Pzena Investment Management Discloses 8.75M Share Stake in Avnet

TL;DR

**Pzena Investment Management just revealed a big stake in Avnet, holding over 8.75 million shares.**

AI Summary

Pzena Investment Management LLC, a Delaware-based investment firm, reported owning 8,751,446 shares of Avnet Inc. common stock as of December 31, 2023. This represents a significant stake, with Pzena holding sole voting power over 6,334,168 of those shares. This matters to Avnet shareholders because a large institutional investor like Pzena increasing or maintaining a substantial position can signal confidence in the company's future performance, potentially influencing other investors and the stock price.

Why It Matters

This filing reveals a major institutional investor's significant ownership in Avnet, which can be interpreted as a vote of confidence and may influence market perception and stock valuation.

Risk Assessment

Risk Level: low — This filing indicates a large institutional investment, generally seen as a positive or neutral signal, not a direct risk.

Analyst Insight

A smart investor would note this significant institutional ownership as a potential positive signal, suggesting that a professional money manager sees value in Avnet. Further research into Pzena's investment philosophy and Avnet's fundamentals would be prudent.

Key Numbers

• 8,751,446 — Total Shares Beneficially Owned (Represents Pzena Investment Management LLC's total stake in Avnet Inc. as of December 31, 2023.)
• 6,334,168 — Sole Voting Power Shares (Indicates the number of shares Pzena Investment Management LLC can independently vote.)
• December 31, 2023 — Date of Event (The specific date on which the ownership stake was established, triggering the filing requirement.)

Key Players & Entities

• Pzena Investment Management LLC (company) — the reporting person and institutional investor
• Avnet Inc. (company) — the subject company whose shares are being reported
• Delaware (company) — place of organization for Pzena Investment Management LLC
• December 31, 2023 (date) — date of event requiring the filing
• 8,751,446 (dollar_amount) — total shares of Avnet Inc. beneficially owned by Pzena Investment Management LLC
• 6,334,168 (dollar_amount) — shares over which Pzena Investment Management LLC has sole voting power

Forward-Looking Statements

• Pzena Investment Management LLC will maintain a significant stake in Avnet Inc. for the foreseeable future. (Pzena Investment Management LLC) — medium confidence, target: December 31, 2024

FAQ

Filing Documents

• avnet_inc_13g_dec_2023.htm (SC 13G) — 95KB
• 0000950170-24-012603.txt ( ) — 97KB

IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or Dealer registered under Section 15 of the Act (b) [ ] Bank as defined in section 3(a)(6) of the Act (c) [ ] Insurance Company as defined in section 3(a)(19) of the Act (d) [ ] Investment Company registered under section 8 of the Investment Company Act of 1940 (e) [ x ] Investment Adviser registered under section 203 of the Investment Advisers Act or under the laws of any State (f) [ ] Employee Benefit Plan, Pension fund which is subject to the Endowment Fund; see ss.240.13d-1(b)(1)(ii)(F) (g) [ ] Parent Holding Company or Control Person, in accordance with ss.240.13d-1(b)(ii)(G) (Note: See Item 7) (h) [ ] A Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act (i) [ ] A Church Plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (j) [ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J) If this statement is filed pursuant to ss.240.13d-1(c), check this box [ ]. SCHEDULE 13G CUSIP NO. 053807103 PAGE 4 OF 6 PAGES

OWNERSHIP

ITEM 4. OWNERSHIP If the percent of the class owned, as of December 31 of the year covered by this statement, or as of the last day of any month described in Rule 13d-1(b)(2) if applicable exceeds five percent, provide the following information as of that date and identify those shares which there is a right to acquire. (a) Amount Beneficially Owned: 8,751,446 (b) Percent of Class: 9.7% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 6,334,168 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition of: 8,751,446 (iv) shared power to dispose or to direct the disposition of: 0

OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].

OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employees benefit plan, pension fund or endowment fund is not required. CLIENTS OF THE FILING INVESTMENT MANAGER HAVE THE RIGHT TO RECEIVE AND THE ULTIMATE POWER TO DIRECT THE RECEIPT OF DIVIDENDS FROM, OR THE PROCEEDS OF SALE OF THE SECURITIES REPORTED ON HEREINABOVE. NO INTEREST OF ANY ONE OF SUCH CLIENTS RELATES TO MORE THAN FIVE PERCENT OF THE CLASS. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c), attach an exhibit stating the identification of the relevant subsidiary. NOT APPLICABLE.

IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP If a group has filed this schedule pursuant to Rule 13d-1(b)(ii)(J), so indicate under Item 3(h) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to Rule 13d-1(d), attach an exhibit stating the identity of each member of the group. NOT APPLICABLE.

NOTICE OF DISSOLUTION OF GROUP

ITEM 9. NOTICE OF DISSOLUTION OF GROUP Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security report on will be filed, if required, by members of the group, in their individual capacity. NOT APPLICABLE. SCHEDULE 13G CUSIP NO. 053807103 PAGE 5 OF 6 PAGES

CERTIFICATION

ITEM 10. CERTIFICATION By signing below, I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SCHEDULE 13G CUSIP NO. 053807103 PAGE 6 OF 6 PAGES After reasonable inquiry and to the best of my knowledge and belief, I hereby certify that the information set forth in this statement is true, complete and correct. February 8, 2024 /s/ Steven Coffey, Chief Legal Risk Officer & Chief Compliance Officer NAME/TITLE

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