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Trending ETFs

Pzena International Small Cap Value Fund

mutual fund
PZIIX
Payout Change
Pending
Price as of:
$10.63 +0.02 +0.19%
primary theme
International Mid-Cap Value Equity
share class
Instl (PZIIX) Investor (PZVIX)
PZIIX (Mutual Fund)

Pzena International Small Cap Value Fund

Payout Change
Pending
Price as of:
$10.63 +0.02 +0.19%
primary theme
International Mid-Cap Value Equity
share class
Instl (PZIIX) Investor (PZVIX)
PZIIX (Mutual Fund)

Pzena International Small Cap Value Fund

Payout Change
Pending
Price as of:
$10.63 +0.02 +0.19%
primary theme
International Mid-Cap Value Equity
share class
Instl (PZIIX) Investor (PZVIX)

Name

As of 12/24/2024

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 International Small Cap Value Fund

PZIIX | Fund

$10.63

$26.2 M

3.82%

$0.40

2.10%

Vitals

YTD Return

5.2%

1 yr return

5.9%

3 Yr Avg Return

9.0%

5 Yr Avg Return

8.1%

Net Assets

$26.2 M

Holdings in Top 10

33.2%

52 WEEK LOW AND HIGH

$10.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.10%

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 12/24/2024

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 International Small Cap Value Fund

PZIIX | Fund

$10.63

$26.2 M

3.82%

$0.40

2.10%

PZIIX - Profile

Distributions

  • YTD Total Return 5.2%
  • 3 Yr Annualized Total Return 9.0%
  • 5 Yr Annualized Total Return 8.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.74%
DIVIDENDS
  • Dividend Yield 3.8%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Pzena International Small Cap Value Fund
  • Fund Family Name
    Pzena
  • Inception Date
    Jul 02, 2018
  • Shares Outstanding
    1381857
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Allison Fisch

Fund Description

Under normal market conditions the International Small Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks of small-cap companies located in Developed Markets outside the U.S. 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 MSCI World ex USA Small Cap Index (the “Small Cap 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, 2024, the market capitalization of companies in the MSCI World ex USA Small Cap Index ranged from $158.50 million to $11.45 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 total assets in equity securities of small-cap 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 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 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, emerging market, and frontier market companies by purchasing equity securities in the form of depositary receipts, such as American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs) and Global Depositary Receipts (“GDRs”). The Fund may also invest in real estate investment trusts (“REITs”), foreign real estate companies, emerging market and frontier market securities, 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 29, 2024, 27.58% of the Fund’s total investments were invested in the industrials sector.
In evaluating an investment for purchase by the International 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.
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PZIIX - Performance

Return Ranking - Trailing

Period PZIIX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.2% -3.2% 24.9% 38.89%
1 Yr 5.9% -2.4% 23.8% 50.00%
3 Yr 9.0%* -1.6% 16.9% 13.73%
5 Yr 8.1%* 1.8% 19.7% 18.37%
10 Yr N/A* 4.1% 9.0% N/A

* Annualized

Return Ranking - Calendar

Period PZIIX Return Category Return Low Category Return High Rank in Category (%)
2023 17.4% -5.4% 35.2% 26.42%
2022 -5.3% -22.7% 5.8% 5.88%
2021 15.8% -5.7% 19.7% 13.73%
2020 -3.3% -10.7% 30.9% 83.67%
2019 8.7% 2.1% 31.6% 80.00%

Total Return Ranking - Trailing

Period PZIIX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.2% -3.2% 24.9% 38.89%
1 Yr 5.9% -2.4% 23.8% 50.00%
3 Yr 9.0%* -1.6% 16.9% 13.73%
5 Yr 8.1%* 1.8% 19.7% 18.37%
10 Yr N/A* 4.1% 9.0% N/A

* Annualized

Total Return Ranking - Calendar

Period PZIIX Return Category Return Low Category Return High Rank in Category (%)
2023 22.7% 3.2% 40.0% 20.75%
2022 -0.8% -22.3% 6.4% 5.88%
2021 17.1% 9.0% 77.0% 35.29%
2020 -2.0% -10.3% 37.2% 85.71%
2019 11.1% 8.6% 31.9% 80.00%

NAV & Total Return History

PZIIX - Holdings

Concentration Analysis

PZIIX Category Low Category High PZIIX % Rank
Net Assets 26.2 M 6.24 M 10.9 B 90.74%
Number of Holdings 46 10 5165 83.33%
Net Assets in Top 10 10.3 M 569 K 3.34 B 88.89%
Weighting of Top 10 33.18% 2.7% 104.2% 24.07%

Top 10 Holdings

  1. Fidelity Government Portfolio 4.41%
  2. Ibstock PLC 4.03%
  3. Origin Enterprises PLC 3.81%
  4. Anima Holding SpA 3.30%
  5. Transcontinental Inc 3.13%
  6. Permanent TSB Group Holdings PLC 3.01%
  7. Signify NV 2.93%
  8. Rexel SA 2.91%
  9. CC Group PLC 2.85%
  10. KH Neochem Co Ltd 2.81%

Asset Allocation

Weighting Return Low Return High PZIIX % Rank
Stocks 		95.35% 83.96% 101.26% 79.63%
Cash 		4.65% 0.00% 17.59% 18.52%
Preferred Stocks 		0.00% 0.00% 4.76% 88.89%
Other 		0.00% -0.32% 5.79% 70.37%
Convertible Bonds 		0.00% 0.00% 0.41% 82.69%
Bonds 		0.00% 0.00% 11.41% 79.63%

Stock Sector Breakdown

Weighting Return Low Return High PZIIX % Rank
Industrials 		27.00% 5.36% 31.52% 17.31%
Financial Services 		22.46% 3.05% 32.74% 15.38%
Technology 		13.64% 0.00% 18.01% 15.38%
Consumer Cyclical 		10.99% 4.00% 24.14% 55.77%
Energy 		9.00% 0.00% 19.25% 23.08%
Basic Materials 		6.89% 1.74% 28.84% 78.85%
Consumer Defense 		4.65% 3.45% 18.05% 94.23%
Healthcare 		2.24% 0.00% 9.89% 65.38%
Utilities 		2.22% 0.00% 15.19% 51.92%
Real Estate 		0.92% 0.00% 16.01% 82.69%
Communication Services 		0.00% 0.00% 8.94% 98.08%

Stock Geographic Breakdown

Weighting Return Low Return High PZIIX % Rank
Non US 		93.72% 0.00% 99.47% 55.56%
US 		1.63% 0.00% 99.94% 51.85%

PZIIX - Expenses

Operational Fees

PZIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.10% 0.34% 4.26% 9.26%
Management Fee 1.00% 0.30% 1.05% 92.59%
12b-1 Fee N/A 0.00% 0.75% N/A
Administrative Fee N/A 0.01% 0.15% N/A

Sales Fees

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

Trading Fees

PZIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A 100.00%

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.

PZIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 22.00% 2.00% 119.00% 18.75%

PZIIX - Distributions

Dividend Yield Analysis

PZIIX Category Low Category High PZIIX % Rank
Dividend Yield 3.82% 0.00% 8.78% 25.93%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PZIIX Category Low Category High PZIIX % Rank
Net Income Ratio 0.74% -0.10% 4.33% 90.38%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PZIIX - Fund Manager Analysis

Managers

Allison Fisch

Start Date

Tenure

Tenure Rank

Jul 02, 2018

3.92

3.9%

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.

Matthew Ring

Start Date

Tenure

Tenure Rank

Jul 02, 2018

3.92

3.9%

Matthew J. Ring, Principal, Director of Research, and Portfolio Manager. Mr. Ring is a co-portfolio manager for the International Small Cap Focused Value service. Mr. Ring became a member of the firm in 2010. Prior to joining Pzena Investment Management, he was a senior manager with consulting firm Simat Helliesen & Eichner, providing due diligence for investments in the Industrials and Aerospace & Defense sectors. Mr. Ring began his career with General Electric Aircraft Engines as a design engineer and holds a patent on his GEnx compressor case design for the Boeing 787. He earned a B.S. magna cum laude in Aerospace Engineering from the University of Notre Dame, a Masters in Mechanical Engineering from The Ohio State University, and an M.B.A. from Columbia Business School, graduating with honors.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.06 26.6 7.22 10.34

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