# EDGAR Filing Document

**Accession Number:** 0001027796
**File Stem:** 0001140361-23-004425
**Filing Date:** 2023-2
**Character Count:** 23791
**Document Hash:** 7c890af02a89d479155d0ed780ae3dd9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-004425.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001140361-23-004425

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PZENA INVESTMENT MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001027796
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-03791
- **FILM NUMBER:** 23585699

**BUSINESS ADDRESS:**
- **STREET 1:** 320 PARK AVENUE, 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-355-1600

**MAIL ADDRESS:**
- **STREET 1:** 320 PARK AVENUE, 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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<br>**Address:** 320 PARK AVENUE 8TH FLOOR<br>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<br>**Title:** Chief Legal Risk Officer  Chief Compliance Officer<br>**Phone:** (212)355-1600

**Signature, Place, and Date of Signing:**

/s/ Steven Coffey  New York, NY  02-03-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

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

[ ] **13F NOTICE.** (Check here if no holdings are reported 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).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 2

**Form 13F Information Table Entry Total:** 186

**Form 13F Information Table Value Total:** $22606303662

      (round to nearest dollar)

**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.   | Name                           | Form 13F File Number   |
|:---|:---|:---|
|  | ALPS ADVISORS INC              | 028-12230              |
|  | Russell Investments Group Ltd. | 028-17598              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADIENT PLC | COM | G0084W101 |  | 46923082 | 1352640 | SH |  | SOLE |  | 953573 | 0 | 399067 |
| ALIBABA GROUP HOLDING LTD. SPON ADR | COM | 01609W102 |  | 3946344 | 44799 | SH |  | SOLE |  | 42534 | 0 | 2265 |
| AMBEV SA SPON ADR | COM | 02319V103 |  | 30999913 | 11397027 | SH |  | SOLE |  | 8103585 | 0 | 3293442 |
| AMDOCS LIMITED | COM | G02602103 |  | 460074988 | 5061331 | SH |  | DFND | 1 | 4122815 | 0 | 938516 |
| AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY | COM | 025676206 |  | 45486288 | 997069 | SH |  | SOLE |  | 700200 | 0 | 296869 |
| AMERICAN INTERNATIONAL GROUP INC. | COM | 026874784 |  | 618546899 | 9780944 | SH |  | DFND | 1 | 8463425 | 0 | 1317519 |
| AMERICAN WOODMARK CORPORATION | COM | 030506109 |  | 40954354 | 838198 | SH |  | SOLE |  | 578774 | 0 | 259424 |
| AMGEN INC. | COM | 031162100 |  | 133848173 | 509626 | SH |  | SOLE |  | 358453 | 0 | 151173 |
| ARCELORMITTAL SA ADR | COM | 03938L203 |  | 678862 | 25891 | SH |  | SOLE |  | 25891 | 0 | 0 |
| ARGO GROUP INTERNATIONAL HOLDINGS LTD. | COM | G0464B107 |  | 48906623 | 1891939 | SH |  | SOLE |  | 1365993 | 0 | 525946 |
| ARROW ELECTRONICS INC. | COM | 042735100 |  | 24422010 | 233547 | SH |  | SOLE |  | 233547 | 0 | 0 |
| ASSOCIATED BANC-CORP | COM | 045487105 |  | 71813387 | 3110151 | SH |  | SOLE |  | 2269471 | 0 | 840680 |
| AVNET INC. | COM | 053807103 |  | 385970633 | 9282603 | SH |  | SOLE |  | 7013480 | 0 | 2269123 |
| AXALTA COATING SYSTEMS LTD. | COM | G0750C108 |  | 118354989 | 4646839 | SH |  | SOLE |  | 3968986 | 0 | 677853 |
| AXIS CAPITAL HOLDINGS LIMITED | COM | G0692U109 |  | 300313334 | 5543905 | SH |  | DFND | 1 | 4951774 | 0 | 592131 |
| BAIDU INC. SPON ADR CLASS A | COM | 056752108 |  | 8210768 | 71785 | SH |  | OTR |  | 0 | 0 | 71785 |
| BAIDU INC. SPON ADR CLASS A | COM | 056752108 |  | 62547216 | 546837 | SH |  | SOLE |  | 369219 | 0 | 177618 |
| BAKER HUGHES COMPANY CLASS A | COM | 05722G100 |  | 224812 | 7613 | SH |  | SOLE |  | 7613 | 0 | 0 |
| BANK OF AMERICA CORP | COM | 060505104 |  | 300452286 | 9071627 | SH |  | DFND | 1 | 8265799 | 0 | 805828 |
| BARCLAYS PLC SPON ADR | COM | 06738E204 |  | 753386 | 96588 | SH |  | SOLE |  | 44888 | 0 | 51700 |
| BELDEN INC. | COM | 077454106 |  | 79637662 | 1107617 | SH |  | SOLE |  | 808394 | 0 | 299223 |
| BOOKING HOLDINGS INC. | COM | 09857L108 |  | 313180558 | 155403 | SH |  | DFND | 1 | 137896 | 0 | 17507 |
| BRISTOL-MYERS SQUIBB COMPANY | COM | 110122108 |  | 277768155 | 3860572 | SH |  | DFND | 1 | 3146449 | 0 | 714123 |
| BUNGE LIMITED | COM | G16962105 |  | 576072 | 5774 | SH |  | SOLE |  | 5774 | 0 | 0 |
| CACI INTERNATIONAL INC CLASS A | COM | 127190304 |  | 750573 | 2497 | SH |  | SOLE |  | 2497 | 0 | 0 |
| CAPITAL ONE FINANCIAL CORPORATION | COM | 14040H105 |  | 555180825 | 5972255 | SH |  | DFND | 1 | 5186184 | 0 | 786071 |
| CARDINAL HEALTH INC. | COM | 14149Y108 |  | 195830322 | 2547552 | SH |  | DFND | 1 | 2459373 | 0 | 88179 |
| CBRE GROUP INC. CLASS A | COM | 12504L109 |  | 51793464 | 672992 | SH |  | SOLE |  | 672992 | 0 | 0 |
| CELESTICA INC. | COM | 15101Q108 |  | 69744891 | 6188544 | SH |  | SOLE |  | 4757532 | 0 | 1431012 |
| CHINA CONSTRUCTION BANK CORPORATION UNSPON ADR | COM | 168919108 |  | 1532131 | 123360 | SH |  | SOLE |  | 123360 | 0 | 0 |
| CIGNA CORPORATION | COM | 125523100 |  | 142845975 | 431116 | SH |  | SOLE |  | 354974 | 0 | 76142 |
| CISCO SYSTEMS INC. | COM | 17275R102 |  | 28036521 | 588508 | SH |  | SOLE |  | 588508 | 0 | 0 |
| CITIGROUP INC. | COM | 172967424 |  | 730611452 | 16153249 | SH |  | DFND | 1 | 13788368 | 0 | 2364881 |
| CNO FINANCIAL GROUP INC. | COM | 12621E103 |  | 174291048 | 7627617 | SH |  | SOLE |  | 6384853 | 0 | 1242764 |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A | COM | 192446102 |  | 992685662 | 17357679 | SH |  | DFND | 1 | 14086171 | 0 | 3271508 |
| COMCAST CORPORATION CLASS A | COM | 20030N101 |  | 551267 | 15764 | SH |  | SOLE |  | 15764 | 0 | 0 |
| COMPANHIA ENERGETICA DE MINAS GERAIS SA SPON ADR | COM | 204409601 |  | 3506238 | 1727211 | SH |  | SOLE |  | 1727211 | 0 | 0 |
| CREDICORP LTD. | COM | G2519Y108 |  | 11381060 | 83894 | SH |  | OTR |  | 0 | 0 | 83894 |
| CREDICORP LTD. | COM | G2519Y108 |  | 70041936 | 516305 | SH |  | SOLE |  | 311250 | 0 | 205055 |
| CREDIT SUISSE GROUP AG SPON ADR | COM | 225401108 |  | 115100 | 37862 | SH |  | SOLE |  | 37862 | 0 | 0 |
| DANA INCORPORATED | COM | 235825205 |  | 78783665 | 5207116 | SH |  | SOLE |  | 3693742 | 0 | 1513374 |
| DAVITA INC. | COM | 23918K108 |  | 171592 | 2298 | SH |  | SOLE |  | 2298 | 0 | 0 |
| DELL TECHNOLOGIES INC CLASS C | COM | 24703L202 |  | 200255 | 4979 | SH |  | SOLE |  | 4979 | 0 | 0 |
| DIAMONDROCK HOSPITALITY COMPANY | COM | 252784301 |  | 51704739 | 6313155 | SH |  | SOLE |  | 5113676 | 0 | 1199479 |
| DONGFENG MOTOR GROUP CO. LTD. UNSPON ADR CLASS H | COM | 257738203 |  | 707161 | 24640 | SH |  | SOLE |  | 24640 | 0 | 0 |
| DOW INC. | COM | 260557103 |  | 530908536 | 10535990 | SH |  | DFND | 1 | 9804435 | 0 | 731555 |
| EBAY INC. | COM | 278642103 |  | 257404 | 6207 | SH |  | SOLE |  | 6207 | 0 | 0 |
| EDISON INTERNATIONAL | COM | 281020107 |  | 866497084 | 13619885 | SH |  | DFND | 1 | 11626391 | 0 | 1993494 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 98336349 | 191700 | SH |  | SOLE |  | 191700 | 0 | 0 |
| ENERPAC TOOL GROUP CORP CLASS A | COM | 292765104 |  | 86480602 | 3398059 | SH |  | SOLE |  | 2956020 | 0 | 442039 |
| ENTERGY CORPORATION | COM | 29364G103 |  | 12439125 | 110570 | SH |  | SOLE |  | 110570 | 0 | 0 |
| EQUITABLE HOLDINGS INC. | COM | 29452E101 |  | 648785570 | 22605769 | SH |  | DFND | 1 | 20131581 | 0 | 2474188 |
| EXELIXIS INC. | COM | 30161Q104 |  | 812378 | 50647 | SH |  | SOLE |  | 50647 | 0 | 0 |
| EXXON MOBIL CORPORATION | COM | 30231G102 |  | 99828118 | 905060 | SH |  | SOLE |  | 905060 | 0 | 0 |
| FIDELITY NATIONAL FINANCIAL INC. - FNF GROUP | COM | 31620R303 |  | 39255454 | 1043473 | SH |  | SOLE |  | 979606 | 0 | 63867 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 43945320 | 1339388 | SH |  | SOLE |  | 1339388 | 0 | 0 |
| FLEX LTD. | COM | Y2573F102 |  | 17246136 | 803641 | SH |  | OTR |  | 0 | 0 | 803641 |
| FLEX LTD. | COM | Y2573F102 |  | 91241611 | 4251706 | SH |  | SOLE |  | 2686357 | 0 | 1565349 |
| FORD MOTOR COMPANY | COM | 345370860 |  | 173996 | 14961 | SH |  | SOLE |  | 14961 | 0 | 0 |
| FORTUNE BRANDS INNOVATIONS INC. | COM | 34964C106 |  | 44687033 | 782473 | SH |  | SOLE |  | 752579 | 0 | 29894 |
| FRESENIUS MEDICAL CARE AG  CO. KGAA SPON ADR | COM | 358029106 |  | 397588017 | 24332192 | SH |  | DFND | 1 | 23564737 | 0 | 767455 |
| GALAXY ENTERTAINMENT GROUP LIMITED UNSPON ADR | COM | 36318L203 |  | 4240212 | 124859 | SH |  | SOLE |  | 124859 | 0 | 0 |
| GAP INC. | COM | 364760108 |  | 122473683 | 10857596 | SH |  | SOLE |  | 9164405 | 0 | 1693191 |
| GENERAL DYNAMICS CORPORATION | COM | 369550108 |  | 85721757 | 345499 | SH |  | SOLE |  | 345499 | 0 | 0 |
| GENERAL ELECTRIC COMPANY | COM | 369604301 |  | 1106272834 | 13202922 | SH |  | DFND | 1 | 11345336 | 0 | 1857586 |
| GENPACT LIMITED | COM | G3922B107 |  | 23399660 | 505174 | SH |  | SOLE |  | 505174 | 0 | 0 |
| GILDAN ACTIVEWEAR INC. | COM | 375916103 |  | 315503218 | 11514716 | SH |  | DFND | 1 | 11065244 | 0 | 449472 |
| GLOBE LIFE INC. | COM | 37959E102 |  | 31571804 | 261898 | SH |  | SOLE |  | 261898 | 0 | 0 |
| GMS INC. | COM | 36251C103 |  | 50269514 | 1009428 | SH |  | SOLE |  | 726485 | 0 | 282943 |
| GOLDMAN SACHS GROUP INC. | COM | 38141G104 |  | 186943626 | 544422 | SH |  | DFND | 1 | 521609 | 0 | 22813 |
| HALLIBURTON COMPANY | COM | 406216101 |  | 310624375 | 7893885 | SH |  | DFND | 1 | 7514974 | 0 | 378911 |
| HALOZYME THERAPEUTICS INC. | COM | 40637H109 |  | 825448 | 14507 | SH |  | SOLE |  | 14507 | 0 | 0 |
| HENRY SCHEIN INC. | COM | 806407102 |  | 39333180 | 492465 | SH |  | SOLE |  | 492465 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE CO. | COM | 42824C109 |  | 469004837 | 29386268 | SH |  | DFND | 1 | 25289555 | 0 | 4096713 |
| HON HAI PRECISION INDUSTRY CO. LTD. SPON GDR 144A | COM | 438090888 |  | 3874832 | 596073 | SH |  | SOLE |  | 596073 | 0 | 0 |
| HONDA MOTOR CO. LTD. SPON ADR | COM | 438128308 |  | 148841 | 6511 | SH |  | SOLE |  | 6511 | 0 | 0 |
| HOOKER FURNISHINGS CORPORATION | COM | 439038100 |  | 29795720 | 1593354 | SH |  | SOLE |  | 1289897 | 0 | 303457 |
| HOPE BANCORP INC. | COM | 43940T109 |  | 41909209 | 3271601 | SH |  | SOLE |  | 2414671 | 0 | 856930 |
| HOULIHAN LOKEY INC. CLASS A | COM | 441593100 |  | 223217 | 2561 | SH |  | SOLE |  | 2561 | 0 | 0 |
| HSBC HOLDINGS PLC SPON ADR | COM | 404280406 |  | 674988 | 21662 | SH |  | SOLE |  | 21662 | 0 | 0 |
| IAC INC | COM | 44891N208 |  | 497591 | 11207 | SH |  | SOLE |  | 11207 | 0 | 0 |
| ICICI BANK LIMITED SPON ADR | COM | 45104G104 |  | 14000888 | 639602 | SH |  | OTR |  | 0 | 0 | 639602 |
| ICICI BANK LIMITED SPON ADR | COM | 45104G104 |  | 16167845 | 738595 | SH |  | SOLE |  | 717826 | 0 | 20769 |
| ICON PLC | COM | G4705A100 |  | 403457 | 2077 | SH |  | SOLE |  | 2077 | 0 | 0 |
| ING GROEP NV SPON ADR | COM | 456837103 |  | 776860 | 63834 | SH |  | SOLE |  | 63834 | 0 | 0 |
| INGREDION INCORPORATED | COM | 457187102 |  | 820458 | 8378 | SH |  | SOLE |  | 8378 | 0 | 0 |
| INTEL CORPORATION | COM | 458140100 |  | 382654 | 14478 | SH |  | SOLE |  | 14478 | 0 | 0 |
| INTERPUBLIC GROUP OF COMPANIES INC. | COM | 460690100 |  | 36959943 | 1109575 | SH |  | SOLE |  | 465836 | 0 | 643739 |
| INVESCO LTD. | COM | G491BT108 |  | 47458951 | 2638074 | SH |  | SOLE |  | 2638074 | 0 | 0 |
| IPG PHOTONICS CORPORATION | COM | 44980X109 |  | 362113 | 3825 | SH |  | SOLE |  | 3825 | 0 | 0 |
| ITAU UNIBANCO HOLDING S.A. SPON ADR PFD | COM | 465562106 |  | 1619034 | 343744 | SH |  | SOLE |  | 343744 | 0 | 0 |
| ITURAN LOCATION AND CONTROL LTD. | COM | M6158M104 |  | 562586 | 26625 | SH |  | SOLE |  | 26625 | 0 | 0 |
| JELD-WEN HOLDING INC. | COM | 47580P103 |  | 83808426 | 8684811 | SH |  | SOLE |  | 6946351 | 0 | 1738460 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 111996807 | 634004 | SH |  | SOLE |  | 634004 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 256772669 | 1914785 | SH |  | DFND | 1 | 1816462 | 0 | 98323 |
| JUNIPER NETWORKS INC. | COM | 48203R104 |  | 51920234 | 1624538 | SH |  | SOLE |  | 1624538 | 0 | 0 |
| KB FINANCIAL GROUP INC. SPON ADR | COM | 48241A105 |  | 1295961 | 33522 | SH |  | SOLE |  | 33522 | 0 | 0 |
| KEYCORP | COM | 493267108 |  | 57614594 | 3307382 | SH |  | SOLE |  | 3307382 | 0 | 0 |
| KOPPERS HOLDINGS INC. | COM | 50060P106 |  | 14192947 | 503296 | SH |  | SOLE |  | 385088 | 0 | 118208 |
| LABORATORY CORPORATION OF AMERICA HOLDINGS | COM | 50540R409 |  | 418919 | 1779 | SH |  | SOLE |  | 1779 | 0 | 0 |
| LANDSTAR SYSTEM INC. | COM | 515098101 |  | 759929 | 4665 | SH |  | SOLE |  | 4665 | 0 | 0 |
| LEAR CORPORATION | COM | 521865204 |  | 851463279 | 6865532 | SH |  | DFND | 1 | 5945234 | 0 | 920298 |
| LENOVO GROUP LIMITED SPON ADR | COM | 526250105 |  | 1733204 | 107054 | SH |  | SOLE |  | 107054 | 0 | 0 |
| LPL FINANCIAL HOLDINGS INC. | COM | 50212V100 |  | 742328 | 3434 | SH |  | SOLE |  | 3434 | 0 | 0 |
| MAGNA INTERNATIONAL INC. | COM | 559222401 |  | 230157381 | 4096785 | SH |  | DFND | 1 | 3778705 | 0 | 318080 |
| MARKEL CORPORATION | COM | 570535104 |  | 296435 | 225 | SH |  | SOLE |  | 225 | 0 | 0 |
| MASONITE INTERNATIONAL CORP. | COM | 575385109 |  | 66947572 | 830512 | SH |  | SOLE |  | 579915 | 0 | 250597 |
| MASTEC INC. | COM | 576323109 |  | 74456483 | 872571 | SH |  | SOLE |  | 769010 | 0 | 103561 |
| MASTERBRAND INC | COM | 57638P104 |  | 5886350 | 779649 | SH |  | SOLE |  | 749755 | 0 | 29894 |
| MCKESSON CORPORATION | COM | 58155Q103 |  | 365193575 | 973538 | SH |  | DFND | 1 | 768951 | 0 | 204587 |
| MDU RESOURCES GROUP INC | COM | 552690109 |  | 23722694 | 781895 | SH |  | SOLE |  | 781895 | 0 | 0 |
| META PLATFORMS INC. CLASS A | COM | 30303M102 |  | 754291 | 6268 | SH |  | SOLE |  | 6268 | 0 | 0 |
| METLIFE INC. | COM | 59156R108 |  | 308436960 | 4261945 | SH |  | DFND | 1 | 4031589 | 0 | 230356 |
| MOHAWK INDUSTRIES INC. | COM | 608190104 |  | 206627610 | 2021401 | SH |  | DFND | 1 | 1954104 | 0 | 67297 |
| MOOG INC. CLASS A | COM | 615394202 |  | 28923414 | 329574 | SH |  | SOLE |  | 256013 | 0 | 73561 |
| MORGAN STANLEY | COM | 617446448 |  | 64501103 | 758658 | SH |  | SOLE |  | 752227 | 0 | 6431 |
| MOTORCAR PARTS OF AMERICA INC. | COM | 620071100 |  | 18710549 | 1577618 | SH |  | SOLE |  | 1195593 | 0 | 382025 |
| MRC GLOBAL INC. | COM | 55345K103 |  | 62790720 | 5422342 | SH |  | SOLE |  | 4095913 | 0 | 1326429 |
| MSC INDUSTRIAL DIRECT CO. INC. CLASS A | COM | 553530106 |  | 37393436 | 457692 | SH |  | SOLE |  | 457692 | 0 | 0 |
| NATWEST GROUP PLC SPON ADR | COM | 639057207 |  | 377464 | 58431 | SH |  | SOLE |  | 58431 | 0 | 0 |
| NEWELL BRANDS INC | COM | 651229106 |  | 619490761 | 47361679 | SH |  | DFND | 1 | 41047785 | 0 | 6313894 |
| NOKIA OYJ SPON ADR | COM | 654902204 |  | 1359288 | 292950 | SH |  | SOLE |  | 292950 | 0 | 0 |
| NOV INC | COM | 62955J103 |  | 617694593 | 29568913 | SH |  | DFND | 1 | 24818753 | 0 | 4750160 |
| NRG ENERGY INC. | COM | 629377508 |  | 265761404 | 8352024 | SH |  | DFND | 1 | 7998950 | 0 | 353074 |
| NVR INC. | COM | 62944T105 |  | 290593 | 63 | SH |  | SOLE |  | 63 | 0 | 0 |
| OIL COMPANY LUKOIL PJSC SPON ADR | COM | 69343P105 |  | 454 | 45362 | SH |  | SOLE |  | 45362 | 0 | 0 |
| OLD NATIONAL BANCORP | COM | 680033107 |  | 73863656 | 4108101 | SH |  | SOLE |  | 3027909 | 0 | 1080192 |
| OLIN CORPORATION | COM | 680665205 |  | 139113138 | 2627751 | SH |  | SOLE |  | 2310226 | 0 | 317525 |
| OMNICOM GROUP INC | COM | 681919106 |  | 228722 | 2804 | SH |  | SOLE |  | 2804 | 0 | 0 |
| ORACLE CORPORATION | COM | 68389X105 |  | 167054408 | 2043729 | SH |  | SOLE |  | 1538221 | 0 | 505508 |
| ORION ENGINEERED CARBONS SA | COM | L72967109 |  | 77358750 | 4343557 | SH |  | SOLE |  | 3112662 | 0 | 1230895 |
| PACIFIC BASIN SHIPPING LIMITED UNSPON ADR | COM | 69402P103 |  | 3322064 | 497315 | SH |  | SOLE |  | 497315 | 0 | 0 |
| PFIZER INC. | COM | 717081103 |  | 141413843 | 2759833 | SH |  | DFND | 1 | 2664327 | 0 | 95506 |
| PHIBRO ANIMAL HEALTH CORPORATION CLASS A | COM | 71742Q106 |  | 26407455 | 1969236 | SH |  | SOLE |  | 1507967 | 0 | 461269 |
| POSCO HOLDINGS INC. SPON ADR | COM | 693483109 |  | 4008066 | 73583 | SH |  | SOLE |  | 73583 | 0 | 0 |
| PVH CORP. | COM | 693656100 |  | 521406400 | 7386406 | SH |  | DFND | 1 | 6001709 | 0 | 1384697 |
| QORVO INC. | COM | 74736K101 |  | 521271 | 5751 | SH |  | SOLE |  | 5751 | 0 | 0 |
| REGIONS FINANCIAL CORPORATION | COM | 7591EP100 |  | 52739662 | 2446181 | SH |  | SOLE |  | 2446181 | 0 | 0 |
| REINSURANCE GROUP OF AMERICA INCORPORATED | COM | 759351604 |  | 55866804 | 393179 | SH |  | SOLE |  | 385310 | 0 | 7869 |
| REV GROUP INC. | COM | 749527107 |  | 48372776 | 3833025 | SH |  | SOLE |  | 2775628 | 0 | 1057397 |
| SAMSUNG ELECTRONICS CO. LTD. SPON GDR | COM | 796050888 |  | 4808410 | 4398 | SH |  | SOLE |  | 4398 | 0 | 0 |
| SASOL LIMITED SPON ADR | COM | 803866300 |  | 3146477 | 200285 | SH |  | SOLE |  | 200285 | 0 | 0 |
| SCANSOURCE INC. | COM | 806037107 |  | 45035471 | 1541255 | SH |  | SOLE |  | 1185114 | 0 | 356141 |
| SEABOARD CORPORATION | COM | 811543107 |  | 536080 | 142 | SH |  | SOLE |  | 142 | 0 | 0 |
| SHELL PLC | COM | 780259305 |  | 156616088 | 2750063 | SH |  | DFND | 1 | 2685476 | 0 | 64587 |
| SHINHAN FINANCIAL GROUP CO. LTD. SPON ADR | COM | 824596100 |  | 24155987 | 864876 | SH |  | SOLE |  | 819506 | 0 | 45370 |
| SIAM COMMERCIAL BANK PUBLIC COMPANY LTD UNSPON ADR | COM | 825715105 |  | 916762 | 180465 | SH |  | SOLE |  | 180465 | 0 | 0 |
| SIRIUS XM HOLDINGS INC. | COM | 82968B103 |  | 315599 | 54041 | SH |  | SOLE |  | 54041 | 0 | 0 |
| SKECHERS U.S.A. INC. CLASS A | COM | 830566105 |  | 315570595 | 7522541 | SH |  | DFND | 1 | 7194409 | 0 | 328132 |
| SKYWORKS SOLUTIONS INC. | COM | 83088M102 |  | 271567 | 2980 | SH |  | SOLE |  | 2980 | 0 | 0 |
| SNAP-ON INCORPORATED | COM | 833034101 |  | 12838168 | 56187 | SH |  | SOLE |  | 56187 | 0 | 0 |
| SPECTRUM BRANDS HOLDINGS INC. | COM | 84790A105 |  | 60075344 | 986135 | SH |  | SOLE |  | 801012 | 0 | 185123 |
| SS TECHNOLOGIES HOLDINGS INC. | COM | 78467J100 |  | 657827973 | 12635958 | SH |  | SOLE |  | 11036570 | 0 | 1599388 |
| STANDARD CHARTERED PLC UNSPON ADR | COM | 853254100 |  | 3614837 | 242119 | SH |  | SOLE |  | 242119 | 0 | 0 |
| STEELCASE INC. CLASS A | COM | 858155203 |  | 74995152 | 10607518 | SH |  | SOLE |  | 7846070 | 0 | 2761448 |
| SUMITOMO MITSUI FINANCIAL GROUP INC. SPON ADR | COM | 86562M209 |  | 217775 | 27154 | SH |  | SOLE |  | 27154 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFACTURING SPON ADR | COM | 874039100 |  | 25230508 | 338710 | SH |  | OTR |  | 0 | 0 | 338710 |
| TAIWAN SEMICONDUCTOR MANUFACTURING SPON ADR | COM | 874039100 |  | 31010038 | 416298 | SH |  | SOLE |  | 406098 | 0 | 10200 |
| TECHNIP ENERGIES NV ADR | COM | 87854Y109 |  | 19247507 | 1230659 | SH |  | SOLE |  | 1017139 | 0 | 213520 |
| TECHNIPFMC PLC | COM | G87110105 |  | 89897934 | 7374728 | SH |  | SOLE |  | 4205369 | 0 | 3169359 |
| TEREX CORPORATION | COM | 880779103 |  | 175375297 | 4105227 | SH |  | SOLE |  | 3571241 | 0 | 533986 |
| TESCO PLC SPON ADR | COM | 881575401 |  | 1319989 | 163264 | SH |  | SOLE |  | 84980 | 0 | 78284 |
| TEXTRON INC. | COM | 883203101 |  | 38155394 | 538918 | SH |  | SOLE |  | 538918 | 0 | 0 |
| T-MOBILE US INC. | COM | 872590104 |  | 823900 | 5885 | SH |  | SOLE |  | 5885 | 0 | 0 |
| TRAVELERS COMPANIES INC. | COM | 89417E109 |  | 816331 | 4354 | SH |  | SOLE |  | 4354 | 0 | 0 |
| TRIMAS CORPORATION | COM | 896215209 |  | 53660644 | 1934414 | SH |  | SOLE |  | 1514186 | 0 | 420228 |
| TRIP.COM GROUP LTD. SPON ADR | COM | 89677Q107 |  | 22344589 | 649552 | SH |  | OTR |  | 0 | 0 | 649552 |
| TRIP.COM GROUP LTD. SPON ADR | COM | 89677Q107 |  | 310567672 | 9028130 | SH |  | SOLE |  | 4581890 | 0 | 4446240 |
| TRUEBLUE INC. | COM | 89785X101 |  | 43190191 | 2205832 | SH |  | SOLE |  | 1698584 | 0 | 507248 |
| UBS GROUP AG | COM | H42097107 |  | 81345134 | 4356997 | SH |  | DFND | 1 | 4125822 | 0 | 231175 |
| UMPQUA HOLDINGS CORPORATION | COM | 904214103 |  | 58872513 | 3298180 | SH |  | SOLE |  | 2463414 | 0 | 834766 |
| UNIVERSAL CORP | COM | 913456109 |  | 38471504 | 728489 | SH |  | SOLE |  | 583737 | 0 | 144752 |
| UNIVEST FINANCIAL CORPORATION | COM | 915271100 |  | 42891402 | 1641462 | SH |  | SOLE |  | 1232586 | 0 | 408876 |
| USANA HEALTH SCIENCES INC. | COM | 90328M107 |  | 38138069 | 716881 | SH |  | SOLE |  | 494757 | 0 | 222124 |
| VAREX IMAGING CORPORATION | COM | 92214X106 |  | 24158340 | 1190066 | SH |  | SOLE |  | 854885 | 0 | 335181 |
| VERIZON COMMUNICATIONS INC. | COM | 92343V104 |  | 9161879 | 232535 | SH |  | SOLE |  | 232535 | 0 | 0 |
| VODAFONE GROUP PLC SPON ADR | COM | 92857W308 |  | 132127 | 13056 | SH |  | SOLE |  | 13056 | 0 | 0 |
| VOLKSWAGEN AG UNSPON ADR PFD | COM | 928662501 |  | 1046420 | 84525 | SH |  | SOLE |  | 44811 | 0 | 39714 |
| VORNADO REALTY TRUST | COM | 929042109 |  | 14924786 | 717193 | SH |  | SOLE |  | 717193 | 0 | 0 |
| VOYA FINANCIAL INC. | COM | 929089100 |  | 256596663 | 4172982 | SH |  | DFND | 1 | 3999018 | 0 | 173964 |
| VTECH HOLDINGS LIMITED UNSPON ADR | COM | 928929207 |  | 882605 | 139730 | SH |  | SOLE |  | 139730 | 0 | 0 |
| WEBSTER FINANCIAL CORPORATION | COM | 947890109 |  | 103961433 | 2196059 | SH |  | SOLE |  | 1798917 | 0 | 397142 |
| WELLS FARGO  COMPANY | COM | 949746101 |  | 731279634 | 17710817 | SH |  | DFND | 1 | 15116605 | 0 | 2594212 |
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | COM | 929740108 |  | 778854659 | 7803373 | SH |  | DFND | 1 | 6792154 | 0 | 1011219 |
| WILMAR INTERNATIONAL LIMITED UNSPON ADR | COM | 971433107 |  | 2678914 | 86162 | SH |  | SOLE |  | 86162 | 0 | 0 |
| WSFS FINANCIAL CORPORATION | COM | 929328102 |  | 49793113 | 1098216 | SH |  | SOLE |  | 835297 | 0 | 262919 |

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