Value investing firm Pzena Investment Management reduced its holding in health insurer Humana by 19.5% during the second quarter of 2026. According to a quarterly disclosure filed with the SEC, the firm sold approximately 1.07 million shares, leaving its position at 4.40 million shares. This report reflects trades made by June 30, 2026, and was made public on August 7.
Despite the share sale, the reported market value of Pzena's stake in Humana surged from $949 million to $1.75 billion during the quarter. The position also grew in portfolio weight, increasing from 3.08% to 5.13%, making it the firm's second-largest holding. Pzena has previously highlighted Humana as an undervalued business facing temporary challenges that the market was mispricing. [14, 15]