13F-HR 1 form13f.txt PZENA INVESTMENT MANAGEMENT 13F-HR 12-31-2010 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 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 02/11/11 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: 118 Form 13F Information Table Value Total: $11,102,546,000 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 232,261 3,731,094 3,635,157 0 95,937 1 3,328,425 0 402,669 ADPT CORP Com 00101B103 3,938 1,344,064 1,344,064 0 0 866,264 0 477,800 ADVANCED Com 00756M404 700 122,000 122,000 0 0 122,000 0 0 SEMICONDUCTOR E-ADR AETNA INC Com 00817Y108 226,523 7,424,535 7,302,585 0 121,950 1 6,103,010 0 1,321,525 ALCATEL-LUCENT - Com 013904305 61,452 20,760,699 20,219,866 0 540,833 1 17,258,366 0 3,502,333 SPONSORED ADR ALLSTATE Com 020002101 349,206 10,953,756 10,727,731 0 226,025 1 8,861,303 0 2,092,453 CORP AMERICAN Com 025676206 43,440 3,461,350 3,461,350 0 0 2,799,364 0 661,986 EQUITY INVT LIFE AMERICAN Com 029263100 8,732 1,150,490 1,150,490 0 0 970,633 0 179,857 REPROGRAPHICS APACHE CORP Com 037411105 142,792 1,197,615 1,160,515 0 37,100 1 998,940 0 198,675 APOLLO GROUP Com 037604105 67,731 1,715,148 1,664,648 0 50,500 1 1,173,148 0 542,000 INC - CL A ARGO GROUP I Com G0464B107 37,684 1,006,259 1,006,259 0 0 818,384 0 187,875 INTERNATIONAL ARTHUR J Com 363576109 66,593 2,290,000 2,290,000 0 0 1,126,025 0 1,163,975 GALLAGHER & CO. AVNET INC Com 053807103 87,873 2,660,400 2,660,400 0 0 1,582,882 0 1,077,518 AVON Com 054303102 83,333 2,867,611 2,836,793 0 30,818 1 2,236,627 0 630,984 PRODUCTS INC. AXIS CAPITAL Com G0692U109 183,536 5,115,285 4,962,560 0 152,725 1 4,301,710 0 813,575 HOLDINGS LTD BANK OF Com 060505104 228,475 17,127,098 16,847,598 0 279,500 1 14,466,503 0 2,660,595 AMERICA CORP BECTON Com 075887109 80,242 949,382 949,382 0 0 677,857 0 271,525 DICKINSON & CO BLOUNT Com 095180105 24,389 1,547,553 1,547,553 0 0 1,259,528 0 288,025 INTERNATIONAL BOEING Com 097023105 36,775 563,513 563,513 0 0 544,313 0 19,200 COMPANY BP PLC - Com 055622104 228,515 5,173,531 5,029,652 0 143,879 1 4,214,177 0 959,354 SPONS ADR BRADY Com 104674106 54,277 1,664,423 1,664,423 0 0 1,363,398 0 301,025 CORP CL A CA INC. Com 12673P105 287,405 11,759,633 11,549,158 0 210,475 1 9,539,338 0 2,220,295 CAPITAL ONE Com 14040H105 6,610 155,304 155,304 0 0 147,204 0 8,100 FINL CORP CHEMICAL Com 163731102 17,002 767,595 767,595 0 0 626,807 0 140,788 FINANCIAL CORP CIBER INC. Com 17163B102 8,151 1,741,665 1,741,665 0 0 1,445,690 0 295,975 CIRCOR Com 17273K109 37,692 891,477 891,477 0 0 737,992 0 153,485 INTERNATIONAL INC CITIGROUP Com 172967101 281,178 59,445,614.00 58,290,046.00 0 1,155,568 1 49,405,617.00 0 10,039,997 INC CNO Com 12621E103 20,748 3,060,183 3,060,183 0 0 2,502,558 0 557,625 FINANCIAL GROUP INC COMERICA Com 200340107 7,316 173,200 173,200 0 0 119,825 0 53,375 INC CONMED Com 207410101 24,301 919,463 919,463 0 0 758,538 0 160,925 CORP. CON-WAY INC Com 205944101 51,177 1,399,425 1,399,425 0 0 1,148,800 0 250,625 CURTISS- Com 231561101 44,585 1,342,917 1,342,917 0 0 1,091,417 0 251,500 WRIGHT CORP DELL INC Com 24702R101 158,335 11,685,236 11,399,111 0 286,125 1 9,005,921 0 2,679,315 DELPHI FINL Com 247131105 41,437 1,436,783 1,436,783 0 0 1,180,054 0 256,729 GRP DIAMONDROCK Com 252784301 40,298 3,358,180 3,358,180 0 0 2,744,335 0 613,845 HOSPITALITY CO. DIODES INC. Com 254543101 43,706 1,619,337 1,619,337 0 0 1,313,837 0 305,500 EDISON Com 281020107 154,281 3,996,920 3,884,745 0 112,175 1 3,371,670 0 625,250 INTERNATIONAL ENSCO PLC - Com 29358Q109 2,546 47,700 47,700 0 0 47,700 0 0 SPON ADR EXXON MOBIL Com 30231G102 495,313 6,773,979 6,647,304 0 126,675 1 5,477,287 0 1,296,692 CORP FIDELITY Com 31620R105 126,124 9,219,579 8,932,529 0 287,050 1 7,707,063 0 1,512,516 NATIONAL FINANCIAL INC. FIFTH THIRD B Com 316773100 6,278 427,625 427,625 0 0 358,175 0 69,450 BANCORP FIRST Com 31847R102 22,810 1,526,748 1,526,748 0 0 1,260,448 0 266,300 AMERICAN FINANCIAL FOREST LABS Com 345838106 173,520 5,425,885 5,275,335 0 150,550 1 4,031,471 0 1,394,414 CLASS A FORTUNE Com 349631101 224,927 3,733,232 3,667,507 0 65,725 1 3,066,257 0 666,975 BRANDS INC FREDDIE MAC Com 313400301 15 48,850 48,850 0 0 48,850 0 0 GLOBAL Com G39319101 33,363 1,631,424 1,631,424 0 0 1,344,679 0 286,745 INDEMNITY PLC GOLDMAN SACHS Com 38141G104 158,296 941,344 915,719 0 25,625 1 710,669 0 230,675 GROUP INC GRACO INC Com 384109104 28,738 728,475 728,475 0 0 608,700 0 119,775 GRIFFON Com 398433102 26,587 2,086,869 2,086,869 0 0 1,595,296 0 491,573 CORPORATION HARTE-HANKS Com 416196103 51,088 4,000,657 4,000,657 0 0 3,302,107 0 698,550 INC. HEARTLAND Com 42235N108 11,730 760,714 760,714 0 0 638,553 0 122,161 PAYMENT SYSTEMS, INC. HEWLETT- Com 428236103 457,457 10,865,968 10,660,493 0 205,475 1 8,854,483 0 2,011,485 PACKARD CO HORIZON Com 44044K101 2,892 661,775 661,775 0 0 524,100 0 137,675 LINES INC -CL A HOSPITALITY Com 44106M102 68,124 2,956,784 2,956,784 0 0 1,636,103 0 1,320,681 PROPERTIES TRUST HSBC Com 404280406 335 6,572 6,572 0 0 6,572 0 0 HOLDINGS PLC - SPONS ADR IMMUCOR Com 452526106 35,088 1,769,447 1,769,447 0 0 1,445,772 0 323,675 INC. INSIGHT Com 45765U103 16,747 1,272,556 1,272,556 0 0 1,060,031 0 212,525 ENTERPRISES INC. INTERVAL Com 46113M108 547 33,875 33,875 0 0 33,875 0 0 LEISURE GROUP J.C. PENNEY Com 708160106 341,813 10,579,172 10,366,072 0 213,100 1 8,629,167 0 1,950,005 CO. INC. JARDEN Com 471109108 50,243 1,627,579 1,627,579 0 0 954,679 0 672,900 CORP JOHNSON & Com 478160104 181,808 2,939,503 2,891,128 0 48,375 1 2,379,978 0 559,525 JOHNSON JONES Com 48020T101 35,358 2,275,313 2,275,313 0 0 1,841,938 0 433,375 GROUP INC JP MORGAN Com 46625H100 176,472 4,160,110 4,062,335 0 97,775 1 3,285,235 0 874,875 CHASE & CO KELLY SERVICES Com 488152208 1,649 87,734 87,734 0 0 59,169 0 28,565 INC KEY CORP Com 493267108 4,526 511,400 511,400 0 0 425,900 0 85,500 KRAFT FOODS Com 50075N104 38,204 1,212,433 1,212,433 0 0 1,168,458 0 43,975 INC L-3 Com 502424104 282,235 4,003,907 3,907,082 0 96,825 1 3,156,115 0 847,792 COMMUNICATIONS LABORATORY Com 50540R409 177,942 2,023,913 1,963,613 0 60,300 1 1,513,338 0 510,575 CORPORATION OF AMERICA HOLDINGS MI Com 55304X104 24,678 910,610 910,610 0 0 780,135 0 130,475 DEVELOPMENTS INC. - CLASS A MARSHALL & Com 571837103 4,071 588,225 588,225 0 0 489,775 0 98,450 ILSLEY CORPORATION MASCO CORP Com 574599106 286,282 22,613,131 22,167,981 0 445,150 1 18,293,056 0 4,320,075 MEDNAX INC. Com 58502B106 25,839 383,998 383,998 0 0 329,623 0 54,375 METLIFE INC Com 59156R108 8,651 194,668 194,668 0 0 194,668 0 0 MICROSOFT Com 594918104 206,673 7,404,963 7,265,238 0 139,725 1 6,078,543 0 1,326,420 CORP MORGAN Com 617446448 170,027 6,248,685 6,096,785 0 151,900 1 4,852,512 0 1,396,173 STANLEY MTS SYSTEMS Com 553777103 37,688 1,006,081 1,006,081 0 0 821,804 0 184,277 CORP MUELLER Com 624758108 4,363 1,046,360 1,046,360 0 0 869,710 0 176,650 WATER PRODUCTS INC NARA BANCORP Com 63080P105 33,531 3,402,483 3,402,483 0 0 2,828,270 0 574,213 INC NATIONAL Com 637138108 32,690 4,070,932 4,070,932 0 0 3,340,907 0 730,025 PENN BANCSHARES INC NCI BUILDING Com 628852204 6,383 456,230 456,230 0 0 405,805 0 50,425 SYSTEMS INC NORTHROP Com 666807102 463,055 7,148,123 7,004,523 0 143,600 1 5,891,997 0 1,256,126 GRUMMAN CORP OMNICOM Com 681919106 320,524 6,998,345 6,890,520 0 107,825 1 5,731,870 0 1,266,475 GROUP PHH CORP Com 693320202 34,662 1,497,284 1,497,284 0 0 1,216,009 0 281,275 PIKE Com 721283109 12,581 1,466,297 1,466,297 0 0 1,309,372 0 156,925 ELECTRIC CORPORATION PLANTRONICS, Com 727493108 25,335 680,676 680,676 0 0 530,351 0 150,325 INC. PNC FINANCIAL Com 693475105 209,629 3,452,385 3,377,919 0 74,466 1 2,759,839 0 692,546 SERVICES PNM Com 69349H107 37,630 2,890,185 2,890,185 0 0 2,352,535 0 537,650 RESOURCES INC POPULAR INC. Com 733174106 1,602 510,138 510,138 0 0 510,138 0 0 PORTLAND Com 736508847 19,133 881,725 881,725 0 0 784,250 0 97,475 GENERAL ELECTRIC CO PPG Com 693506107 243,480 2,896,160 2,832,035 0 64,125 1 2,239,135 0 657,025 INDUSTRIES INC PRIMERICA INC Com 74164M108 18,139 748,005 748,005 0 0 622,005 0 126,000 PROTECTIVE Com 743674103 9,841 369,400 369,400 0 0 311,975 0 57,425 LIFE CORP REGIONS FINL Com 7591EP100 4,188 598,275 598,275 0 0 497,025 0 101,250 CORP RENAISSANCE Com G7496G103 120,175 1,886,868 1,886,868 0 0 1,477,813 0 409,055 RE HLDGS LTD RENT Com 76009N100 34,554 1,070,443 1,070,443 0 0 882,018 0 188,425 A CENTER INC SEALY CORP Com 812139400 22,793 261,242 261,242 0 0 226,902 0 34,340 CONVERTIBLE NOTE 8% 7/15/16 SEALY Com 812139301 19,269 6,598,896 6,598,896 0 0 4,989,857 0 1,609,039 CORPORATION SEMPRA Com 816851109 36,285 691,397 691,397 0 0 666,522 0 24,875 ENERGY SHERWIN Com 824348106 177,811 2,123,111 2,074,711 0 48,400 1 1,625,436 0 497,675 WILLIAMS CO SK TELECOM Com 78440P108 707 37,950 37,950 0 0 37,950 0 0 ADR SPIRIT Com 848574109 10,003 480,705 480,705 0 0 400,405 0 80,300 AEROSYSTEMS HOLDINGS I STATE STREET Com 857477103 223,345 4,819,694 4,728,244 0 91,450 1 3,939,719 0 879,975 CORP TAIWAN Com 874039100 1,088 86,800 86,800 0 0 86,800 0 0 SEMICONDUCTOR - SP ADR TECH DATA Com 878237106 25,150 571,325 571,325 0 0 467,713 0 103,612 CORP THE HARTFORD Com 416515104 80,681 3,045,708 2,959,208 0 86,500 1 2,564,808 0 480,900 FINANCIAL SERVICES GROUP INC TORCHMARK Com 891027104 259,772 4,348,378 4,242,578 0 105,800 1 3,361,226 0 987,152 CORP TYCO Com H8912P106 378,656 10,696,499 10,509,474 0 187,025 1 8,880,674 0 1,815,825 ELECTRONICS LTD UBS AG Com H89231338 233,057 14,150,365 13,769,165 0 381,200 1 10,971,965 0 3,178,400 UNIFIRST Com 904708104 7,496 136,173 136,173 0 0 115,148 0 21,025 CORP/MA VALASSIS Com 918866104 31,004 958,401 958,401 0 0 780,901 0 177,500 COMMUNICATIONS INC VALERO ENERGY Com 91913Y100 154,063 6,663,626 6,500,176 0 163,450 1 5,083,776 0 1,579,850 VALIDUS Com G9319H102 19,089 623,613 623,613 0 0 469,707 0 153,906 HOLDINGS LTD VIAD CORP Com 92552R406 29,372 1,153,192 1,153,192 0 0 946,774 0 206,418 NEW WEBSTER Com 947890109 38,691 1,964,025 1,964,025 0 0 1,622,375 0 341,650 FINANCIAL CORP. WELLPOINT Com 94973V107 636 11,186 11,186 0 0 11,186 0 0 INC. WILLIS Com G96666105 208,875 6,031,620 5,848,995 0 182,625 1 5,311,100 0 720,520 GROUP HOLDINGS LTD WSFS Com 929328102 17,691 372,906 372,906 0 0 308,956 0 63,950 FINANCIAL CORP ZIMMER Com 98956P102 244 4,550,447 4,461,097 0 89,350 1 3,712,897 0 837,550 HOLDINGS INC ZORAN CORP Com 98975F101 25,900 2,943,233 2,943,233 0 0 2,430,789 0 512,444