PZIIX Performance — Pzena International Small Cap Value Fund, Institutional Class
Data updated: 2026-07-30
PZIIX returned +5.01% year to date and +19.43% over one year to May 2026. Annualised returns are +17.89% over 3 years and +10.37% over 5 years. The fund trailed its International Small Blend category average: $100 invested three years ago grew to $164, against $175 for the category, and to $119 over one year, against $133. Volatility over the past three years was 15.01% a year. In the 12 months to May 2026 the fund took in a net $24.8M, and assets reached $215.26M.
PZIIX Growth of $100
What $100 invested in Pzena International Small Cap Value Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the International Small Blend category average over the same months.
| Period | PZIIX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $119 | $133 |
| 3 years (Jun 2023 – May 2026) | $164 | $175 |
| 5 years (Jun 2021 – May 2026) | $164 | $162 |
| Since data start (Mar 2020 – May 2026) | $241 | $221 |
PZIIX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +5.01% |
| 1 year | +19.43% |
| 3 years (annualised) | +17.89% |
| 5 years (annualised) | +10.37% |
PZIIX Annual Returns
Calendar-year total returns of Pzena International Small Cap Value Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +5.01% |
| 2025 | +29.43% |
| 2024 | +5.38% |
| 2023 | +22.65% |
| 2022 | −0.80% |
| 2021 | +17.13% |
| 2020 (Mar–Dec) | +18.27% |
PZIIX 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 | +4.9% | +3.6% | −12.7% | +6.3% | +4.1% | — | — | — | — | — | — | — |
| 2025 | +0.5% | +0.9% | +1.2% | +3.5% | +7.2% | +4.3% | +1.5% | +3.8% | +0.1% | −2.3% | +1.9% | +3.8% |
| 2024 | −2.0% | 0.0% | +5.3% | +0.5% | +6.6% | −5.2% | +4.8% | −0.2% | +2.8% | −5.4% | −0.1% | −1.1% |
| 2023 | +9.5% | +1.4% | 0.0% | +1.7% | −5.1% | +3.7% | +6.0% | −2.8% | −1.5% | −5.4% | +8.2% | +6.0% |
| 2022 | +1.5% | −1.9% | −1.4% | −3.4% | +4.2% | −11.0% | +2.9% | −2.7% | −8.0% | +6.2% | +12.6% | +2.5% |
| 2021 | +0.5% | +8.1% | +4.6% | +4.2% | +5.2% | −3.5% | +0.1% | +3.1% | −2.9% | +0.8% | −8.0% | +4.9% |
| 2020 | — | — | −30.2% | +14.5% | +3.0% | +6.0% | +0.8% | +8.9% | −3.1% | −4.3% | +22.1% | +8.9% |
PZIIX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 15.01%
- 3-year Sharpe ratio: 0.89 (vs 4.5% risk-free rate)
- Best month: +8.20% (Nov 2023)
- Worst month: −12.70% (Mar 2026)
PZIIX Fund Flows
Monthly money in and out of Pzena International Small Cap Value Fund, from SEC Form N-PORT.
- 12-month net flow: $24.8M
- 12-month gross sales (incl. reinvestments): $59.6M
- Sales ÷ redemptions: 1.71×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $3.2M | $4.6M | −$1.4M |
| Apr 2026 | $2.5M | $3.2M | −$726K |
| Mar 2026 | $6.5M | $7.0M | −$514K |
| Feb 2026 | $1.6M | $1.6M | −$89K |
| Jan 2026 | $5.3M | $1.7M | $3.5M |
| Dec 2025 | $8.0M | $5.6M | $2.4M |
| Nov 2025 | $3.2M | $922K | $2.3M |
| Oct 2025 | $2.6M | $1.3M | $1.3M |
| Sep 2025 | $5.0M | $3.7M | $1.2M |
| Aug 2025 | $2.9M | $2.9M | −$8K |
| Jul 2025 | $8.9M | $1.5M | $7.4M |
| Jun 2025 | $10.0M | $642K | $9.4M |
PZIIX Assets Under Management
Net assets of Pzena International Small Cap Value Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $215.26M |
| 2026-02-28 | $225.70M |
| 2025-11-30 | $200.10M |
| 2025-08-31 | $195.81M |
| 2025-05-31 | $161.86M |
| 2025-02-28 | $56.08M |
| 2024-11-30 | $30.91M |
| 2024-08-31 | $30.99M |
| 2024-05-31 | $30.70M |
| 2024-02-29 | $26.20M |
| 2023-11-30 | $24.73M |
| 2023-08-31 | $24.18M |
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.