9AT: PZENA INVESTMENT MANAGEMENT LLC

other names

PZENA INVESTMENT MANAGEMENT LLC

Adviser Profile

As of Date	05/20/2025
Adviser Type - Large advisory firm - An investment adviser (or subadviser) to an investment company
Number of Employees	159 7%
of those in investment advisory functions	51
Registration	SEC, Approved, 12/15/1995

AUM^*	63,691,370,902 29%
of that, discretionary	63,065,469,238 30%
Private Fund GAV^*	661,989,524 1%
Avg Account Size	264,279,547 22%
% High Net Worth	13.28% -20%
SMA’s	Yes
Private Funds	8 2
Contact Info	212 xxxxxxx
Websites

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Investment companies
- Pooled investment vehicles
- Pension and profit sharing plans
- Charitable organizations
- State or municipal government entities
- Other investment advisers
- Insurance companies
- Sovereign wealth funds and foreign official institutions
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Accounting Firm Name	Filing Date	Form ADV-E
Accounting Firm Name GRASSI ADVISORY GROUP, INC.	Filing Date10/25/2024	Form ADV-E View Report
Accounting Firm Name BAKER TILLY US, LLP	Filing Date10/25/2023	Form ADV-E View Report
Accounting Firm Name BAKER TILLY US, LLP	Filing Date01/24/2023	Form ADV-E View Report

Fund Type	Count	GAV
Fund TypeHedge Fund	Count4	GAV$158,372,382
Fund TypeOther Private Fund	Count4	GAV$503,617,142

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser ASHMORE INVESTMENT MANAGEMENT LTD	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund2.8b	Total Private Fund GAV2.8b	AUM40.9b	#Funds29
Adviser MAWER INVESTMENT MANAGEMENT LTD.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund32.1b	Total Private Fund GAV32.1b	AUM45.9b	#Funds16
Adviser BARROW HANLEY GLOBAL INVESTORS	Hedge Fund-	Liquidity Fund-	Private Equity Fund113.8m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund371.9m	Total Private Fund GAV485.7m	AUM53.3b	#Funds6
Adviser CERITY PARTNERS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund179.3m	Total Private Fund GAV179.3m	AUM122.8b	#Funds12
Adviser PACIFIC LIFE FUND ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund57.9m	Total Private Fund GAV57.9m	AUM41.1b	#Funds1
Adviser EMPOWER CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund7.2b	Total Private Fund GAV7.2b	AUM68.3b	#Funds9
Adviser MONDRIAN INVESTMENT PARTNERS LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund5.2b	Total Private Fund GAV5.2b	AUM41.5b	#Funds30
Adviser MARATHON-LONDON	Hedge Fund7.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV7.1b	AUM37.4b	#Funds9
Adviser PINESTONE ASSET MANAGEMENT INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund751.0m	Total Private Fund GAV751.0m	AUM50.8b	#Funds2
Adviser SILCHESTER INTERNATIONAL INVESTORS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund33.3b	Total Private Fund GAV33.3b	AUM38.0b	#Funds4

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker559222401	Stock NameMAGNA INTL INC	$ Position$1,894,451,855	% Position6.00%	$ Change23.00%	# Change-1.00%
Stck Ticker071813109	Stock NameBAXTER INTL INC	$ Position$1,287,322,170	% Position4.00%	$ Change10.00%	# Change46.00%
Stck Ticker172967424	Stock NameCITIGROUP INC	$ Position$1,252,292,790	% Position4.00%	$ Change10.00%	# Change-8.00%
Stck Ticker192446102	Stock NameCOGNIZANT TECHNOLOGY SOLUTIO	$ Position$1,175,744,075	% Position4.00%	$ Change-13.00%	# Change2.00%
Stck Ticker126650100	Stock NameCVS HEALTH CORP	$ Position$1,172,324,451	% Position4.00%	$ Change4.00%	# Change-5.00%
Stck Ticker256677105	Stock NameDOLLAR GEN CORP NEW	$ Position$1,189,975,104	% Position4.00%	$ Change-11.00%	# Change-1.00%
Stck Ticker37940X102	Stock NameGLOBAL PMTS INC	$ Position$891,212,951	% Position3.00%	$ Change2.00%	# Change-1.00%
Stck Ticker14040H105	Stock NameCAPITAL ONE FINL CORP	$ Position$1,057,424,364	% Position3.00%	$ Change-7.00%	# Change-7.00%
Stck Ticker59156R108	Stock NameMETLIFE INC	$ Position$780,744,951	% Position3.00%	$ Change8.00%	# Change6.00%
Stck Ticker444859102	Stock NameHUMANA INC	$ Position$1,028,564,924	% Position3.00%	$ Change5.00%	# Change-1.00%

Brochure Summary

Overview

Principal Owners Founded in late 1995, Pzena Investment Management, LLC (“PIM”) is a value-oriented investment management firm with a long-term record of investment excellence and exceptional client service. We believe that we have established a positive, team-oriented culture that enables us to attract and retain very qualified people. Since our founding, we have built a diverse, global client base of respected and sophisticated institutional investors, high net worth individuals, mutual funds, private investment funds, and select third-party distributed mutual funds for which we act as sub-investment adviser. PIM is 100% owned by its employee members and certain other partners, including former employees. Its founder and principal owner is Richard S. Pzena, who is currently PIM’s Co-Chief Investment Officer and Chairman of PIM’s Board of Managers. Types of Advisory Services PIM manages investment portfolios for endowments, foundations, state and municipal government entities, partnerships, corporations,

investment companies, public funds, pension trusts, profit-sharing plans, high net worth individuals, and pooled funds located in the United States and in select foreign jurisdictions. PIM offers advice on equities, including exchange-listed securities, securities traded over-the-counter and foreign issues. PIM also manages a credit portfolio consisting of leveraged loans, high yield bonds, and other debt instruments that opened to clients in 2024. Investment Restrictions Clients may impose guidelines and restrictions on their accounts, however, all client guidelines and/or restrictions are reviewed prior to investing a portfolio to be sure that there are no issues which will prohibit PIM from managing the portfolio according to our investment strategy. Assets Under Management PIM advised assets of approximately $61.1 billion as of December 31, 2023, consisting of approximately $58.9 billion of assets under management and approximately $2.2 billion of other advised assets. 2

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PZENA INVESTMENT MANAGEMENT LLC

Adviser Profile

Details

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

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