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Trending ETFs

Name

As of 06/17/2024

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

$14.05

$147 M

1.40%

$0.19

0.98%

Vitals

YTD Return

-0.8%

1 yr return

13.7%

3 Yr Avg Return

7.5%

5 Yr Avg Return

12.4%

Net Assets

$147 M

Holdings in Top 10

33.3%

52 WEEK LOW AND HIGH

$13.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.98%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 22.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/17/2024

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

$14.05

$147 M

1.40%

$0.19

0.98%

PZIMX - Profile

Distributions

  • YTD Total Return -0.8%
  • 3 Yr Annualized Total Return 7.5%
  • 5 Yr Annualized Total Return 12.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.04%
DIVIDENDS
  • Dividend Yield 1.4%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Pzena Mid Cap Value Fund
  • Fund Family Name
    Pzena
  • Inception Date
    Mar 31, 2014
  • Shares Outstanding
    7806599
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Richard Pzena

Fund Description

Under normal market conditions, the Mid Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of “mid-cap” companies. The Fund defines a “mid-cap” company as an issuer whose market capitalization at the time of initial purchase, is in the range of those found in the Russell Midcap®Index (“mid cap companies”). As of May 31, 2023, the market capitalization of companies in the Russell Midcap® Index ranged from $361.42 million to $69.26 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 mid-cap companies.
In managing the Fund’s assets, the Adviser will follow a classic value strategy. The Fund’s portfolio will generally consist of 30 to 80 stocks identified through a research-driven, bottom-up security selection process based on thorough fundamental research. The Fund seeks to invest in mid 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 companies, through American Depositary Receipts (“ADRs”) or dollar-denominated foreign securities. The Fund’s investments in foreign securities may include investments in emerging markets 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, 31.30% of the Fund’s total investments were invested in the financial services sector.
In evaluating an investment for purchase by the Mid 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.
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PZIMX - Performance

Return Ranking - Trailing

Period PZIMX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.8% -5.6% 11.2% 92.64%
1 Yr 13.7% -11.7% 30.3% 47.14%
3 Yr 7.5%* -5.1% 13.8% 24.31%
5 Yr 12.4%* -0.5% 16.6% 8.83%
10 Yr 8.6%* 0.3% 11.3% 14.67%

* Annualized

Return Ranking - Calendar

Period PZIMX Return Category Return Low Category Return High Rank in Category (%)
2023 11.1% -11.3% 33.3% 30.87%
2022 -18.4% -41.6% 2.3% 82.60%
2021 19.0% -41.5% 44.9% 51.52%
2020 4.1% -29.0% 22.1% 24.51%
2019 27.5% -8.1% 31.2% 10.17%

Total Return Ranking - Trailing

Period PZIMX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.8% -5.6% 11.2% 92.64%
1 Yr 13.7% -11.7% 30.3% 47.14%
3 Yr 7.5%* -5.1% 13.8% 24.31%
5 Yr 12.4%* -0.5% 16.6% 8.83%
10 Yr 8.6%* 0.3% 11.3% 14.67%

* Annualized

Total Return Ranking - Calendar

Period PZIMX Return Category Return Low Category Return High Rank in Category (%)
2023 21.4% -3.7% 36.5% 6.28%
2022 -5.5% -35.0% 2.4% 24.59%
2021 31.2% 6.2% 48.3% 28.25%
2020 6.6% -22.9% 23.2% 21.13%
2019 29.0% -3.0% 35.7% 31.98%

NAV & Total Return History


PZIMX - Holdings

Concentration Analysis

PZIMX Category Low Category High PZIMX % Rank
Net Assets 147 M 991 K 28 B 81.20%
Number of Holdings 44 8 2449 89.65%
Net Assets in Top 10 49 M 250 K 4.28 B 73.57%
Weighting of Top 10 33.33% 5.0% 100.2% 14.99%

Top 10 Holdings

  1. Dow Inc 4.24%
  2. Baxter International Inc 4.02%
  3. Acuity Brands Inc 3.82%
  4. Lear Corp 3.63%
  5. Universal Health Services Inc 3.16%
  6. CNO Financial Group Inc 3.03%
  7. SSC Technologies Holdings Inc 2.96%
  8. Equitable Holdings Inc 2.91%
  9. Olin Corp 2.87%
  10. PVH Corp 2.69%

Asset Allocation

Weighting Return Low Return High PZIMX % Rank
Stocks
99.86% 52.93% 102.65% 5.45%
Cash
0.14% 0.00% 43.04% 91.01%
Preferred Stocks
0.00% 0.00% 5.43% 83.92%
Other
0.00% -0.03% 7.03% 86.92%
Convertible Bonds
0.00% 0.00% 0.02% 83.84%
Bonds
0.00% 0.00% 27.39% 83.11%

Stock Sector Breakdown

Weighting Return Low Return High PZIMX % Rank
Financial Services
31.51% 0.00% 60.11% 2.47%
Consumer Cyclical
12.05% 0.00% 29.62% 36.44%
Industrials
11.01% 0.00% 29.02% 79.45%
Technology
9.79% 0.00% 30.07% 49.86%
Healthcare
9.19% 0.00% 32.47% 45.21%
Energy
8.67% 0.00% 29.17% 26.03%
Utilities
7.65% 0.00% 24.69% 27.67%
Basic Materials
6.75% 0.00% 23.88% 35.89%
Consumer Defense
3.37% 0.00% 33.79% 84.11%
Real Estate
0.00% 0.00% 40.74% 98.36%
Communication Services
0.00% 0.00% 19.80% 96.44%

Stock Geographic Breakdown

Weighting Return Low Return High PZIMX % Rank
US
99.86% 52.93% 102.65% 3.54%
Non US
0.00% 0.00% 34.45% 86.65%

PZIMX - Expenses

Operational Fees

PZIMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.98% 0.01% 16.92% 54.22%
Management Fee 0.80% 0.00% 1.20% 83.11%
12b-1 Fee N/A 0.00% 1.00% 23.87%
Administrative Fee N/A 0.01% 0.40% 33.33%

Sales Fees

PZIMX 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% 4.00% N/A

Trading Fees

PZIMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 87.50%

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.

PZIMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 22.00% 0.00% 227.00% 17.91%

PZIMX - Distributions

Dividend Yield Analysis

PZIMX Category Low Category High PZIMX % Rank
Dividend Yield 1.40% 0.00% 22.79% 2.19%

Dividend Distribution Analysis

PZIMX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual SemiAnnual Annual

Net Income Ratio Analysis

PZIMX Category Low Category High PZIMX % Rank
Net Income Ratio 1.04% -1.84% 4.73% 30.77%

Capital Gain Distribution Analysis

PZIMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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PZIMX - Fund Manager Analysis

Managers

Richard Pzena


Start Date

Tenure

Tenure Rank

Mar 31, 2014

8.17

8.2%

Richard S. Pzena, Founder, Managing Principal, Co-Chief Investment Officer, Portfolio Manager, and member of the firm’s Executive Committee. Mr. Pzena is the architect of the firm’s investment strategy and conceived and developed our proprietary screening model. He serves as co-portfolio manager for the U.S. Large Cap and Mid Cap strategies, Focused Value, and U.S. Best Ideas. Mr. Pzena began the firm in 1995. Prior to forming Pzena Investment Management, Mr. Pzena was the Director of U.S. Equity Investments and Chief Research Officer for Sanford C. Bernstein & Company. He joined Bernstein as an oil industry analyst and was named to the Institutional Investor All America Research Team for three years running. Mr. Pzena also served as Chief Investment Officer, Small Cap Equities. Prior to joining Bernstein, Mr. Pzena worked for the Amoco Corporation in various financial and planning roles. He earned a B.S. summa cum laude and an M.B.A. from the Wharton School of the University of Pennsylvania.

John Flynn


Start Date

Tenure

Tenure Rank

Aug 11, 2015

6.81

6.8%

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.

Benjamin Silver


Start Date

Tenure

Tenure Rank

Jul 24, 2017

4.85

4.9%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.59 8.2 10.92