13F-HR 1 form13fhr.txt PZENA INVESTMENT MANAGEMENT 13F-HR 3-31-2012 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, 2012 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, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this submission. 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 05/11/12 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: 115 Form 13F Information Table Value Total: 9,681,484,000 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 278,710 4,547,398 SH DEFINED 1 3,681,798 865,600 ACE LTD COM H0023R105 880 12,027 SH SOLE 12,027 ACTUANT CORP- A COM 00508X203 20,080 692,650 SH SOLE 619,675 72,975 ADVANCED SEMICONDUCTOR E-ADR COM 00756M404 1,272 247,860 SH SOLE 94,930 152,930 AEROPOSTALE, INC. COM 007865108 29,938 1,384,718 SH SOLE 1,250,568 134,150 ALLSTATE CORP COM 020002101 375,684 11,412,032 SH DEFINED 1,2 9,461,457 1,950,575 ALTRA HOLDINGS INC COM 02208R106 2,563 133,487 SH SOLE 122,837 10,650 AMERICAN EQUITY INVT LIFE COM 025676206 28,060 2,197,327 SH SOLE 1,990,798 206,529 AMERICAN INTERNATIONAL GROUP COM 026874784 256,476 8,319,041 SH DEFINED 1 7,028,916 1,290,125 AMERICAN REPROGRAPHICS COM 029263100 16,031 2,974,137 SH SOLE 2,682,737 291,400 APOLLO GROUP INC - CL A COM 037604105 112,136 2,902,067 SH DEFINED 1 2,250,242 651,825 ARGO GROUP INTERNATIONAL COM G0464B107 28,871 966,555 SH SOLE 875,155 91,400 ARTHUR J GALLAGHER & CO. COM 363576109 21,377 598,136 SH SOLE 538,611 59,525 ASPEN INSURANCE HOLDINGS LTD COM G05384105 13,419 480,264 SH SOLE 434,764 45,500 AVNET INC COM 053807103 73,363 2,016,011 SH DEFINED 2 1,089,299 926,712 AVON PRODUCTS INC. COM 054303102 159,332 8,229,984 SH DEFINED 1,2 7,293,489 936,495 AXIS CAPITAL HOLDINGS LTD COM G0692U109 153,344 4,622,977 SH DEFINED 1,2 4,032,552 590,425 BANK OF AMERICA CORP COM 060505104 175,795 18,369,357 SH DEFINED 1 15,595,382 2,773,975 BBCN BANCORP INC COM 073295107 32,593 2,928,411 SH SOLE 2,655,986 272,425 BECTON DICKINSON & CO COM 075887109 10,572 136,150 SH DEFINED 2 111,800 24,350 BP PLC - SPONS ADR COM 055622104 211,381 4,697,364 SH DEFINED 1 3,890,496 806,868.69 BRADY CORP CL A COM 104674106 45,519 1,407,069 SH DEFINED 2 1,247,919 159,150 CA INC. COM 12673P105 211,080 7,658,934 SH DEFINED 1,2 6,401,850 1,257,084 CIRCOR INTERNATIONAL INC COM 17273K109 20,380 612,565 SH SOLE 554,610 57,955 CITIGROUP INC COM 172967424 259,794 7,107,919 SH DEFINED 1 5,885,378 1,222,541 CNO FINANCIAL GROUP INC COM 12621E103 17,115 2,199,845 SH SOLE 1,991,795 208,050 COMERICA INC COM 200340107 8,780 271,325 SH DEFINED 2 219,650 51,675 COMPUTER SCIENCES CORP COM 205363104 177,932 5,942,952 SH DEFINED 1,2 4,540,925 1,402,027 CON-WAY INC COM 205944101 53,409 1,637,825 SH DEFINED 2 1,452,825 185,000 CURTISS -WRIGHT CORP COM 231561101 36,972 998,978 SH DEFINED 2 895,026 103,952 DELL INC COM 24702R101 116,933 7,044,171 SH DEFINED 1 5,595,633 1,448,538 DIAMONDROCK HOSPITALITY CO. COM 252784301 27,680 2,690,000 SH SOLE 2,437,183 252,817 DIODES INC. COM 254543101 38,297 1,652,151 SH SOLE 1,497,826 154,325 EDISON INTERNATIONAL COM 281020107 419 9,850 SH DEFINED 2 2,500 7,350 ENI SPA -SPONSORED ADR COM 26874R108 382 8,150 SH SOLE 8,150 ENERSYS COM 29275Y102 18,454 532,593 SH SOLE 481,543 51,050 ENTERGY CORP COM 29364G103 235,665 3,506,918 SH DEFINED 1,2 2,720,793 786,125 EXXON MOBIL CORP COM 30231G102 245,684 2,832,745 SH DEFINED 1 2,003,253 829,492 FANNIE MAE COM 313586109 9 29,300 SH SOLE 29,300 FIDELITY NATIONAL FINANCIAL INC. COM 31620R105 93,821 5,203,630 SH DEFINED 1 4,391,704 811,926 FIFTH THIRD BANCORP COM 316773100 7,058 502,330 SH DEFINED 2 412,150 90,180 FIRST AMERICAN FINANCIAL COM 31847R102 26,724 1,606,992 SH SOLE 1,486,492 120,500 FOREST LABS CLASS A COM 345838106 116 3,353 SH SOLE 3,353 FORTUNE BRANDS HOME & SECURITY INC COM 34964C106 122,151 5,534,692 SH DEFINED 1,2 4,083,502 1,451,190 FRANKLIN RESOURCES INC. COM 354613101 151,201 1,219,064 SH DEFINED 1 916,278 302,786 FREDDIE MAC COM 313400301 15 48,850 SH SOLE 48,850 GLOBAL INDEMNITY PLC COM G39319101 8,175 419,465 SH SOLE 381,553 37,912 GOLDMAN SACHS GROUP INC COM 38141G104 139,039 1,117,943 SH DEFINED 1 846,393 271,550 GRIFFON CORPORATION COM 398433102 31,322 2,927,247 SH SOLE 2,649,538 277,709 HARSCO CORP COM 415864107 22,804 972,023 SH SOLE 880,198 91,825 HARTE-HANKS INC. COM 416196103 40,590 4,485,136 SH SOLE 4,074,536 410,600 HEWLETT- PACKARD CO COM 428236103 506,670 21,261,841 SH DEFINED 1 17,870,016 3,391,825 HOSPITALITY PROPERTIES TRUST COM 44106M102 55,324 2,090,079 SH DEFINED 2 1,051,972 1,038,107 HUNTINGTON INGALLS INDUSTRIE COM 446413106 65,087 1,617,468 SH DEFINED 1 1,377,464 240,004 INGRAM MICRO INC CL-A COM 457153104 45,785 2,466,889 SH DEFINED 2 1,362,069 1,104,820 INTERLINE BRANDS INC COM 458743101 24,192 1,119,477 SH SOLE 1,004,502 114,975 NVESCO LTD COM G491BT108 127,324 4,774,038 SH DEFINED 1,2 3,966,513 807,525 J.C. PENNEY CO. INC. COM 708160106 213 6,000 SH SOLE 6,000 JAKKS PACIFIC INC COM 47012E106 17,020 975,353 SH SOLE 883,778 91,575 JARDEN CORP COM 471109108 50,193 1,247,645 SH DEFINED 2 676,160 571,485 JOHNSON & JOHNSON COM 478160104 381 5,777 SH SOLE 3,877 1,900 JONES GROUP INC COM 48020T101 32,378 2,577,832 SH SOLE 2,330,482 247,350 JP MORGAN CHASE & CO COM 46625H100 192,389 4,184,183 SH DEFINED 1 3,161,633 1,022,550 KEY CORP COM 493267108 9,008 1,059,800 SH DEFINED 2 873,550 186,250 L-3 COMMUNICATIONS COM 502424104 197,315 2,788,112 SH DEFINED 1,2 2,124,037 664,075 MI DEVELOPMENTS INC. COM 55304X104 14,686 424,562 SH DEFINED 2 373,337 51,225 MASCO CORP COM 574599106 166,144 12,426,642 SH DEFINED 1,2 9,391,517 3,035,125 METLIFE INC COM 59156R108 133,938 3,586,024 SH DEFINED 1 2,806,824 779,200 MICROSOFT CORP COM 594918104 299,138 9,275,594 SH DEFINED 1 7,980,484 1,295,110 MOHAWK INDUSTRIES INC COM 608190104 42,737 642,558 SH DEFINED 2 371,408 271,150 MOLSON COORS BREWING CO. -B COM 60871R209 269,303 5,951,448 SH DEFINED 1,2 4,947,473 1,003,975 MORGAN STANLEY COM 617446448 109,744 5,587,783 SH DEFINED 1 4,226,933 1,360,850 MUELLER WATER PRODUCTS INC COM 624758108 14,627 4,392,371 SH SOLE 3,993,096 399,275 NATIONAL PENN BANCSHARES INC COM 637138108 30,055 3,396,010 SH SOLE 3,081,360 314,650 NORTHROP GRUMMAN CORP COM 666807102 336,706 5,512,539 SH DEFINED 1 4,588,439 924,100 OFFICEMAX INC COM 67622P101 853 149,131 SH SOLE 76,300 72,831 OMNICOM GROUP COM 681919106 326,092 6,438,139 SH DEFINED 1,2 5,389,664 1,048,475 OWENS CORNING COM 690742101 37,934 1,052,844 SH DEFINED 2 560,650 492,194 PHH CORP COM 693320202 27,965 1,807,677 SH SOLE 1,632,677 175,000 PIKE ELECTRIC CORPORATION COM 721283109 13,135 1,596,030 SH SOLE 1,450,855 145,175 PNC FINANCIAL SERVICES COM 693475105 143,731 2,228,738 SH DEFINED 1 1,685,876 542,862 PNM RESOURCES INC COM 69349H107 8,412 459,673 SH SOLE 413,623 46,050 POPULAR INC. COM 733174106 1,372 669,181 SH SOLE 669,181 PORTLAND GENERAL ELECTRIC CO COM 736508847 8,155 326,457 SH SOLE 295,607 30,850 PPG INDUSTRIES INC COM 693506107 273,893 2,859,013 SH DEFINED 1,2 2,377,738 481,275 PRIMERICA INC COM 74164M108 43,820 1,738,186 SH DEFINED 2 1,538,986 199,200 PROTECTIVE LIFE CORP COM 743674103 23,754 801,951 SH DEFINED 2 718,380 83,571 RENAISSANCE RE HLDGS LTD COM G7496G103 135,594 1,790,493 SH DEFINED 2 1,440,038 350,455 REGIONS FINL CORP COM 7591EP100 5,972 906,233 SH DEFINED 2 756,408 149,825 RENT A CENTER INC COM 76009N100 20,711 548,628 SH SOLE 497,678 50,950 ROYAL DUTCH SHELL PLC ADR COM 780259206 237,862 3,391,735 SH DEFINED 1 2,920,270 471,465 SEALY CORP CONVERTIBLE NOTE 8% Conv. 7/15/16 Note 812139400 12,605 196,957 SH SOLE 174,224 22,733 SEALY CORPORATION COM 812139301 8,933 4,422,196 SH SOLE 4,139,912 282,284 SHERWIN WILLIAMS CO COM 824348106 11,849 109,033 SH DEFINED 2 69,008 40,025 SKECHERS USA INC.- CL A COM 830566105 31,383 2,467,199 SH SOLE 2,240,199 227,000 SK TELECOM ADR COM 78440P108 1,903 136,796 SH SOLE 73,496 63,300 SPIRIT AEROSYSTEMS HOLDINGS I COM 848574109 10,137 414,430 SH DEFINED 2 352,455 61,975 STAPLES INC COM 855030102 455,230 28,135,326 SH DEFINED 1,2 23,360,926 4,774,400 STATE STREET CORP COM 857477103 230,806 5,072,661 SH DEFINED 1 4,228,911 843,750 STEEL EXCEL INC COM 858122104 3,223 115,093 SH SOLE 96,591 18,502 TAIWAN SEMICONDUCTOR - SP ADR COM 874039100 2,612 170,923 SH SOLE 84,798 86,125 TCF FINANCIAL CORP COM 872275102 28,996 2,438,674 SH SOLE 2,202,574 236,100 TECH DATA CORP COM 878237106 21,860 402,883 SH SOLE 363,896 38,987 ***TE CONNECTIVITY LTD. COM H84989104 320,313 8,715,997 SH DEFINED 1,2 7,578,822 1,137,175 THE HARTFORD FINANCIAL SERVICES GROUP INC COM 416515104 1,055 50,048 SH SOLE 50,048 THOR INDUSTRIES INC. COM 885160101 16,866 534,425 SH SOLE 478,025 56,400 TORCHMARK CORP COM 891027104 6,960 139,624 SH DEFINED 2 117,762 21,862 TUTOR PERINI CORP COM 901109108 20,267 1,300,849 SH SOLE 1,172,824 128,025 UBS AG COM H89231338 147,559 10,524,872 SH DEFINED 1 8,699,170 1,825,702 UNIFIRST CORP/MA COM 904708104 10,678 173,480 SH SOLE 156,305 17,175 VALASSIS COMMUNICATIONS INC COM 918866104 36,887 1,603,769 SH SOLE 1,453,819 149,950 VALIDUS HOLDINGS LTD COM G9319H102 6,002 193,924 SH DEFINED 2 161,381 32,543 VCA ANTECH INC COM 918194101 21,694 934,683 SH SOLE 848,533 86,150 WEBSTER FINANCIAL CORP. COM 947890109 32,314 1,425,408 SH SOLE 1,296,833 128,575 WELLS FARGO CO COM 949746101 17,984 526,778 SH SOLE 1,403 525,375 WSFS FINANCIAL CORP COM 929328102 14,364 350,344 SH SOLE 319,519 30,825