Richard Pzena's Q1 2026 Investment Activity at Hancock Classic Value

Richard Pzena, managing director of Hancock Classic Value, documented his investment activities for the first quarter of 2026, as revealed in the firm's latest Form 13F filing. With a total portfolio value of approximately $30.7 billion as of March 31, 2026, Pzena's strategy continues to focus on undervalued large-cap stocks across various sectors.

Pzena's portfolio saw significant shifts during Q1 2026, with notable purchases and reductions across key holdings. Among the most pronounced changes were increases in positions within healthcare and technology sectors.

One of the most substantial additions during the quarter was Humana (HUM). Pzena increased his stake in the healthcare insurer by 34.35%, adding approximately 1.4 million shares. This significant purchase suggests confidence in the healthcare sector's prospects. Investors can explore Humana's performance and filings at https://www.insiderset.com/investors/stocks/HUM.

Another major purchase was in Skyworks Solutions (SWKS), a leading RF component supplier in the technology sector. Pzena boosted his position by 27.57% during Q1, indicating a continued interest in the technology space, particularly in companies with strong competitive advantages. More information on Skyworks Solutions is available at https://www.insiderset.com/investors/stocks/SWKS.

Meanwhile, Pzena also increased his holdings in Cognizant Technology Solutions (CTSH) by 14.94% and Tyson Foods (TSN) by 12.05%, further diversifying his portfolio within the Technology and Consumer Defensive sectors respectively.

Conversely, Pzena reduced his positions significantly in several large-cap companies. He sold shares in Baxter International (BAX), decreasing his stake by 7.88%. Similarly, he reduced his position in Bristol Myers Squibb (BMY) by 4.72% and CitiGroup (C) by a substantial 22.98%. These reductions, totaling over $3 billion in value across these three positions alone, highlight a strategic shift away from certain financial and healthcare players.

Further divestments included reductions in Magna International (MGA) by 13.0%, and Capital One (COF) by 8.78%. Notably, there were no changes in allocation for the remaining top holdings like Coca-Cola (KO) and UnitedHealth (UNH), suggesting Pzena maintained these core positions.

Throughout the quarter, Pzena maintained a concentrated portfolio, with the top ten holdings accounting for the entirety of the disclosed positions. There were no new positions initiated or any disclosed exits during this reporting period.

For a complete view of Richard Pzena's investment strategy and holdings, visit the investor profile at https://www.insiderset.com/investor/richard-pzena-hancock-classic-value.