9AT: PZENA INVESTMENT MANAGEMENT LLC

other names

Adviser Profile

As of Date	03/28/2024
Adviser Type - Large advisory firm - An investment adviser (or subadviser) to an investment company
Number of Employees	156 5.41%
of those in investment advisory functions	51
Registration	SEC, Approved, 12/15/1995

AUM^*	58,864,978,960 19.41%
of that, discretionary	57,997,092,841 19.39%
Private Fund GAV^*	654,987,846 38.95%
Avg Account Size	261,622,129 21.00%
% High Net Worth	13.33% -22.46%
SMA’s	Yes
Private Funds	7 1
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

Fund Type	Count	GAV
Fund TypeHedge Fund	Count3	GAV$183,702,458
Fund TypeOther Private Fund	Count4	GAV$471,285,388

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 Fund3.0b	Total Private Fund GAV3.0b	AUM49.5b	#Funds10
Adviser MAWER INVESTMENT MANAGEMENT LTD.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund34.0b	Total Private Fund GAV34.0b	AUM49.6b	#Funds16
Adviser BARROW HANLEY GLOBAL INVESTORS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund196.3m	Total Private Fund GAV196.3m	AUM49.9b	#Funds2
Adviser CERITY PARTNERS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund41.5m	Total Private Fund GAV41.5m	AUM80.6b	#Funds10
Adviser PACIFIC LIFE FUND ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund54.8m	Total Private Fund GAV54.8m	AUM39.9b	#Funds1
Adviser EMPOWER CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund2.5b	Total Private Fund GAV2.5b	AUM64.9b	#Funds9
Adviser MONDRIAN INVESTMENT PARTNERS LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund6.6b	Total Private Fund GAV6.6b	AUM45.3b	#Funds27
Adviser MARATHON-LONDON	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund9.8b	Total Private Fund GAV9.8b	AUM40.7b	#Funds9
Adviser PINESTONE ASSET MANAGEMENT INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund449.8m	Total Private Fund GAV449.8m	AUM44.3b	#Funds2
Adviser SILCHESTER INTERNATIONAL INVESTORS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund37.9b	Total Private Fund GAV37.9b	AUM43.3b	#Funds4

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker559222401	Stock NameMAGNA INTL INC	$ Position$1,182,375,561	% Position4.00%	$ Change-10.00%	# Change16.00%
Stck Ticker192446102	Stock NameCOGNIZANT TECHNOLOGY SOLUTIO	$ Position$1,253,181,112	% Position4.00%	$ Change4.00%	# Change12.00%
Stck Ticker071813109	Stock NameBAXTER INTL INC	$ Position$1,014,769,305	% Position4.00%	$ Change-1.00%	# Change27.00%
Stck Ticker14040H105	Stock NameCAPITAL ONE FINL CORP	$ Position$945,313,340	% Position3.00%	$ Change-12.00%	# Change-5.00%
Stck Ticker172967424	Stock NameCITIGROUP INC	$ Position$952,382,550	% Position3.00%	$ Change-6.00%	# Change-6.00%
Stck Ticker16119P108	Stock NameCHARTER COMMUNICATIONS INC N	$ Position$891,550,440	% Position3.00%	$ Change9.00%	# Change6.00%
Stck Ticker060505104	Stock NameBANK AMERICA CORP	$ Position$775,112,170	% Position3.00%	$ Change-3.00%	# Change-8.00%
Stck Ticker126650100	Stock NameCVS HEALTH CORP	$ Position$750,462,899	% Position3.00%	$ Change74.00%	# Change135.00%
Stck Ticker260557103	Stock NameDOW INC	$ Position$981,969,134	% Position3.00%	$ Change-7.00%	# Change2.00%
Stck Ticker29452E101	Stock NameEQUITABLE HLDGS INC	$ Position$748,259,210	% Position3.00%	$ Change-21.00%	# Change-26.00%

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

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