The success of John Hancock
's $6.9 billion Classic Value Fund
has prompted the company to repeat its sub-advisory model again and, now, a third time. The newest offer applies the same undervaluation-seeking method to a universe of "mega-cap" stocks from America's biggest corporations.
The introduction of the Classic Value Fund II
, which opened to investors Monday, follows the roll-out of the International Classic Value Fund
at the end of February and brings Hancock's fund family to 51 open-end retail funds. In sub-advising the Classic Value II, New York-based Pzena Investment Management (PIM)
will use the same team that manages the original Classic Value: Richard Pzena
, John Goetz
and Antonio De Spirito
The Classic Value II will select from among the 400 largest publicly traded companies in the country. In a press release
, Hancock funds president and CEO Keith Hartstein
pointed to a widespread belief that such "mega-cap" stocks are currently undervalued as reason why the timing might be ripe.
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