Deep-value investor Richard Pzena of Pzena Investment Management has reduced his firm's position in health insurer Humana (HUM) by 17.12%, according to a recent SEC filing. The disclosure, which reflects trades made during the third quarter ending September 30, 2026, shows a sale of approximately 750,000 shares. This transaction lowered the firm's total holding to 3.65 million shares, valued at $1.39 billion at the end of the period.
This move comes after a period where Pzena has publicly highlighted Humana's focus on the growing Medicare Advantage market as a key part of its investment thesis, despite acknowledging recent industry-wide challenges in predicting healthcare utilization. In a recent quarterly review, the firm mentioned trimming winners in the U.S. managed care sector. As with all 13F filings, these reported trades occurred in the prior quarter and are not indicative of the firm's current-day positioning.