ALTRINSIC GLOBAL ADVISORS LLC

Despite holding 80 positions, the portfolio exhibits a "barbell" structure in terms of concentration. The top five holdings account for 62.92% of the total portfolio value, with the top ten comprising roughly 83%. This suggests a high-conviction approach where the firm’s primary performance drivers are a select group of core insurance, financial, and healthcare companies.

Key Holdings

The portfolio is heavily anchored in the global insurance and reinsurance sector. Chubb Limited (CB) remains the largest position, valued at $382.58 million (17.50% of the portfolio), followed closely by Everest Group Ltd (EG) at $317.33 million (14.51%). Medtronic PLC (MDT) and Aon PLC (AON) represent the third and fourth positions, holding 11.34% and 11.14% of the portfolio, respectively. Willis Towers Watson PLC (WTW) rounds out the top five at 8.43%. Collectively, these five positions represent a massive bet on the insurance value chain, spanning underwriters (Chubb, Everest), brokers (Aon, Willis Towers Watson), and medical devices (Medtronic).