13F-HR 1 form13fhr.txt PZENA INVESTMENT MANAGEMENT 13F 6-30-2010 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F Cover Page Report for the Calendar Year or Quarter Ended: June 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 08/13/10 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: 124 Form 13F Information Table Value Total: $9,701,215,000 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 5,716 111,041 111,041 0 0 108,341 0 2,700 ADPT CORP COM 00101B103 6,072 2,101,097 2,101,097 0 0 1,577,872 0 523,225 AETNA INC COM 00817Y108 239,406 9,075,290 8,923,690 0 151,600 1 7,554,565 0 1,520,725 ALCATEL-LUCENT COM 013904305 140,129 55,168,956 53,847,223 0 1,321,733 1 46,800,098 0 8,368,858 ALLSTATE CORP COM 020002101 315,538 10,982,882 10,756,857 0 226,025 1 9,223,554 0 1,759,328 AMERICAN COM 025676206 38,368 3,717,800 3,717,800 0 0 2,973,514 0 744,286 EQUITY INVT LIFE AMERICAN COM 029263100 3,757 430,322 430,322 0 0 363,547 0 66,775 REPROGRAPHICS APACHE CORP COM 037411105 112,270 1,333,530 1,296,430 0 37,100 1 1,083,305 0 250,225 ARGO GROUP COM G0464B107 29,923 978,209 978,209 0 0 790,334 0 187,875 INTERNATIONAL ARMSTRONG COM 04247X102 8,623 285,709 285,709 0 0 230,034 0 55,675 WORLD INDUSTRIES ARTHUR J COM 363576109 28,266 1,159,375 1,159,375 0 0 913,525 0 245,850 GALLAGHER & CO. ATC TECHNOLOGY COM 00211W104 17,813 1,105,033 1,105,033 0 0 904,320 0 200,713 CORP AVNET INC COM 053807103 51,748 2,146,317 2,146,317 0 0 1,465,686 0 680,631 AVON PRODUCTS COM 054303102 231,159 8,722,974 8,549,474 0 173,500 1 7,330,168 0 1,392,806 INC. AXIS CAPITAL COM G0692U109 149,795 5,040,199 4,887,474 0 152,725 1 4,289,149 0 751,050 HOLDINGS LTD BAKER HUGHES COM 057224107 24,006 577,475.15 577,475.15 0 0 553,972.42 0 23,502.74 INC BANK OF COM 060505104 203,401 14,154,540 13,875,040 0 279,500 1 11,987,020 0 2,167,520 AMERICA CORP BLOUNT COM 095180105 21,140 2,058,428 2,058,428 0 0 1,666,303 0 392,125 INTERNATIONAL BOEING COMPANY COM 097023105 214,359 3,416,076 3,344,501 0 71,575 1 2,858,401 0 557,675 BP PLC - SPONS COM 055622104 142,017 4,917,480 4,829,776 0 87,704 1 4,207,776 0 709,704 ADR BRADY CORP COM 104674106 30,733 1,233,274 1,233,274 0 0 1,002,524 0 230,750 CL A CA INC. COM 12673P105 279,784 15,205,657 14,948,907 0 256,750 1 12,663,187 0 2,542,470 CAPITAL ONE COM 14040H105 152,709 3,789,315 3,720,640 0 68,675 1 3,164,099 0 625,216 FINL CORP CARDINAL COM 14149Y108 584 17,362 17,362 0 0 17,362 0 0 HEALTH CHEMICAL COM 163731102 16,867 774,406 774,406 0 0 629,993 0 144,413 FINANCIAL CORP CIBER INC. COM 17163B102 9,215 3,326,756 3,326,756 0 0 2,673,781 0 652,975 CIRCOR COM 17273K109 19,696 769,985 769,985 0 0 626,950 0 143,035 INTERNATIONAL INC CITIGROUP INC COM 172967101 239,742 63,761,360.00 62,605,792.00 0 1,155,568 1 54,160,513.00 0 9,600,847 CNO FINANCIAL COM 12621E103 17,176 3,469,933 3,469,933 0 0 2,796,108 0 673,825 GROUP INC COMERICA INC COM 200340107 116,168 3,154,160 3,082,935 0 71,225 1 2,543,414 0 610,746 CONMED CORP. COM 207410101 15,172 814,383 814,383 0 0 650,333 0 164,050 COOPER COM G24140108 140,050 3,182,958 3,106,833 0 76,125 1 2,679,108 0 503,850 INDUSTRIES PLC CURTISS-WRIGHT COM 231561101 10,054 346,200 346,200 0 0 280,375 0 65,825 CORP DELL INC COM 24702R101 140,743 11,670,245 11,384,120 0 286,125 1 9,333,280 0 2,336,965 DELPHI FINL COM 247131105 33,857 1,387,008 1,387,008 0 0 1,130,879 0 256,129 GRP DIAMONDROCK COM 252784301 27,703 3,370,232 3,370,232 0 0 2,744,787 0 625,445 HOSPITALITY CO. DIODES INC. COM 254543101 25,108 1,582,075 1,582,075 0 0 1,274,450 0 307,625 EDISON COM 281020107 138,840 4,377,048 4,255,973 0 121,075 1 3,691,348 0 685,700 INTERNATIONAL ENSCO PLC - COM 29358Q109 1,041 26,500 26,500 0 0 26,500 0 0 EXXON MOBIL COM 30231G102 370,160 6,486,072 6,364,672 0 121,400 1 5,395,531 0 1,090,541 CORP FANNIE MAE COM 313586109 81 237,850 237,850 0 0 237,850 0 0 FBL FINANCIAL COM 30239F106 6,539 311,377 311,377 0 0 242,465 0 68,912 GROUP INC. - FIDELITY COM 31620R105 91,115 7,014,280 6,813,330 0 200,950 1 5,959,339 0 1,054,941 NATIONAL FINANCIAL INC. FIFTH THIRD COM 316773100 5,256 427,625 427,625 0 0 358,175 0 69,450 BANCORP FIRST AMERICAN COM 31847R102 327 25,750 25,750 0 0 22,350 0 3,400 FINANCIAL FOREST LABS COM 345838106 30,799 1,122,831 1,103,481 0 19,350 1 759,542 0 363,289 FORTUNE BRANDS COM 349631101 163,438 4,171,464 4,101,689 0 69,775 1 3,473,589 0 697,875 INC FREDDIE MAC COM 313400301 155 374,450 374,450 0 0 374,450 0 0 GILDAN COM 375916103 2,802 97,790 97,790 0 0 87,379 0 10,411 ACTIVEWEAR INC GOLDMAN SACHS COM 38141G104 108,074 823,297 802,097 0 21,200 1 648,847 0 174,450 GROUP INC GRACO INC COM 384109104 24,807 880,000 880,000 0 0 732,725 0 147,275 GRIFFON COM 398433102 24,741 2,237,019 2,237,019 0 0 1,726,971 0 510,048 CORPORATION HARTE-HANKS, COM 416196103 38,630 3,696,621 3,696,621 0 0 2,982,421 0 714,200 INC. HEARTLAND COM 42235N108 11,970 806,614 806,614 0 0 679,903 0 126,711 PAYMENT SYSTEMS, INC. HORIZON LINES COM 44044K101 2,341 553,425 553,425 0 0 416,950 0 136,475 INC - HOSPITALITY COM 44106M102 43,543 2,063,632 2,063,632 0 0 1,355,151 0 708,481 PROPERTIES TRUST HSBC HOLDINGS COM 404280406 300 6,572 6,572 0 0 6,572 0 0 PLC IMMUCOR INC. COM 452526106 31,205 1,638,072 1,638,072 0 0 1,327,397 0 310,675 INSIGHT COM 45765U103 16,390 1,245,431 1,245,431 0 0 1,026,781 0 218,650 ENTERPRISES INC. J.C. PENNEY COM 708160106 260,146 12,111,062 11,889,362 0 221,700 1 10,135,258 0 1,975,804 CO.INC. JARDEN CORP COM 471109108 44,569 1,658,703 1,658,703 0 0 1,097,228 0 561,475 JOHNSON & COM 478160104 162,848 2,757,334 2,708,959 0 48,375 1 2,262,159 0 495,175 JOHNSON JONES APPAREL COM 480074103 25,523 1,610,263 1,610,263 0 0 1,317,313 0 292,950 GROUP INC JP MORGAN COM 46625H100 147,536 4,029,944 3,932,169 0 97,775 1 3,253,944 0 776,000 CHASE & CO KELLY SERVICES COM 488152208 12,874 865,751 865,751 0 0 626,715 0 239,036 INC KEY CORP COM 493267108 2,938 382,000 382,000 0 0 317,125 0 64,875 KRAFT FOODS COM 50075N104 197,649 7,058,883 6,933,708 0 125,175 1 5,957,833 0 1,101,050 INC L-3 COM 502424104 215,429 3,041,059 2,975,434 0 65,625 1 2,510,242 0 530,817 COMMUNICATIONS LABORATORY COM 50540R409 108,508 1,440,047 1,415,672 0 24,375 1 1,104,447 0 335,600 CORPORATION OF AMERICA HOLDINGS LAM RESEARCH COM 512807108 331 8,700 8,700 0 0 8,700 0 0 CORP MI COM 55304X104 15,104 1,235,009 1,235,009 0 0 1,035,134 0 199,875 DEVELOPMENTS INC. - MAGNA INTL COM 559222401 6,803 103,136 103,136 0 0 94,637 0 8,499 INC.- CL A MARSHALL & COM 571837103 2,687 374,250 374,250 0 0 310,400 0 63,850 ILSLEY CORPORATION MASCO CORP COM 574599106 187,621 17,436,875 17,069,775 0 367,100 1 14,135,800 0 3,301,075 MEDNAX INC. COM 58502B106 20,655 371,423 371,423 0 0 303,098 0 68,325 METLIFE INC COM 59156R108 2,269 60,097 60,097 0 0 60,097 0 0 MICROSOFT CORP COM 594918104 161,690 7,026,943 6,887,218 0 139,725 1 5,969,248 0 1,057,695 MORGAN STANLEY COM 617446448 138,181 5,953,522 5,816,372 0 137,150 1 4,804,799 0 1,148,723 MOTOROLA INC. COM 620076109 57,859 8,874,065 8,661,290 0 212,775 1 7,391,983 0 1,482,082 MTS SYSTEMS COM 553777103 28,475 981,906 981,906 0 0 789,929 0 191,977 CORP NARA BANCORP COM 63080P105 28,090 3,332,118 3,332,118 0 0 2,698,960 0 633,158 INC NATIONAL PENN COM 637138108 23,155 3,852,732 3,852,732 0 0 3,112,007 0 740,725 BANCSHARES INC NCI BUILDING COM 628852204 1,796 214,580 214,580 0 0 198,705 0 15,875 SYSTEMS INC NORTHROP COM 666807102 356,249 6,543,875 6,413,350 0 130,525 1 5,534,374 0 1,009,501 GRUMMAN CORP OMNICOM GROUP COM 681919106 325,927 9,502,252 9,319,402 0 182,850 1 7,933,652 0 1,568,600 PHH CORP COM 693320202 28,162 1,479,075 1,479,075 0 0 1,180,425 0 298,650 PIKE ELECTRIC COM 721283109 12,950 1,374,718 1,374,718 0 0 1,135,918 0 238,800 CORPORATION PLANTRONICS, COM 727493108 21,217 741,851 741,851 0 0 585,701 0 156,150 INC. PNC FINANCIAL COM 693475105 142,748 2,526,513.00 2,482,322.00 0 44,191 1 2,119,389.00 0 407,124.00 SERVICES PNM RESOURCES COM 69349H107 30,713 2,747,130 2,747,130 0 0 2,217,305 0 529,825 INC POPULAR INC. COM 733174106 10,441 3,895,847 3,895,847 0 0 3,063,317 0 832,530 PORTLAND COM 736508847 47,440 2,588,105 2,588,105 0 0 1,910,027 0 678,078 GENERAL ELECTRIC CO PPG INDUSTRIES COM 693506107 109,264 1,808,714 1,758,964 0 49,750 1 1,366,214 0 442,500 INC PRIMERICA INC COM 74164M108 11,570 539,625 539,625 0 0 447,425 0 92,200 PROTECTIVE COM 743674103 7,901 369,400 369,400 0 0 311,975 0 57,425 LIFE CORP REGIONS FINL COM 7591EP100 2,387 362,775 362,775 0 0 304,950 0 57,825 CORP REGIS CORP COM 758932107 20,497 1,316,458 1,316,458 0 0 1,076,008 0 240,450 RENAISSANCE RE COM G7496G103 105,455 1,874,084 1,874,084 0 0 1,534,904 0 339,180 HLDGS LTD RENT A CENTER COM 76009N100 20,784 1,025,868 1,025,868 0 0 834,968 0 190,900 INC SEALY COM 812139301 11,618 4,351,256 4,351,256 0 0 2,969,742 0 1,381,514 CORPORATION SEMPRA ENERGY COM 816851109 207,613 4,437,118 4,359,968 0 77,150 1 3,721,963 0 715,155 SFN GROUP INC COM 784153108 5,315 973,398 973,398 0 0 738,265 0 235,133 SHERWIN COM 824348106 160,455 2,319,050 2,270,650 0 48,400 1 1,902,200 0 416,850 WILLIAMS CO SPIRIT COM 848574109 7,492 393,080 393,080 0 0 333,430 0 59,650 AEROSYSTEMS HOLDINGS I STANLEY COM 854502101 5,975 118,262 118,262 0 0 103,568 0 14,694 BLACK & DECKER INC STATE STREET COM 857477103 200,631 5,932,315 5,836,265 0 96,050 1 5,023,665 0 908,650 CORP TECH DATA CORP COM 878237106 19,378 544,025 544,025 0 0 437,213 0 106,812 THE HARTFORD COM 416515104 82,213 3,715,008 3,628,508 0 86,500 1 3,004,583 0 710,425 FINANCIAL SERVICES GROUP INC TIMBERLAND CO- COM 887100105 1,383 85,614 85,614 0 0 80,914 0 4,700 CLASS A TORCHMARK CORP COM 891027104 261,031 5,272,286 5,154,086 0 118,200 1 4,262,459 0 1,009,827 TREX COMPANY COM 89531P105 4,380 218,005 218,005 0 0 182,105 0 35,900 TYCO COM H8912P106 338,854 13,351,236 13,097,361 0 253,875 1 11,321,586 0 2,029,650 ELECTRONICS LTD UBS AG COM H89231338 198,072 14,982,767 14,608,667 0 374,100 1 11,993,217 0 2,989,550 UNITED AMERICA COM 90933T109 26,320 3,576,137 3,576,137 0 0 2,971,234 0 604,903 INDEMNITY - VALASSIS COM 918866104 24,967 787,111 787,111 0 0 638,986 0 148,125 COMMUNICATIONS INC ***VALIDUS COM G9319H102 18,870 772,738.00 772,738.00 0 0 603,257.00 0 169,481 HOLDINGS LTD VALERO ENERGY COM 91913Y100 151,156 8,406,873 8,243,423 0 163,450 1 7,040,223 0 1,366,650 VIAD CORP NEW COM 92552R406 19,945 1,130,041 1,130,041 0 0 936,889 0 193,152 WEBSTER COM 947890109 28,325 1,578,850 1,578,850 0 0 1,289,475 0 289,375 FINANCIAL CORP. WELLPOINT INC. COM 94973V107 601 12,286 12,286 0 0 12,286 0 0 WILLIS GROUP COM G96666105 179,376 5,969,263 5,818,813 0 150,450 1 5,110,493 0 858,770 HOLDINGS LTD WSFS FINANCIAL COM 929328102 11,332 315,400 315,400 0 0 256,425 0 58,975 CORP ZIMMER COM 98956P102 231,246 4,278,372 4,193,572 0 84,800 1 3,582,547 0 695,825 HOLDINGS INC ZORAN CORP COM 98975F101 26,805 2,809,708 2,809,708 0 0 2,288,589 0 521,119