13F-HR 1 form13fhr.txt PZENA INVESTMENT MANAGEMENT, LLC 13F-HR 3-31-2010 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F Cover Page Report for the Calendar Year or Quarter Ended: March 31, 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 05/14/10 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: 129 Form 13F Information Table Value Total: $11,416,891,000 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 ------------ ----- -------- ------- ---------- -------- ------ ------ ------- ---- ------ ---------- ADAPTEC INC COM 00651F108 7,008 2,143,055 2,143,055 0 0 1,619,830 0 523,225 AETNA INC COM 00817Y108 296,083 8,433,006 8,278,181 0 154,825 1 7,173,431 0 1,259,575 ALCATEL-LUCENT COM 013904305 177,371 56,849,705 55,527,972 0 1,321,733 1 48,922,491 0 7,927,214 ALLSTATE CORP COM 020002101 359,444 11,124,866 10,898,841 0 226,025 1 9,449,763 0 1,675,103 AMDOCS LTD COM G02602103 5,377 178,583 178,583 0 0 130,433 0 48,150 AMER NATL INS COM 028591105 2,006 17,664 17,664 0 0 12,977 0 4,687 AMERICAN EQUITY INVT LIFE COM 025676206 38,163 3,583,346 3,583,346 0 0 2,839,060 0 744,286 AMERISOURCEBERGEN CORP COM 03073E105 488 16,880 16,880 0 0 16,880 0 0 APACHE CORP COM 037411105 144,538 1,424,021 1,386,921 0 37,100 1 1,174,896 0 249,125 ARGO GROUP INTERNATIONAL COM G0464B107 25,987 797,403 797,403 0 0 643,078 0 154,325 ARMSTRONG WORLD INDUSTRIES COM 04247X102 13,091 360,534 360,534 0 0 286,359 0 74,175 ARTHUR J GALLAGHER & CO. COM 363576109 27,408 1,116,425 1,116,425 0 0 908,375 0 208,050 ATC TECHNOLOGY CORP COM 00211W104 10,832 631,240 631,240 0 0 497,090 0 134,150 AVNET INC COM 053807103 65,856 2,195,213 2,195,213 0 0 1,514,582 0 680,631 AVON PRODUCTS INC. COM 054303102 251,439 7,423,641 7,299,666 0 123,975 1 6,359,385 0 1,064,256 AXIS CAPITAL HOLDINGS LTD COM G0692U109 178,574 5,712,548 5,545,198 0 167,350 1 4,966,523 0 746,025 BANK OF AMERICA CORP COM 060505104 254,168 14,239,095 13,959,595 0 279,500 1 12,157,450 0 2,081,645 BJ SERVICES COM 055482103 43,256 2,021,288 2,021,288 0 0 1,935,363 0 85,925 BLOUNT INTERNATIONAL COM 095180105 20,216 1,951,353 1,951,353 0 0 1,559,228 0 392,125 BOEING COMPANY COM 097023105 340,770 4,693,149 4,605,374 0 87,775 1 4,035,974 0 657,175 BP PLC - SPONS ADR COM 055622104 147,389 2,582,602 2,499,973 0 82,629 1 2,282,248 0 300,354 BRADY CORP CL A COM 104674106 36,391 1,169,374 1,169,374 0 0 946,374 0 223,000 CA INC. COM 12673P105 306,467 13,057,832 12,801,082 0 256,750 1 10,988,037 0 2,069,795 CAPITAL ONE FINL CORP COM 14040H105 187,220 4,521,120 4,428,995 0 92,125 1 3,828,654 0 692,466 CARDINAL HEALTH COM 14149Y108 35,632 988,963 988,963 0 0 969,863 0 19,100 CARLISLE COS INC COM 142339100 6,304 165,470 165,470 0 0 145,670 0 19,800 CHARLES RIVER LABORATORIES COM 159864107 27,511 699,842 699,842 0 0 434,266 0 265,576 CHEMICAL FINANCIAL CORP COM 163731102 17,726 750,466 750,466 0 0 606,053 0 144,413 CIBER INC. COM 17163B102 12,627 3,376,206 3,376,206 0 0 2,723,231 0 652,975 CIRCOR INTERNATIONAL INC COM 17273K109 7,333 220,810 220,810 0 0 207,375 0 13,435 CITIGROUP INC COM 172967101 265,632 65,588,089.41 64,432,521.41 0 1,155,568 1 56,261,464.00 0 9,326,625.41 COMERICA INC COM 200340107 185,923 4,887,577 4,780,952 0 106,625 1 4,022,627 0 864,950 CONMED CORP. COM 207410101 12,602 529,260 529,260 0 0 415,010 0 114,250 CONSECO INC COM 208464883 21,098 3,391,983 3,391,983 0 0 2,718,158 0 673,825 COOPER INDUSTRIES PLC COM G24140108 166,043 3,463,558 3,377,958 0 85,600 1 2,933,508 0 530,050 DELL INC COM 24702R101 228,848 15,246,364 14,886,114 0 360,250 1 12,503,699 0 2,742,665 DELPHI FINL GRP COM 247131105 33,641 1,337,083 1,337,083 0 0 1,080,954 0 256,129 DIAMONDROCK HOSPITALITY CO. COM 252784301 32,448 3,209,582.92 3,209,582.92 0 0 2,584,137 0 625,445.92 DIODES INC. COM 254543101 19,479 869,600 869,600 0 0 675,725 0 193,875 DREW INDUSTRIES INC COM 26168L205 4,298 195,194 195,194 0 0 131,432 0 63,762 EDISON INTERNATIONAL COM 281020107 192,795 5,642,223 5,504,948 0 137,275 1 4,896,523 0 745,700 EXXON MOBIL CORP COM 30231G102 428,666 6,399,915 6,278,515 0 121,400 1 5,368,990 0 1,030,925 FANNIE MAE COM 313586109 251 239,250 239,250 0 0 239,250 0 0 FBL FINANCIAL GROUP INC. COM 30239F106 15,240 622,540 622,540 0 0 500,615 0 121,925 FIDELITY NATIONAL FINANCIAL INC. COM 31620R105 103,352 6,973,845 6,772,895 0 200,950 1 6,046,093 0 927,752 FIFTH THIRD BANCORP COM 316773100 8,125 597,875 597,875 0 0 507,425 0 90,450 FIRST AMERICAN CORP COM 318522307 471 13,917 13,917 0 0 13,917 0 0 FIRST HORIZON NATIONAL CORP COM 320517105 2,787 198,361.29 198,361.29 0 0 184,836.19 0 13,525.10 FORTUNE BRANDS INC COM 349631101 12,178 251,041 249,066 0 1,975 1 211,516 0 39,525 FREDDIE MAC COM 313400301 477 375,550 375,550 0 0 375,550 0 0 GILDAN ACTIVEWEAR INC COM 375916103 31,927 1,214,401 1,214,401 0 0 955,326 0 259,075 GRACO INC COM 384109104 27,498 859,325 859,325 0 0 712,050 0 147,275 GRIFFON CORPORATION COM 398433102 26,588 2,133,855 2,133,855 0 0 1,623,807 0 510,048 HARTE-HANKS, INC. COM 416196103 45,435 3,533,065 3,533,065 0 0 2,818,865 0 714,200 HEARTLAND PAYMENT SYSTEMS, INC. COM 42235N108 13,716 737,414 737,414 0 0 610,703 0 126,711 HOME DEPOT INC COM 437076102 116,047 3,587,224 3,510,624 0 76,600 1 2,975,574 0 611,650 HORIZON LINES INC COM 44044K101 3,011 553,425 553,425 0 0 416,950 0 136,475 HOSPITALITY PROPERTIES TRUST COM 44106M102 49,777 2,078,357 2,078,357 0 0 1,394,476 0 683,881 HSBC HOLDINGS PLC COM 404280406 329 6,482 6,482 0 0 6,482 0 0 IMMUCOR INC. COM 452526106 34,105 1,523,222 1,523,222 0 0 1,240,222 0 283,000 INSIGHT ENTERPRISES INC. COM 45765U103 17,001 1,183,940 1,183,940 0 0 965,290 0 218,650 ISHARES RUSSELL 2000 VALUE COM 464287630 10,917 171,001 171,001 0 0 171,001 0 0 J.C. PENNEY CO. INC. COM 708160106 408,058 12,684,438 12,462,738 0 221,700 1 10,775,259 0 1,909,179 JARDEN CORP COM 471109108 28,533 857,111 857,111 0 0 511,411 0 345,700 JOHNSON & JOHNSON COM 478160104 158,891 2,436,978 2,388,603 0 48,375 1 2,059,953 0 377,025 JONES APPAREL GROUP INC COM 480074103 29,052 1,527,463 1,527,463 0 0 1,234,513 0 292,950 JP MORGAN CHASE & CO COM 46625H100 183,580 4,102,352 4,004,577 0 97,775 1 3,364,352 0 738,000 KELLY SERVICES INC COM 488152208 16,053 963,537 963,537 0 0 723,676 0 239,861 KEY CORP COM 493267108 3,182 410,600 410,600 0 0 345,725 0 64,875 KRAFT FOODS INC COM 50075N104 223,788 7,400,383 7,267,233 0 133,150 1 6,275,333 0 1,125,050 L-3 COMMUNICATIONS COM 502424104 275,743 3,009,307 2,943,682 0 65,625 1 2,525,340 0 483,967 LAM RESEARCH CORP COM 512807108 63,591 1,703,933 1,654,808 0 49,125 1 1,303,333 0 400,600 LOWES COS INC COM 548661107 71,604 2,953,962 2,953,962 0 0 2,487,862 0 466,100 MI DEVELOPMENTS INC. COM 55304X104 14,945 1,146,109 1,146,109 0 0 946,234 0 199,875 MAGNA INTL INC. COM 559222401 255,386 4,129,112 4,049,037 0 80,075 1 3,485,062 0 644,050 MARSHALL & ILSLEY CORPORATION COM 571837103 3,240 402,475 402,475 0 0 338,625 0 63,850 MATTEL INC COM 577081102 1,643 72,262 72,262 0 0 47,387 0 24,875 MEDNAX INC. COM 58502B106 26,340 452,648 452,648 0 0 370,473 0 82,175 METLIFE INC COM 59156R108 33,155 765,007 765,007 0 0 408,082 0 356,925 MICROSOFT CORP COM 594918104 208,012 7,106,666 6,966,941 0 139,725 1 6,095,351 0 1,011,315 MITSUBISHI UFJ FINL GRP COM 606822104 701 133,950 133,950 0 0 133,950 0 0 MORGAN STANLEY COM 617446448 175,220 5,982,242 5,845,092 0 137,150 1 4,926,069 0 1,056,173 MOTOROLA INC. COM 620076109 84,151 11,987,365 11,774,590 0 212,775 1 10,378,833 0 1,608,532 MTS SYSTEMS CORP COM 553777103 22,353 770,006 770,006 0 0 604,029 0 165,977 NARA BANCORP INC COM 63080P105 26,170 2,987,469 2,987,469 0 0 2,354,311 0 633,158 NATIONAL PENN BANCSHARES INC COM 637138108 22,672 3,285,807 3,285,807 0 0 2,642,682 0 643,125 NORTHROP GRUMMAN CORP COM 666807102 438,843 6,692,744 6,562,219 0 130,525 1 5,738,868 0 953,876 OMNICOM GROUP COM 681919106 372,013 9,585,503 9,402,653 0 182,850 1 8,082,703 0 1,502,800 PHH CORP COM 693320202 33,343 1,414,625 1,414,625 0 0 1,115,975 0 298,650 PIKE ELECTRIC CORPORATION COM 721283109 12,463 1,337,201 1,337,201 0 0 1,098,401 0 238,800 PLANTRONICS, INC. COM 727493108 22,192 709,451 709,451 0 0 553,301 0 156,150 PNC FINANCIAL SERVICES COM 693475105 234,764 3,932,389.00 3,861,773.00 0 70,616 1 3,332,806.00 0 599,583.00 PNM RESOURCES INC COM 69349H107 33,110 2,642,480 2,642,480 0 0 2,112,655 0 529,825 POPULAR INC. COM 733174106 8,902 3,059,275 3,059,275 0 0 2,639,625 0 419,650 PORTLAND GENERAL ELECTRIC CO COM 736508847 57,761 2,991,230 2,991,230 0 0 2,119,111 0 872,119 PRIMERICA INC COM 74164M108 7,500 500,000 500,000 0 0 407,800 0 92,200 PROTECTIVE LIFE CORP COM 743674103 10,615 482,725 482,725 0 0 412,975 0 69,750 REGIS CORP COM 758932107 24,410 1,306,758 1,306,758 0 0 1,066,308 0 240,450 RENAISSANCE RE HLDGS LTD COM G7496G103 105,842 1,864,722 1,864,722 0 0 1,534,342 0 330,380 RENT A CENTER INC COM 76009N100 23,828 1,007,543 1,007,543 0 0 816,643 0 190,900 SEALY CORPORATION COM 812139301 10,148 2,899,465 2,899,465 0 0 1,570,376 0 1,329,089 SEMPRA ENERGY COM 816851109 237,946 4,768,461 4,691,311 0 77,150 1 4,052,131 0 716,330 SFN GROUP INC COM 784153108 8,237 1,028,374 1,028,374 0 0 787,541 0 240,833 SHERWIN WILLIAMS CO COM 824348106 233,851 3,455,246 3,375,896 0 79,350 1 2,834,746 0 620,500 SKECHERS USA INC.- CL A COM 830566105 2,313 63,681 63,681 0 0 55,081 0 8,600 SPIRIT AEROSYSTEMS HOLDINGS I COM 848574109 9,546 408,280 408,280 0 0 348,630 0 59,650 STANLEY BLACK & DECKER INC COM 854502101 7,632 132,943.63 132,943.63 0 0 118,249.63 0 14,694 STATE STREET CORP COM 857477103 191,088 4,233,231 4,151,731 0 81,500 1 3,546,856 0 686,375 TECH DATA CORP COM 878237106 11,044 263,575 263,575 0 0 217,863 0 45,712 THE HARTFORD FINANCIAL SERVICES GROUP INC COM 416515104 110,739 3,896,508 3,810,008 0 86,500 1 3,200,008 0 696,500 TIMBERLAND CO- CLASS A COM 887100105 9,836 460,900 460,900 0 0 365,100 0 95,800 TORCHMARK CORP COM 891027104 297,090 5,552,054 5,421,729 0 130,325 1 4,556,677 0 995,377 TREX COMPANY COM 89531P105 13,868 651,364 651,364 0 0 504,514 0 146,850 TRIUMPH GROUP INC. COM 896818101 15,196 216,800 216,800 0 0 178,225 0 38,575 TYCO ELECTRONICS LTD COM H8912P106 404,884 14,733,778 14,479,903 0 253,875 1 12,625,103 0 2,108,675 TYCO INTL LTD COM H89128104 8,672 226,715 226,715 0 0 200,986 0 25,729 UBS AG COM H89231338 249,383 15,318,343 14,944,243 0 374,100 1 12,510,293 0 2,808,050 UNITED AMERICA INDEMNITY - A COM 90933T109 31,800 3,322,903 3,322,903 0 0 2,718,000 0 604,903 UNIVERSAL CORP COM 913456109 901 17,100 17,100 0 0 3,501 0 13,599 VALASSIS COMMUNICATIONS INC COM 918866104 3,165 113,711 113,711 0 0 91,911 0 21,800 VALERO ENERGY COM 91913Y100 165,707 8,411,531 8,248,081 0 163,450 1 7,101,806 0 1,309,725 VALIDUS HOLDINGS LTD COM G9319H102 21,424 778,188.00 778,188.00 0 0 608,707.00 0 169,481 VIACOM INC CL B COM - NEW COM 92553P201 185 5,368 5,368 0 0 5,368 0 0 VIAD CORP NEW COM 92552R406 20,415 993,441 993,441 0 0 800,289 0 193,152 WEBSTER FINANCIAL CORP. COM 947890109 26,389 1,508,825 1,508,825 0 0 1,219,450 0 289,375 WELLPOINT INC. COM 94973V107 1,329 20,646 20,646 0 0 20,646 0 0 WHIRLPOOL CORP COM 963320106 20,598 236,077 236,077 0 0 132,002 0 104,075 WILLIS GROUP HOLDINGS LTD COM G96666105 144,841 4,629,000 4,498,975 0 130,025 1 4,154,375 0 474,625 ZIMMER HOLDINGS INC COM 98956P102 251,188 4,243,043 4,158,243 0 84,800 1 3,581,443 0 661,600 ZORAN CORP COM 98975F101 28,447 2,643,776 2,643,776 0 0 2,122,657 0 521,119