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Trending ETFs

Name

As of 03/27/2024

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

$10.29

$57 M

1.71%

$0.17

1.84%

Vitals

YTD Return

2.0%

1 yr return

13.9%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$57 M

Holdings in Top 10

28.8%

52 WEEK LOW AND HIGH

$10.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.84%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 4.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

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

$10.29

$57 M

1.71%

$0.17

1.84%

PZVNX - Profile

Distributions

  • YTD Total Return 2.0%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.50%
DIVIDENDS
  • Dividend Yield 1.7%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Pzena International Value Fund
  • Fund Family Name
    Pzena
  • Inception Date
    Jun 28, 2021
  • Shares Outstanding
    100389
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Allison Fisch

Fund Description

Under normal market conditions the International Value Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks of Developed Market companies, not including U.S. companies. The Fund defines “Developed Markets” primarily as those classified as developed by Morgan Stanley Capital International (“MSCI”). 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 60 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 gain exposure to Developed Markets companies by purchasing equity securities directly or in the form of depositary receipts, such as American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs) and Global Depositary Receipts (“GDRs”). The Fund may invest up to 15% of its net assets in emerging market and frontier market securities. The Fund may also invest in real estate investment trusts (“REITs”), foreign real estate companies, and up to 10% of its net assets in limited partnerships, and master limited partnerships (“MLPs”) (limited partnerships in which the ownership units are publicly traded). The Fund may invest in a wide range of industries. However, from time to time, the Fund may invest, to a significant extent, in securities of companies in the same economic sector. As of February 28, 2023, 25.83% of the Fund’s total investments were invested in the financial services sector.
In evaluating an investment for purchase by the International Value 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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PZVNX - Performance

Return Ranking - Trailing

Period PZVNX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% -2.6% 9.3% 84.40%
1 Yr 13.9% -1.3% 27.7% 78.59%
3 Yr N/A* -4.1% 76.5% N/A
5 Yr N/A* 0.5% 45.8% N/A
10 Yr N/A* -0.5% 21.8% N/A

* Annualized

Return Ranking - Calendar

Period PZVNX Return Category Return Low Category Return High Rank in Category (%)
2023 15.8% 1.0% 26.9% 22.70%
2022 -10.3% -27.8% 166.1% 28.44%
2021 N/A -66.6% 64.4% N/A
2020 N/A -23.1% 17.3% N/A
2019 N/A 4.4% 31.6% N/A

Total Return Ranking - Trailing

Period PZVNX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% -2.6% 9.3% 84.40%
1 Yr 13.9% -1.3% 27.7% 78.59%
3 Yr N/A* -4.1% 76.5% N/A
5 Yr N/A* 0.5% 45.8% N/A
10 Yr N/A* -0.5% 21.8% N/A

* Annualized

Total Return Ranking - Calendar

Period PZVNX Return Category Return Low Category Return High Rank in Category (%)
2023 17.9% 5.4% 31.0% 50.61%
2022 -8.7% -19.9% 344.3% 39.38%
2021 N/A -0.2% 75.3% N/A
2020 N/A -20.4% 18.9% N/A
2019 N/A 11.2% 32.1% N/A

NAV & Total Return History


PZVNX - Holdings

Concentration Analysis

PZVNX Category Low Category High PZVNX % Rank
Net Assets 57 M 2.02 M 44.7 B 93.94%
Number of Holdings 72 2 3900 61.52%
Net Assets in Top 10 19.7 M 374 K 14 B 90.00%
Weighting of Top 10 28.83% 0.2% 100.0% 35.56%

Top 10 Holdings

  1. Fidelity Government Portfolio 3.38%
  2. Rexel SA 3.12%
  3. Randstad NV 3.03%
  4. Cie Generale des Etablissements Michelin SCA 2.98%
  5. Sanofi SA 2.82%
  6. Daimler Truck Holding AG 2.76%
  7. Shell PLC 2.76%
  8. BASF SE 2.76%
  9. Amundi SA 2.71%
  10. J Sainsbury PLC 2.52%

Asset Allocation

Weighting Return Low Return High PZVNX % Rank
Stocks
95.75% 0.99% 104.06% 67.27%
Cash
3.38% 0.00% 99.01% 27.27%
Preferred Stocks
0.86% 0.00% 4.99% 27.27%
Other
0.00% -1.99% 38.17% 47.27%
Convertible Bonds
0.00% 0.00% 0.15% 31.52%
Bonds
0.00% 0.00% 73.30% 35.76%

Stock Sector Breakdown

Weighting Return Low Return High PZVNX % Rank
Financial Services
22.74% 0.00% 42.76% 33.03%
Consumer Cyclical
17.21% 0.00% 27.46% 11.01%
Industrials
11.66% 1.03% 36.79% 71.56%
Technology
10.69% 0.00% 24.16% 22.02%
Consumer Defense
9.19% 0.00% 31.84% 38.23%
Basic Materials
8.55% 0.00% 30.76% 48.01%
Healthcare
7.98% 0.00% 23.28% 70.95%
Energy
6.68% 0.00% 26.59% 52.60%
Communication Services
3.30% 0.00% 22.75% 85.63%
Utilities
2.01% 0.00% 27.46% 75.23%
Real Estate
0.00% 0.00% 17.06% 86.24%

Stock Geographic Breakdown

Weighting Return Low Return High PZVNX % Rank
Non US
90.05% 0.00% 100.56% 59.70%
US
5.70% 0.00% 100.00% 38.79%

PZVNX - Expenses

Operational Fees

PZVNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.84% 0.01% 12.90% 12.73%
Management Fee 0.65% 0.00% 1.25% 36.47%
12b-1 Fee 0.25% 0.00% 1.00% 41.98%
Administrative Fee N/A 0.03% 0.47% N/A

Sales Fees

PZVNX 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

PZVNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% N/A

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.

PZVNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 4.00% 2.00% 158.16% 1.04%

PZVNX - Distributions

Dividend Yield Analysis

PZVNX Category Low Category High PZVNX % Rank
Dividend Yield 1.71% 0.00% 13.54% 87.54%

Dividend Distribution Analysis

PZVNX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly SemiAnnual

Net Income Ratio Analysis

PZVNX Category Low Category High PZVNX % Rank
Net Income Ratio 0.50% 0.18% 7.85% 99.38%

Capital Gain Distribution Analysis

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

Distributions History

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PZVNX - Fund Manager Analysis

Managers

Allison Fisch


Start Date

Tenure

Tenure Rank

Jun 28, 2021

0.92

0.9%

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.

Caroline Cai


Start Date

Tenure

Tenure Rank

Jun 28, 2021

0.92

0.9%

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.

John Goetz


Start Date

Tenure

Tenure Rank

Jun 28, 2021

0.92

0.9%

John P. Goetz, Managing Principal, Co-Chief Investment Officer, Portfolio Manager, and member of the firm’s Executive Committee. Mr. Goetz is a co-portfolio manager for the Global, International, European, Emerging Markets and Japan Focused Value strategies. He also previously served as the Director of Research and was responsible for building and training the research team. Mr. Goetz became a member of the firm in 1996.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.2 29.68 7.66 0.54