206 368,729 5,658,822 SH DEFINED 1 3,151,268 2,507,554 SKECHERS USA INC.- CL A Com 830566105 18,811 889,386 SH SOLE 794,812 94,574 SK TELECOM ADR Com 78440P108 324 18,107 SH SOLE 632 17,475 STAPLES INC Com 855030102 523,076 38,948,335 SH DEFINED 1,2 22,874,660 16,073,675 STATE STREET CORP Com 857477103 321,141 5,434,781 SH DEFINED 1 3,120,031 2,314,750 STEEL EXCEL INC Com 858122104 2,415 88,999 SH SOLE 76,697 12,302 SYNOVUS FINANCIAL CORP Com 87161C105 19,936 7,197,239 SH DEFINED 2 6,752,039 445,200 TAIWAN SEMICONDUCTOR - SP ADR Com 874039100 733 42,629 SH SOLE 1,479 41,150 TCF FINANCIAL CORP Com 872275102 34,074 2,277,662 SH SOLE 2,036,262 241,400 TE CONNECTIVITY LTD. Com H84989104 456,636 10,890,447 SH DEFINED 1,2 6,499,737 4,390,710 THE HARTFORD FINANCIAL Com 416515104 23,211 899,648 SH SOLE 70,248 829,400 SERVICES GROUP INC THOR INDUSTRIES INC. Com 885160101 6,190 168,243 SH SOLE 152,918 15,325 TORCHMARK CORP Com 891027104 27,367 457,649 SH DEFINED 2 121,899 335,750 TUTOR PERINI CORP Com 901109108 26,679 1,382,331 SH SOLE 1,236,706 145,625 UBS AG Com H89231338 226,139 14,693,903 SH DEFINED 1 7,812,951 6,880,952 UNITED STATIONERS INC Com 913004107 31,458 813,918 SH SOLE 732,343 81,575 URS CORP Com 903236107 41,462 874,550 SH DEFINED 2 414,379 460,171 VALASSIS COMMUNICATIONS INC Com 918866104 50,350 1,685,651 SH SOLE 1,524,951 160,700 VALIDUS HOLDINGS LTD Com G9319H102 5,777 154,586 SH DEFINED 2 154,586 VCA ANTECH INC Com 918194101 37,787 1,608,638 SH SOLE 1,444,063 164,575 WAL-MART STORES Com 931142103 613 8,193 SH SOLE 8,193 WEBSTER FINANCIAL CORP. Com 947890109 28,360 1,169,008 SH SOLE 1,059,083 109,925

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ----------------------------- -------------- --------- -------- ------------------- ---------- -------- ---------------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ----------------------------- -------------- --------- -------- ---------- --- ---- ---------- -------- ---------- ------ ---------- WELLS FARGO CO Com 949746101 113,432 3,066,551 SH SOLE 1,339,726 1,726,825 WILLIS GROUP HOLDINGS LTD Com G96666105 172,345 4,364,266 SH DEFINED 1,2 2,096,591 2,267,675 WSFS FINANCIAL CORP Com 929328102 16,920 347,862 SH SOLE 313,887 33,975