Pzena International Small Cap Value Fund PZIIX/PZVIX

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QTD YTD One
Year
Since Inception
7/2/2018
Pzena Intl Small Cap Value Fund Institutional Class – PZIIX 13.62% 13.62% 92.42% 1.85%
Pzena Intl Small Cap Value Fund Investor Class – PZVIX 13.39% 13.39% 92.03% 1.57%
MSCI World ex USA Small Cap Index 4.88% 4.88% 65.17% 8.54%
MSCI World ex USA Small Cap Value Index 7.65% 7.65% 61.67% 5.84%
PZIIX Expense Ratio: Gross: 13.19%, Net: 1.18%* Go to Footnote
PZVIX Expense Ratio: Gross: 13.54%, Net: 1.53%* Go to Footnote
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). Returns for periods greater than one year are annualized.

 

*Expense ratios as presented in prospectus dated June 28, 2020; contractual fee waivers through 6/27/21

MSCI World ex USA Small Cap is a free float-adjusted market capitalization weighted index, designed to measure the equity market performance of smaller capital stocks represented across 22 of 23 Developed Markets (DM) countries* (excluding the United States). The MSCI World ex USA Small Cap Value Index captures small cap securities exhibiting overall value style characteristics across 22 of 23 Developed Markets countries (excluding the United States). The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. One cannot invest directly in an index.

Fund holdings, Regional and Sector exposures 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, Regional and Sector exposures and characteristics may vary substantially from the information shown. No recommendation is made regarding the advisability of buying or selling any security.

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.