Barrow Hanley Q1 2026: Deep Value, No Megacap Tech

Barrow Hanley Mewhinney & Strauss, a long-running deep-value manager, reported a $30.52B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0000313028-26-000021, filed 2026-05-13), up 1.6% on the quarter. What stands out is the same thing that defines the firm: there is no megacap technology at the top. Instead, Barrow Hanley's largest positions span pharmaceuticals, energy, utilities, and consumer names — the classic hunting ground of a value investor.

The book is led by Merck (MRK) at 3.12%, Chevron (CVX) at 2.87%, and GE HealthCare (GEHC) at 2.77% — and GE HealthCare was the quarter's standout move, with Barrow Hanley raising its share count by 83%. The firm also added 57% to Hewlett Packard Enterprise (HPE) and 12% to oil producer Permian Resources (PR).

For readers used to megacap-dominated 13Fs, Barrow Hanley is a reminder that a large institutional book can be built entirely on value sectors.

A diversified value book

Barrow Hanley runs a broadly diversified portfolio of about 377 positions, with the ten largest accounting for only about 25% of the book. After Merck, Chevron, and GE HealthCare come cruise operator Carnival (CCL), utility Entergy (ETR), Permian Resources, and another utility, Pinnacle West (PNW).

The sector mix is the tell: energy (Chevron, Exxon (XOM), Permian Resources), utilities (Entergy, Pinnacle West), healthcare (Merck, GE HealthCare), and value-priced technology (Microchip (MCHP), HPE). These are dividend-paying, cash-generative businesses bought on valuation — the opposite of a growth-momentum book.

The quarter's adds

Barrow Hanley's most active moves were additions to specific value names. The 83% increase in GE HealthCare and 57% in Hewlett Packard Enterprise were the largest, with a 12% add to Permian Resources extending its energy exposure. The main trim was Entergy, down 12%.

Adding to a medical-imaging company and an enterprise-hardware name while keeping a heavy energy and utility base reflects a value manager finding specific opportunities rather than making a top-down sector call. The diversified, dividend-oriented structure stayed intact.

What it means for 13F readers

Barrow Hanley is a clean example of deep-value investing in 13F form — diversified, dividend-tilted, and entirely outside the megacap-tech cluster that dominates most large filings. The GE HealthCare and HPE adds are the quarter's clearest signals of where the firm sees value. Track the firm's quarter-over-quarter holdings on the Barrow Hanley filer page.

FAQ

What is Barrow Hanley?

Barrow Hanley Mewhinney & Strauss is a long-established deep-value asset manager. It reported a $30.52B U.S. equity 13F book for the quarter ended March 31, 2026, across about 377 positions.

What are Barrow Hanley's largest holdings?

Its five largest positions are Merck (3.12%), Chevron (2.87%), GE HealthCare (2.77%), Carnival (2.51%), and Entergy (2.46%) — a value book spanning healthcare, energy, and utilities.

What did Barrow Hanley buy in Q1 2026?

Barrow Hanley raised GE HealthCare by 83% and Hewlett Packard Enterprise by 57% in share terms, and added 12% to Permian Resources, while trimming Entergy by 12%.

Does Barrow Hanley own megacap technology stocks?

Not at the top of its book. Barrow Hanley's largest positions are value sectors — pharmaceuticals, energy, utilities, and consumer names — rather than the megacap-tech leaders that dominate most large 13Fs.