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Value GiantsValue investors’ 13F holdings, as a whole
Q2 2026 13FData as of Aug 18, 2026
Deep value

Richard Pzena

Q1 2000 13F: 49 holdings worth about $540.6M; that quarter 8 new, 18 added, 21 trimmed, 9 sold out.

Firm: Pzena Investment Management LLC
Filer: PZENA INVESTMENT MANAGEMENT LLC CIK 1027796
Last filed: May 12, 2000 | Deep value | Not counted this quarter (A4 161 holdings, top 10 = 38%); below is the last counted quarter, Q1 2000.

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

  • Rule numbers (Q2 2026): 161 holdings, top 10 = 38%, stocks $34.1B, options 0%; not met: A4 161 holdings, top 10 = 38%

Full selection rules →

13F value
$540.6M
previous $618.2M (−12.6%)
Holdings
49
8 new / 9 sold out
Net deploymentest.
−11.4%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
39%
overlap with the composite 9%
Turnoverest.
17.4%
held 4 quarters on average
I

Trades in Q1 2000

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

MoveCompanyChange in sharesChange %Position shift (pts)Start → end priceEst. trade price
Sold out—Voya Holdings Inc−459.2K—−4.71$55.81 → $55.50$55.66
Sold outAGCOAGCO Corp−2.17M—−4.57$13.44 → $11.36$12.40
TrimmedAXEAnixter International Inc−745.4K−51%−3.84$20.63 → $27.85$24.24
TrimmedDGXQuest Diagnostics Inc−500.3K−63%−3.68$30.56 → $39.76$35.16
Added—Cbrl Group Inc Com+1.55M+190%+2.86$9.70 → $10.00$9.85
NewJHFJohn Hancock Financial Srvcs+622.3K—+2.08— → $18.06—
New—XL Group Ltd+193.4K—+1.98$51.87 → $55.37$53.62
Added—Georgia-Pacific (timber GRP)+416.7K+3472%+1.98$24.65 → $25.62$25.14
Trimmed—Canadian Pacific Ltd−438.9K−97%−1.82$21.56 → $22.37$21.97
Trimmed—Graftech International Ltd−740.5K−46%−1.81$17.81 → $13.19$15.50
TrimmedBABoeing Co−222.7K−30%−1.56$41.44 → $37.81$39.63
Added—May Department Stores Co+295.4K+2030%+1.56$32.24 → $28.50$30.37
New—Amerada Hess Corp Common+124.0K—+1.48$56.75 → $64.63$60.69
Sold out—ST. Paul Companies Com−210.3K—−1.33$33.69 → $34.12$33.91
TrimmedADSKAutodesk, Inc−144.1K−44%−1.21$33.75 → $45.50$39.63
TrimmedCDNSCadence Design Systems−272.8K−42%−1.04$24.00 → $20.62$22.31
TrimmedAVTAvnet Inc−83.6K−35%−0.97$60.50 → $63.00$61.75
AddedLEARQLear Corp-Old+185.2K+41%+0.96$32.00 → $28.13$30.06
New—CNF Inc Com+181.4K—+0.93$34.50 → $27.75$31.13
AddedUNPUnion Pacific Corp+106.4K+53%+0.77$43.69 → $39.13$41.41
AddedBOHBank of Hawaii Corp+176.3K+18%+0.66$18.69 → $20.31$19.50
TrimmedBRLGQBurlington Industries Inc−712.3K−25%−0.58$4.00 → $4.37$4.19
Trimmed—Beverly Enterprises Inc Com Ne Com−844.8K−13%−0.58$4.38 → $3.69$4.03
Added—Healthcare Realty Trust Inc+182.5K+24%+0.57$15.63 → $16.75$16.19
TrimmedLZLubrizol Corp−100.3K−11%−0.53$30.88 → $28.81$29.84
Added—Foundation Health Systems-A Com+350.1K+31%+0.52$9.94 → $8.00$8.97
TrimmedPIIPolaris Inc−86.7K−49%−0.48$36.25 → $30.12$33.19
TrimmedCNACna Financial Corp−65.4K−30%−0.39$38.94 → $32.31$35.63
TrimmedHDDQuantum Corp-Hard Disk Drive−177.1K−23%−0.37$6.94 → $11.25$9.09
Trimmed—Quantum Corp−159.1K−11%−0.35$15.13 → $11.93$13.53
TrimmedUCMUnicom Corporation−48.4K−13%−0.33$33.50 → $36.48$34.99
Trimmed—Philip Morris Com−81.5K−20%−0.32$23.00 → $21.12$22.06
Trimmed—Precision Drilling Corporation Com−51.3K−13%−0.32$25.69 → $33.38$29.53
Sold out—Columbia/hca Healthcare Corp Com−64.8K—−0.30$29.31 → $25.31$27.31
New—Cit Group Inc+75.2K—+0.27$21.13 → $19.50$20.31
Added—CK Witco Corp. Com+143.6K+10%+0.27$13.38 → $10.19$11.78
AddedORIOld Republic International Corp+102.3K+29%+0.26$13.62 → $13.75$13.69
Trimmed—Tosco Corp−40.0K−6%−0.23$27.19 → $30.53$28.86
Added—Georgia-Pacific LLC+30.6K+11%+0.22$50.75 → $39.52$45.14
AddedNOCNorthrop Grumman Corp+22.3K+7%+0.22$54.06 → $52.94$53.50
TrimmedPPMIQPmi Group Inc/old−21.6K−64%−0.19$48.81 → $47.44$48.13
Added—Payless Shoesource, Inc Com+18.7K+5%+0.18$47.00 → $51.94$49.47
AddedKMTKennametal Inc+29.0K+5%+0.16$33.63 → $30.06$31.84
AddedLLoews Corp+15.9K+18%+0.15$60.69 → $50.00$55.34
Added—Tenet Healthcare Corp Com Com+26.7K+17%+0.11$23.50 → $23.00$23.25
Sold out—Northeast Utils Com Com−24.0K—−0.10$20.56 → $21.50$21.03
New—Litton Industries Inc+8.0K—+0.07— → $44.25—
NewKWDKellwood Co LLC+17.2K—+0.06— → $17.56—
Sold out—***ispat International N V CL A−17.9K—−0.05$16.11 → ——
Sold out—Union Carbide Corp−3.6K—−0.04$66.71 → $58.31$62.51
New—Veritas Software Technology+3.2K—+0.04$46.56 → $61.59$54.07
Sold outTOYToys R US Inc−10.0K—−0.03$14.31 → $14.81$14.56
AddedESREFESG Re Ltd+35.5K+62%+0.03$6.94 → $4.00$5.47
AddedFMCFMC Corp+1.9K+1%+0.02$57.31 → $56.50$56.91
Sold outLTVCQLTV Corp−20.0K—−0.02$4.14 → ——
Trimmed—Hussmann International Inc−6.5K−1%−0.02$15.06 → $12.69$13.88
II

All Holdings (49 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

CompanySectorWeight (prev.)SharesValueThis quarterFirst boughtQuarters heldEst. avg costQuarter-end pricevs costHistory
—Cbrl Group Inc ComUnclassified4.4%1.3%2.36M$23.6MAdded +190%Q2 19994$11.11est.$10.00−10%
BOHBank of Hawaii CorpFinancials4.3%2.9%1.15M$23.4MAdded +18%Q1 19995$20.99est.start point$20.31−3%
—Cytec Industries IncUnclassified4.3%2.8%762.3K$23.3MHeldQ1 19995$23.63est.start point$30.62+30%
LZLubrizol CorpInformation technology4.2%4.4%788.0K$22.7MTrimmed −11%Q2 19994$24.95est.$28.81+15%
—Beverly Enterprises Inc Com Ne ComUnclassified3.8%4.6%5.62M$20.7MTrimmed −13%Q1 19995$5.44est.start point$3.69−32%
AXEAnixter International IncUnclassified3.8%4.9%728.3K$20.3MTrimmed −51%Q1 19995$12.25est.start point$27.85+127%
BABoeing CoIndustrials3.7%5.0%525.7K$19.9MTrimmed −30%Q1 19995$34.00est.start point$37.81+11%History
—Payless Shoesource, Inc ComUnclassified3.7%2.8%381.8K$19.8MAdded +5%Q1 19995$50.79est.start point$51.94+2%
KMTKennametal IncIndustrials3.7%3.4%656.3K$19.7MAdded +5%Q1 19995$20.82est.start point$30.06+44%
FMCFMC CorpMaterials3.6%3.1%341.4K$19.3MAdded +1%Q1 19995$51.61est.start point$56.50+9%History
—Tosco CorpUnclassified3.4%2.8%607.3K$18.6MTrimmed −6%Q1 19995$25.00est.start point$30.53+22%
LEARQLear Corp-OldConsumer discretionary3.3%2.3%639.1K$18.0MAdded +41%Q1 19995$39.02est.start point$28.13−28%
NOCNorthrop Grumman CorpInformation technology3.2%2.6%323.8K$17.1MAdded +7%Q1 19995$59.01est.start point$52.94−10%History
—CK Witco Corp. ComUnclassified3.0%3.1%1.57M$16.0MAdded +10%Q3 19993$14.33est.$10.19−29%
—Healthcare Realty Trust IncUnclassified2.9%1.9%944.1K$15.8MAdded +24%Q1 19995$18.49est.start point$16.75−9%
—Quantum CorpInformation technology2.8%3.4%1.25M$14.9MTrimmed −11%Q3 19993$14.06est.$11.93−15%
—Georgia-Pacific LLCUnclassified2.4%2.4%321.7K$12.7MAdded +11%Q4 19992$45.55est.$39.52−13%
UCMUnicom CorporationUnclassified2.2%2.1%330.9K$12.1MTrimmed −13%Q1 19995$37.26est.start point$36.48−2%
UNPUnion Pacific CorpIndustrials2.2%1.4%306.6K$12.0MAdded +53%Q1 19995$49.26est.start point$39.13−21%History
—Foundation Health Systems-A ComUnclassified2.2%1.8%1.49M$11.9MAdded +31%Q1 19995$10.90est.start point$8.00−27%
—Graftech International LtdUnclassified2.2%4.7%886.5K$11.7MTrimmed −46%Q1 19995$15.49est.start point$13.19−15%
—Precision Drilling Corporation ComEnergy2.1%1.7%346.9K$11.6MTrimmed −13%Q4 19992$25.69est.$33.38+30%
DGXQuest Diagnostics IncHealth care2.1%3.9%290.1K$11.5MTrimmed −63%Q1 19995$22.25est.start point$39.76+79%History
JHFJohn Hancock Financial SrvcsUnclassified2.1%—622.3K$11.2MNewQ1 20001$18.06est.$18.060%
—Georgia-Pacific (timber GRP)Unclassified2.0%0.0%428.7K$11.0MAdded +3472%Q4 19992$25.10est.$25.62+2%
—XL Group LtdUnclassified2.0%—193.4K$10.7MNewQ1 20001$53.62est.$55.37+3%
AVTAvnet IncIndustrials1.8%2.3%155.4K$9.8MTrimmed −35%Q1 19995$37.56est.start point$63.00+68%History
BRLGQBurlington Industries IncUnclassified1.7%1.8%2.09M$9.1MTrimmed −25%Q1 19995$6.65est.start point$4.37−34%
—Hussmann International IncUnclassified1.7%1.7%703.9K$8.9MTrimmed −1%Q1 19995$14.88est.start point$12.69−15%
—May Department Stores CoUnclassified1.6%0.1%309.9K$8.8MAdded +2030%Q4 19992$30.56est.$28.50−7%
ADSKAutodesk, IncInformation technology1.5%1.8%180.4K$8.2MTrimmed −44%Q2 19994$27.81est.$45.50+64%
—Amerada Hess Corp CommonUnclassified1.5%—124.0K$8.0MNewQ1 20001$60.69est.$64.63+6%
CDNSCadence Design SystemsInformation technology1.4%2.5%379.5K$7.8MTrimmed −42%Q2 19994$14.18est.$20.62+45%History
—Philip Morris ComUnclassified1.3%1.5%326.8K$6.9MTrimmed −20%Q1 19995$36.25est.start point$21.13−42%
HDDQuantum Corp-Hard Disk DriveInformation technology1.3%0.9%608.7K$6.8MTrimmed −23%Q3 19993$7.44est.$11.25+51%
ORIOld Republic International CorpFinancials1.2%0.8%456.2K$6.3MAdded +29%Q2 19994$15.35est.$13.75−10%History
LLoews CorpFinancials0.9%0.8%101.9K$5.1MAdded +18%Q3 19993$64.57est.$50.00−23%History
—CNF Inc ComUnclassified0.9%—181.4K$5.0MNewQ1 20001$31.13est.$27.75−11%
CNACna Financial CorpFinancials0.9%1.4%155.6K$5.0MTrimmed −30%Q1 19995$38.81est.start point$32.31−17%
NNSNewport News ShipbuildingUnclassified0.8%0.6%144.6K$4.4MHeldQ4 19992$29.91est.$30.25+1%
—Tenet Healthcare Corp Com ComHealth care0.8%0.6%187.9K$4.3MAdded +17%Q3 19993$19.03est.$23.00+21%
PIIPolaris IncIndustrials0.5%1.0%89.0K$2.7MTrimmed −49%Q1 19995$31.75est.start point$30.12−5%
—Cit Group IncUnclassified0.3%—75.2K$1.5MNewQ1 20001$20.31est.$19.50−4%
PPMIQPmi Group Inc/oldUnclassified0.1%0.3%12.3K$585KTrimmed −64%Q1 19995$34.45est.start point$47.44+38%
ESREFESG Re LtdUnclassified0.1%0.1%92.8K$371KAdded +62%Q4 19992$6.98est.$4.00−43%
—Litton Industries IncUnclassified0.1%—8.0K$354KNewQ1 20001$44.25est.$44.250%
KWDKellwood Co LLCUnclassified0.1%—17.2K$302KNewQ1 20001$17.56est.$17.560%
—Canadian Pacific LtdUnclassified0.0%1.6%11.8K$264KTrimmed −97%Q1 19995$19.73est.start point$22.37+13%
—Veritas Software TechnologyUnclassified0.0%—3.2K$200KNewQ1 20001$54.07est.$61.59+14%
III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%
Portfolio MapCbrl Group Inc…BOHBank of Hawaii…Cytec Industri…LZLubrizol CorpBeverly Enterpris…AXEAnixter Internati…BABoeing CoPayless Shoesour…KMTKennametal IncFMCFMC CorpTosco CorpLEARQLear Corp-OldNOCNorthrop Grum…CK Witco Corp…Healthcare Re…Quantum CorpGeorgia-Paci…UCMUnicom Corp…UNPUnion Pacif…Foundation H…Graftech Int…Precision Dr…DGXQuest Diagno…JHFJohn Hancock…Georgia-Paci…XL Group LtdAVTAvnet In…BRLGQBurlingt…Hussmann…May Depar…ADSKAutodesk…Amerada…CDNSCadence De…Philip Mor…HDDQuantum Co…ORIOld Repub…LCNANNS
IV

Over Time

From Q1 1999, 5 quarters (this giant’s electronic 13F filings).

13F Value

13F Value$0$200.0M$400.0M$600.0MQ1 1999Q2 1999Q3 1999Q4 1999Q1 2000

Holdings

Holdings02040Q1 1999Q2 1999Q3 1999Q4 1999Q1 2000

Top-10 Concentration

Top-10 Concentration0%25%50%75%100%Q1 1999Q2 1999Q3 1999Q4 1999Q1 2000

Turnover (Est.)

Turnover0%10%20%Q1 1999Q2 1999Q3 1999Q4 1999Q1 2000

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
Sector Mix0%25%50%75%100%Q1 1999Q2 1999Q3 1999Q4 1999Q1 2000
V

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 5 Quarters
QuarterHoldingsNewSold out13F valueTurnoverNet deploymentSEC
Q1 20004989$540.6M17.4%−11.4%13F-HR
Q4 199950119$618.2M20.3%−4.3%13F-HR
Q3 199948710$656.9M18.1%−0.2%13F-HR
Q2 199951127$779.7M16.2%+3.4%13F-HR
Q1 19994600$610.3M——13F-HR
VI

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

CompanyHeldPeak weightCompany since
BRLGQBurlington Industries IncQ1 1999 – Q4 20005%—
—Foundation Health Systems-A ComQ1 1999 – Q4 20004%—
UCMUnicom CorporationQ1 1999 – Q4 20003%—
—Amerada Hess Corp CommonQ1 2000 – Q4 20003%—
CDNSCadence Design SystemsQ2 1999 – Q4 20003%—
AVTAvnet IncQ1 1999 – Q3 20003%—
DGXQuest Diagnostics IncQ1 1999 – Q2 20006%—
—CK Witco Corp. ComQ3 1999 – Q2 20003%—
—Hussmann International IncQ1 1999 – Q2 20002%No SEC record found
AGCOAGCO CorpQ4 1999 – Q1 20005%—
—Voya Holdings IncQ4 1999 – Q1 20004%No SEC record found
—Union Carbide CorpQ1 1999 – Q1 20002%—
FTLAQFruit of the Loom LtdQ1 1999 – Q4 19995%—
—Quantum Corp/oldQ1 1999 – Q3 19996%—
—Coltec Industries IncQ1 1999 – Q3 19994%—
—Voya Holdings IncQ1 1999 – Q2 19993%No SEC record found
—RJR Nabisco Holdings Corp ComQ1 1999 – Q2 19993%No SEC record found
AGCOAGCO CorpQ1 1999 – Q2 19993%—
—FedEx CorpQ1 1999 – Q2 19992%Still filing with the SEC