13F-HR 1 c81208e13fvhr.txt FORM 13F COMBINATION REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2008 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 02/17/09 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: 135 Form 13F Information Table Value Total: $8,598,736,000 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) PAGE 1 OF 5 FORM 13F AS OF: 12/31/2008 (SEC USE ONLY) NAME OF REPORTING MANAGER: PZENA INVESTMENT MANAGEMENT, LLC

ITEM 1: ITEM 2: ITEM 3 ITEM 4: ITEM 5: ITEM 6: ITEM 7: ITEM 8: ------------------- -------- --------- ------- ----------- -------------------------------- -------- ---------------------------- INVESTMENT DISCRETION VOTING AUTHORITY (SHARES) -------------------------------- ---------------------------- FAIR SHARES OF B) SHARED C) MANAGERS TITLE OF CUSIP MARKET PRINCIPAL A) AS DEFINED SHARED SEE A) B) C) NAME OF ISSUER CLASS NUMBER VALUE AMOUNT SOLE IN INST. V OTHER INSTR. V SOLE SHARED NONE ------------------- -------- --------- ------- ----------- ----------- ---------- --------- -------- ---------- ------ ---------- ACE LTD COM H0023R105 493 9,325 9,325 0 0 9,325 0 0 AFFILIATED COMPUTER SVCS IN COM 008190100 125531 2,731,925 2,682,475 0 49,450 1 2,334,662 0 397,263 ALCATEL-LUCENT COM 013904305 225566 104,914,591 103,063,983 0 1,850,608 1 92,616,310 0 12,298,281 ALLSTATE CORP COM 020002101 329979 10,072,624 9,879,499 0 193,125 1 8,752,166 0 1,320,458 AMER INTL GROUP COM 026874107 51 32,800 32,800 0 0 32,800 0 0 AMER NATL INS COM 028591105 5546 75,224 75,224 0 0 56,899 0 18,325 AMERICAN EQUITY INVT LIFE COM 025676206 23882 3,411,713 3,411,713 0 0 2,635,877 0 775,836 AMERISOURCEBERGEN CORP COM 03073E105 346889 9,727,677 9,531,339 0 196,338 1 8,423,623 0 1,304,054 AMGEN INC COM 031162100 39318 680,823 680,823 0 0 515,673 0 165,150 APACHE CORP COM 037411105 18336 246,022 246,022 0 0 219,922 0 26,100 ARGO GROUP INTERNATIONAL COM G0464B107 22000 648,575 648,575 0 0 504,150 0 144,425 ARMSTRONG WORLD INDUSTRIES COM 04247X102 6393 295,709 295,709 0 0 237,759 0 57,950 ARTHUR J GALLAGHER & CO. COM 363576109 9383 362,150 362,150 0 0 280,650 0 81,500 ARVINMERITOR INC COM 043353101 1915 671,830 671,830 0 0 477,505 0 194,325 AT&T INC. COM 00206R102 243 8,540 8,540 0 0 8,540 0 0 ATC TECHNOLOGY CORP COM 00211W104 11098 758,545 758,545 0 0 615,785 0 142,760 AVNET INC COM 053807103 68953 3,786,550 3,786,550 0 0 3,091,425 0 695,125 BANK OF AMERICA CORP COM 060505104 249060 17,688,908 17,418,233 0 270,675 1 15,303,338 0 2,385,570 BED BATH & BEYOND INC COM 075896100 728 28,625 28,625 0 0 28,625 0 0 BJ SERVICES COM 055482103 117085 10,033,001 9,830,126 0 202,875 1 8,294,801 0 1,738,200 BLACK & DECKER COM 091797100 53059 1,269,043 1,269,043 0 0 1,089,268 0 179,775 BLOUNT INTERNATIONAL COM 095180105 12860 1,356,560 1,356,560 0 0 1,012,920 0 343,640 BOEING COMPANY COM 097023105 161269 3,779,454 3,709,729 0 69,725 1 3,295,504 0 483,950 BOSTON SCIENTIFIC CORP COM 101137107 664 85,823 85,823 0 0 85,823 0 0 BOWNE & CO COM 103043105 365 62,099 62,099 0 0 47,099 0 15,000 BP PLC - SPONS ADR COM 055622104 120639 2,581,069 2,495,090 0 85,979 1 2,293,165 0 287,904

PAGE 2 OF 5 FORM 13F AS OF: 12/31/2008 (SEC USE ONLY) NAME OF REPORTING MANAGER: PZENA INVESTMENT MANAGEMENT, LLC BRADY CORP CL A COM 104674106 13478 562,748 562,748 0 0 454,298 0 108,450 BRISTOL-MYERS SQUIBB CO COM 110122108 132829 5,713,092 5,589,742 0 123,350 1 4,787,067 0 926,025 CA INC. COM 12673P105 331192 17,873,306 17,573,106 0 300,200 1 15,421,501 0 2,451,805 CAPITAL ONE FINL CORP COM 14040H105 310390 9,733,139 9,586,914 0 146,225 1 8,339,798 0 1,393,341 CARDINAL HEALTH COM 14149Y108 1309 37,975 37,975 0 0 37,975 0 0 CARTER'S INC COM 146229109 15648 812,436 812,436 0 0 623,936 0 188,500 CHEMICAL FINANCIAL CORP COM 163731102 20776 745,182 745,182 0 0 572,148 0 173,034 CHUBB CORP COM 171232101 286 5,600 5,600 0 0 5,600 0 0 CIBER INC. COM 17163B102 14511 3,016,841 3,016,841 0 0 2,291,966 0 724,875 CITIGROUP INC COM 172967101 248311 37,006,118 36,396,643 0 609,475 1 31,657,114 0 5,349,004 COMERICA INC COM 200340107 120444 6,067,719 5,939,044 0 128,675 1 5,354,319 0 713,400 COMPUTER SCIENCES COM 205363104 249 7,099 7,099 0 0 7,099 0 0 CONSECO INC COM 208464883 11660 2,251,048 2,251,048 0 0 1,793,148 0 457,900 CON-WAY INC COM 205944101 4744 178,342 178,342 0 0 125,042 0 53,300 DEL MONTE FOODS COM 24522P103 18674 2,615,473 2,615,473 0 0 2,127,698 0 487,775 DELL INC COM 24702R101 10143 9,905,500 9,657,175 0 248,325 1 8,414,000 0 1,491,500 DELPHI FINL GRP COM 247131105 22727 1,232,488 1,232,488 0 0 971,660 0 260,828 DISCOVER FINANCIAL COM 254709108 146 15,290 15,290 0 0 15,290 0 0 DRESS BARN INC. COM 261570105 9347 870,343 870,343 0 0 662,742 0 207,601 ERICSSON (LM) TEL - SP ADR COM 294821608 222 28,450 28,450 0 0 28,450 0 0 EVEREST RE GROUP LTD COM G3223R108 31 408 408 0 0 408 0 0 EVERCORE PARTNERS INC - CL A COM 29977A105 3426 274,308 274,308 0 0 217,858 0 56,450 EXXON MOBIL CORP COM 30231G102 757 9,477 9,477 0 0 9,477 0 0 FANNIE MAE COM 313586109 211 277,700 277,700 0 0 277,700 0 0 FBL FINANCIAL GROUP INC. - CL-A COM 30239F106 9424 609,979 609,979 0 0 479,304 0 130,675 FIDELITY NATIONAL FINANCIAL INC. COM 31620R105 118037 6,649,967 6,471,142 0 178,825 1 5,770,384 0 879,583 FIRST AMERICAN CORP COM 318522307 24219 838,330 838,330 0 0 680,287 0 158,043 FIRST HORIZON NATIONAL CORP COM 320517105 2372 224,424.86 224,424.86 0 0 212,024.86 0 12,400 FRANKLIN RESOURCES INC. COM 354613101 375 5,875 5,875 0 0 5,875 0 0 FREDDIE MAC COM 313400301 351 481,300 481,300 0 0 481,300 0 0 GRIFFON CORPORATION COM 398433102 23459 2,514,371 2,514,371 0 0 1,910,173 0 604,198 HANGER ORTHOPEDIC COM 41043F208 1089 75,075 75,075 0 0 0 0 75,075 HARMAN INTL COM 413086109 6907 412,850 412,850 0 0 319,200 0 93,650 HARTE-HANKS, INC. COM 416196103 13980 2,240,464 2,240,464 0 0 1,693,064 0 547,400 PAGE 3 OF 5 FORM 13F AS OF: 12/31/2008 (SEC USE ONLY) NAME OF REPORTING MANAGER: PZENA INVESTMENT MANAGEMENT, LLC HASBRO INC COM 418056107 245 8,400 8,400 0 0 8,400 0 0 HOME DEPOT INC COM 437076102 244030 10,600,768 10,424,368 0 176,400 1 9,049,668 0 1,551,100 HSBC HOLDINGS PLC - SPONS ADR COM 404280406 508 10,435 10,435 0 0 10,435 0 0 I SHARES RUSSELL 1000 VALUE COM 464287598 2454 49,550 49,550 0 0 49,550 0 0 IDACORP INC COM 451107106 1791 60,822 60,822 0 0 43,695 0 17,127 IMS HEALTH INCORPORATED COM 449934108 45292 2,987,609 2,987,609 0 0 2,388,384 0 599,225 IPC HOLDINGS LTD COM G4933P101 28181 942,515 942,515 0 0 750,215 0 192,300 J.C. PENNEY CO. INC. COM 708160106 317695 16,126,673 15,870,898 0 255,775 1 13,702,444 0 2,424,229 JOHNSON & JOHNSON COM 478160104 129526 2,164,908 2,116,533 0 48,375 1 1,881,187 0 283,721 JONES APPAREL GROUP INC COM 480074103 7516 1,282,553 1,282,553 0 0 975,553 0 307,000 JP MORGAN CHASE & CO COM 46625H100 172494 5,470,787 5,366,462 0 104,325 1 4,802,012 0 668,775 KB FINANCIAL GROUP INC- SPON ADR COM 48241A105 4576 174,675 174,675 0 0 150,050 0 24,625 KELLY SERVICES INC COM 488152208 18884 1,451,501 1,451,501 0 0 1,188,330 0 263,171 KIMBERLY-CLARK CORPORATION COM 494368103 81850 1,551,944 1,515,844 0 36,100 1 1,378,858 0 173,086 KOHLS CORP COM 500255104 74766 2,065,350 2,004,750 0 60,600 1 1,751,850 0 313,500 KOREA ELEC POWER CORP - SP ADR COM 500631106 6779 583,925 583,925 0 0 390,525 0 193,400 KRAFT FOODS INC COM 50075N104 73368 2,732,497 2,612,047 0 120,450 2,184,047 0 548,450 L-3 COMMUNICATIONS COM 502424104 114686 1,554,428 1,529,128 0 25,300 1 1,382,986 0 171,442 LEAR CORP COM 521865105 7417 5,260,315 5,260,315 0 0 3,897,295 0 1,363,020 LOWES COS INC COM 548661107 2333 108,400 108,400 0 0 86,650 0 21,750 MI DEVELOPMENTS INC. - CLASS A COM 55304X104 6556 878,781 878,781 0 0 735,481 0 143,300 MAGNA INTL INC.-CL A COM 559222401 231423 7,732,155 7,579,980 0 152,175 1 6,533,530 0 1,198,625 MATTEL INC COM 577081102 188491 11,780,699 11,559,124 0 221,575 1 9,900,925 0 1,879,774 MERCK & CO. INC. COM 589331107 158878 5,226,235 5,105,460 0 120,775 1 4,561,360 0 664,875 METLIFE INC COM 59156R108 12443 356,932 356,932 0 0 131,282 0 225,650 MICROSOFT CORP COM 594918104 239808 12,335,824 12,137,549 0 198,275 1 10,671,317 0 1,664,507 MILACRON INC COM 598709301 30 142,805 142,805 0 0 102,257 0 40,548 MITSUBISHI UFJ FINL GRP - ADR COM 606822104 1253 201,725 201,725 0 0 201,725 0 0 MOODY'S CORP COM 615369105 5500 273,791 273,791 0 0 231,791 0 42,000 MORGAN STANLEY COM 617446448 92347 5,757,294 5,646,869 0 110,425 1 4,961,971 0 795,323 MOTOROLA INC. COM 620076109 187620 42,352,080 41,651,655 0 700,425 1 35,339,398 0 7,012,682 NARA BANCORP INC COM 63080P105 15231 1,549,401 1,549,401 0 0 1,193,726 0 355,675 NATIONAL CITY CORP COM 635405103 112454 62,129,204 61,309,917 0 819,287 1 53,586,908 0 8,542,296 PAGE 4 OF 5 FORM 13F AS OF: 12/31/2008 (SEC USE ONLY) NAME OF REPORTING MANAGER: PZENA INVESTMENT MANAGEMENT, LLC NCI BLDG SYS INC COM 628852105 6257 383,836 383,836 0 0 283,461 0 100,375 NORTHROP GRUMMAN CORP COM 666807102 318019 7,060,807 6,934,382 0 126,425 1 6,151,281 0 909,526 OLD REPBLC INTL COM 680223104 22232 1,865,068 1,865,068 0 0 1,521,566 0 343,502 OMNICOM GROUP COM 681919106 169506 6,296,639 6,191,239 0 105,400 1 5,381,614 0 915,025 PHARMANET DEVELOPMENT GROUP INC COM 717148100 1485 1,631,336 1,631,336 0 0 1,285,111 0 346,225 PHH CORP COM 693320202 22642 1,778,660 1,778,660 0 0 1,386,735 0 391,925 PIKE ELECTRIC CORPORATION COM 721283109 13485 1,096,359 1,096,359 0 0 847,709 0 248,650 PLANTRONICS, INC. COM 727493108 11536 873,936 873,936 0 0 670,661 0 203,275 PNC FINANCIAL SERVICES COM 693475105 319 6,500 6,500 0 0 6,500 0 0 PNM RESOURCES INC COM 69349H107 20858 2,069,250 2,069,250 0 0 1,590,425 0 478,825 POPULAR INC. COM 733174106 59881 11,604,886 11,604,886 0 0 9,547,051 0 2,057,835 PROTECTIVE LIFE CORP COM 743674103 5266 366,950 366,950 0 0 320,225 0 46,725 REGIS CORP COM 758932107 18987 1,306,733 1,306,733 0 0 1,057,008 0 249,725 RENAISSANCE RE HLDGS LTD COM G7496G103 142005 2,754,171 2,754,171 0 0 2,300,166 0 454,005 RENT A CENTER INC COM 76009N100 67426 3,820,156 3,820,156 0 0 3,186,706 0 633,450 SANDISK CORP COM 80004C101 17714 1,845,250 1,845,250 0 0 1,542,525 0 302,725 SARA LEE CORP COM 803111103 103669 10,589,236 10,349,090 0 240,146 1 9,264,285 0 1,324,951 SCHERING PLOUGH COM 806605101 135054 7,930,379 7,806,904 0 123,475 1 6,890,063 0 1,040,316 SCHWEITZER MAUDUIT INTL I COM 808541106 17822 890,217 890,217 0 0 764,652 0 125,565 SEALY CORPORATION COM 812139301 6185 2,464,046 2,464,046 0 0 1,921,446 0 542,600 SEMPRA ENERGY COM 816851109 261964 6,145,065 6,063,815 0 81,250 1 5,363,885 0 781,180 SKECHERS USA INC.- CL A COM 830566105 9542 744,301 744,301 0 0 565,051 0 179,250 SPHERION CORPORATION COM 848420105 6802 3,077,957 3,077,957 0 0 2,321,757 0 756,200 SPIRIT AEROSYSTEMS HOLDINGS I COM 848574109 4615 453,755 453,755 0 0 400,405 0 53,350 STEWART INFORMATION SERVICES COM 860372101 1719 73,178 73,178 0 0 42,453 0 30,725 TECH DATA CORP COM 878237106 16215 908,892 908,892 0 0 728,005 0 180,887 TIMBERLAND CO- CLASS A COM 887100105 5709 494,275 494,275 0 0 388,975 0 105,300 TIME WARNER INC COM 887317105 14170 1,408,586 1,408,586 0 0 1,010,411 0 398,175 TJX COS INC NEW COM 872540109 16903 821,746 821,746 0 0 706,371 0 115,375 TORCHMARK CORP COM 891027104 236207 5,284,283 5,163,158 0 121,125 1 4,589,151 0 695,132 TREX COMPANY COM 89531P105 14191 862,181 862,181 0 0 677,206 0 184,975 TYCO ELECTRONICS LTD COM G9144P105 85392 5,267,835 5,186,385 0 81,450 1 4,461,238 0 806,597 TYCO INTL LTD COM G9143X208 18668 864,279 864,279 0 0 814,088 0 50,191 UBS AG COM H89231338 224198 15,678,193 15,349,668 0 328,525 1 13,415,568 0 2,262,625 PAGE 5 OF 5 FORM 13F AS OF: 12/31/2008 (SEC USE ONLY) NAME OF REPORTING MANAGER: PZENA INVESTMENT MANAGEMENT, LLC UNITED AMERICA INDEMNITY - A COM 90933T109 19276 1,504,783 1,504,783 0 0 1,168,626 0 336,157 UNITED STATIONERS INC COM 913004107 8066 240,855 240,855 0 0 184,830 0 56,025 UNIVERSAL CORP COM 913456109 5442 182,206 182,206 0 0 145,131 0 37,075 VIACOM INC CL B COM - NEW COM 92553P201 527 27,670 27,670 0 0 27,670 0 0 VIAD CORP NEW COM 92552R406 6048 244,449 244,449 0 0 188,526 0 55,923 WEBSTER FINANCIAL CORP. COM 947890109 4759 345,350 345,350 0 0 260,225 0 85,125 WELLPOINT INC. COM 94973V107 119302 2,831,761 2,792,061 0 39,700 1 2,480,086 0 351,675 WHIRLPOOL CORP COM 963320106 186099 4,500,579 4,431,129 0 69,450 1 3,877,470 0 623,109 WISCONSIN ENERGY COM 976657106 143120 3,409,243 3,333,518 0 75,725 1 2,977,868 0 431,375