Fund Evaluator:
Pzena International Value Investor (PZVNX)
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Best Performing in Foreign Large Value Over the Last Year
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Fund Details
Pzena International Value Investor Overview
Pzena International Value Investor (PZVNX) is an actively managed International Equity Foreign Large Value fund. Pzena launched the fund in 2021.
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 Developed Market companies, not including U.S. companies.
About Pzena International Value Investor (PZVNX)
There are 4 members of the management team with an average tenure of 4.63 years: Allison Fisch (2021), Caroline Cai (2021), Rakesh Bordia (2023), John P. Goetz (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI EAFE NR USD index with a weighting of 100% and MSCI EAFE Value NR USD index with a weighting of 100%. Pzena International Value Investor has 79 securities in its portfolio. The top 10 holdings constitute 29.7% 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 Value Investor is part of the Equity global asset class and is within the International Equity fund group. Pzena International Value Investor has 95.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.8%. There is 95.9% 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 Value Investor has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $951 million average for the Foreign Large 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.
PZVNX 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 Value Investor expense ratio is high compared to funds in the Foreign Large Value category. Pzena International Value Investor has an expense ratio of 1.09%, which is 4% higher than its category average, making the fund expense ratio grade a D. 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 Value Investor has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Value category.
Recently, in the month of June 2026, Pzena International Value Investor returned -1.0%, which earned it a grade of D, as the Foreign Large Value category had an average return of -0.6%. 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 Value Investor has a trailing yield of 2.01%, which is below the 2.87% category average. The fund normally distributes its income 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 Value Investor Grades
Year to date, the fund has returned 17.2%, 6.5 percentage points better than the category, which translates into a grade of A. The fund has returned 34.2% over the past year (grade of A), 21.1% over the past three years (grade of B) and 12.7% per year over the past five years (grade of B).
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PZVNX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PZVNX Return (NAV) | -1.0% | 16.5% | 34.2% | 21.1% | 12.7% | na |
| PZVNX Grade | D | A | A | B | B | na |
| +/- Category | -0.4% | 8.7% | 9.0% | 1.9% | 1.4% | na |
| Foreign Large Value Avg | -0.6% | 7.8% | 25.2% | 19.3% | 11.3% | 9.8% |
| PZVNX Tax Cost Ratio | na | na | 1.7% | 1.6% | 1.1% | na |
PZVNX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PZVNX Return (NAV) | 17.2% | 37.2% | 6.1% | 17.9% | -8.7% | na | na | na | na | na | na |
| PZVNX Grade | A | D | B | C | B | na | na | na | na | na | na |
| +/- Category | 6.5% | -1.4% | 1.7% | 0.1% | 0.8% | na | na | na | na | na | na |
| Foreign Large Value Avg | 10.7% | 38.6% | 4.4% | 17.8% | -9.5% | 12.4% | 2.6% | 19.0% | -16.4% | 23.0% | 3.0% |
| Risk Measures | |
| Standard Deviation: | 14.7% |
| Total Risk Index: | 1.21 - Above Average |
| Category Risk Index: | 1.14 - High |
| Category Risk Grade: | F (90% Rank) |
| Beta: | 0.98 |
| R-Squared: | 85% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $143 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 29% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 5.0 years | |||
| Average Tenure: 4.6 years | |||
| Managers (Year): Fisch Allison (2021), Cai Caroline (2021), Goetz John P. (2021), Bordia Rakesh (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 79 |
| % in Top 10 Holdings: | 29.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 95.9% |
Portfolio Allocation |
|
| Domestic Stock: | 2.8% |
| Foreign Stock: | 95.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.4% |
Purchase Information
| Fund Family: | Pzena |
| Phone Number: | 844-796-1996 |
| Website: | www.fortpittcapital.com |
| Status: | Open |
| Inception Date: | June 28, 2021 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.09% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Pzena International Value Instl |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
