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Name

As of 06/01/2026

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 Small Cap Value Fund

PZISX | Fund

$14.94

$91.8 M

0.06%

$0.01

1.39%

Vitals

YTD Return

14.4%

1 yr return

24.8%

3 Yr Avg Return

11.3%

5 Yr Avg Return

5.5%

Net Assets

$91.8 M

Holdings in Top 10

31.5%

52 WEEK LOW AND HIGH

$15.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.39%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 10.00%

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 06/01/2026

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 Small Cap Value Fund

PZISX | Fund

$14.94

$91.8 M

0.06%

$0.01

1.39%

PZISX - Profile

Distributions

  • YTD Total Return 14.4%
  • 3 Yr Annualized Total Return 11.3%
  • 5 Yr Annualized Total Return 5.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.38%
DIVIDENDS
  • Dividend Yield 0.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Pzena Small Cap Value Fund
  • Fund Family Name
    Pzena
  • Inception Date
    Apr 27, 2016
  • Shares Outstanding
    7609370
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Benjamin 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, 2025, the market capitalization of companies in the Russell 2000® Index ranged from $2.46 million to $16.91 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. 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.
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.
Read More

PZISX - Performance

Return Ranking - Trailing

Period PZISX Return Category Return Low Category Return High Rank in Category (%)
YTD 14.4% -6.7% 28.3% 45.78%
1 Yr 24.8% -2.8% 63.7% 72.12%
3 Yr 11.3%* -3.0% 34.9% 84.40%
5 Yr 5.5%* -5.2% 44.1% 72.70%
10 Yr 8.5%* 2.9% 31.2% 76.24%

* Annualized

Return Ranking - Calendar

Period PZISX Return Category Return Low Category Return High Rank in Category (%)
2025 -6.8% -51.1% 63.2% 83.12%
2024 -5.0% -39.7% 22.5% 82.86%
2023 25.4% -6.0% 33.6% 1.79%
2022 -19.1% -33.6% 212.9% 70.08%
2021 26.5% -62.0% 147.6% 32.52%

Total Return Ranking - Trailing

Period PZISX Return Category Return Low Category Return High Rank in Category (%)
YTD 14.4% -6.7% 28.3% 45.78%
1 Yr 24.8% -2.8% 63.7% 72.12%
3 Yr 11.3%* -3.0% 34.9% 84.40%
5 Yr 5.5%* -5.2% 44.1% 72.70%
10 Yr 8.5%* 2.9% 31.2% 76.24%

* Annualized

Total Return Ranking - Calendar

Period PZISX Return Category Return Low Category Return High Rank in Category (%)
2025 -4.6% -6.4% 67.1% 99.23%
2024 2.0% -7.4% 26.1% 96.68%
2023 26.0% 1.8% 35.4% 1.79%
2022 -5.1% -25.2% 250.0% 16.01%
2021 28.4% -3.0% 157.9% 64.23%

NAV & Total Return History

PZISX - Holdings

Concentration Analysis

PZISX Category Low Category High PZISX % Rank
Net Assets 91.8 M 6.04 M 64.9 B 84.65%
Number of Holdings 50 10 1553 87.98%
Net Assets in Top 10 29.9 M 482 K 3.72 B 74.94%
Weighting of Top 10 31.48% 6.1% 101.9% 17.18%

Top 10 Holdings

  1. Advance Auto Parts Inc 4.24%
  2. Spectrum Brands Holdings Inc 4.04%
  3. Teleflex Inc 3.36%
  4. First American Government Obligations Fund 3.35%
  5. Adient PLC 3.09%
  6. Douglas Dynamics Inc 2.98%
  7. Webster Financial Corp 2.87%
  8. Avnet Inc 2.61%
  9. Aebi Schmidt Holding AG 2.49%
  10. WSFS Financial Corp 2.44%

Asset Allocation

Weighting Return Low Return High PZISX % Rank
Stocks 		96.56% 3.76% 103.27% 82.86%
Cash 		3.44% 0.00% 30.93% 33.50%
Preferred Stocks 		0.00% 0.00% 0.95% 30.43%
Other 		0.00% -0.55% 21.38% 52.94%
Convertible Bonds 		0.00% 0.00% 2.63% 28.31%
Bonds 		0.00% 0.00% 141.40% 28.90%

Stock Sector Breakdown

Weighting Return Low Return High PZISX % Rank
Financial Services 		28.39% 0.00% 35.05% 16.80%
Industrials 		21.89% 0.65% 48.61% 17.59%
Technology 		13.31% 0.00% 27.23% 10.24%
Consumer Cyclical 		9.91% 0.35% 51.62% 65.35%
Energy 		9.45% 0.00% 29.42% 34.38%
Basic Materials 		7.04% 0.00% 67.30% 20.21%
Consumer Defense 		6.25% 0.00% 13.22% 17.32%
Healthcare 		2.24% 0.00% 25.76% 89.50%
Real Estate 		1.52% 0.00% 44.41% 86.09%
Utilities 		0.00% 0.00% 13.86% 85.56%
Communication Services 		0.00% 0.00% 17.58% 92.91%

Stock Geographic Breakdown

Weighting Return Low Return High PZISX % Rank
US 		96.56% 3.76% 103.27% 71.36%
Non US 		0.00% 0.00% 61.95% 48.59%

PZISX - Expenses

Operational Fees

PZISX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.39% 0.03% 36.05% 31.97%
Management Fee 0.95% 0.01% 1.50% 87.44%
12b-1 Fee N/A 0.00% 1.00% 3.94%
Administrative Fee N/A 0.01% 0.35% N/A

Sales Fees

PZISX 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

PZISX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% 59.62%

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.

PZISX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 10.00% 7.00% 252.00% 1.47%

PZISX - Distributions

Dividend Yield Analysis

PZISX Category Low Category High PZISX % Rank
Dividend Yield 0.06% 0.00% 14.14% 82.61%

Dividend Distribution Analysis

PZISX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Annual

Net Income Ratio Analysis

PZISX Category Low Category High PZISX % Rank
Net Income Ratio 0.38% -1.43% 4.13% 52.76%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PZISX - 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.

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.

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 37.45 8.37 3.58

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