Richard Pzena's Hancock Classic Value Fund Investment Changes Detailed

As of the end of Q2 2026 (June 30), Hancock Classic Value, managed by investor Richard Pzena, showed notable shifts in its stock holdings compared to the previous quarter. The fund's total portfolio value stood at $33.8 billion.

The analysis of this period's activity reveals a dynamic investment strategy focused on capitalizing on changing market dynamics and company performance. Significant changes occurred across various sectors, including Technology, Healthcare, Consumer Cyclical, Financial Services, Basic Materials, Real Estate, and others.

Significant Purchases This Quarter

The fund demonstrated substantial buying activity during this quarter:

• Dollar Group (DG): The fund increased its stake in Dollar Gen Corp by over 4.8 million shares, representing a significant 48.2% increase from the prior period. This move boosted its portfolio allocation to 3.45%, suggesting confidence in this consumer-focused company's prospects.
• Cognizant Technology Solutions (CTSH): The fund acquired shares of Cognizant, increasing its position by approximately 6.27 million shares or a massive 30.93%. This substantial increase pushed the stock's allocation to 3.02%.
• Accenture (ACN): The fund purchased additional shares of Accenture, adding about 2.74 million shares in this quarter alone. This resulted in a nearly 114% increase from the prior period and increased ACN's allocation to 1.88%.
• LKQ Corp (LKQ): The fund significantly boosted its position in LKQ Corp by over 8.9 million shares, a remarkable 142.94% increase from the previous quarter. This added another 0.38 percentage points to the fund's holdings.
• MasterBrand (MBC): The fund made a substantial purchase of Masterbrand Inc stock, adding over 11.5 million shares or approximately 301% more than previously held. This increased MBC's allocation by 0.46 percentage points.

Significant Sales and Reductions This Quarter

In contrast to the buying activity, the fund also reduced its exposure in several key holdings:

• Nokia (NOK): The fund sold a large portion of its Nokia stake, reducing it by over 58.4 million shares or an astonishing -92.1% from the prior period. This exit saw NOK's allocation drop to just 0.2%, indicating a major shift in confidence for this tech stock.
• Humana (HUM): The fund decreased its stake in Humana by nearly 1.07 million shares, resulting in a -19.52% change from the previous quarter and lowering HUM's allocation to 5.13%.
• Baxter International (BAX): While adding some shares (+1.19%), this was not enough to offset overall market conditions or strategic decisions, leading to a slight reduction in BAX's portfolio percentage from prior periods. However, the data provided shows an increase of +767570 shares with a change percent of +1.19%, which seems contradictory unless it refers to a different quarter. Clarification would be needed for precise interpretation.
• Citigroup (C): The fund sold off its Citigroup position, reducing the stake by nearly 2.63 million shares or -32.13% from the prior period. This exit lowered C's allocation to 2.28%, impacting the Financial Services sector weighting.

The overall portfolio indicates a mix of sectors, with Healthcare and Financial Services remaining dominant, while Technology gained significant traction through new purchases like ACN, CTSH, and DG. The fund also saw substantial changes within Consumer Cyclical, adding LKQ while exiting Nokia.

This quarter's activity highlights Mr. Pzena's active management style, focusing on specific opportunities and risks across different industries as of June 30, 2026.