Fund Evaluator:

Pzena International Small Cap Value Inv Overview

Pzena International Small Cap Value Inv (PZVIX) is an actively managed International Equity Foreign Small/Mid Value fund. Pzena launched the fund in 2018.

The investment seeks to achieve long-term capital appreciation. Under normal market conditions the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in “value” stocks of small-cap companies located in Developed Markets outside the U.S.

About Pzena International Small Cap Value Inv (PZVIX)

There are 2 members of the management team with an average tenure of 5.75 years: Matthew Ring (2018), Jason Doctor (2023). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI World Ex USA IMI NR USD index with a weighting of 100% and MSCI World Ex USA Small Cap NR USD index with a weighting of 100%. Pzena International Small Cap Value Inv has 49 securities in its portfolio. The top 10 holdings constitute 32.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Pzena International Small Cap Value Inv is part of the Equity global asset class and is within the International Equity fund group. Pzena International Small Cap Value Inv has 94.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.3%. There is 94.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Pzena International Small Cap Value Inv has 2.9% of the portfolio in cash.

Assets Under Management

The fund has $8 million in total assets, which is below the $772 million average for the Foreign Small/Mid Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

PZVIX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Pzena International Small Cap Value Inv expense ratio is high compared to funds in the Foreign Small/Mid Value category. Pzena International Small Cap Value Inv has an expense ratio of 1.38%, which is 40% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Pzena International Small Cap Value Inv has a portfolio turnover rate of 47%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Foreign Small/Mid Value category.

Recently, in the month of June 2026, Pzena International Small Cap Value Inv returned -3.4%, which earned it a grade of B, as the Foreign Small/Mid Value category had an average return of -3.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Pzena International Small Cap Value Inv has a trailing yield of 1.70%, which is below the 2.84% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Pzena International Small Cap Value Inv Grades

Year to date, the fund has returned 1.4%, 3.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 10.4% over the past year (grade of D), 14.9% over the past three years (grade of D) and 10.1% per year over the past five years (grade of C).

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