13F-HR 1 form13fhr.txt PZENA INVESTMENT MANAGEMENT 13F-HR 9-30-2011 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F Cover Page Report for the Calendar Year or Quarter Ended: September 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 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 11/14/11 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: 113 Form 13F Information Table Value Total: 8,433,929,000 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 318,483 6,227,672 SH DEFINED 1 5,070,922 1,156,750 ACE LTD COM H0023R105 112,159 1,850,816 SH DEFINED 1 1,585,197 265,619 ADPT CORP COM 00101B103 3,126 1,166,309 SH SOLE 774,434 391,875 ADVANCED SEMICONDUCTOR E-ADR COM 00756M404 2,085 494,064 SH SOLE 103,211 390,852.56 AEROPOSTALE, INC COM 007865108 15,013 1,388,785 SH SOLE 1,140,060 248,725 AETNA INC COM 00817Y108 30,184 830,587 SH SOLE 816,662 13,925 ALLSTATE CORP COM 020002101 285,438 12,048,877 SH DEFINED 1,2 9,688,374 2,360,503 AMERICAN EQUITY INVT LIFE COM 025676206 19,415 2,218,809 SH SOLE 1,836,535 382,274 AMERICAN INTERNATIONAL GROUP COM 026874784 171,255 7,802,059 SH DEFINED 1 6,307,659 1,494,400 AMERICAN REPROGRAPHICS COM 029263100 10,078 2,999,359 SH SOLE 2,440,847 558,512 APOLLO GROUP INC - CL A COM 037604105 82,002 2,070,245 SH DEFINED 1 1,518,595 551,650 ARGO GROUP INTERNATIONAL COM G0464B107 28,198 993,950 SH SOLE 818,475 175,475 ARTHUR J GALLAGHER & CO. COM 363576109 17,800 676,800 SH SOLE 537,375 139,425 AVNET INC COM 053807103 73,396 2,814,273 SH DEFINED 2 1,672,605 1,141,668 AVON PRODUCTS INC. COM 054303102 148,827 7,593,232 SH DEFINED 1,2 6,255,481 1,337,751 AXIS CAPITAL HOLDINGS LTD COM G0692U109 117,536 4,531,066 SH DEFINED 1,2 3,685,941 845,125 BANK OF AMERICA CORP COM 060505104 115,240 18,830,112 SH DEFINED 1 15,532,042 3,298,070 BLOUNT INTERNATIONAL COM 095180105 3,576 267,686 SH SOLE 214,511 53,175 BP PLC - SPONS ADR COM 055622104 194,421 5,390,089 SH DEFINED 1 4,283,210 1,106,879 BRADY CORP CL A COM 104674106 38,642 1,462,043 SH DEFINED 2 1,235,393 226,650 CA INC. COM 12673P105 235,662 12,141,263 SH DEFINED 1,2 9,804,518 2,336,745 CIRCOR INTERNATIONAL INC COM 17273K109 18,243 621,160 SH SOLE 516,020 105,140 CITIGROUP INC COM 172967424 196,030 7,652,951 SH DEFINED 1 6,167,751 1,485,200 CNO FINANCIAL GROUP INC COM 12621E103 11,979 2,214,298 SH SOLE 1,833,998 380,300 COMERICA INC COM 200340107 6,354 276,625 SH DEFINED 2 256,000 20,625 COMPUTER SCIENCES CORP COM 205363104 166,092 6,185,912 SH DEFINED 1,2 4,610,262 1,575,650 CONMED CORP. COM 207410101 8,865 385,288 SH SOLE 314,463 70,825 CON-WAY INC COM 205944101 37,083 1,675,672 SH DEFINED 2 1,417,347 258,325 CURTISS- WRIGHT CORP COM 231561101 39,666 1,375,861 SH DEFINED 2 1,169,511 206,350 DELL INC COM 24702R101 92,972 6,575,084 SH DEFINED 1 4,575,319 1,999,765 DELPHI FINL GRP COM 247131105 26,251 1,219,853 SH DEFINED 2 1,021,879 197,974 DIAMONDROCK HOSPITALITY CO. COM 252784301 19,450 2,782,541 SH SOLE 2,274,098 508,443 DIODES INC. COM 254543101 30,593 1,707,175 SH SOLE 1,410,575 296,600 EDISON INTERNATIONAL COM 281020107 96,395 2,520,137 SH DEFINED 1,2 2,004,687 515,450 ENTERGY CORP COM 29364G103 217,112 3,275,180 SH DEFINED 1,2 2,407,280 867,900 EXXON MOBIL CORP COM 30231G102 314,338 4,327,934 SH DEFINED 1 3,314,067 1,013,867 FANNIE MAE COM 313586109 7 29,300 SH SOLE 29,300 FIDELITY NATIONAL FINANCIAL INC COM 31620R105 95,506 6,291,580 SH DEFINED 1 5,048,439 1,243,141 FIFTH THIRD BANCORP COM 316773100 5,644 558,850 SH DEFINED 2 503,600 55,250 FIRST AMERICAN FINANCIAL COM 31847R102 20,879 1,631,154 SH SOLE 1,358,754 272,400 FORTUNE BRANDS HOME AND SECURITY INC- WHEN ISSUED COM 34964C106 4,276 344,800 SH SOLE 314,075 30,725 FORTUNE BRANDS INC COM 349631101 103,117 1,906,747 SH DEFINED 1,2 1,528,397 378,350 FRANKLIN RESOURCES INC. COM 354613101 113,049 1,182,030 SH SOLE 843,369 338,661 FREDDIE MAC COM 313400301 12 48,850 SH SOLE 48,850 GLOBAL INDEMNITY PLC COM G39319101 18,083 1,058,700 SH SOLE 874,732 183,968 GOLDMAN SACHS GROUP INC COM 38141G104 111,357 1,177,760 SH DEFINED 1 895,760 282,000 GRIFFON CORPORATION COM 398433102 24,369 2,979,128 SH SOLE 2,459,352 519,776 HARSCO CORP COM 415864107 15,964 823,297 SH SOLE 672,222 151,075 HARTE-HANKS INC. COM 416196103 39,856 4,699,963 SH SOLE 3,895,104 804,859 HEWLETT- PACKARD CO COM 428236103 421,273 18,764,961 SH DEFINED 1 15,290,026 3,474,935 HOSPITALITY PROPERTIES TRUST COM 44106M102 46,151 2,173,842 SH DEFINED 2 1,222,504 951,338 HUNTINGTON INGALLS INDUSTRIE COM 446413106 36,586 1,503,744 SH DEFINED 1 1,205,971 297,773 INGRAM MICRO INC CL-A COM 457153104 41,585 2,578,123 SH DEFINED 2 1,581,778 996,345 INTERLINE BRANDS INC COM 458743101 4,124 320,445 SH SOLE 272,145 48,300 J.C. PENNEY CO. INC. COM 708160106 217,220 8,111,292 SH DEFINED 1,2 6,466,362 1,644,930 JAKKS PACIFIC INC COM 47012E106 18,625 982,828 SH SOLE 818,355 164,473 JARDEN CORP COM 471109108 45,674 1,616,203 SH DEFINED 2 985,818 630,385 JOHNSON & JOHNSON COM 478160104 34,478 541,348 SH SOLE 500,373 40,975 JONES GROUP INC COM 48020T101 23,844 2,588,978 SH SOLE 2,139,903 449,075 JP MORGAN CHASE & CO COM 46625H100 146,514 4,864,345 SH DEFINED 1 3,637,120 1,227,225 KEY CORP COM 493267108 5,114 862,350 SH DEFINED 2 777,600 84,750 L-3 COMMUNICATIONS COM 502424104 190,099 3,067,594 SH DEFINED 1,2 2,347,252 720,342 MI DEVELOPMENTS INC. COM 55304X104 16,308 614,250 SH DEFINED 2 518,500 95,750 MASCO CORP COM 574599106 103,896 14,592,165 SH DEFINED 1,2 10,835,165 3,757,000 METLIFE INC COM 59156R108 60,821 2,171,390 SH DEFINED 1 1,841,590 329,800 MICROSOFT CORP COM 594918104 191,847 7,707,797 SH DEFINED 1 6,299,677 1,408,120 MOHAWK INDUSTRIES INC COM 608190104 39,086 910,881 SH DEFINED 2 548,031 362,850 MOLSON COORS BREWING CO. -B COM 60871R209 167,060 4,217,623 SH DEFINED 1,2 3,183,148 1,034,475 MORGAN STANLEY COM 617446448 104,401 7,727,673 SH DEFINED 1 5,794,925 1,932,748 MTS SYSTEMS CORP COM 553777103 15,518 506,455 SH SOLE 417,328 89,127 MUELLER WATER PRODUCTS INC COM 624758108 10,854 4,376,650 SH SOLE 3,651,975 724,675 NARA BANCORP INC COM 63080P105 18,660 3,074,182 SH SOLE 2,613,919 460,263 NATIONAL PENN BANCSHARES INC COM 637138108 24,210 3,453,593 SH SOLE 2,858,418 595,175 NORTHROP GRUMMAN CORP COM 666807102 309,408 5,930,771 SH DEFINED 1 4,814,770 1,116,001 OMNICOM GROUP COM 681919106 255,954 6,947,720 SH DEFINED 1,2 5,673,501 1,274,219 PHH CORP COM 693320202 20,846 1,296,394 SH SOLE 1,068,119 228,275 PIKE ELECTRIC CORPORATION COM 721283109 10,028 1,481,197 SH SOLE 1,368,047 113,150 PLANTRONICS, INC. COM 727493108 6,384 224,401 SH SOLE 170,901 53,500 PNC FINANCIAL SERVICES COM 693475105 137,051 2,843,977 SH DEFINED 1 2,125,701 718,276 PNM RESOURCES INC COM 69349H107 8,995 547,475 SH SOLE 453,825 93,650 POPULAR INC. COM 733174106 874 582,955 SH SOLE 582,955 PORTLAND GENERAL ELECTRIC CO COM 736508847 14,189 598,962 SH SOLE 496,887 102,075 PPG INDUSTRIES INC COM 693506107 246,120 3,483,162 SH DEFINED 1,2 2,797,912 685,250 PRIMERICA INC COM 74164M108 23,617 1,095,405 SH SOLE 903,680 191,725 PROTECTIVE LIFE CORP COM 743674103 6,065 388,050 SH DEFINED 2 345,325 42,725 REGIONS FINL CORP COM 7591EP100 3,152 946,575 SH DEFINED 2 851,475 95,100 RENAISSANCE RE HLDGS LTD COM G7496G103 115,422 1,809,122 SH DEFINED 2 1,479,617 329,505 RENT A CENTER INC COM 76009N100 32,162 1,171,643 SH DEFINED 2 986,193 185,450 ROYAL DUTCH SHELL PLC ADR COM 780259206 185,255 3,011,297 SH DEFINED 1 2,531,109 480,188 ROYAL DUTCH SHELL PLC ADR COM 780259107 45,705 736,583 SH DEFINED 1 540,808 195,775 SEALY CORP CONVERTIBLE NOTE 8% Conv. 7/15/16 Note 812139400 10,981 237,274 SH SOLE 214,541 22,733 SEALY CORPORATION COM 812139301 7,273 4,914,331 SH SOLE 3,760,572 1,153,759 SHERWIN WILLIAMS CO COM 824348106 136,281 1,833,701 SH DEFINED 1,2 1,368,426 465,275 SKECHERS USA INC.- CL A COM 830566105 30,560 2,178,200 SH SOLE 1,808,975 369,225 SK TELECOM ADR COM 78440P108 1,038 73,800 SH SOLE 73,800 SPIRIT AEROSYSTEMS HOLDINGS I COM 848574109 7,506 470,605 SH DEFINED 2 428,805 41,800 STAPLES INC COM 855030102 320,754 24,116,838 SH DEFINED 1,2 19,478,013 4,638,825 STATE STREET CORP COM 857477103 155,373 4,831,237 SH DEFINED 1 3,946,912 884,325 TAIWAN SEMICONDUCTOR - SP ADR COM 874039100 3,628 317,450 SH SOLE 99,000 218,450 TCF FINANCIAL CORP COM 872275102 19,876 2,169,850 SH SOLE 1,783,450 386,400 TECH DATA CORP COM 878237106 22,565 521,983 SH SOLE 429,171 92,812 TE CONNECTIVITY LTD. COM H84989104 196,668 6,988,896 SH DEFINED 1,2 5,721,096 1,267,800 THE HARTFORD FINANCIAL SERVICES GROUP INC COM 416515104 1,421 88,013 SH DEFINED 1 88,013 TORCHMARK CORP COM 891027104 5,152 147,786 SH DEFINED 2 133,874 13,912 TUTOR PERINI CORP COM 901109108 12,287 1,069,350 SH SOLE 878,675 190,675 UBS AG COM H89231338 138,029 12,075,996 SH DEFINED 1 9,472,694 2,603,302 UNIFIRST CORP/MA COM 904708104 13,511 298,330 SH SOLE 244,480 53,850 VALASSIS COMMUNICATIONS INC COM 918866104 26,686 1,424,036 SH SOLE 1,177,786 246,250 VALIDUS HOLDINGS LTD COM G9319H102 8,306 333,295 SH DEFINED 2 308,563 24,732 VCA ANTECH INC COM 918194101 9,057 566,800 SH SOLE 471,550 95,250 VIAD CORP NEW COM 92552R406 2,968 174,779 SH SOLE 145,430 29,349 WEBSTER FINANCIAL CORP. COM 947890109 22,266 1,455,308 SH SOLE 1,206,808 248,500 WELLS FARGO CO COM 949746101 9,384 389,054 SH SOLE 1,404 387,650 WSFS FINANCIAL CORP COM 929328102 11,104 351,731 SH SOLE 300,131 51,600

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