Richard Pzena's Hancock Classic Value Portfolio: Heavy Healthcare Exposure
Hancock Classic Value's portfolio, managed by Richard Pzena as of March 31, 2026, shows a significant concentration in healthcare stocks.
Portfolio Overview
Hancock Classic Value, managed by Richard Pzena, holds a substantial portfolio as of March 31, 2026. The fund's holdings are characterized by a strong focus on the Healthcare sector, which accounts for a significant portion of its allocation.
Top Holdings Analysis
The fund's largest position is in MAGNA INTL INC (MGA), representing approximately $1.97 billion in value, or 6.39% of the total portfolio. Other major holdings include several prominent Healthcare companies like BAXTER INTL INC (BAX), BRISTOL-MYERS SQUIBB CO (BMY), and HUMANA INC (HUM), collectively accounting for nearly 13% of the portfolio. Notably, the portfolio also includes significant allocations to Financial Services (CITIGROUP INC, CAPITAL ONE FINL CORP) and Technology (COGNIZANT TECHNOLOGY SOLUTIO, SKYWORKS SOLUTIONS INC).
Concentration and Sector Focus
The portfolio demonstrates a clear concentration in the Healthcare sector, which currently holds the largest allocation at 38.5%. This is followed closely by Technology (16.0%) and Financial Services (15.7%). The fund's strategy appears to favor established, large-cap companies, particularly those operating in sectors deemed essential or with strong competitive advantages, as evidenced by the significant weight given to these specific sectors and holdings.
Recent Changes in Holdings
Several holdings show notable changes compared to the previous period. HUMANA INC (HUM) saw a significant increase in its share count (+34.35%) and total stock value allocation (+0.30 percentage points). Conversely, holdings like MAGNA INTL INC (MGA) and CITIGROUP INC (C) experienced substantial decreases in their share count (-13.0% and -22.98%, respectively) and slight reductions in their portfolio percentage allocations (-0.06pp and -0.03pp). Other changes include increases in COGNIZANT TECHNOLOGY SOLUTIO (+14.94%) and decreases in BAXTER INTL INC (-7.88%) and BRISTOL-MYERS SQUIBB CO (-4.72%).