Pzena Buys Aetna; Sells Abbott, Allstate, Dell

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The latest 13f filing of Pzena Investment Management showed that it added seven new stocks to  its portfolio during the fourth quarter of 2012. The famous value fund’s assets under management increased in market value from approximately $11.98 billion to $12.16 billion as of December 31st 2012.

Pzena Buys Aetna; Sells Abbott, Allstate, Dell

During the period, Hewlett-Packard Company (NYSE:HPQ) remained the number one stock holding of Pzena Investment Management with more than 41 million shares or 4.81 percent stake in the company with approximately $585.78 million market value.

Its second and third largest holdings of the fund, Staples, Inc. (NASDAQ:SPLS) and Oracle Corporation (NASDAQ:ORCL), which represent 3.67 percent and 3.62 percent stakes in the companies, respectively.

Pzena Investment Management’s top five holdings include more than 1.06 million shares of Assurant, Inc. (NYSE:AIZ); 772,250 shares of Aetna Inc. (NYSE:AET); 506,488 shares of Anixter International Inc. (NYSE:AXE), over 2.0 million shares of Dana Holding Corporation (NYSE:DAN), and almost 1 million shares of J.C. Penney Company, Inc. (NYSE:JCP).

The fund also purchased 128,075 shares of AECOM Technology Corp (NYSE:ACM) and 24,057 shares of iGo, Inc. (NASDAQ:IGOI).

During the period, Pzena Investment Management reduced its position in Abbott Laboratories (NYSE:ABT) by 269,081 shares, Advanced Semiconductor Engineering (NYSE:ASX) by 195, 280 shares, The Allstate Corporation (NYSE:ALL) by more than 3.89 million shares, and more than 1.7 million shares of Dell Inc. (NASDAQ:DELL).

The fund still owns nearly 2 million shares of Abbot Laboratories with more than $127 million market value, over 6.48 million shares of Allstate worth over $260.5 million, and more than 12.6 million shares of Dell with an estimated market value of $128.5 million.

Pzena Investment Management supported the opposition of Mason Hawkins to the proposed $24.4 billion buyout agreement of Dell Inc with a consortium of buyers lead by its CEO, Michael Dell, and Silver Lake Partners. The firm  is expected to vote against Dell’s LBO.

Pzena sold all its stakes in Computer Sciences Corporation (NYSE:CSC), CA, Inc. (NASDAQ:CA), American Repographics Company, Jarden Corporation (NYSE:JAH), and Johnson & Johnson (NYSE:JNJ).

Pzena Investment Management’s portfolio represents 36.1 percent holdings in financials, 20.4 percent in technology, 12.9 percent in services, 7.8 percent in basic materials, 6.2 percent in industrial goods, 5.4 percent in consumer goods, and 4.8 percent in healthcare, among others.

Richard Pzena is the founder and chief investment officer of Pzena Investment Management.

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