NWQ INVESTMENT MANAGEMENT CO /CA/
13F-HR, 1999-04-26
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                       UNITED STATES                                      
                   SECURITIES AND EXCHANGE COMMISSION                           
                         Washington, D.C.  20549                                
                                                                                
                               FORM 13F                                         
                                                                                
                         FORM 13F COVER PAGE                                    
                                                                                
Report for the Calendar Year or Quarter Ended: March 31, 1999                   
                                                                                
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:    NWQ INVESTMENT MANAGEMENT CO INC/MA                                    
Address: 2049 Century Park East 4th Floor                                       
         Los Angeles, CA 90067                                                  
                                                                                
                                                                                
                                                                                
13F File Number: 28-______                                                      
                                                                                
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:    MARY-GENE SLAVEN                                                       
Title:   Managing-Director                                                      
Phone:   310-712-4002_                                                          
Signature, Place, and Date of Signing:                                          
                                                                                
Mary-Gene Slaven  Los Angeles   __   04/22/1999______                           
                                                                                
                                                                                
Report Type (Check only one.):                                                  
                                                                                
[X ]   13F HOLDINGS REPORT.                                                     
                                                                                
[  ]   13F NOTICE.                                                              
                                                                                
[  ]   13F COMBINATION REPORT.                                                  
                                                                                
List of Other Managers Reporting for this Manager:                              
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE                 
ACT OF 1934.                                                                    
<PAGE>                                                                          
                          FORM 13F SUMMARY PAGE                                 
                                                                                
                                                                                
Report Summary:                                                                 
                                                                                
Number of Other Included Managers:                                              
Form 13F Information Table Entry Total:     179                                 
Form 13F Information Table Value Total:     $5,026,555                          
                                                                                
                                                                                
List of Other Included Managers:                                                
                                                                                
No.   13F File Number        Name                                               
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
<PAGE>                                                                          
<TABLE>                        <C>              <C>       <C>      <C>               <C>     <C>                                    
                                                          FORM 13F INFORMATION TABLE                                                
                                                           VALUE   SHARES/  SH/ PUT/ INVSTMT    OTHER          VOTING AUTORITY      
NAME OF ISSUER                 TITLE OF CLASS   CUSIP NO  (x$1000) PRN AMT  PRN CALL DSCRETN  MANAGERS      SOLE    SHARED   NONE   
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- -----------  -------- -------- --------
                                                                                                                                    
AT&T CORP NEW LIBERTY MEDIA    GROUP CL A       001957208    39903   758755 SH       DEFINED                427380        0   331375
ACTEL CORPORATION              COM              004934105     1146    69715 SH       DEFINED                 56100        0    13615
AETNA INC                      COM              008117103   130312  1570019 SH       DEFINED                775662        0   794357
AIR PRODUCTS & CHEMICALS INC   COM              009158106    58865  1718700 SH       DEFINED                606254        0  1112446
ALBERTO-CULVER CO. CLASS A     COM              013068200     7749   364646 SH       DEFINED                215900        0   148746
ALEXANDRIA REAL EST EQUITIES   COM              015271109     1881    71159 SH       DEFINED                 58125        0    13034
ALIGN-RITE INTERNATIONAL       COM              016251100      710    61422 SH       DEFINED                 49700        0    11722
ALLEGHENY TELEDYNE INC         COM              017415100      971    51300 SH       SOLE                    51300        0        0
ALLEN TELECOM INC              COM              018091108     2241   344826 SH       DEFINED                123400        0   221426
ALLIED SIGNAL INC              COM              019512102      526    10700 SH       DEFINED                   700        0    10000
ALLSTATE CORPORATION           COM              020002101    65118  1756980 SH       DEFINED                924237        0   832743
ALLTEL CORP                    COM              020039103    21297   341440 SH       DEFINED                164532        0   176908
AMERICAN GREETINGS CORP CL A   COM              026375105    20411   804357 SH       DEFINED                645495        0   158862
AMERICAN INTL GROUP INC        COM              026874107    47681   395286 SH       DEFINED                163163        0   232123
AMERUS LIFE HOLDINGS INC-A     COM              030732101     1429    59521 SH       DEFINED                     0        0    59521
ANHEUSER BUSCH COS INC         COM              035229103      236     3100 SH       SOLE                     3100        0        0
ANTEC CORPORATION              COM              03664P105     1430    66490 SH       DEFINED                 50675        0    15815
ASSISTED LIVING CONCEPTS INC.  COM              04543L109      315    88559 SH       DEFINED                 68150        0    20409
@ENTERTAINMENT INC.            COM              045920105     2889   304100 SH       DEFINED                289100        0    15000
ATCHISON CASTING CORP          COM              046613105     1745   216435 SH       DEFINED                123850        0    92585
BJ SERVICES CO                 COM              055482103    42278  1818411 SH       DEFINED                434350        0  1384061
BAKER HUGHES INC               COM              057224107      243    10000 SH       SOLE                    10000        0        0
BANK OF NEW YORK               COM              064057102    88852  2472413 SH       DEFINED                827547        0  1644866
BANK ONE CORP (NEW)            COM              06423A103   133888  2431570 SH       DEFINED               1079775        0  1351795
BANKAMERICA CORP (NEW)         COM              06605F102   112810  1597313 SH       DEFINED                780637        0   816676
BEAR STEARNS COMPANIES INC     COM              073902108    84910  1900073 SH       DEFINED                849673        0  1050400
BELDEN INC                     COM              077459105     1020    59752 SH       DEFINED                 46700        0    13052
BELL ATLANTIC CORP             COM              077853109      439     8487 SH       DEFINED                     0        0     8487
BESTFOODS                      COM              08658U101      588    12500 SH       SOLE                    12500        0        0
BON-TON STORES                 COM              09776J101     1541   208897 SH       DEFINED                169600        0    39297
BORG WARNER AUTOMOTIVE INC     COM              099724106     2311    48331 SH       DEFINED                 39345        0     8986
BURLINGTON NORTHERN SANTA FE   COM              12189T104    21821   663743 SH       DEFINED                 33760        0   629983
BURLINGTON RESOURCES INC       COM              122014103      727    18213 SH       DEFINED                  8575        0     9638
CIGNA CORP                     COM              125509109   120339  1435813 SH       DEFINED                536095        0   899718
CAL DIVE INTL INC.             COM              127914109      540    25882 SH       DEFINED                 19100        0     6782
CASE CORP                      COM              14743R103    53807  2120482 SH       DEFINED                904769        0  1215713
CATERPILLAR INC                COM              149123101      531    11560 SH       DEFINED                  9160        0     2400
CELLULAR COMM PF PUERTO RICO   COM              15116N108    22695   840539 SH       DEFINED                550000        0   290539
CHASE MANHATTAN CORP           COM              16161A108   161991  1990672 SH       DEFINED                725953        0  1264719
CIRCUS CIRCUS ENTERPRISES INC  COM              172909103    10979   625126 SH       DEFINED                302200        0   322926
CITIGROUP INC                  COM              172967101    68898  1078637 SH       DEFINED                304770        0   773867
CLAIRE'S STORES INC            COM              179584107     2544    84432 SH       DEFINED                 66275        0    18157
COASTAL CORP                   COM              190441105    53799  1630265 SH       DEFINED                434702        0  1195563
COFLEXIP-SPONSORED ADR         COM              192384105      610    17695 SH       DEFINED                 14250        0     3445
COLUMBIA/HCA HEALTHCARE CORP   COM              197677107    60296  3183973 SH       DEFINED               1007791        0  2176182
COMCAST CORP CL A SPL          COM              200300200      220     3500 SH       SOLE                     3500        0        0
COMMERCIAL BANK OF NEW YORK    COM              201462108      751    57735 SH       DEFINED                 44175        0    13560
COMMERCIAL FEDERAL CORP        COM              201647104     2495   107588 SH       DEFINED                 83687        0    23901
COOPER INDUSTRIES INCORPORATED COM              216669101    11007   258237 SH       DEFINED                226350        0    31887
COX COMMUNICATIONS INC CL A    COM              224044107    25328   334910 SH       DEFINED                205850        0   129060
DARDEN RESTAURANTS INC         COM              237194105     8854   429267 SH       DEFINED                141700        0   287567
DEERE & CO                     COM              244199105    69104  1789111 SH       DEFINED                985814        0   803297
DEL MONTE FOODS CO             COM              24522P103     1718   130308 SH       DEFINED                 98950        0    31358
DELPHI AUTOMOTIVE SYSTEMS CORP COM              247126105     2867   161500 SH       DEFINED                135400        0    26100
DELTA AIR LINES, INC           COM              247361108    80781  1162312 SH       DEFINED                517169        0   645143
DIAMOND OFFSHORE DRILLING      COM              25271C102     3495   110500 SH       DEFINED                105125        0     5375
DONCASTERS PLC-SPONSORED ADR   COM              257692103      963    62632 SH       DEFINED                 48030        0    14602
DU PONT (E.I.) DE NEMOURS      COM              263534109    38622   665185 SH       DEFINED                162645        0   502540
EASTMAN KODAK COMPANY          COM              277461109      211     3300 SH       SOLE                     3300        0        0
ELDER-BEERMAN STORES CORP      COM              284470101     1083   125612 SH       DEFINED                 94500        0    31112
EMERSON ELECTRIC COMPANY       COM              291011104    65319  1233887 SH       DEFINED                748572        0   485315
ENTERGY CORP                   COM              29364G103      652    23700 SH       SOLE                    23700        0        0
EXXON CORPORATION              COM              302290101      833    11800 SH       SOLE                    11800        0        0
FPIC INSURANCE GROUP INC       COM              302563101     2363    56929 SH       DEFINED                 44925        0    12004
FARM FAMILY HOLDINGS INC       COM              307901108     2413    75989 SH       DEFINED                 60125        0    15864
FEDERAL-MOGUL CORP             COM              313549107     6285   147017 SH       DEFINED                123200        0    23817
FEDERAL NATL MTG ASSN          COM              313586109   104645  1511122 SH       DEFINED                602320        0   908802
FEDERATED DEPART STORES INC        (NEW)        31410H101    78004  1944016 SH       DEFINED                770666        0  1173350
FIRST DATA CORP                COM              319963104      201     4700 SH       DEFINED                   400        0     4300
FIRST SECURITY CORP/DEL        COM              336294103     6521   337646 SH       DEFINED                269800        0    67846
FIRST UNION CORP               COM              337358105   159265  2980396 SH       DEFINED               1477640        0  1502756
FLOWSERVE CORP                 COM              34354P105     3007   193192 SH       DEFINED                182462        0    10730
FORD MOTOR COMPANY             COM              345370100    28881   509477 SH       DEFINED                235400        0   274077
FORT JAMES CORPORATION         COM              347471104      574    18100 SH       SOLE                    18100        0        0
FORTUNE BRANDS, INC.           COM              349631101   107000  2779225 SH       DEFINED               1272795        0  1506430
FOSTER WHEELER CORP            COM              350244109      325    26800 SH       SOLE                    26800        0        0
FRESENIUS MED CARE HLDGS INC      SPEC DIV PFD S358030203        7   337432 SH       DEFINED                302615        0    34817
GAYLORD CONTAINER CORP CL A    COM              368145108     2620   349327 SH       DEFINED                271525        0    77802
GENERAL ELECTRIC COMPANY       COM              369604103     2891    26135 SH       DEFINED                 21135        0     5000
GRAINGER W W INC               COM              384802104    43112  1001140 SH       DEFINED                886790        0   114350
GRIFFON CORP                   COM              398433102      979   142375 SH       DEFINED                113025        0    29350
HSB GROUP INC                  COM              40428N109     1857    50007 SH       DEFINED                 39560        0    10447
HALLIBURTON COMPANY            COM              406216101   170404  4426080 SH       DEFINED               1771297        0  2654783
HALTER MARINE GROUP INC        COM              40642Y105      198    34033 SH       SOLE                    34033        0        0
HARNISCHFEGER INDS INC         COM              413345109       64    11250 SH       DEFINED                  7150        0     4100
HARRIS CORP DEL                COM              413875105     3571   124750 SH       DEFINED                103650        0    21100
HARTFORD FINL SERVICES GRP INC COM              416515104    63559  1118758 SH       DEFINED                424500        0   694258
HASBRO INC                     COM              418056107    30551  1055758 SH       DEFINED                615700        0   440058
HAYES LEMMERZ INTL INC         COM              420781106     9226   392611 SH       DEFINED                223350        0   169261
HELLER FINANCIAL INC           COM              423328103    15664   666567 SH       DEFINED                418800        0   247767
HEWLETT-PACKARD COMPANY        COM              428236103    77202  1138465 SH       DEFINED                388045        0   750420
HIGHLANDS INS GROUP INC        COM              431032101      425    40270 SH       DEFINED                 38232        0     2038
HONEYWELL INC                  COM              438506107    55385   730546 SH       DEFINED                181300        0   549246
HOUSEHOLD INTL INC             COM              441815107     3883    85100 SH       DEFINED                 70100        0    15000
IMC GLOBAL INC                 COM              449669100    29131  1425379 SH       DEFINED                299970        0  1125409
IMCO RECYCLING                 COM              449681105      692    53740 SH       DEFINED                 37050        0    16690
INDYMAC MORTGATE HLDGS INC     COM              456607100     8600   790803 SH       DEFINED                485200        0   305603
INGERSOLL RAND CO              COM              456866102   101470  2044728 SH       DEFINED                795140        0  1249588
INTEGRATED HEALTH SERVICES     COM              45812C106      240    43550 SH       DEFINED                 34775        0     8775
INTERNATIONAL PAPER            COM              460146103      313     7409 SH       DEFINED                     0        0     7409
INTERNATIONAL RECTIFIER        COM              460254105      110    15700 SH       SOLE                    15700        0        0
INTL SPECIALTY PROD            COM              460337108     1056   139578 SH       DEFINED                110400        0    29178
KENNAMETAL INC                 COM              489170100    14802   839836 SH       DEFINED                741555        0    98281
KEY ENERGY SERVICES INC        COM              492914106      267    57004 SH       DEFINED                 31700        0    25304
LANCE INCORPORATED             COM              514606102     1531    94229 SH       DEFINED                 72798        0    21431
LEAR CORPORATION               COM              521865105    15925   373053 SH       DEFINED                161900        0   211153
LOCKHEED MARTIN CORP.          COM              539830109    62890  1665957 SH       DEFINED                688890        0   977067
LOEWS CORP DEL                 COM              540424108   143582  1924045 SH       DEFINED                873434        0  1050611
MGIC INVESTMENT CORP           COM              552848103     7866   224354 SH       DEFINED                194900        0    29454
MAYTAG CORP                    COM              578592107    29430   487452 SH       DEFINED                427650        0    59802
MEDIAONE GROUP INC             COM              58440J104   206349  3252793 SH       DEFINED               1505670        0  1747123
MERIDIAN RESOURCE GROUP        COM              58977Q109      208    61764 SH       DEFINED                 51764        0    10000
MIRAGE RESORTS INC             COM              60462E104     1073    50500 SH       DEFINED                 42000        0     8500
MOBIL CORPORATION              COM              607059102      322     3662 SH       SOLE                     3662        0        0
MORGAN J P & CO INC            COM              616880100      204     1650 SH       SOLE                     1650        0        0
MORTON INTL INC OF INDIANA     COM              619335102    38482  1047125 SH       DEFINED                912975        0   134150
NAC RE CORP                    COM              628907107     1826    34019 SH       DEFINED                 26460        0     7559
NTL INC                        COM              629407107    41462   509517 SH       DEFINED                292425        0   217092
NABISCO HOLDINGS CORP-CL A     COM              629526104      338     8133 SH       DEFINED                     0        0     8133
NATIONAL CITY CORP CLEVELAND   COM              635405103    16814   253318 SH       DEFINED                246954        0     6364
NOBLE AFFILIATES INC           COM              654894104    11428   394068 SH       DEFINED                261950        0   132118
NOBLE DRILLING CORP            COM              655042109    26251  1510875 SH       DEFINED               1324700        0   186175
NORTHERN TRUST CORP            COM              665859104      533     6000 SH       SOLE                     6000        0        0
OCEAN ENERGY INC (NEW)         COM              67481E106    21503  3156335 SH       DEFINED               2464732        0   691603
PENNEY J C COMPANY             COM              708160106      263     6488 SH       DEFINED                     0        0     6488
PHARMACIA & UPJOHN INC.        COM              716941109    22358   358439 SH       DEFINED                173200        0   185239
PFIZER INC                     COM              717081103     1421    10244 SH       SOLE                    10244        0        0
PHARMERICA INC.                COM              717135107      718   143621 SH       DEFINED                107500        0    36121
PHILADELPHIA CONS HLDG CO      COM              717528103     1483    73677 SH       DEFINED                 57850        0    15827
PHILIP MORRIS COMPANIES INC    COM              718154107   135323  3845771 SH       DEFINED               1760250        0  2085521
PRAXAIR INC.                   COM              74005P104   100669  2791511 SH       DEFINED               1197280        0  1594231
PROVIDENT COMPANIES, INC       COM              743862104    21266   615278 SH       DEFINED                398400        0   216878
QUAKER FABRIC CORP             COM              747399103      409    73600 SH       DEFINED                 62300        0    11300
QUANTUM CORP.                  COM              747906105    14545   808070 SH       DEFINED                521900        0   286170
RJR NABISCO HOLDINGS CORP      COM              74960K876      454    18178 SH       DEFINED                     0        0    18178
RAYCHEM CORP                   COM              754603108     3707   164282 SH       DEFINED                 14300        0   149982
RAYONIER INC                   COM              754907103     1459    36421 SH       DEFINED                 28605        0     7816
RITCHIE BROS. AUCTIONEERS      COM              767744105      846    25117 SH       DEFINED                 19650        0     5467
SBC COMMUNICATIONS INC         COM              78387G103      680    14400 SH       SOLE                    14400        0        0
SCHLUMBERGER LIMITED           COM              806857108      303     5040 SH       SOLE                     5040        0        0
SCRIPPS E W CO (NEW)           COM              811054204    15952   360500 SH       DEFINED                319900        0    40600
SEALED AIR CORP (NEW)          COM              81211K100      216     4391 SH       DEFINED                  3748        0      643
SHAW GROUP INC                 COM              820280105      721    51717 SH       DEFINED                 41400        0    10317
SOUTHDOWN INC                  COM              841297104      287     5346 SH       SOLE                     5346        0        0
STOLT COMEX SEAWAY ADR CL A    COM              861567105      123    14650 SH       SOLE                    14650        0        0
STORAGE TECHNOLOGY CORP        COM              862111200    15354   550825 SH       DEFINED                315500        0   235325
SUNDSTRAND CORPORATION         COM              867323107    57837   832193 SH       DEFINED                747927        0    84266
TELEPHONE & DATA SYS INC       COM              879433100    26711   473804 SH       DEFINED                284700        0   189104
TEXAS INSTRUMENTS INCORPORATED COM              882508104   182602  1839819 SH       DEFINED                732139        0  1107680
TEXTRON INC                    COM              883203101    30515   394372 SH       DEFINED                102575        0   291797
THOMAS & BETTS CORP            COM              884315102    20456   544597 SH       DEFINED                463547        0    81050
TIME WARNER INC.               COM              887315109   156520  2210351 SH       DEFINED                703465        0  1506886
TITAN INTERNATIONAL INC        COM              88830M102      258    33600 SH       SOLE                    33600        0        0
TORCHMARK CORP                 COM              891027104    18105   572503 SH       DEFINED                371700        0   200803
TOSCO CORP COM NEW             COM              891490302    17399   701212 SH       DEFINED                428000        0   273212
TOYS R US                      COM              892335100     1040    55300 SH       SOLE                    55300        0        0
TRANSOCEAN OFFSHORE INC.       COM              893817106    39054  1355462 SH       DEFINED                658765        0   696697
TRAVELERS PROP CASUALTY CL A   COM              893939108    18028   504275 SH       DEFINED                424950        0    79325
TROPICAL SPORTSWEAR INTL.      COM              89708P102     1897    93108 SH       DEFINED                 73650        0    19458
U S BANCORP DEL                COM              902973106      355    10434 SH       SOLE                    10434        0        0
UNILEVER N V NEW YORK SHRS     COM              904784501    23357   351556 SH       DEFINED                104404        0   247152
UNICOM CORP                    COM              904911104     1581    43253 SH       DEFINED                 16100        0    27153
UNION PACIFIC RESOURCE GROUP   COM              907834105    32183  2710179 SH       DEFINED                 55755        0  2654424
UNIONBANCAL CORPORATION        COM              908906100    13567   398300 SH       DEFINED                349200        0    49100
UNITED TECHNOLOGIES CORP       COM              913017109      420     3100 SH       DEFINED                  2200        0      900
WACKENHUT CORP - CL B          COM              929794303     1557    91584 SH       DEFINED                 70425        0    21159
WADDELL & REED FINANCIAL       COM              930059100     8428   411142 SH       DEFINED                380039        0    31103
WADDELL & REED FINL INC CL B   COM              930059209     1144    57536 SH       DEFINED                 49774        0     7762
WASTE MANAGEMENT INC           COM              94106L109   123842  2790799 SH       DEFINED               1404740        0  1386059
WEATHERFORD INTERNATIONAL      COM              947074100    29893  1144247 SH       DEFINED               1050302        0    93945
WEIDER NUTRITION INTL INC      COM              948603105      637   134175 SH       DEFINED                114675        0    19500
WELLPOINT HEALTH NETWORKS      COM              94973H108      356     4700 SH       SOLE                     4700        0        0
WELLS FARGO & CO (NEW)         COM              949746101   178394  5087893 SH       DEFINED               2265408        0  2822485
WEYERHAEUSER COMPANY           COM              962166104      966    17400 SH       DEFINED                   200        0    17200
WHITNEY HOLDING CO             COM              966612103     1350    36584 SH       DEFINED                 27950        0     8634
XEROX CORP                     COM              984121103   113870  2184549 SH       DEFINED                814314        0  1370235
YORK INTL CORP NEW             COM              986670107    17393   492540 SH       DEFINED                336970        0   155570
CORECOMM LIMITED ORD           COM              G2422R109    31733   863486 SH       DEFINED                553900        0   309586
STOLT COMEX SEAWAY             COM              L8873E103     1155   119992 SH       DEFINED                 83175        0    36817
</TABLE>                                                                        


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