Pzena Long/Short Value Fund PZILX/PZVLX

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QTD YTD One
Year
Three
Years
Five
Years
Since Inception
3/31/2014
Pzena Long/Short Value Fund Institutional Class – PZILX -28.71% -28.71% -22.47% -9.80% -3.26% -3.24%
Pzena Long/Short Value Fund Investor Class – PZVLX -28.74% -28.74% -22.66% -10.06% -3.53% -3.52%
Russell 1000 Index -20.22% -20.22% -8.03% 4.64% 6.22% 7.28%
50% Russell 1000 Index / 50% BofA Merrill Lynch 0-3 Mo. T-Bill Index -10.16% -10.16% -2.60% 3.50% 3.90% 4.29%
PZILX Expense Ratio: Gross: 4.22%, Net: 2.35%*
PZVLX Expense Ratio: Gross: 4.57%, Net: 2.70%*
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 844.PZN.1996 (844.796.1996). The fund imposes a 1.00% redemption fee on shares held 60 days or less. Performance does not reflect the redemption fee and, if it had, returns would be lower.
The Net Expense ratio represents the percentages paid by investors. The Net Expense ratio includes expenses relating to short sales. If expenses relating to short sales were excluded, the Total Expense ratio would have been 1.75% for PZILX and 2.10% for PZVLX.
**Contractual fee waivers (excluding acquired fund fees and expenses (“AFFE”), interest expenses, taxes, dividends on securities sold short and extraordinary expenses) through 6/27/20.

The Russell 1000® Index is an unmanaged index and is a subset of the Russell 3000® Index; it measures the performance of approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Index cannot be invested in directly. The blended index represents a 50% weighting of the Russell 1000® Index, described above, and a 50% weighting of the Bank of America Merrill Lynch 3-month U.S. Treasury Bill Index. The Bank of America Merrill Lynch 3-month U.S. Treasury Bill Index measures the performance of short-term U.S. Government securities with a remaining term to final maturity of less than three months. The Index cannot be invested in directly.

Fund holdings, Sector exposure and characteristics are as of the date shown and are subject to change at any time. As a result, the Fund’s current and future holdings, Sector exposure and characteristics may vary substantially from the information shown. No recommendation is made regarding the advisability of buying or selling any security.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history, without adjustment for sales loads. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. PZILX was rated against the following numbers of Long-Short Equity Funds over the following time periods: 192 funds in the last three years; 148 funds in the last five years. With respect to these Long-Short Equity Funds, PZILX received a Morningstar rating of 1 star for the three-year period and 1 star for the five-year period. The rating is specific to PZILX and does not apply to other share classes of the Fund. © 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Before you invest in Pzena Funds, please refer to the statutory and summary prospectuses for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectuses by calling 1-844-PZN-1996 (1-844-796-1996) or by clicking on statutory prospectus or summary prospectus . The prospectuses should be read carefully before you invest or send money.

Mutual fund investing involves risk. Principal loss is possible. Investments in small- and mid-cap companies involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in Emerging Markets. The fund may have emphasis on a specific sector which could adversely affect a fund to a greater extent than if its emphasis was less. The fund may invest in securities which are less liquid and more difficult to sell than more liquid securities. The fund may invest in p-notes which are a type of equity linked derivative and involve counterparty risk and risk that the performance of the security may not exactly match the performance of the issuer. Investments in REITs are subject to the risks associated with the direct ownership of real estate.

Pzena Funds are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of the Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Investments in REITs are subject to the risks associated with the direct ownership of real estate.

The Pzena Funds are distributed by Quasar Distributors, LLC.