13F-HR 1 form13fhr.txt PZENA INVESTMENT MANAGEMENT LLC 13F-HR 12-31-2011 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F Cover Page Report for the Calendar Year or Quarter Ended: December 31, 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, 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 02/10/12 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: 113 Form 13F Information Table Value Total: 9,192,284,000 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 285,270 5,073,274 SH DEFINED 1 4,007,299 1,065,975 ACE LTD COM H0023R105 65,187 929,643 SH DEFINED 1 784,724 144,919 ADVANCED SEMICONDUCTOR COM 00756M404 1,112 256,141 SH SOLE 103,211 152,930 E-ADR AEROPOSTALE, INC. COM 007865108 20,969 1,375,017 SH SOLE 1,126,292 248,725 AETNA INC COM 00817Y108 32,402 768,007 SH SOLE 756,207 11,800 ALLSTATE CORP COM 020002101 340,900 12,437,081 SH DEFINED 1,2 10,064,178 2,372,903 ALTRA HOLDINGS INC COM 02208R106 2,639 140,137 SH SOLE 105,437 34,700 AMERICAN EQUITY INVT LIFE COM 025676206 22,821 2,194,286 SH SOLE 1,812,012 382,274 AMERICAN INTERNATIONAL GROUP COM 026874784 182,530 7,867,659 SH DEFINED 1 6,427,409 1,440,250 AMERICAN REPROGRAPHICS COM 029263100 13,629 2,969,312 SH SOLE 2,410,800 558,512 APOLLO GROUP INC - CL A COM 037604105 104,444 1,938,810 SH DEFINED 1 1,410,285 528,525 ARGO GROUP INTERNATIONAL COM G0464B107 28,212 974,180 SH SOLE 798,705 175,475 ARTHUR J GALLAGHER & CO. COM 363576109 21,622 646,581 SH SOLE 529,356 117,225 ASPEN INSURANCE HOLDINGS LTD COM G05384105 10,955 413,402 SH SOLE 345,777 67,625 AVNET INC COM 053807103 80,266 2,581,730 SH DEFINED 2 1,466,637 1,115,093 AVON PRODUCTS INC. COM 054303102 151,345 8,663,115 SH DEFINED 1,2 7,491,395 1,171,720 AXIS CAPITAL HOLDINGS LTD COM G0692U109 132,343 4,140,886 SH DEFINED 1,2 3,425,661 715,225 BANK OF AMERICA CORP COM 060505104 109,390 19,674,534 SH DEFINED 1 16,351,539 3,322,995 BBCN BANCORP INC COM 073295107 28,754 3,042,716 SH SOLE 2,582,453 460,263 BRADY CORP CL A COM 104674106 44,149 1,398,442 SH DEFINED 2 1,174,117 224,325 BP PLC - SPONS ADR COM 055622104 212,239 4,965,817 SH DEFINED 1 3,942,781 1,023,036 CA INC. COM 12673P105 245,422 12,140,591 SH DEFINED 1,2 9,903,354 2,237,237 CIRCOR INTERNATIONAL INC COM 17273K109 21,652 613,190 SH SOLE 508,050 105,140 CITIGROUP INC COM 172967424 199,929 7,598,964 SH DEFINED 1 6,165,486 1,433,478 CNO FINANCIAL GROUP INC COM 12621E103 13,851 2,195,145 SH SOLE 1,814,845 380,300 COMERICA INC COM 200340107 6,262 242,700 SH DEFINED 2 222,075 20,625 COMPUTER SCIENCES CORP COM 205363104 151,066 6,374,073 SH DEFINED 1,2 4,763,248 1,610,825 CONMED CORP. COM 207410101 1,265 49,272 SH SOLE 48,147 1,125 CON-WAY INC COM 205944101 47,299 1,622,042 SH DEFINED 2 1,360,392 261,650 CURTISS -WRIGHT CORP COM 231561101 45,628 1,291,473 SH DEFINED 2 1,092,648 198,825 DELL INC COM 24702R101 97,117 6,638,202 SH DEFINED 1 5,091,487 1,546,715 DELPHI FINL GRP COM 247131105 9,975 225,179 SH DEFINED 2 169,061 56,118 DIAMONDROCK HOSPITALITY Co. COM 252784301 26,541 2,753,249 SH SOLE 2,244,806 508,443 DIODES INC. COM 254543101 35,588 1,670,797 SH SOLE 1,378,797 292,000 EDISON INTERNATIONAL COM 281020107 28,061 677,811 SH DEFINED 1,2 490,036 187,775 ENERSYS COM 29275Y102 7,021 270,338 SH SOLE 226,438 43,900 ENTERGY CORP COM 29364G103 233,327 3,194,073 SH DEFINED 1,2 2,379,198 814,875 EXXON MOBIL CORP COM 30231G102 351,458 4,146,503 SH DEFINED 1 3,187,336 959,167 FANNIE MAE COM 313586109 6 29,300 SH SOLE 29,300 FIDELITY NATIONAL FINANCIAL INC. COM 31620R105 91,241 5,727,625 SH DEFINED 1 4,604,534 1,123,091 FIFTH THIRD BANCORP COM 316773100 6,037 474,605 SH DEFINED 2 426,925 47,680 FIRST AMERICAN FINANCIAL COM 31847R102 20,737 1,636,692 SH SOLE 1,364,292 272,400 FORTUNE BRANDS HOME & SECURITY INC COM 34964C106 81,725 4,798,881 SH DEFINED 1,2 3,655,653 1,143,228 FRANKLIN RESOURCES INC. COM 354613101 152,520 1,587,758 SH DEFINED 1 1,174,297 413,461 FREDDIE MAC COM 313400301 10 48,850 SH SOLE 48,850 GLOBAL INDEMNITY PLC COM G39319101 8,654 436,412 SH SOLE 349,619 86,793 GOLDMAN SACHS GROUP INC COM 38141G104 129,348 1,430,364 SH DEFINED 1 1,073,339 357,025 GRIFFON CORPORATION COM 398433102 26,982 2,955,277 SH SOLE 2,435,501 519,776 HARSCO CORP COM 415864107 16,873 819,873 SH SOLE 668,798 151,075 HARTE-HANKS INC. COM 416196103 41,013 4,511,886 SH SOLE 3,728,327 783,559 HEWLETT- PACKARD CO COM 428236103 480,174 18,640,309 SH DEFINED 1 15,289,424 3,350,885 HOSPITALITY PROPERTIES TRUST COM 44106M102 53,685 2,336,160 SH DEFINED 2 1,260,572 1,075,588 HUNTINGTON INGALLS INDUSTRIE COM 446413106 52,569 1,680,594 SH DEFINED 1 1,341,107 339,487 INGRAM MICRO INC CL-A COM 457153104 38,989 2,143,439 SH DEFINED 2 1,285,619 857,820 INTERLINE BRANDS INC COM 458743101 14,509 931,843 SH SOLE 758,193 173,650 J.C. PENNEY CO. INC. COM 708160106 145,430 4,137,415 SH DEFINED 1,2 3,031,785 1,105,630 JAKKS PACIFIC INC COM 47012E106 13,705 971,303 SH SOLE 806,830 164,473 JARDEN CORP COM 471109108 46,502 1,556,298 SH DEFINED 2 883,988 672,310 JOHNSON & JOHNSON COM 478160104 3,065 46,736 SH SOLE 35,836 10,900 JONES GROUP INC COM 48020T101 26,998 2,559,081 SH SOLE 2,110,006 449,075 JP MORGAN CHASE & CO COM 46625H100 155,260 4,669,483 SH DEFINED 1 3,463,083 1,206,400 KEY CORP COM 493267108 5,862 762,250 SH DEFINED 2 685,100 77,150 L-3 COMMUNICATIONS COM 502424104 197,081 2,955,617 SH DEFINED 1,2 2,232,200 723,417 ***MI DEVELOPMENTS INC. COM 55304X104 23,170 724,520 SH DEFINED 2 617,245 107,275 MASCO CORP COM 574599106 149,297 14,245,925 SH DEFINED 1,2 10,621,050 3,624,875 METLIFE INC COM 59156R108 113,499 3,640,121 SH DEFINED 1 2,975,346 664,775 MICROSOFT CORP COM 594918104 253,860 9,778,883 SH DEFINED 1 8,262,296 1,516,587 MOHAWK INDUSTRIES INC COM 608190104 59,677 997,113 SH DEFINED 2 533,488 463,625 MOLSON COORS BREWING CO. -B COM 60871R209 275,103 6,318,400 SH DEFINED 1,2 5,139,675 1,178,725 MORGAN STANLEY COM 617446448 108,538 7,173,674 SH DEFINED 1 5,374,251 1,799,423 MTS SYSTEMS CORP COM 553777103 8,331 204,450 SH SOLE 172,086 32,364 MUELLER WATER PRODUCTS INC COM 624758108 10,636 4,358,896 SH SOLE 3,634,221 724,675 NATIONAL PENN BANCSHARES INC COM 637138108 28,803 3,412,667 SH SOLE 2,817,492 595,175 NORTHROP GRUMMAN CORP COM 666807102 346,227 5,920,426 SH DEFINED 1 4,825,625 1,094,801 OMNICOM GROUP COM 681919106 321,314 7,207,571 SH DEFINED 1,2 5,839,771 1,367,800 PHH CORP COM 693320202 19,292 1,803,035 SH SOLE 1,499,510 303,525 PIKE ELECTRIC CORPORATION COM 721283109 11,212 1,559,340 SH SOLE 1,404,077 155,263 PNC FINANCIAL SERVICES COM 693475105 141,361 2,451,204 SH DEFINED 1 1,816,338 634,866 PNM RESOURCES INC COM 69349H107 9,849 540,239 SH SOLE 446,589 93,650 POPULAR INC. COM 733174106 589 423,531 SH SOLE 423,531 PORTLAND GENERAL ELECTRIC CO COM 736508847 14,833 586,507 SH SOLE 484,432 102,075 PPG INDUSTRIES INC COM 693506107 261,837 3,136,154 SH DEFINED 1,2 2,507,929 628,225 PRIMERICA INC COM 74164M108 39,732 1,709,628 SH DEFINED 2 1,440,353 269,275 PROTECTIVE LIFE CORP COM 743674103 15,348 680,297 SH DEFINED 2 606,548 73,749 REGIONS FINL CORP COM 7591EP100 3,739 869,525 SH DEFINED 2 774,425 95,100 RENAISSANCE RE HLDGS LTD COM G7496G103 139,980 1,882,211 SH DEFINED 2 1,521,106 361,105 RENT A CENTER INC COM 76009N100 20,966 566,648 SH SOLE 469,073 97,575 ROYAL DUTCH SHELL PLC ADR COM 780259206 257,171 3,518,556 SH DEFINED 1 2,896,204 622,352 SEALY CORP CONVERTIBLE NOTE 8% CONV. 7/15/16 Note 812139400 12,535 220,886 SH SOLE 198,153 22,733 SEALY CORPORATION COM 812139301 8,287 4,817,896 SH SOLE 3,664,137 1,153,759 SHERWIN WILLIAMS CO COM 824348106 132,190 1,480,794 SH DEFINED 1,2 1,088,619 392,175 SKECHERS USA INC.- CL A COM 830566105 29,731 2,453,066 SH SOLE 2,034,391 418,675 SK TELECOM ADR COM 78440P108 985 72,375 SH SOLE 72,375 SPIRIT AEROSYSTEMS HOLDINGS I COM 848574109 8,438 406,055 SH DEFINED 2 366,180 39,875 STAPLES INC COM 855030102 379,710 27,336,922 SH DEFINED 1,2 22,256,897 5,080,025 STATE STREET CORP COM 857477103 191,191 4,743,007 SH DEFINED 1 3,883,007 860,000 STEEL EXCEL INC COM 858122104 2,785 116,023 SH SOLE 76,836 39,187 TAIWAN SEMICONDUCTOR - SP COM 874039100 2,175 168,500 SH SOLE 82,375 86,125 ADR TCF FINANCIAL CORP COM 872275102 25,327 2,454,199 SH SOLE 2,016,874 437,325 TECH DATA CORP COM 878237106 25,479 515,660 SH SOLE 422,848 92,812 TE CONNECTIVITY LTD. COM H84989104 225,256 7,311,139 SH DEFINED 1,2 6,134,189 1,176,950 THE HARTFORD FINANCIAL SERVICES GROUP INC COM 416515104 1,025 63,075 SH SOLE 63,075 THOR INDUSTRIES INC. COM 885160101 2,612 95,225 SH SOLE 78,900 16,325 TORCHMARK CORP COM 891027104 5,781 133,224 SH DEFINED 2 120,262 12,962 TUTOR PERINI CORP COM 901109108 13,046 1,057,203 SH SOLE 866,528 190,675 UBS AG COM H89231338 139,562 11,797,255 SH DEFINED 1 9,300,378 2,496,877 UNIFIRST CORP/MA COM 904708104 16,558 291,830 SH SOLE 237,980 53,850 VALASSIS COMMUNICATIONS INC COM 918866104 28,842 1,499,819 SH SOLE 1,242,319 257,500 VALIDUS HOLDINGS LTD COM G9319H102 7,787 247,212 SH DEFINED 2 228,905 18,307 VCA ANTECH INC COM 918194101 18,367 929,958 SH SOLE 758,083 171,875 VIAD CORP NEW COM 92552R406 2,303 131,738 SH SOLE 108,039 23,699 WEBSTER FINANCIAL CORP. COM 947890109 29,340 1,438,933 SH SOLE 1,190,433 248,500 WELLS FARGO CO COM 949746101 14,498 526,070 SH SOLE 695 525,375 WSFS FINANCIAL CORP COM 929328102 12,500 347,619 SH SOLE 296,019 51,600