PZIEX Performance — Pzena Emerging Markets Value Fund, Institutional Class
Data updated: 2026-07-30
PZIEX returned +14.47% year to date and +40.94% over one year to May 2026. Annualised returns are +23.00% over 3 years and +11.33% over 5 years. Against its Emerging Markets Equity category average the fund came out ahead over three years but behind over one: $100 invested three years ago grew to $186, against $186 for the category, and to $141 over one year, against $149. Volatility over the past three years was 16.24% a year. In the 12 months to May 2026 the fund took in a net $967.7M, and assets reached $4.30B.
PZIEX Growth of $100
What $100 invested in Pzena Emerging Markets Value Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Emerging Markets Equity category average over the same months.
| Period | PZIEX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $141 | $149 |
| 3 years (Jun 2023 – May 2026) | $186 | $186 |
| 5 years (Jun 2021 – May 2026) | $171 | $145 |
| Since data start (Mar 2020 – May 2026) | $248 | $200 |
PZIEX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +14.47% |
| 1 year | +40.94% |
| 3 years (annualised) | +23.00% |
| 5 years (annualised) | +11.33% |
PZIEX Annual Returns
Calendar-year total returns of Pzena Emerging Markets Value Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +14.47% |
| 2025 | +35.45% |
| 2024 | +4.62% |
| 2023 | +20.73% |
| 2022 | −5.67% |
| 2021 | +6.70% |
| 2020 (Mar–Dec) | +25.96% |
PZIEX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +12.6% | +5.3% | −11.9% | +7.4% | +2.0% | — | — | — | — | — | — | — |
| 2025 | +3.1% | +1.3% | +1.8% | −0.2% | +3.6% | +5.0% | +3.0% | +3.2% | +4.0% | +2.2% | +1.2% | +2.6% |
| 2024 | −4.1% | +3.9% | +3.4% | +2.0% | −0.6% | +0.7% | +0.1% | +1.6% | +9.2% | −5.6% | −3.0% | −2.1% |
| 2023 | +6.9% | −3.5% | +3.4% | −0.3% | −1.1% | +7.0% | +8.3% | −5.0% | −1.6% | −4.5% | +6.4% | +4.2% |
| 2022 | +2.9% | −2.4% | +1.4% | −4.1% | +0.9% | −7.6% | +1.1% | +0.4% | −9.3% | −0.7% | +13.9% | −0.4% |
| 2021 | 0.0% | +6.4% | +4.1% | +1.7% | +2.3% | −1.4% | −3.4% | +3.3% | −3.2% | +1.0% | −5.7% | +2.2% |
| 2020 | — | — | −22.1% | +10.1% | +1.7% | +6.4% | +6.2% | +1.5% | −2.8% | +0.7% | +16.4% | +10.4% |
PZIEX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 16.24%
- 3-year Sharpe ratio: 1.14 (vs 4.5% risk-free rate)
- Best month: +12.58% (Jan 2026)
- Worst month: −11.87% (Mar 2026)
PZIEX Fund Flows
Monthly money in and out of Pzena Emerging Markets Value Fund, from SEC Form N-PORT.
- 12-month net flow: $967.7M
- 12-month gross sales (incl. reinvestments): $1.6B
- Sales ÷ redemptions: 2.52×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $192.2M | $71.7M | $120.5M |
| Apr 2026 | $149.4M | $48.9M | $100.5M |
| Mar 2026 | $257.1M | $83.4M | $173.7M |
| Feb 2026 | $159.7M | $58.1M | $101.6M |
| Jan 2026 | $154.6M | $44.5M | $110.1M |
| Dec 2025 | $222.1M | $86.6M | $135.5M |
| Nov 2025 | $54.3M | $38.5M | $15.8M |
| Oct 2025 | $75.0M | $31.5M | $43.5M |
| Sep 2025 | $99.0M | $68.4M | $30.6M |
| Aug 2025 | $59.6M | $35.8M | $23.8M |
| Jul 2025 | $95.4M | $39.0M | $56.4M |
| Jun 2025 | $85.0M | $29.4M | $55.6M |
PZIEX Assets Under Management
Net assets of Pzena Emerging Markets Value Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $4.30B |
| 2026-02-28 | $4.04B |
| 2025-11-30 | $3.15B |
| 2025-08-31 | $2.84B |
| 2025-05-31 | $2.42B |
| 2025-02-28 | $2.14B |
| 2024-11-30 | $2.08B |
| 2024-08-31 | $2.04B |
| 2024-05-31 | $1.90B |
| 2024-02-29 | $1.59B |
| 2023-11-30 | $1.47B |
| 2023-08-31 | $1.35B |
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.