Fund Evaluator:
Pzena Mid Cap Value Investor (PZVMX)
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Best Performing in Mid-Cap Value Over the Last Year
| 40.0% | Fidelity Value Strategies (FSLSX) |
| 39.4% | Fidelity Advisor Mid Cap Value Z (FIDFX) |
| 39.2% | Fidelity Mid Cap Value (FSMVX) |
| 35.7% | Fidelity Advisor Value Z (FVLZX) |
| 35.5% | Fidelity Value (FDVLX) |
Fund Details
Pzena Mid Cap Value Investor Overview
Pzena Mid Cap Value Investor (PZVMX) is an actively managed U.S. Equity Mid-Cap Value fund. Pzena launched the fund in 2014.
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 stocks of “mid-cap value” companies. Though the fund primarily invests in U.S. listed companies, it may also invest up to 20% of its net assets in shares of foreign companies, through American Depositary Receipts ("ADRs") or dollar-denominated foreign securities. The fund may also invest in real estate investment trusts ("REITs").
About Pzena Mid Cap Value Investor (PZVMX)
There are 3 members of the management team with an average tenure of 7.44 years: Benjamin Silver (2017), John Flynn (2015), Evan Fox (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 1000 TR USD index with a weighting of 100% and Russell Mid Cap Value TR USD index with a weighting of 100%. Pzena Mid Cap Value Investor has 41 securities in its portfolio. The top 10 holdings constitute 40.2% 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 Mid Cap Value Investor is part of the Equity global asset class and is within the U.S. Equity fund group. Pzena Mid Cap Value Investor has 6.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 93.1%. There is 6.0% 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 Mid Cap Value Investor has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $647 million average for the Mid-Cap 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.
PZVMX 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 Mid Cap Value Investor expense ratio is high compared to funds in the Mid-Cap Value category. Pzena Mid Cap Value Investor has an expense ratio of 1.25%, which is 21% 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 Mid Cap Value Investor has a portfolio turnover rate of 31%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Mid-Cap Value category.
Recently, in the month of June 2026, Pzena Mid Cap Value Investor returned 2.0%, which earned it a grade of F, as the Mid-Cap Value category had an average return of 3.2%. 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 Mid Cap Value Investor has a trailing yield of 0.02%, which is below the 0.90% 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 Mid Cap Value Investor Grades
Year to date, the fund has returned 13.3%, 0.5 percentage points worse than the category, which translates into a grade of C. The fund has returned 13.1% over the past year (grade of F), 8.4% over the past three years (grade of F) and 6.0% per year over the past five years (grade of F) and 9.9% per year over the past 10 years (grade of C).
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PZVMX 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 |
|
| PZVMX Return (NAV) | 2.0% | 14.6% | 13.1% | 8.4% | 6.0% | 9.9% |
| PZVMX Grade | F | B | F | F | F | C |
| +/- Category | -1.2% | 3.1% | -9.5% | -6.0% | -2.9% | -0.5% |
| Mid-Cap Value Avg | 3.2% | 11.5% | 22.6% | 14.4% | 9.0% | 10.4% |
| PZVMX Tax Cost Ratio | na | na | 1.0% | 2.8% | 3.3% | 1.9% |
PZVMX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PZVMX Return (NAV) | 13.3% | -1.2% | 0.7% | 20.9% | -5.8% | 30.7% | 6.3% | 28.5% | -21.5% | 14.4% | 24.9% |
| PZVMX Grade | C | F | F | A | B | B | B | B | F | C | A |
| +/- Category | -0.5% | -11.0% | -11.0% | 7.0% | 2.4% | 3.2% | 2.5% | 2.2% | -8.2% | 0.2% | 7.6% |
| Mid-Cap Value Avg | 13.8% | 9.9% | 11.8% | 13.9% | -8.2% | 27.5% | 3.8% | 26.3% | -13.4% | 14.1% | 17.4% |
| Risk Measures | |
| Standard Deviation: | 17.9% |
| Total Risk Index: | 1.47 - High |
| Category Risk Index: | 1.22 - High |
| Category Risk Grade: | F (96% Rank) |
| Beta: | 1.00 |
| R-Squared: | 53% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $96 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 31% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.9 years | |||
| Average Tenure: 7.4 years | |||
| Managers (Year): Flynn John (2015), Silver Benjamin (2017), Fox Evan (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 41 |
| % in Top 10 Holdings: | 40.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.0% |
Portfolio Allocation |
|
| Domestic Stock: | 93.1% |
| Foreign Stock: | 6.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | Pzena |
| Phone Number: | 844-796-1996 |
| Website: | www.fortpittcapital.com |
| Status: | Open |
| Inception Date: | March 31, 2014 |
| 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 (%): | 1.25% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | Pzena Mid Cap Value Instl |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
