PZIIX Fees and Costs — Pzena International Small Cap Value Fund, Institutional Class
Data updated: 2026-07-30
The net expense ratio is 1.03%: a 0.95% management fee plus 0.23% other expenses, less a 0.15% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $163K in broker commissions, 0.0921% of average net assets, and portfolio turnover was 47%.
PZIIX Fees and Expenses
Annual operating expenses and sales charges of PZIIX. Prospectus, as of June 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.23% |
| Gross expense ratio | 1.18% |
| Fee waiver | −0.15% |
| Net expense ratio | 1.03% |
| 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 |
PZIIX Costs Over Time
On $10,000 invested in PZIIX, assuming 5% a year before costs, total costs come to $700 over 5 years, cutting the return by 1.18% 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 1.03%) | $108 | $337 | $584 |
| Trading costs (broker commissions) | $10 | $30 | $52 |
| Lost growth on money paid in costs | $0 | $18 | $64 |
| Total costs | $118 | $385 | $700 |
| Value after costs | $10,382 | $11,191 | $12,063 |
| Impact on return, per year | 1.18% | 1.18% | 1.18% |
PZIIX 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): 0.0921%
- Total broker commissions: $163K
- Bought from dealers (principal trades, not a cost): $9.6M
- Portfolio turnover (prospectus): 47%
- Securities lending: none during the year
PZIIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs and Co. | $23K | 21.03% |
| J.P. Morgan Securities LLC | $22K | 20.44% |
| Exane, Inc. | $17K | 15.31% |
| SMBC Nikko Securities America Inc. | $9K | 8.60% |
| UBS Securities, LLC | $9K | 8.06% |
| UBS Asset Management (US) Inc. | $7K | 6.05% |
| Goodbody Securities Inc. | $7K | 5.96% |
| Pershing LLC | $5K | 5.01% |
| SG Americas Securities, LLC | $5K | 4.78% |
| CLSA Americas LLC | $5K | 4.75% |
PZIIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $9.6M | 100.00% |
Pzena International Small Cap 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 |
|---|---|---|---|
| PZIIX | Institutional Class | 1.03% | — |
| PZVIX | Investor Class | 1.38% | — |
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.