PZISX Fees and Costs — Pzena Small Cap Value Fund, Institutional Class
Data updated: 2026-07-30
The net expense ratio is 1.00%: a 0.95% management fee plus 0.47% other expenses, less a 0.42% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $70K in broker commissions, 0.1176% of average net assets, and portfolio turnover was 41%.
PZISX Fees and Expenses
Annual operating expenses and sales charges of PZISX. Prospectus, as of June 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.47% |
| Gross expense ratio | 1.42% |
| Fee waiver | −0.42% |
| Net expense ratio | 1.00% |
| 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 |
PZISX Costs Over Time
On $10,000 invested in PZISX, assuming 5% a year before costs, total costs come to $697 over 5 years, cutting the return by 1.17% 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 1.00%) | $105 | $327 | $567 |
| Trading costs (broker commissions) | $12 | $38 | $67 |
| Lost growth on money paid in costs | $0 | $18 | $64 |
| Total costs | $117 | $384 | $697 |
| Value after costs | $10,383 | $11,192 | $12,065 |
| Impact on return, per year | 1.17% | 1.17% | 1.17% |
PZISX 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): 0.1176%
- Total broker commissions: $70K
- Bought from dealers (principal trades, not a cost): $1.7M
- Portfolio turnover (prospectus): 41%
- Securities lending: none during the year
PZISX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wells Fargo Securities LLC | $18K | 32.65% |
| Robert W. Baird & Co. Incorporated | $6K | 11.26% |
| National Financial Services LLC | $5K | 8.74% |
| Goldman Sachs and Co. | $5K | 8.56% |
| KeyBanc Capital Markets Inc. | $4K | 7.80% |
| Instinet LLC. | $4K | 7.67% |
| BMO Capital Markets LLC | $4K | 7.25% |
| R.B.C. Capital Markets LLC | $3K | 5.69% |
| Cantor Fitzgerald & Co. | $3K | 5.23% |
| The Vertical Trading Group, LLC | $3K | 5.15% |
PZISX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $3.1M | 100.00% |
Pzena 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 |
|---|---|---|---|
| PZISX | Institutional Class | 1.00% | — |
| PZVSX | Investor Class | 1.35% | — |
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.