PZIEX Fees and Costs — Pzena Emerging Markets Value Fund, Institutional Class
Data updated: 2026-07-30
The net expense ratio is 1.08%: a 1.00% management fee plus 0.11% other expenses, less a 0.03% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $2.2M in broker commissions, 0.0756% of average net assets, and portfolio turnover was 28%.
PZIEX Fees and Expenses
Annual operating expenses and sales charges of PZIEX. Prospectus, as of June 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.11% |
| Gross expense ratio | 1.11% |
| Fee waiver | −0.03% |
| Net expense ratio | 1.08% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
PZIEX Costs Over Time
On $10,000 invested in PZIEX, assuming 5% a year before costs, total costs come to $721 over 5 years, cutting the return by 1.21% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.08%) | $113 | $353 | $612 |
| Trading costs (broker commissions) | $8 | $25 | $43 |
| Lost growth on money paid in costs | $0 | $19 | $66 |
| Total costs | $121 | $397 | $721 |
| Value after costs | $10,379 | $11,180 | $12,042 |
| Impact on return, per year | 1.21% | 1.21% | 1.21% |
PZIEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0756%
- Total broker commissions: $2.2M
- Bought from dealers (principal trades, not a cost): $57.3M
- Portfolio turnover (prospectus): 28%
- Securities lending: none during the year
PZIEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley and Co. Inc. | $330K | 18.97% |
| Citigroup Global Markets Inc. | $304K | 17.48% |
| J.P. Morgan Securities LLC | $210K | 12.08% |
| Goldman Sachs and Co. | $185K | 10.66% |
| SG Americas Securities, LLC | $168K | 9.65% |
| Macquarie Capital Inc. | $154K | 8.85% |
| Merrill Lynch Inc. | $104K | 5.96% |
| HSBC Securities (USA) Inc. | $102K | 5.88% |
| Itau BBA USA Securities, Inc. | $97K | 5.58% |
| BNP Paribas Securities Corp. | $85K | 4.88% |
PZIEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $57.3M | 100.00% |
Pzena Emerging Markets Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PZIEX | Institutional Class | 1.08% | — |
| PZVEX | Investor Class | 1.43% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.