PZENA INVESTMENT MANAGEMENT LLC

PZENA INVESTMENT MANAGEMENT LLC declares $3.1B in 15 of the 220 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 9.0% of its $34.1B 13F portfolio. Largest positions: Skyworks (10.6% of the company) and Cognizant (5.9% of the company). Over time: $3.1B in 15 of these companies for Q2 2026, against $1.7B in 11 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $584.7M and sold $29.8M of these stocks, at the quarter's prices: a net purchase of $554.9M; 5 new positions and 2 sold out.

Performance of its AI picks

The AI-stock portfolio PZENA INVESTMENT MANAGEMENT LLC declared for Q2 2026 (Form 13F), held unchanged, returned +35.5% in Q3 2026 (SMH -7.1%), ranked 1 of 1,776 active managers. Over the last 12 months, quarter after quarter: +1.9% (SMH +87.2%), ranked 1343 of 1,356 active managers. Over three years, quarter after quarter: +19.0% (SMH +325.8%). Over five years, quarter after quarter: +31.9% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. Skyworks (SWKS) — $1.1B: 16.0M shares, 10.6% of the company, 3.2% of its portfolio (trimmed this quarter); held since Q4 2023
2. Cognizant (CTSH) — $1.0B: 26.5M shares, 5.9% of the company, 3.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Accenture (ACN) — $639.9M: 5.1M shares, 0.84% of the company, 1.9% of its portfolio (added this quarter); held since Q3 2025
4. Cisco (CSCO) — $150.5M: 1.3M shares, 0.03% of the company, 0.44% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. TE Connectivity (TEL) — $112.0M: 555,637 shares, 0.19% of the company, 0.33% of its portfolio (trimmed this quarter); held since Q1 2023
6. Alphabet (GOOGL) — $61.2M: 171,157 shares, 0.00% of the company, 0.18% of its portfolio; held since Q4 2025
7. TSMC (TSM) — $1.9M: 4,054 shares, 0.00% of the company, 0.01% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. Oracle (ORCL) — $304,238.00: 2,076 shares, 0.00% of the company, 0.00% of its portfolio (new position this quarter)
9. Autodesk (ADSK) — $292,797.00: 1,506 shares, 0.00% of the company, 0.00% of its portfolio (added this quarter); held since Q1 2026
10. NVIDIA (NVDA) — $289,130.00: 1,445 shares, 0.00% of the company, 0.00% of its portfolio (new position this quarter)
11. Qorvo (QRVO) — $284,007.00: 3,045 shares, 0.00% of the company, 0.00% of its portfolio (new position this quarter)
12. Microsoft (MSFT) — $281,630.00: 755 shares, 0.00% of the company, 0.00% of its portfolio (trimmed this quarter); held since Q1 2026
13. Salesforce (CRM) — $235,303.00: 1,502 shares, 0.00% of the company, 0.00% of its portfolio (new position this quarter)
14. Adobe (ADBE) — $224,292.00: 1,094 shares, 0.00% of the company, 0.00% of its portfolio (added this quarter); held since Q2 2025
15. GE Vernova (GEV) — $216,174.00: 184 shares, 0.00% of the company, 0.00% of its portfolio (new position this quarter)

By sector

• AI software — $1.7B, 54% of its AI holdings, 6 companies
• Chips & compute — $1.1B, 35% of its AI holdings, 4 companies
• Interconnect — $262.5M, 9% of its AI holdings, 2 companies
• Cloud & AI giants — $61.4M, 2% of its AI holdings, 2 companies
• Power, electrical & cooling — $216,174.00, 0% of its AI holdings, 1 company

Biggest changes this quarter

• added to Accenture (ACN): +$340.5M at the quarter's price
• added to Cognizant (CTSH): +$242.7M at the quarter's price
• trimmed TE Connectivity (TEL): -$9.7M at the quarter's price
• trimmed Skyworks (SWKS): -$9.2M at the quarter's price
• trimmed TSMC (TSM): -$7.1M at the quarter's price
• trimmed Cisco (CSCO): -$3.2M at the quarter's price
• sold out of Cirrus Logic (CRUS): -$305,727.00 at the quarter's price
• opened a position in Oracle (ORCL): +$304,238.00 at the quarter's price
• opened a position in NVIDIA (NVDA): +$289,130.00 at the quarter's price
• opened a position in Qorvo (QRVO): +$284,007.00 at the quarter's price

Schedule 13D/G declarations

• Cognizant (CTSH) — 13G filed Jul 17, 2026: 26.8M shares as of Jun 30, 2026, 5.7% as declared
• Skyworks (SWKS) — 13G filed Feb 4, 2026: 17.6M shares as of Jan 30, 2026, 11.7% as declared
• Skyworks (SWKS) — 13G filed Jul 14, 2025: 12.3M shares as of Jun 30, 2025, 8.2% as declared
• Skyworks (SWKS) — 13G filed Apr 28, 2025: 7.9M shares as of Mar 31, 2025, 5.1% as declared

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