13F-HR 1 form13fhr.txt PZENA INVESTMENT MANAGEMENT, LLC 13F-HR 6-30-2011 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, 2011 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 Office (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 08/12/11 Report Type: [ ] 13F HOLDINGS REPORT [ ] 13F NOTICE [X] 13F COMBINATION REPORT FORM 13F SUMMARY PAGE Number of Other Included Managers: Three (3) Form 13F Information Table Entry Total: 116 Form 13F Information Table Value Total: $11,027,542,000 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). No. 13F File No.: Name: ------ ------------- --------------------- 1 028-12230 - ALPS Advisers, Inc. 2 028-14511 - American Beacon Advisors, Inc. 3 028-01190 - Frank Russell Company

ITEM 1: ITEM 2: ITEM 3: ITEM 4: ITEM 5: ITEM 6: ITEM 7: ITEM 8: ---------------- ----- --------- ------- ---------------------- -------------------------- --- ------------------------ INVESTMENT DISCRETION VOTING AUTHORITY (SHARES) -------------------------- ------------------------ MANA FAIR GERS NAME TITLE MARKET B) C) SEE OF OF CUSIP VALUE SHARES OR SH/ PUT A) DEF SHARED INSTR. A) B) C) ISSUER CLASS NUMBER (x1000) PRN AMT PRIN CALL SOLE INED OTHER V SOLE SHARED NONE ---------------- ----- --------- ------- ---------------------- ------ ---- ------- --- ------------ ------ ---- ----------------------------------------------------------------------------------------------------------------------------------- ABBOTT LABORATORIES Com 002824100 332,604 6,320,870 SH DEFINED 1 5,168,420 1,152,450 ACE LTD Com H0023R105 177,582 2,697,990 SH DEFINED 1 2,317,596 380,394 ADPT CORP Com 00101B103 3,766 1,242,759 SH SOLE 775,259 467,500 ADVANCED SEMICONDUCTOR E-ADR Com 00756M404 2,499 443,150 SH SOLE 92,575 350,575 AETNA INC Com 00817Y108 181,924 4,126,200 SH DEFINED 1 3,286,575 839,625 ALLSTATE CORP Com 020002101 396,898 13,000,278 SH DEFINED 1,2 10,609,975 2,390,303 AMERICAN EQUITY INVT LIFE Com 025676206 33,425 2,629,796 SH SOLE 2,085,310 544,486 AMERICAN INTERNATIONAL GROUP Com 026874784 226,310 7,718,609 SH DEFINED 1 6,304,484 1,414,125 AMERICAN REPROGRAPHICS Com 029263100 17,486 2,473,333 SH SOLE 1,951,296 522,037 APOLLO GROUP INC - CL A Com 037604105 128,887 2,950,710 SH DEFINED 1,2 2,272,294 678,416 ARGO GROUP INTERNATIONAL Com G0464B107 30,727 1,033,875 SH SOLE 824,200 209,675 ARTHUR J GALLAGHER & CO. Com 363576109 31,397 1,100,105 SH SOLE 619,075 481,030 AVNET INC Com 053807103 86,740 2,720,838 SH DEFINED 2 1,646,420 1,074,418 AVON PRODUCTS INC. Com 054303102 165,463 5,909,402 SH DEFINED 1,2 4,835,768 1,073,634 AXIS CAPITAL HOLDINGS LTD Com G0692U109 161,275 5,209,149 SH DEFINED 1,2 4,353,199 855,950 BANK OF AMERICA CORP Com 060505104 205,712 18,769,304 SH DEFINED 1 15,647,634 3,121,670 BECTON DICKINSON & CO Com 075887109 79,563 923,323 SH DEFINED 2 667,177 256,146 BLOUNT INTERNATIONAL Com 095180105 16,695 955,611 SH SOLE 762,061 193,550 BP PLC - SPONS ADR Com 055622104 232,149 5,241,570 SH DEFINED 1 4,272,638 968,932 BRADY CORP CL A Com 104674106 43,302 1,350,663 SH DEFINED 2 1,106,513 244,150 CA INC. Com 12673P105 316,812 13,870,942 SH DEFINED 1,2 11,231,322 2,639,620 CAPITAL ONE FINL CORP Com 14040H105 3,398 65,758 SH SOLE 65,758 CIRCOR INTERNATIONAL INC Com 17273K109 28,659 669,130 SH SOLE 534,720 134,410 CITIGROUP INC Com 172967424 280,850 6,744,724 SH DEFINED 1 5,497,558 1,247,166 CNO FINANCIAL GROUP INC Com 12621E103 22,487 2,842,823 SH SOLE 2,295,723 547,100 COMERICA INC Com 200340107 6,926 200,350 SH DEFINED 2 180,125 20,225 CONMED CORP. Com 207410101 13,030 457,513 SH SOLE 368,263 89,250 CON-WAY INC Com 205944101 47,721 1,229,597 SH DEFINED 2 1,007,097 222,500 CURTISS- WRIGHT CORP Com 231561101 45,969 1,420,111 SH DEFINED 2 1,171,061 249,050 DELL INC Com 24702R101 179,011 10,738,510 SH DEFINED 1 8,138,820 2,599,690 DELPHI FINL GRP Com 247131105 38,447 1,316,233 SH DEFINED 2 1,079,679 236,554 DIAMONDROCK HOSPITALITY CO. Com 252784301 30,974 2,886,661 SH SOLE 2,285,798 600,863 DIODES INC. Com 254543101 28,970 1,109,959 SH SOLE 888,384 221,575 EDISON INTERNATIONAL Com 281020107 144,313 3,724,206 SH DEFINED 1,2 3,098,781 625,425 ENTERGY CORP Com 29364G103 187,630 2,747,956 SH DEFINED 1,2 2,069,206 678,750 EXXON MOBIL CORP Com 30231G102 390,891 4,803,287 SH DEFINED 1 3,766,420 1,036,867 FANNIE MAE Com 313586109 10 29,300 SH SOLE 29,300 FIDELITY NATIONAL FINANCIAL INC. Com 31620R105 154,428 9,811,181 SH DEFINED 1 8,095,065 1,716,116 FIFTH THIRD BANCORP Com 316773100 6,092 477,800 SH DEFINED 2 422,550 55,250 FIRST AMERICAN FINANCIAL Com 31847R102 27,613 1,764,404 SH SOLE 1,425,579 338,825 FOREST LABS CLASS A Com 345838106 201,644 5,125,671 SH DEFINED 1,2 3,651,132 1,474,539 FORTUNE BRANDS INC Com 349631101 167,483 2,626,353 SH DEFINED 1,2 2,230,228 396,125 FRANKLIN RESOURCES INC. Com 354613101 68,746 523,616 SH SOLE 354,130 169,486 FREDDIE MAC Com 313400301 17 48,850 SH SOLE 48,850 GLOBAL INDEMNITY PLC Com G39319101 26,206 1,181,506 SH SOLE 937,588 243,918 GOLDMAN SACHS GROUP INC Com 38141G104 157,863 1,186,137 SH DEFINED 1 920,562 265,575 GRIFFON CORPORATION Com 398433102 24,638 2,444,241 SH SOLE 1,917,723 526,518 HARSCO CORP Com 415864107 4,420 135,572 SH SOLE 92,172 43,400 HARTE-HANKS INC. Com 416196103 39,653 4,883,313 SH SOLE 3,914,179 969,134 HEARTLAND PAYMENT SYSTEMS, INC. Com 42235N108 11,116 539,612 SH SOLE 419,751 119,861 HEWLETT- PACKARD CO Com 428236103 559,302 15,365,431 SH DEFINED 1 12,557,021 2,808,410 HOSPITALITY PROPERTIES TRUST Com 44106M102 63,789 2,630,458 SH DEFINED 2 1,540,270 1,090,188 HUNTINGTON INGALLS INDUSTRIE Com 446413106 44,024 1,276,056 SH DEFINED 1 1,014,358 261,698 IMMUCOR INC. Com 452526106 38,815 1,900,818 SH DEFINED 2 1,558,868 341,950 INGRAM MICRO INC CL-A Com 457153104 22,134 1,220,153 SH DEFINED 2 846,925 373,228 J.C. PENNEY CO. INC. Com 708160106 238,864 6,915,584 SH DEFINED 1,2 5,716,854 1,198,730 JAKKS PACIFIC INC Com 47012E106 10,904 592,297 SH SOLE 463,674 128,623 JARDEN CORP Com 471109108 55,984 1,622,260 SH DEFINED 2 973,325 648,935 JOHNSON & JOHNSON Com 478160104 254,782 3,830,160 SH DEFINED 1 3,023,010 807,150 JONES GROUP INC Com 48020T101 23,725 2,186,653 SH SOLE 1,760,928 425,725 JP MORGAN CHASE & CO Com 46625H100 193,671 4,730,613 SH DEFINED 1 3,593,713 1,136,900 KEY CORP Com 493267108 6,623 795,125 SH DEFINED 2 710,375 84,750 L-3 COMMUNICATIONS Com 502424104 303,907 3,475,203 SH DEFINED 1,2 2,641,011 834,192 LABORATORY CORPORATION OF AMERICA HOLDINGS Com 50540R409 12,655 130,746 SH SOLE 130,746 MASCO CORP Com 574599106 187,068 15,550,126 SH DEFINED 1,2 12,057,176 3,492,950 METLIFE INC Com 59156R108 1,769 40,332 SH SOLE 40,332 MI DEVELOPMENTS INC. - CLASS A Com 55304X104 17,033 559,743 SH SOLE 466,768 92,975 MICROSOFT CORP Com 594918104 243,964 9,383,220 SH DEFINED 1 7,721,800 1,661,420 MOLSON COORS BREWING CO. - B Com 60871R209 197,909 4,423,531 SH DEFINED 1,2 3,428,856 994,675 MORGAN STANLEY Com 617446448 155,734 6,768,111 SH DEFINED 1 5,089,913 1,678,198 MTS SYSTEMS CORP Com 553777103 28,021 669,880 SH SOLE 530,528 139,352 MUELLER WATER PRODUCTS INC Com 624758108 18,070 4,540,175 SH SOLE 3,655,175 885,000 NARA BANCORP INC Com 63080P105 25,730 3,164,882 SH SOLE 2,602,044 562,838 NATIONAL PENN BANCSHARES INC Com 637138108 29,809 3,758,993 SH SOLE 3,041,968 717,025 NORTHROP GRUMMAN CORP Com 666807102 464,288 6,694,854 SH DEFINED 1 5,501,053 1,193,801 OMNICOM GROUP Com 681919106 331,737 6,888,221 SH DEFINED 1,2 5,617,652 1,270,569 PHH CORP Com 693320202 27,817 1,355,619 SH SOLE 1,079,369 276,250 PIKE ELECTRIC CORPORATION Com 721283109 12,984 1,468,722 SH SOLE 1,317,372 151,350 PLANTRONICS, INC. Com 727493108 17,689 484,226 SH SOLE 335,851 148,375 PNC FINANCIAL SERVICES Com 693475105 170,006 2,851,971 SH DEFINED 1 2,171,926 680,045 PNM RESOURCES INC Com 69349H107 26,306 1,571,425 SH SOLE 1,254,800 316,625 POPULAR INC. Com 733174106 1,609 582,955 SH SOLE 582,955 PORTLAND GENERAL ELECTRIC CO Com 736508847 25,015 989,537 SH SOLE 789,512 200,025 PPG INDUSTRIES INC Com 693506107 219,933 2,422,431 SH DEFINED 1,2 1,851,181 571,250 PRIMERICA INC Com 74164M108 21,136 962,058 SH SOLE 771,683 190,375 PROTECTIVE LIFE CORP Com 743674103 9,058 391,600 SH DEFINED 2 345,325 46,275 REGIONS FINL CORP Com 7591EP100 5,968 962,600 SH DEFINED 2 851,475 111,125 RENAISSANCE RE HLDGS LTD Com G7496G103 130,990 1,872,627 SH DEFINED 2 1,484,022 388,605 RENT A CENTER INC Com 76009N100 31,045 1,015,868 SH DEFINED 2 836,493 179,375 ROYAL DUTCH SHELL PLC ADR Com 780259206 214,094 3,009,899 SH DEFINED 1 2,564,287 445,612 ROYAL DUTCH SHELL PLC ADR Com 780259107 74,507 1,038,430 SH DEFINED 1 827,805 210,625 SEALY CORP CONVERTIBLE NOTE 8% Conv. 7/15/ Note 812139400 19,063 249,447 SH DEFINED 2 219,868 29,579 SEALY CORPORATION Com 812139301 14,277 5,643,031 SH SOLE 4,136,745 1,506,286 SEMPRA ENERGY Com 816851109 31,826 601,851 SH SOLE 584,651 17,200 SHERWIN WILLIAMS CO Com 824348106 174,059 2,075,344 SH DEFINED 1,2 1,583,494 491,850 SKECHERS USA INC.- CL A Com 830566105 32,722 2,259,820 SH SOLE 1,810,820 449,000 SK TELECOM ADR Com 78440P108 1,380 73,800 SH SOLE 73,800 SPIRIT AEROSYSTEMS HOLDINGS I Com 848574109 9,512 432,380 SH DEFINED 2 383,780 48,600 STATE STREET CORP Com 857477103 218,025 4,835,322 SH DEFINED 1 3,948,572 886,750 TAIWAN SEMICONDUCTOR - SP ADR Com 874039100 4,563 361,850 SH SOLE 99,000 262,850 TCF FINANCIAL CORP Com 872275102 22,451 1,626,900 SH SOLE 1,298,525 328,375 TECH DATA CORP Com 878237106 26,523 542,508 SH SOLE 433,321 109,187 TE CONNECTIVITY LTD. Com H84989104 260,645 7,090,441 SH DEFINED 1,2 5,805,216 1,285,225 THE HARTFORD FINANCIAL SERVICES GROUP INC Com 416515104 71,947 2,728,379 SH DEFINED 1 2,252,079 476,300 TORCHMARK CORP Com 891027104 27,511 428,923 SH DEFINED 1,2 168,754 260,169 ***UBS AG Com H89231338 227,601 12,464,476 SH DEFINED 1 9,859,076 2,605,400 UNIFIRST CORP/MA Com 904708104 17,258 307,130 SH SOLE 242,305 64,825 USINAS SIDERURG MINAS - SP ADR Com 917302200 3,167 360,875 SH SOLE 360,875 VALIDUS HOLDINGS LTD Com G9319H102 6,584 212,720 SH DEFINED 2 189,413 23,307 VALASSIS COMMUNICATIONS INC Com 918866104 44,756 1,477,086 SH SOLE 1,176,686 300,400 VIAD CORP NEW Com 92552R406 7,173 321,787 SH SOLE 252,301 69,486 WEBSTER FINANCIAL CORP. Com 947890109 31,735 1,509,733 SH SOLE 1,206,733 303,000 WELLS FARGO CO Com 949746101 5,728 204,129 SH SOLE 5,279 198,850 WILLIS GROUP HOLDINGS LTD Com G96666105 1,836 44,660 SH SOLE 44,660 WSFS FINANCIAL CORP Com 929328102 14,318 361,106 SH SOLE 298,556 62,550 ZIMMER HOLDINGS INC Com 98956P102 2,972 47,024 SH SOLE 23,049 23,975 ZORAN CORP Com 98975F101 21,024 2,502,875 SH SOLE 1,999,656 503,219

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