13F-HR 1 form13f.txt PZENA INVESTMENT MANAGEMENT 13F-HR 6-30-2009 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, 2009 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 08/14/09 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: 139 Form 13F Information Table Value Total: $8,636,310,000 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) NAME OF REPORTING MANAGER: PZENA INVESTMENT MANAGEMENT, LLC

ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 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 234 5,425 5,425 0 0 5,425 0 0 ADAPTEC INC COM 00651F108 4,171 1,573,850 1,573,850 0 0 1,186,750 0 387,100 AETNA INC COM 00817Y108 72,502 2,894,302 2,830,027 0 64,275 1 2,481,602 0 412,700 AFFILIATED COMPUTER SVCS IN COM 008190100 16,468 370,727 370,727 0 0 295,289 0 75,438 ALCATEL LUCENT COM 013904305 205,414 82,828,174 80,977,566 0 1,850,608 1 71,644,922 0 11,183,252 ALLSTATE CORP COM 020002101 286,188 11,729,012 11,502,987 0 226,025 1 10,140,654 0 1,588,358 AMER NATL INS COM 028591105 5,068 67,061 67,061 0 0 50,061 0 17,000 AMERICAN EQUITY INVT LIFE COM 025676206 16,433 2,945,036 2,945,036 0 0 2,237,425 0 707,611 AMERI- SOURCE BERGEN CORP COM 03073E105 115,291 6,498,924 6,317,523 0 181,401 1 5,650,523 0 848,401 APACHE CORP COM 037411105 155,552 2,155,954 2,104,854 0 51,100 1 1,821,129 0 334,825 ARGO GROUP INTER- NATIONAL COM G0464B107 14,917 528,600 528,600 0 0 392,025 0 136,575 ARMS- TRONG WORLD INDUSTRIES COM 04247X102 10,669 646,984 646,984 0 0 514,784 0 132,200 ARTHUR J GALLAGHER & CO. COM 363576109 4,389 205,675 205,675 0 0 152,825 0 52,850 AT&T INC. COM 00206R102 315 12,665 12,665 0 0 12,665 0 0 ATC TECH- NOLOGY CORP COM 00211W104 8,324 574,079 574,079 0 0 441,229 0 132,850 AVNET INC COM 053807103 66,717 3,172,487 3,172,487 0 0 2,510,837 0 661,650 AVON PRODUCTS INC. COM 054303102 190,675 7,396,254 7,269,254 0 127,000 1 6,337,729 0 1,058,525 BAKER HUGHES IN COM 057224107 480 13,175 13,175 0 0 13,175 0 0 BANK OF AMERICA CORP COM 060505104 207,166 15,694,391 15,414,891 0 279,500 1 13,714,946 0 1,979,445 BED BATH & BEYOND INC COM 075896100 450 14,625 14,625 0 0 14,625 0 0 BJ SERVICES COM 055482103 172,313 12,642,153 12,429,003 0 213,150 1 10,994,953 0 1,647,200 BLACK & DECKER COM 091797100 33,395 1,165,224 1,165,224 0 0 983,849 0 181,375 BLOUNT INTER- NATIONAL COM 095180105 9,593 1,114,153 1,114,153 0 0 840,553 0 273,600 BOEING COMPANY COM 097023105 248,852 5,855,342 5,743,192 0 112,150 1 5,091,492 0 763,850 BOSTON SCIENTIFIC CORP COM 101137107 591 58,275 58,275 0 0 58,275 0 0 BP PLC COM 055622104 127,494 2,673,961 2,591,332 0 82,629 1 2,347,557 0 326,404 BRADY CORP COM 104674106 12,881 512,798 512,798 0 0 409,298 0 103,500 CA INC. COM 12673P105 242,360 13,904,739 13,647,989 0 256,750 1 11,859,334 0 2,045,405 CAPITAL ONE FINL CORP COM 14040H105 156,127 7,135,595 7,011,495 0 124,100 1 6,217,979 0 917,616 CARDINAL HEALTH COM 14149Y108 255,867 8,375,343 8,221,468 0 153,875 1 7,268,493 0 1,106,850 CARLISLE COS INC COM 142339100 1,606 66,825 66,825 0 0 44,275 0 22,550 CHARLES RIVER LABOR- ATORIES COM 159864107 36,584 1,083,972 1,083,972 0 0 831,271 0 252,701 CHEMICAL FINANCIAL CORP COM 163731102 11,806 592,945 592,945 0 0 450,011 0 142,934 CIBER INC. COM 17163B102 12,321 3,974,441 3,974,441 0 0 2,962,466 0 1,011,975 CITIGROUP INC COM 172967101 26,840 9,037,096 8,912,274 0 124,822 1 8,012,345 0 1,024,751 CITIGROUP INC PERF CONV 8.125% Conv. SERIES AA Pref. 172967572 136,095 7,285,611 7,155,201 0 130,410 1 6,279,203 0 1,006,408 COMERICA INC COM 200340107 144,265 6,821,022 6,673,522 0 147,500 1 5,778,672 0 1,042,350 CONMED CORP. COM 207410101 1,166 75,143 75,143 0 0 54,518 0 20,625 CONSECO INC COM 208464883 4,414 1,862,548 1,862,548 0 0 1,421,498 0 441,050 CON-WAY INC COM 205944101 10,881 308,167 308,167 0 0 239,092 0 69,075 DEL MONTE FOODS COM 24522P103 2,666 284,175 284,175 0 0 245,650 0 38,525 DELL INC COM 24702R101 184,731 13,454,575 13,147,500 0 307,075 1 11,263,610 0 2,190,965 DELPHI FINL GRP COM 247131105 21,771 1,120,483 1,120,483 0 0 871,704 0 248,779 DIAMON- DROCK HOSPIT- ALITY CO. COM 252784301 5,680 907,294 907,294 0 0 696,219 0 211,075 DIODES INC. COM 254543101 4,053 259,114 259,114 0 0 180,939 0 78,175 DISCOVER FINANCIAL COM 254709108 125 12,215 12,215 0 0 12,215 0 0 DRESS BARN INC. COM 261570105 5,146 359,843 359,843 0 0 273,967 0 85,876 DREW INDUSTRIES INC COM 26168L205 4,064 333,935 333,935 0 0 235,376 0 98,559 EVERCORE PARTNERS NC COM 29977A105 4,134 210,491 210,491 0 0 174,680 0 35,811 FANNIE MAE COM 313586109 139 239,250 239,250 0 0 239,250 0 0 FBL FINANCIAL GROUP INC. COM 30239F106 4,721 571,529 571,529 0 0 449,604 0 121,925 FIDELITY NATIONAL FINANCIAL INC. COM 31620R105 52,146 3,854,106 3,789,706 0 64,400 1 3,423,698 0 430,408 FIFTH THIRD BANCORP COM 316773100 1,065 150,000 150,000 0 0 122,250 0 27,750 FIRST AMERICAN CORP COM 318522307 8,083 311,975 311,975 0 0 200,850 0 111,125 FIRST HORIZON NATIONAL CORP COM 320517105 2,275 189,623.24 189,623.24 0 0 176,692.34 0 12,930.90 FRANKLIN RESOURCES INC. COM 354613101 799 11,100 11,100 0 0 11,100 0 0 FREDDIE MAC COM 313400301 233 375,550 375,550 0 0 375,550 0 0 GILDAN ACTIVE- WEAR INC COM 375916103 14,094 952,275 952,275 0 0 690,850 0 261,425 GRIFFON CORPO- RATION COM 398433102 17,032 2,047,168 2,047,168 0 0 1,539,070 0 508,098 HARMAN INTL COM 413086109 13,503 718,225 718,225 0 0 549,250 0 168,975 HARTE- HANKS, INC. COM 416196103 21,053 2,276,008 2,276,008 0 0 1,737,383 0 538,625 HEARTLAND PAYMENT SYSTEMS, INC. COM 42235N108 3,930 410,642 410,642 0 0 304,131 0 106,511 HOME DEPOT INC COM 437076102 98,183 4,154,995 4,078,395 0 76,600 1 3,523,395 0 631,600 HORIZON LINES INC COM 44044K101 2,165 560,775 560,775 0 0 424,300 0 136,475 HSBC HOLDINGS PLC COM 404280406 474 11,357 11,357 0 0 11,357 0 0 IMS HEALTH INCOR- PORATED COM 449934108 40,998 3,228,221 3,228,221 0 0 2,545,746 0 682,475 INGERSOLL- RAND CO LTD COM G4776G101 1,647 78,782 78,782 0 0 64,982 0 13,800 INSIGHT ENTER- PRISES INC. COM 45765U103 5,338 552,575 552,575 0 0 422,625 0 129,950 IPC HOLD- INGS LTD COM G4933P101 19,845 725,865 725,865 0 0 557,790 0 168,075 J.C. PENNEY CO. INC. COM 708160106 324,311 11,296,110 11,082,410 0 213,700 1 9,765,956 0 1,530,154 JOHNSON & JOHNSON COM 478160104 121,459 2,138,369 2,089,994 0 48,375 1 1,849,298 0 289,071 JONES APPAREL GROUP INC COM 480074103 14,688 1,368,853 1,368,853 0 0 1,031,178 0 337,675 JP MORGAN CHASE & CO COM 46625H100 138,437 4,058,532 3,971,057 0 87,475 1 3,455,507 0 603,025 KB FINANCIAL GROUP INC COM 48241A105 2,936 88,150 88,150 0 0 88,150 0 0 KELLY SERVICES INC COM 488152208 11,012 1,005,617 1,005,617 0 0 765,756 0 239,861 KOREA ELEC POWER CORP COM 500631106 3,691 320,925 320,925 0 0 320,925 0 0 KRAFT FOODS INC COM 50075N104 154,665 6,103,597 5,951,397 0 152,200 1 5,115,047 0 988,550 L-3COM- MUNICA- TIONS COM 502424104 170,928 2,463,652 2,408,027 0 55,625 1 2,119,460 0 344,192 LAM RESEARCH CORP COM 512807108 89,304 3,434,785 3,332,935 0 101,850 1 2,786,460 0 648,325 LEAR CORP COM 521865105 8 16,125 16,125 0 0 16,125 0 0 LOWES COS INC COM 548661107 14,901 767,675 767,675 0 0 735,100 0 32,575 MI DEVELOP- MENTS INC. COM 55304X104 7,642 1,006,806 1,006,806 0 0 808,831 0 197,975 MAGNA INTL INC. COM 559222401 293,069 6,938,186 6,795,811 0 142,375 1 5,950,786 0 987,400 MATTEL INC COM 577081102 139,687 8,703,241 8,549,366 0 153,875 1 7,407,519 0 1,295,722 MEDNAX INC. COM 58502B106 16,029 380,458 380,458 0 0 298,833 0 81,625 MERCK & CO. INC. COM 589331107 783 28,012 28,012 0 0 8,137 0 19,875 METLIFE INC COM 59156R108 95,655 3,187,442 3,108,467 0 78,975 1 2,709,492 0 477,950 MICROSOFT CORP COM 594918104 237,895 10,008,214 9,840,189 0 168,025 1 8,631,207 0 1,377,007 MITSUBISHI UFJ FINL GRP COM 606822104 973 158,450 158,450 0 0 158,450 0 0 MOODY'S CORP COM 615369105 2,167 82,241 82,241 0 0 72,066 0 10,175 MORGAN STANLEY COM 617446448 166,746 5,848,680 5,725,505 0 123,175 1 4,973,107 0 875,573 MOTOROLA INC. COM 620076109 244,195 36,831,767 36,174,217 0 657,550 1 31,955,585 0 4,876,182 NARA BANCORP INC COM 63080P105 9,176 1,771,341 1,771,341 0 0 1,372,708 0 398,633 NCI BLDG SYS INC COM 628852105 368 139,370 139,370 0 0 119,520 0 19,850 NORTHROP GRUMMAN CORP COM 666807102 299,895 6,565,126 6,431,676 0 133,450 1 5,716,200 0 848,926 OMNICOM GROUP COM 681919106 261,440 8,278,642 8,118,717 0 159,925 1 7,182,042 0 1,096,600 PETROLEO BRASILEIRO S.A. COM 71654V408 370 9,025 9,025 0 0 9,025 0 0 PHH CORP COM 693320202 21,774 1,197,682 1,197,682 0 0 901,232 0 296,450 PIKE ELECTRIC CORPO- RATION COM 721283109 12,138 1,007,334 1,007,334 0 0 771,709 0 235,625 PLANTRONICS, INC. COM 727493108 15,134 800,311 800,311 0 0 606,286 0 194,025 PNC FINANCIAL SERVICES COM 693475105 148,919 3,837,119.33 3,766,503.33 0 70,616 1 3,303,605.33 0 533,514.00 PNM RESOURCES INC COM 69349H107 24,615 2,298,285 2,298,285 0 0 1,770,735 0 527,550 POPULAR INC. COM 733174106 12,504 5,683,821 5,683,821 0 0 4,613,828 0 1,069,993 PROTECTIVE LIFE CORP COM 743674103 3,638 318,050 318,050 0 0 271,325 0 46,725 REGIS CORP COM 758932107 19,356 1,111,758 1,111,758 0 0 873,408 0 238,350 RENAISSANCE RE HLDGS LTD COM G7496G103 86,725 1,863,454 1,863,454 0 0 1,589,624 0 273,830 RENT A CENTER INC COM 76009N100 15,780 885,043 885,043 0 0 687,618 0 197,425 SANDISK CORP COM 80004C101 11,363 773,518 773,518 0 0 584,593 0 188,925 SARA LEE CORP COM 803111103 114,394 11,720,690 11,470,418 0 250,272 1 10,255,557 0 1,465,133 SCHERING PLOUGH COM 806605101 25,502 1,015,194 1,015,194 0 0 979,169 0 36,025 SCHWEITZER MAUDUIT INTL I COM 808541106 17,452 641,392 641,392 0 0 545,527 0 95,865 SEALY CORP- RTS W/I COM 812139129 5,814 2,742,361 2,742,361 0 0 2,356,385 0 385,976 SEALY CORPO- RATION COM 812139301 5,422 2,766,457 2,766,457 0 0 1,758,593 0 1,007,864 SEMPRA ENERGY COM 816851109 227,893 4,591,843 4,510,593 0 81,250 1 3,933,113 0 658,730 SKECHERS USA INC.- COM 830566105 20,125 2,059,881 2,059,881 0 0 1,604,881 0 455,000 SPHERION CORPO- RATION COM 848420105 5,838 1,416,965 1,416,965 0 0 1,086,107 0 330,858 SPIRIT AEROSY- STEMS HOLDINGS I COM 848574109 5,504 400,555 400,555 0 0 347,205 0 53,350 STATE STREET CORP COM 857477103 84,265 1,785,269 1,749,019 0 36,250 1 1,566,444 0 218,825 TECH DATA CORP COM 878237106 25,335 774,542 774,542 0 0 598,530 0 176,012 THE HARTFORD FINANCIAL SERVICES GROUP, INC COM 416515104 1,288 108,487 108,487 0 0 108,487 0 0 TIMBERLAND CO- CLASS A COM 887100105 5,355 403,550 403,550 0 0 308,325 0 95,225 TIME WARNE INC COM 887317303 8,223 326,446 326,446 0 0 193,724 0 132,722 TORCHMARK CORP COM 891027104 216,208 5,837,142 5,706,817 0 130,325 1 4,978,460 0 858,682 TREX COMPANY COM 89531P105 9,537 713,339 713,339 0 0 541,939 0 171,400 TYCO ELECTRONICS LTD COM H8912P106 239,647 12,891,196 12,683,821 0 207,375 1 11,283,896 0 1,607,300 TYCO INTL LTD COM H89128104 7,434 286,139 286,139 0 255,848 0 30,291 UBS AG COM H89231338 171,374 14,035,526 13,736,451 0 299,075 1 11,915,301 0 2,120,225 UNITED AMERICA NDEMNITY - A COM 90933T109 15,114 3,155,335 3,155,335 0 0 2,550,807 0 604,528 UNITED STATIONERS INC COM 913004107 8,195 234,955 234,955 0 0 180,130 0 54,825 UNIVERSAL CORP COM 913456109 5,636 170,231 170,231 0 0 134,556 0 35,675 USINAS SIDER MINAS COM 917302200 895 41,800 41,800 0 0 41,800 0 0 VALERO ENERGY COM 91913Y100 86,119 5,098,832 5,007,857 0 90,975 1 4,419,182 0 679,650 VIACOM INC COM 92553P201 465 20,493 20,493 0 0 20,493 0 0 VIAD CORP NEW COM 92552R406 3,828 222,282 222,282 0 0 171,227 0 51,055 WEBSTER FINANCIAL CORP. COM 947890109 9,784 1,215,450 1,215,450 0 0 928,700 0 286,750 WELLPOINT INC. COM 94973V107 200,877 3,947,284 3,881,809 0 65,475 1 3,443,309 0 503,975 WHIRLPOOL CORP COM 963320106 161,422 3,792,812 3,723,362 0 69,450 1 3,307,428 0 485,384 WISCONSIN ENERGY COM 976657106 35,565 873,617 842,889 0 30,728 1 727,814 0 145,803 ZIMMER HOLDINGS INC COM 98956P102 143,565 3,370,066 3,300,741 0 69,325 1 2,865,491 0 504,575 ZORAN CORP COM 98975F101 6,892 632,326 632,326 0 0 435,907 0 196,419