Pzena Small Cap Value Fund
Fund
PZVSX
Price as of:
$13.89
- $0.14
- 1.00%
Primary Theme
fund company
Name
As of 04/17/2024Price
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
Vitals
YTD Return
-5.1%
1 yr return
18.4%
3 Yr Avg Return
5.2%
5 Yr Avg Return
9.3%
Net Assets
$49.4 M
Holdings in Top 10
31.5%
52 WEEK LOW AND HIGH
$14.0
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.53%
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 04/17/2024Price
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
PZVSX - Profile
Distributions
- YTD Total Return -5.1%
- 3 Yr Annualized Total Return 5.2%
- 5 Yr Annualized Total Return 9.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.07%
- Dividend Yield 0.1%
- Dividend Distribution Frequency None
Fund Details
-
Legal NamePzena Small Cap Value Fund
-
Fund Family NamePzena
-
Inception DateApr 27, 2016
-
Shares Outstanding258906
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBenjamin Silver
Fund Description
Under normal market conditions, the Small Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of “small-cap” companies. The Fund defines a “small-cap” company as an issuer whose market capitalization at the time of initial purchase, is in the range of those found in the Russell 2000® Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month (“small cap companies”). As of May 31, 2023, the market capitalization of companies in the Russell 2000® Index ranged from $4.93 million to $11.754 billion. The Fund may continue to hold a company with a market capitalization that appreciates above or depreciates below the market capitalization threshold and thus may from time to time hold less than 80% of its net assets in equity securities of small-cap companies.
In managing the Fund’s assets, the Adviser will follow a classic value strategy. The Fund’s portfolio will generally consist of 40 to 90 stocks identified through a research-driven, bottom-up security selection process based on thorough fundamental research. The Fund seeks to invest in small-cap company stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects. Though the Fund primarily invests in U.S. listed companies, it may also invest up to 20% of its net assets in shares of foreign securities, through American Depositary Receipts (“ADRs”)or dollar-denominated foreign securities. The Fund’s investments in foreign securities may include investments in emerging market securities. The Fund may also invest in real estate investment trusts (“REITs”). The Fund may also invest up to 10% of its net assets in limited partnerships and master limited partnerships (“MLPs”). 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, 26.98% of the Fund’s total investments were invested in the financial services sector and 27.55% of the Fund’s total investments were invested in the industrial sector.
In evaluating an investment for purchase by the Small Cap 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.
PZVSX - Performance
Return Ranking - Trailing
| Period | PZVSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -5.1% | -13.8% | 6.6% | 81.15% |
| 1 Yr | 18.4% | -5.6% | 30.6% | 8.65% |
| 3 Yr | 5.2%* | -14.1% | 66.2% | 13.26% |
| 5 Yr | 9.3%* | -4.5% | 46.9% | 17.79% |
| 10 Yr | N/A* | -3.9% | 25.9% | N/A |
* Annualized
Return Ranking - Calendar
| Period | PZVSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 25.0% | -18.4% | 33.6% | 1.77% |
| 2022 | -19.0% | -36.7% | 212.9% | 66.44% |
| 2021 | 26.3% | -62.0% | 147.6% | 29.93% |
| 2020 | -1.5% | -24.8% | 31.3% | 71.50% |
| 2019 | 24.8% | -30.1% | 34.0% | 14.43% |
Total Return Ranking - Trailing
| Period | PZVSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -5.1% | -13.8% | 6.6% | 81.15% |
| 1 Yr | 18.4% | -5.6% | 30.6% | 8.65% |
| 3 Yr | 5.2%* | -14.1% | 66.2% | 13.26% |
| 5 Yr | 9.3%* | -4.5% | 46.9% | 17.79% |
| 10 Yr | N/A* | -3.9% | 25.9% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | PZVSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 25.6% | -15.5% | 35.4% | 2.65% |
| 2022 | -5.2% | -36.7% | 250.0% | 15.99% |
| 2021 | 27.9% | -3.2% | 157.9% | 66.59% |
| 2020 | -0.1% | -13.5% | 33.4% | 73.40% |
| 2019 | 24.8% | -17.4% | 34.3% | 27.11% |
NAV & Total Return History
PZVSX - Holdings
Concentration Analysis
| PZVSX | Category Low | Category High | PZVSX % Rank | |
|---|---|---|---|---|
| Net Assets | 49.4 M | 2.13 M | 52.9 B | 87.31% |
| Number of Holdings | 49 | 10 | 1578 | 87.96% |
| Net Assets in Top 10 | 14.4 M | 180 K | 3.01 B | 84.25% |
| Weighting of Top 10 | 31.53% | 0.3% | 88.4% | 17.98% |
Top 10 Holdings
- CNO Financial Group Inc 4.03%
- Steelcase Inc 3.30%
- Orion SA 3.17%
- Masonite International Corp 3.09%
- TriMas Corp 3.08%
- Olin Corp 3.07%
- MRC Global Inc 3.01%
- Resideo Technologies Inc 2.96%
- Axis Capital Holdings Ltd 2.95%
- Gap Inc/The 2.85%
Asset Allocation
| Weighting | Return Low | Return High | PZVSX % Rank | |
|---|---|---|---|---|
| Stocks | 98.52% | 0.99% | 104.11% | 50.11% |
| Cash | 1.48% | 0.00% | 99.01% | 50.11% |
| Preferred Stocks | 0.00% | 0.00% | 2.62% | 74.18% |
| Other | 0.00% | -1.78% | 40.01% | 76.81% |
| Convertible Bonds | 0.00% | 0.00% | 2.63% | 72.95% |
| Bonds | 0.00% | 0.00% | 73.18% | 73.74% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | PZVSX % Rank | |
|---|---|---|---|---|
| Financial Services | 28.39% | 0.00% | 35.71% | 15.44% |
| Industrials | 21.89% | 0.65% | 48.61% | 17.00% |
| Technology | 13.31% | 0.00% | 34.03% | 11.41% |
| Consumer Cyclical | 9.91% | 0.00% | 51.62% | 65.55% |
| Energy | 9.45% | 0.00% | 29.42% | 32.66% |
| Basic Materials | 7.04% | 0.00% | 67.30% | 19.46% |
| Consumer Defense | 6.25% | 0.00% | 13.22% | 17.00% |
| Healthcare | 2.24% | 0.00% | 25.76% | 89.71% |
| Real Estate | 1.52% | 0.00% | 44.41% | 86.58% |
| Utilities | 0.00% | 0.00% | 13.86% | 92.84% |
| Communication Services | 0.00% | 0.00% | 24.90% | 97.32% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | PZVSX % Rank | |
|---|---|---|---|---|
| US | 98.52% | 0.96% | 104.11% | 37.20% |
| Non US | 0.00% | 0.00% | 67.90% | 78.99% |
PZVSX - Expenses
Operational Fees
| PZVSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.53% | 0.05% | 37.04% | 28.23% |
| Management Fee | 0.95% | 0.00% | 1.50% | 85.75% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 55.85% |
| Administrative Fee | N/A | 0.01% | 0.35% | N/A |
Sales Fees
| PZVSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| PZVSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | 80.77% |
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.
| PZVSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 10.00% | 7.00% | 252.00% | 1.50% |
PZVSX - Distributions
Dividend Yield Analysis
| PZVSX | Category Low | Category High | PZVSX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.13% | 0.00% | 14.65% | 82.28% |
Dividend Distribution Analysis
| PZVSX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annual | Annual | Annual |
Net Income Ratio Analysis
| PZVSX | Category Low | Category High | PZVSX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.07% | -1.43% | 4.13% | 73.60% |
Capital Gain Distribution Analysis
| PZVSX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 19, 2023 | $0.066 | OrdinaryDividend |
| Dec 14, 2022 | $2.025 | OrdinaryDividend |
PZVSX - Fund Manager Analysis
Managers
Benjamin Silver
Start Date
Tenure
Tenure Rank
Apr 27, 2016
6.1
6.1%
Benjamin S. Silver, CFA, CPA, Principal and Portfolio Manager. Mr. Silver serves as co-portfolio manager for the U.S. Mid Cap, Large Cap, and Global strategies, along with the Focused Value and Small Cap Focused Value services. Mr. Silver became a member of the firm in 2001. Prior to joining Pzena Investment Management, Mr. Silver was a research analyst at Levitas & Company, a value-based equity hedge fund, and a manager for Ernst & Young LLP in their Financial Services Group.
Evan Fox
Start Date
Tenure
Tenure Rank
Apr 27, 2016
6.1
6.1%
Evan D. Fox, CFA, Principal and Portfolio Manager. Mr. Fox is a co-portfolio manager for the Small Cap Focused Value service. Mr. Fox became a member of the firm in 2007. Prior to joining Pzena Investment Management, Mr. Fox was a teaching assistant for the Wharton School Finance Department, a summer analyst at Lazard, and a summer researcher at Lucent Technologies. He earned a B.S. summa cum laude in Economics from the Wharton School of the University of Pennsylvania and a B.A.S. from the University of Pennsylvania School of Engineering and Applied Science. Mr. Fox holds the Chartered Financial Analyst® designation.
John Flynn
Start Date
Tenure
Tenure Rank
Apr 27, 2016
6.1
6.1%
John J. Flynn, Principal and Portfolio Manager. Mr. Flynn is a co-portfolio manager for the U.S. Mid Cap and Large Cap strategies, along with the Focused Value and Small Cap Focused Value services. Mr. Flynn became a member of the firm in 2005. Prior to joining Pzena Investment Management, Mr. Flynn was an associate at Weston Presidio, a middle-market private equity investment firm. He earned a B.A. in Music from Yale University and an M.B.A. with distinction from the Harvard Business School.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 37.45 | 8.15 | 3.58 |