UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
03-31-2025
Check here if Amendment: ☐ Amendment Number:
This Amendment (Check only one.):☐ is a restatement.
☐ adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:
PZENA INVESTMENT MANAGEMENT LLC
Address:
320 PARK AVENUE, 8TH FLOOR
NEW YORK, NY 10022
Form 13F File Number:
028-03791

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 form.


Person Signing this Report on Behalf of Reporting Manager:
Name:
Steven Coffey
Title:
Chief Legal Risk Officer & Chief Compliance Officer
Phone:
2123551600


Signature, Place, and Date of Signing:

/s/ Steven Coffey
                         [Signature]
New York, NEW YORK
                 [City, State]
05-02-2025
                           [Date]
                          

Report Type (Check only one.):

☐ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) 

☐ 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) 

☒ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)



List of Other Managers Reporting for this Manager
[If there are no entries in this list, omit this section.]



Form 13F File NumberNameCIK
028-17598
Russell Investments Group, Ltd.
0001692234

Form 13F Summary Page

Report Summary:

Number of Other Included Managers:
1
Form 13F Information table Entry Total:
178
Form 13F Information table Value Total:
28642095255
          (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]

No.Form 13F File NumberNameCIK
1
028-12230
ALPS ADVISORS INC
0001376113


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ABM INDS INCCOM00095710040,230,331849,458SHSOLE612,861 0 236,597
ADIENT PLCORD SHSG0084W10150,174,2293,901,573SHSOLE2,839,063 0 1,062,510
ADVANCE AUTO PARTS INCCOM00751Y106169,093,4394,312,508SHSOLE3,778,047 0 534,461
ALIBABA GROUP HLDG LTDSPONSORED ADS01609W1027,017,43553,070SHSOLE47,361 0 5,709
AMBEV SASPONSORED ADR02319V10332,246,04013,839,502SHSOLE6,517,978 0 7,321,524
AMDOCS LTDSHSG0260210312,152,298132,812SHDFND1 0 0 132,812
AMDOCS LTDSHSG02602103575,149,7856,285,790SHSOLE5,134,616 0 1,151,174
AMERICAN INTL GROUP INCCOM NEW02687478442,433,154488,074SHSOLE475,820 0 12,254
AMERICAN WOODMARK CORPORATIOCOM03050610949,456,851840,674SHSOLE668,442 0 172,232
ARCELORMITTAL SA LUXEMBOURGNY REGISTRY SH03938L203975,41533,810SHSOLE11,483 0 22,327
ARROW ELECTRS INCCOM04273510022,971,245221,239SHSOLE221,239 0 0
ASSOCIATED BANC CORPCOM04548710540,280,6211,787,866SHSOLE1,373,858 0 414,008
AVNET INCCOM053807103342,992,1157,132,296SHSOLE5,690,643 0 1,441,653
BAIDU INCSPON ADR REP A05675210825,456,142276,607SHSOLE267,526 0 9,081
BANK AMERICA CORPCOM06050510411,791,396282,564SHDFND1 0 0 282,564
BANK AMERICA CORPCOM060505104253,316,9996,070,381SHSOLE5,475,629 0 594,752
BARCLAYS PLCADR06738E204910,79059,296SHSOLE15,256 0 44,040
BAXTER INTL INCCOM07181310923,099,260674,825SHDFND1 0 0 674,825
BAXTER INTL INCCOM0718131091,235,625,67436,097,741SHSOLE31,778,028 0 4,319,713
BREAD FINANCIAL HOLDINGS INCCOM01858110836,468,456728,204SHSOLE534,230 0 193,974
BRISTOL-MYERS SQUIBB COCOM11012210815,038,060246,566SHDFND1 0 0 246,566
BRISTOL-MYERS SQUIBB COCOM110122108805,815,73713,212,260SHSOLE11,442,342 0 1,769,918
C H ROBINSON WORLDWIDE INCCOM NEW12541W20927,463,168268,195SHSOLE268,195 0 0
CAPITAL ONE FINL CORPCOM14040H10516,718,11193,241SHDFND1 0 0 93,241
CAPITAL ONE FINL CORPCOM14040H105981,285,7705,472,871SHSOLE4,870,606 0 602,265
CBRE GROUP INCCL A12504L10952,785,685403,622SHSOLE395,439 0 8,183
CENCORA INCCOM03073E105272,528980SHSOLE980 0 0
CHARTER COMMUNICATIONS INC NCL A16119P10813,331,20436,174SHDFND1 0 0 36,174
CHARTER COMMUNICATIONS INC NCL A16119P1081,012,459,8892,747,293SHSOLE2,440,196 0 307,097
CIA ENERGETICA DE MINAS GERASP ADR N-V PFD2044096012,786,7731,583,394SHSOLE1,583,394 0 0
CIRRUS LOGIC INCCOM172755100231,8972,327SHSOLE2,327 0 0
CISCO SYS INCCOM17275R102112,893,5081,829,420SHSOLE1,054,816 0 774,604
CITIGROUP INCCOM NEW17296742416,999,833239,468SHDFND1 0 0 239,468
CITIGROUP INCCOM NEW172967424929,448,78513,092,672SHSOLE11,458,492 0 1,634,180
CNO FINL GROUP INCCOM12621E103106,823,6282,564,793SHSOLE2,148,207 0 416,586
COGNIZANT TECHNOLOGY SOLUTIOCL A19244610213,828,446180,764SHDFND1 0 0 180,764
COGNIZANT TECHNOLOGY SOLUTIOCL A1924461021,292,414,56216,894,308SHSOLE14,001,325 0 2,892,983
COLUMBIA BKG SYS INCCOM19723610235,413,2791,419,939SHSOLE1,209,020 0 210,919
COMERICA INCCOM20034010724,957,161422,573SHSOLE422,573 0 0
CONCENTRIX CORPCOM20602D101127,241,1132,286,864SHSOLE1,934,462 0 352,402
COREBRIDGE FINL INCCOM21871X1098,299,185262,882SHDFND1 0 0 262,882
COREBRIDGE FINL INCCOM21871X109245,858,3207,787,720SHSOLE7,658,667 0 129,053
CREDICORP LTDCOMG2519Y108194,606,8241,045,374SHSOLE569,326 0 476,048
CVS HEALTH CORPCOM12665010026,259,900387,600SHDFND1 0 0 387,600
CVS HEALTH CORPCOM1266501001,171,720,93917,294,774SHSOLE15,327,682 0 1,967,092
DANA INCCOM23582520520,042,0021,503,526SHSOLE1,025,657 0 477,869
DELTA AIR LINES INC DELCOM NEW2473617027,602,270174,364SHDFND1 0 0 174,364
DELTA AIR LINES INC DELCOM NEW247361702176,896,0134,057,248SHSOLE3,966,962 0 90,286
DIAMONDROCK HOSPITALITY COCOM25278430166,420,3178,603,668SHSOLE8,283,211 0 320,457
DISCOVER FINL SVCSCOM254709108249,0511,459SHSOLE1,459 0 0
DISNEY WALT COCOM254687106251,0932,544SHSOLE2,544 0 0
DOLLAR GEN CORP NEWCOM25667710517,103,176194,509SHDFND1 0 0 194,509
DOLLAR GEN CORP NEWCOM2566771051,105,810,58212,576,033SHSOLE11,372,988 0 1,203,045
DOUGLAS DYNAMICS INCCOM25960R10552,801,8602,273,003SHSOLE1,655,461 0 617,542
DOW INCCOM26055710312,417,796355,607SHDFND1 0 0 355,607
DOW INCCOM260557103859,080,12024,601,378SHSOLE21,394,959 0 3,206,419
EBAY INC.COM278642103261,4383,860SHSOLE3,860 0 0
ELEVANCE HEALTH INCCOM03675210387,418,261200,980SHSOLE193,848 0 7,132
ENVISTA HOLDINGS CORPORATIONCOM29415F10439,598,8762,294,257SHSOLE1,667,068 0 627,189
EQUINOR ASASPONSORED ADR29446M102245,9869,300SHSOLE9,300 0 0
EQUITABLE HLDGS INCCOM29452E1018,704,552167,106SHDFND1 0 0 167,106
EQUITABLE HLDGS INCCOM29452E101298,749,2255,735,251SHSOLE5,229,817 0 505,434
EXXON MOBIL CORPCOM30231G10273,192,257615,423SHSOLE597,192 0 18,231
FIDELITY NATIONAL FINANCIALFNF GROUP COM31620R30315,264,709234,553SHSOLE234,553 0 0
FIFTH THIRD BANCORPCOM31677310037,273,359950,851SHSOLE950,851 0 0
FMC CORPCOM NEW30249130323,666,987560,962SHSOLE560,962 0 0
FRESENIUS MEDICAL CARE AGSPONSORED ADR35802910618,400,303738,968SHDFND1 0 0 738,968
FRESENIUS MEDICAL CARE AGSPONSORED ADR358029106364,489,23114,638,122SHSOLE14,406,132 0 231,990
GENERAL DYNAMICS CORPCOM36955010875,921,162278,528SHSOLE270,775 0 7,753
GENESCO INCCOM37153210221,067,654992,353SHSOLE752,271 0 240,082
GENPACT LIMITEDSHSG3922B10736,885,314732,142SHSOLE732,142 0 0
GENUINE PARTS COCOM37246010535,859,591300,987SHSOLE292,566 0 8,421
GILEAD SCIENCES INCCOM375558103298,2772,662SHSOLE2,662 0 0
GLOBAL PMTS INCCOM37940X10214,053,772143,523SHDFND1 0 0 143,523
GLOBAL PMTS INCCOM37940X102802,021,0068,190,574SHSOLE7,389,128 0 801,446
GLOBE LIFE INCCOM37959E102123,932,714940,880SHSOLE913,967 0 26,913
GOLDMAN SACHS GROUP INCCOM38141G10474,652,167136,653SHSOLE132,887 0 3,766
HALLIBURTON COCOM40621610140,366,9681,591,130SHSOLE1,549,568 0 41,562
HAVERTY FURNITURE COS INCCOM41959610119,051,117966,081SHSOLE649,242 0 316,839
HCA HEALTHCARE INCCOM40412C10139,444,878114,151SHSOLE111,000 0 3,151
HDFC BANK LTDSPONSORED ADS40415F10134,075,814512,881SHSOLE287,480 0 225,401
HEALTHCARE RLTY TRCL A COM42226K10537,615,8342,225,789SHSOLE2,225,789 0 0
HELEN OF TROY LTDCOMG4388N10640,450,582756,227SHSOLE544,724 0 211,503
HENRY SCHEIN INCCOM80640710266,143,053965,733SHSOLE965,733 0 0
HOOKER FURNISHINGS CORPORATICOM43903810013,344,2741,329,111SHSOLE1,162,843 0 166,268
HSBC HLDGS PLCSPON ADR NEW4042804061,020,91717,777SHSOLE6,116 0 11,661
HUMANA INCCOM44485910217,632,15066,637SHDFND1 0 0 66,637
HUMANA INCCOM444859102995,500,8763,762,286SHSOLE3,384,148 0 378,138
HUNTSMAN CORPCOM44701110776,723,7214,859,007SHSOLE4,174,059 0 684,948
ICICI BANK LIMITEDADR45104G104615,93219,541SHSOLE19,541 0 0
ING GROEP N.V.SPONSORED ADR456837103988,85150,477SHSOLE17,547 0 32,930
INTEL CORPCOM458140100279,92312,326SHSOLE12,326 0 0
ITAU UNIBANCO HLDG S ASPON ADR REP PFD4655621062,248,923408,895SHSOLE408,895 0 0
JELD-WEN HLDG INCCOM47580P10361,558,49110,311,305SHSOLE8,745,048 0 1,566,257
JOHNSON & JOHNSONCOM47816010439,102,750235,786SHSOLE229,481 0 6,305
JPMORGAN CHASE & CO.COM46625H10076,590,755312,233SHSOLE294,585 0 17,648
KASPI KZ JSCSPONSORED ADS48581R205133,052,2861,432,981SHSOLE781,498 0 651,483
KB FINL GROUP INCSPONSORED ADR48241A1052,724,49350,351SHSOLE50,351 0 0
KEYCORPCOM49326710826,305,0691,645,095SHSOLE1,645,095 0 0
KONINKLIJKE PHILIPS N VNY REGIS SHS NEW500472303399,05915,711SHSOLE4,092 0 11,619
KOPPERS HOLDINGS INCCOM50060P10634,197,1841,221,328SHSOLE1,045,554 0 175,774
KORN FERRYCOM NEW50064320052,090,591767,958SHSOLE544,612 0 223,346
LEAR CORPCOM NEW52186520411,857,209134,405SHDFND1 0 0 134,405
LEAR CORPCOM NEW521865204664,331,4477,530,395SHSOLE6,772,312 0 758,083
LEIDOS HOLDINGS INCCOM52532710231,266,003231,703SHSOLE224,197 0 7,506
LKQ CORPCOM50188920842,790,4761,005,888SHSOLE1,005,888 0 0
MAGNA INTL INCCOM55922240116,556,671338,513SHDFND1 0 0 338,513
MAGNA INTL INCCOM5592224011,374,984,02628,112,534SHSOLE22,788,504 0 5,324,030
MALIBU BOATS INCCOM CL A56117J10047,088,8611,534,839SHSOLE1,109,581 0 425,258
MANPOWERGROUP INC WISCOM56418H10020,322,883351,121SHSOLE351,121 0 0
MARCUS & MILLICHAP INCCOM56632410919,851,847576,251SHSOLE493,957 0 82,294
MASTERBRAND INCCOMMON STOCK57638P10437,344,8612,859,484SHSOLE2,188,952 0 670,532
MEDTRONIC PLCSHSG5960L10311,545,752128,486SHDFND1 0 0 128,486
MEDTRONIC PLCSHSG5960L103742,040,1668,257,736SHSOLE6,660,213 0 1,597,523
METLIFE INCCOM59156R10813,820,559172,133SHDFND1 0 0 172,133
METLIFE INCCOM59156R108673,378,6618,386,831SHSOLE7,558,196 0 828,635
MOHAWK INDS INCCOM608190104127,418,4861,115,944SHSOLE1,088,734 0 27,210
MORGAN STANLEYCOM NEW61744644889,039,511763,174SHSOLE745,633 0 17,541
MRC GLOBAL INCCOM55345K10361,422,8105,350,419SHSOLE3,809,700 0 1,540,719
MSC INDL DIRECT INCCL A55353010635,878,181461,931SHSOLE461,931 0 0
NATWEST GROUP PLCSPONS ADR639057207525,64844,098SHSOLE14,160 0 29,938
NEWELL BRANDS INCCOM6512291064,856,782783,352SHDFND1 0 0 783,352
NEWELL BRANDS INCCOM651229106297,322,60647,955,259SHSOLE41,652,033 0 6,303,226
NOKIA CORPSPONSORED ADR654902204424,034,58380,461,970SHSOLE60,522,640 0 19,939,330
NOV INCCOM62955J1036,725,170441,864SHDFND1 0 0 441,864
NOV INCCOM62955J103625,885,05941,122,540SHSOLE36,061,761 0 5,060,779
OLD NATL BANCORP INDCOM68003310760,925,0852,875,181SHSOLE2,194,914 0 680,267
OLIN CORPCOM PAR $168066520588,779,9453,662,539SHSOLE3,291,182 0 371,357
ORION S.A.COML7296710943,042,7033,328,902SHSOLE2,831,131 0 497,771
PETROLEO BRASILEIRO SA PETROSP ADR NON VTG71654V1012,513,616192,762SHSOLE192,762 0 0
PFIZER INCCOM7170811039,303,657367,153SHDFND1 0 0 367,153
PFIZER INCCOM717081103169,570,9226,691,828SHSOLE6,534,004 0 157,824
PHIBRO ANIMAL HEALTH CORPCL A COM71742Q10615,461,009723,830SHSOLE616,071 0 107,759
PPG INDS INCCOM693506107105,349,102963,412SHSOLE935,956 0 27,456
PVH CORPORATIONCOM6936561003,655,26356,548SHDFND1 0 0 56,548
PVH CORPORATIONCOM693656100394,628,4286,105,019SHSOLE5,241,531 0 863,488
REGIONS FINANCIAL CORP NEWCOM7591EP10041,270,3111,899,232SHSOLE1,899,232 0 0
RESIDEO TECHNOLOGIES INCCOM76118Y10446,822,1642,645,320SHSOLE1,930,053 0 715,267
ROBERT HALF INC.COM77032310371,935,5211,318,708SHSOLE1,272,225 0 46,483
SANOFISPONSORED ADR80105N105298,6795,385SHSOLE5,385 0 0
SCANSOURCE INCCOM80603710732,039,733942,068SHSOLE802,001 0 140,067
SHELL PLCSPON ADS78025930510,683,638145,792SHDFND1 0 0 145,792
SHELL PLCSPON ADS780259305252,554,1223,446,426SHSOLE3,364,690 0 81,736
SHINHAN FINANCIAL GROUP CO LSPN ADR RESTRD82459610034,604,5751,078,696SHSOLE840,560 0 238,136
SHYFT GROUP INCCOM82569810324,953,0473,084,431SHSOLE2,636,603 0 447,828
SKYWORKS SOLUTIONS INCCOM83088M1028,284,532128,184SHDFND1 0 0 128,184
SKYWORKS SOLUTIONS INCCOM83088M102493,431,4377,634,712SHSOLE6,555,044 0 1,079,668
SPECTRUM BRANDS HLDGS INC NECOM84790A10595,450,0611,334,033SHSOLE1,135,124 0 198,909
SS&C TECHNOLOGIES HLDGS INCCOM78467J100870,670,36110,423,445SHSOLE9,110,586 0 1,312,859
STEELCASE INCCL A85815520358,799,5235,364,920SHSOLE4,008,419 0 1,356,501
SUMITOMO MITSUI FINL GROUP ISPONSORED ADR86562M209342,19422,134SHSOLE7,134 0 15,000
SYNOVUS FINL CORPCOM NEW87161C50131,261,909668,847SHSOLE533,781 0 135,066
TAIWAN SEMICONDUCTOR MFG LTDSPONSORED ADS8740391006,892,48641,521SHSOLE41,521 0 0
TARGET CORPCOM87612E10636,017,662345,129SHSOLE335,241 0 9,888
TE CONNECTIVITY PLCORD SHSG870521097,219,47451,086SHDFND1 0 0 51,086
TE CONNECTIVITY PLCORD SHSG87052109341,641,1002,417,500SHSOLE1,846,285 0 571,215
THE CIGNA GROUPCOM125523100157,084,340477,460SHSOLE376,964 0 100,496
TRIMAS CORPCOM NEW89621520950,036,0302,135,554SHSOLE1,795,899 0 339,655
TRUEBLUE INCCOM89785X10115,054,7372,835,167SHSOLE2,327,516 0 507,651
TYSON FOODS INCCL A90249410310,986,806172,180SHDFND1 0 0 172,180
TYSON FOODS INCCL A902494103835,392,35213,091,872SHSOLE11,746,153 0 1,345,719
UBS GROUP AGSHSH420971076,525,218242,844SHDFND1 0 0 242,844
UBS GROUP AGSHSH42097107782,131,43729,107,981SHSOLE22,022,788 0 7,085,193
UNIVERSAL CORP VACOM91345610951,108,296911,834SHSOLE778,069 0 133,765
UNIVERSAL HLTH SVCS INCCL B91390310073,626,172391,837SHSOLE391,837 0 0
UNIVEST FINANCIAL CORPORATIOCOM91527110032,419,4791,143,141SHSOLE972,192 0 170,949
USANA HEALTH SCIENCES INCCOM90328M10729,537,1661,095,186SHSOLE785,876 0 309,310
VALE S ASPONSORED ADS91912E1052,853,092285,881SHSOLE285,881 0 0
VAREX IMAGING CORPCOM92214X10644,107,2483,802,349SHSOLE2,772,805 0 1,029,544
VOYA FINANCIAL INCCOM9290891007,493,240110,585SHDFND1 0 0 110,585
VOYA FINANCIAL INCCOM929089100236,386,1133,488,579SHSOLE3,427,349 0 61,230
WABTECCOM92974010862,409,064344,136SHSOLE332,745 0 11,391
WEBSTER FINL CORPCOM94789010981,920,8371,589,153SHSOLE1,313,462 0 275,691
WELLS FARGO CO NEWCOM94974610117,042,659237,396SHDFND1 0 0 237,396
WELLS FARGO CO NEWCOM949746101688,604,1529,591,923SHSOLE8,486,122 0 1,105,801
WESCO INTL INCCOM95082P10535,535,591228,819SHSOLE228,819 0 0
WSFS FINL CORPCOM92932810240,863,653787,809SHSOLE633,273 0 154,536
ZTO EXPRESS CAYMAN INCSPONSORED ADS A98980A105153,335,4647,728,602SHSOLE3,780,709 0 3,947,893