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Name

As of 04/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Pzena Emerging Markets Value Fund

PZVEX | Fund

$12.57

$1.59 B

3.07%

$0.38

1.51%

Vitals

YTD Return

3.5%

1 yr return

18.4%

3 Yr Avg Return

3.3%

5 Yr Avg Return

6.3%

Net Assets

$1.59 B

Holdings in Top 10

31.5%

52 WEEK LOW AND HIGH

$12.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.51%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 10.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$5,000

IRA

$1,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Pzena Emerging Markets Value Fund

PZVEX | Fund

$12.57

$1.59 B

3.07%

$0.38

1.51%

PZVEX - Profile

Distributions

  • YTD Total Return 3.5%
  • 3 Yr Annualized Total Return 3.3%
  • 5 Yr Annualized Total Return 6.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.64%
DIVIDENDS
  • Dividend Yield 3.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Pzena Emerging Markets Value Fund
  • Fund Family Name
    Pzena
  • Inception Date
    Mar 31, 2014
  • Shares Outstanding
    2370975
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Caroline Cai

Fund Description

Under normal market conditions, the Emerging Markets Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of companies located in emerging market countries. Emerging market companies are generally located in, or operating within, newly industrialized countries or countries in the beginning stages of development, such as most countries in Africa, Asia, Latin America, the Middle East and Eastern Europe. The Fund may also invest in “frontier” markets, which are considered pre-emerging market countries. This includes companies located in, or primarily operating from, countries in the Morgan Stanley Capital International (“MSCI”) Emerging Markets Index and/or MSCI Frontier Emerging Markets Index.The Adviser determines a company’s country by referring to: its stock exchange listing; where it is registered, organized or incorporated; where its headquarters are located; its MSCI country classification; where it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed; or where at least 50% of its assets are located.
In managing the Fund’s assets, the Adviser will follow a classic value strategy. The Fund’s portfolio will generally consist of 40 to 80 stocks identified through a research-driven, bottom-up security selection process based on thorough fundamental research. The Fund seeks to invest in stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects. The Fund may also invest in real estate investment trusts (“REITs”), including foreign real estate companies operating in emerging markets. From time to time, the Fund may invest, to a significant extent, in securities of companies in the same economic sector.
In evaluating an investment for purchase by the Emerging Markets Fund, the Adviser conducts a thorough fundamental assessment of the business, with a focus on those challenges that have created the value opportunity. The Adviser examines material issues that can influence the company’s long-term performance and risk profile. As a part of this process, the Adviser speaks with competitors, customers, and suppliers; conducts field research such as site visits to plants, stores, or other facilities; analyzes the financials and public filings of the company and its competitors; focuses on the company’s underlying financial condition and business prospects considering estimated earnings, economic conditions, degree of competitive or pricing pressures, the experience and competence of management; and integrates environmental, social and governance (“ESG”) considerations, which can vary across companies and industries (ESG considerations may include, but are not limited to, environmental impact, corporate governance and ethical business practices). The Adviser believes that assessing the potential impact of ESG issues on a company is critical to the investment process, both in terms of downside risk analysis and assessing future earnings upside potential.
While ESG-related issues are analyzed for each company before and during ownership, the evaluation of all key investment considerations, including ESG issues, is company-specific. Each is analyzed internally, discussed with company management and industry experts and monitored. The Adviser evaluates all issues head-on, takes a view as to whether the company can remediate them, and will actively engage management, if necessary, if it decides to become shareholders. The Adviser believes that investing in times of controversy can result in significant future upside, assuming the risks and turnaround potential are appropriately analyzed and, where possible, priced in at the point of investment. Consequently, no one issue, ESG-related or otherwise, necessarily disqualifies a company from investment, and no individual characteristic must be present prior to investment.
Each step of this process contributes to the Adviser’s determination of whether to invest and at what position size. Once an investment has been made, the Adviser continues to engage with the company on an ongoing basis to exert a constructive, long-term oriented influence on the trajectory of the company.
The Adviser’s sell discipline is guided by the same process with which the Adviser originally screens the investment universe. The Adviser typically sells a security when it reaches what the Adviser judges to be fair value, there are more attractive opportunities or there is a change in company fundamentals.
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PZVEX - Performance

Return Ranking - Trailing

Period PZVEX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -9.6% 11.5% 23.58%
1 Yr 18.4% -9.4% 34.0% 11.26%
3 Yr 3.3%* -23.8% 7.6% 3.89%
5 Yr 6.3%* -7.5% 11.1% 10.44%
10 Yr 4.4%* -3.1% 6.3% 17.17%

* Annualized

Return Ranking - Calendar

Period PZVEX Return Category Return Low Category Return High Rank in Category (%)
2023 13.9% -6.5% 35.5% 15.33%
2022 -7.7% -50.1% -2.4% 1.12%
2021 3.9% -33.1% 22.5% 12.41%
2020 6.8% -22.1% 80.1% 87.02%
2019 6.2% -0.7% 42.0% 96.81%

Total Return Ranking - Trailing

Period PZVEX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -9.6% 11.5% 23.58%
1 Yr 18.4% -9.4% 34.0% 11.26%
3 Yr 3.3%* -23.8% 7.6% 3.89%
5 Yr 6.3%* -7.5% 11.1% 10.44%
10 Yr 4.4%* -3.1% 6.3% 17.17%

* Annualized

Total Return Ranking - Calendar

Period PZVEX Return Category Return Low Category Return High Rank in Category (%)
2023 20.3% -2.7% 42.0% 11.13%
2022 -6.0% -42.2% 1.9% 1.12%
2021 6.4% -32.5% 33.1% 16.69%
2020 8.0% -20.0% 81.6% 88.72%
2019 10.4% 2.3% 42.0% 97.60%

NAV & Total Return History

PZVEX - Holdings

Concentration Analysis

PZVEX Category Low Category High PZVEX % Rank
Net Assets 1.59 B 682 K 103 B 30.03%
Number of Holdings 64 10 7049 76.54%
Net Assets in Top 10 462 M 118 K 19.2 B 30.56%
Weighting of Top 10 31.46% 0.7% 140.4% 58.66%

Top 10 Holdings

  1. Samsung Electronics Co Ltd 4.01%
  2. Hon Hai Precision Industry Co Ltd 3.65%
  3. Fidelity Government Portfolio 3.52%
  4. Hankook Tire Technology Co Ltd 3.49%
  5. Weichai Power Co Ltd 3.24%
  6. Ambev SA 2.88%
  7. Taiwan Semiconductor Manufacturing Co Ltd 2.75%
  8. China Overseas Land Investment Ltd 2.70%
  9. Alibaba Group Holding Ltd 2.62%
  10. Cognizant Technology Solutions Corp 2.59%

Asset Allocation

Weighting Return Low Return High PZVEX % Rank
Stocks 		91.77% 0.00% 103.65% 87.27%
Preferred Stocks 		4.39% 0.00% 10.09% 8.98%
Cash 		3.84% -2.03% 99.29% 17.16%
Other 		0.00% -1.59% 50.31% 84.45%
Convertible Bonds 		0.00% 0.00% 7.40% 84.48%
Bonds 		0.00% 0.00% 94.30% 87.00%

Stock Sector Breakdown

Weighting Return Low Return High PZVEX % Rank
Financial Services 		28.58% 0.00% 48.86% 8.14%
Technology 		23.13% 0.00% 47.50% 43.01%
Consumer Cyclical 		14.57% 0.00% 48.94% 27.00%
Industrials 		7.42% 0.00% 43.53% 31.89%
Utilities 		7.11% 0.00% 39.12% 1.76%
Basic Materials 		6.46% 0.00% 30.03% 65.40%
Consumer Defense 		6.07% 0.00% 25.90% 53.60%
Real Estate 		2.54% 0.00% 17.15% 25.10%
Communication Services 		2.13% 0.00% 39.29% 95.66%
Healthcare 		1.99% 0.00% 16.53% 80.60%
Energy 		0.00% 0.00% 24.80% 97.69%

Stock Geographic Breakdown

Weighting Return Low Return High PZVEX % Rank
Non US 		82.85% 0.00% 100.18% 55.76%
US 		8.92% 0.00% 99.51% 55.36%

PZVEX - Expenses

Operational Fees

PZVEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.51% 0.03% 24.48% 39.43%
Management Fee 1.00% 0.00% 2.00% 83.49%
12b-1 Fee 0.25% 0.00% 1.00% 54.57%
Administrative Fee N/A 0.01% 0.85% 49.49%

Sales Fees

PZVEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PZVEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 93.85%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PZVEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 10.00% 0.00% 189.00% 8.06%

PZVEX - Distributions

Dividend Yield Analysis

PZVEX Category Low Category High PZVEX % Rank
Dividend Yield 3.07% 0.00% 10.26% 4.42%

Dividend Distribution Analysis

PZVEX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Annual Annual

Net Income Ratio Analysis

PZVEX Category Low Category High PZVEX % Rank
Net Income Ratio 1.64% -1.98% 17.62% 24.34%

Capital Gain Distribution Analysis

PZVEX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

PZVEX - Fund Manager Analysis

Managers

Caroline Cai

Start Date

Tenure

Tenure Rank

Mar 31, 2014

8.17

8.2%

Caroline Cai, CFA, Managing Principal, Portfolio Manager, and member of the firm’s Executive Committee. Ms. Cai is a co-portfolio manager for the Global, International, European and Emerging Markets strategies, and the Financial Opportunities service. Ms. Cai became a member of the firm in 2004. Prior to joining Pzena Investment Management, Ms. Cai was a senior analyst at AllianceBernstein LLP, and a business analyst at McKinsey & Company. She earned a B.A. summa cum laude in Math and Economics from Bryn Mawr College. Ms. Cai holds the Chartered Financial Analyst® designation.

Allison Fisch

Start Date

Tenure

Tenure Rank

Mar 31, 2014

8.17

8.2%

Allison Fisch, Principal and Portfolio Manager. Ms. Fisch is a co-portfolio manager for the International and Emerging Markets strategies, along with the Global Best Ideas service. Ms. Fisch became a member of the firm in 2001 and helped to launch the Emerging Markets strategies in 2008, on which she has been a co-portfolio manager since inception. She joined the International portfolio management team in 2016 and has co-managed the International Small Cap Value strategy since its inception in 2017. Since 2017, she has overseen the Global Best Idea service. Prior to joining Pzena Investment Management, Ms. Fisch was a business analyst at McKinsey & Company. She earned a B.A. summa cum laude in Psychology and a minor in Drama from Dartmouth College.

Rakesh Bordia

Start Date

Tenure

Tenure Rank

Apr 09, 2015

7.15

7.2%

Rakesh Bordia, Principal and Portfolio Manager. Mr. Bordia is a co-portfolio manager for the Emerging Markets strategies. Mr. Bordia became a member of the firm in 2007. Prior to joining Pzena Investment Management, Mr. Bordia was a principal at Booz Allen Hamilton focusing on innovation and growth strategies, and a software engineer at River Run Software Group. He earned a Bachelor of Technology in Computer Science and Engineering from the Indian Institute of Technology, Kanpur, India and an M.B.A. from the Indian Institute of Management, Ahmedabad, India.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 33.71 6.54 13.42

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