High Concentration in Healthcare: Richard Pzena's Hancock Classic Value Fund Focuses on Top Holdings
Hancock Classic Value's portfolio, managed by Richard Pzena as of March 31, 2026, shows a significant concentration in the Healthcare sector, with several large holdings dominating the allocation.
Introduction
The portfolio managed by Richard Pzena for Hancock Classic Value, as of March 31, 2026, exhibits a distinct investment approach characterized by significant concentration in specific sectors and holdings. The fund's strategy appears focused on value stocks with a strong emphasis on the Healthcare sector.
Sector Allocation: Heavy Healthcare Exposure
The fund's allocation is heavily weighted towards the Healthcare sector, which accounts for approximately 38.5% of the total portfolio value. This is followed closely by Technology at around 16.5% and Financial Services at about 10.5%. Other sectors, including Consumer Cyclical, Consumer Defensive, and Healthcare (the latter being part of the top holdings list but already accounted for in the 38.5%), make up the remaining 44.5% of the portfolio.
Top Holdings: Dominated by Healthcare and Technology
The largest position by value is Magna International (MGA), representing about 6.4% of the portfolio. Several other top holdings reinforce the sector bias, with major Healthcare companies like Baxter (BAX), Bristol Myers Squibb (BMY), CVS Health (CVS), and Humana (HUM) collectively accounting for a substantial portion of the portfolio. Technology is also well-represented with Cognizant (CTSH) and Skyworks Solutions (SWKS). The largest individual holding by value is Magna International (MGA).
Changes in Holdings: Mixed Signals
The fund has seen mixed changes in its top holdings compared to the previous period. While some positions like CTSHand SWKS have seen significant increases in shares (+14.94% and +27.57% respectively), others like MGA, BAX, C, and COF have experienced notable decreases (-13.0%, -7.88%, -22.98%, and -8.78% respectively). Notable increases were also seen in HUM (+34.35%). These changes reflect the fund manager's active management of specific positions.
Investment Strategy Analysis
The portfolio's structure suggests a value-oriented investment strategy with a clear preference for companies in the Healthcare and Technology sectors. The significant concentration in Healthcare, both sector-wise and through specific large holdings, indicates a conviction in the long-term prospects of these companies within that sector. The inclusion of Financial Services positions like C and COF suggests diversification into another stable, value-driven industry. The fund manager appears to be actively managing the portfolio, adjusting positions based on performance and market conditions, as evidenced by the changes in share counts for various holdings.