PZVLX — Pzena Long/Short Value Fund

PZVLX Fund Overview

PZVLX — Pzena Long/Short Value Fund is a US mutual fund managed by Advisors Series Trust, categorised as Emerging Markets Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Advisors Series Trust
• Category: Emerging Markets Real Estate
• Assets under management: $17.84M
• Ticker: PZVLX
• SEC CIK: 0001027596
• SEC series ID: S000044709
• Share class ID: C000138965

PZVLX Investment Objective and Strategy

Pzena Long/Short Value Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advisors Series Trust.

Investment objective

"The Pzena Long/Short Value Fund (the ""Long/Short Fund"") seeks to achieve long-term capital appreciation."

Principal investment strategy

"Under normal market conditions, the Long/Short Fund seeks to achieve long-term capital appreciation through long positions in securities priced below, and short positions in securities priced above, the Adviser's estimate of long-term earnings power. The Fund invests primarily in publicly traded equity securities. The Long/Short Fund makes long and short investments in a diversified portfolio of primarily common stocks. The Fund invests in stocks following a research-driven, bottom-up and quantitative security selection process. The Fund's long positions are stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects. The short portfolio will be a broadly diversified basket of stocks that the Adviser believes to be expensive relative to their earnings history.

On average, the Fund is 110% long and 60% short, for a net long position of 50%. In managing the Fund's assets, the Adviser will follow a classic value strategy. The Fund primarily invests in U.S. listed companies among the largest 1,000 ranked companies by market capitalization, but may invest up to 20% of its net assets in shares of foreign companies through American Depository Receipts (""ADRs"") or dollar-denominated foreign securities. The Fund's investments in foreign securities may include investments in emerging market securities. The Fund may also invest in real estate investment trusts (""REITs""). From time to time, the Fund may be invested in securities of companies in the same economic sector. The Fund currently invests a significant portion of its assets in the financial sector.

In evaluating an investment for purchase by the Long/Short Fund, the Adviser focuses on the company's earnings history, underlying financial condition and business prospects considering estimated earnings, economic conditions, degree of competitive or pricing pressures, and the experience and competence of management, among other factors. The Adviser's sell discipline is guided by the same process with which the Adviser originally screens the investment universe. The Adviser typically sells a security when it reaches fair value, there are more attractive opportunities or there is a change in company fundamentals. The Long/Short Fund expects to engage in frequent trading of the Fund's portfolio securities."

PZVLX Costs and Fees

PZVLX costs about $305 per $10,000 invested per year in fund expenses.

• Net expense ratio: 3.05%
• Gross expense ratio: 3.88%
• Portfolio turnover: 58%
• Brokerage commissions: 25.23 bps of average net assets (SEC N-CEN)

PZVLX Cashflows

Over the 12 months to 2020-05, Pzena Long/Short Value Fund had net inflows of $57.50K, from monthly SEC N-PORT filings.

PZVLX Debt Constituents

No individual debt constituents are reported in Pzena Long/Short Value Fund's latest SEC N-PORT filing.

PZVLX Prospectus and SEC Filings

Official Pzena Long/Short Value Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2019-07-12
• Prospectus (485BPOS) — filed 2018-07-10
• Prospectus (485BPOS) — filed 2017-07-10
• Portfolio holdings (N-PORT) — filed 2020-07-30
• Annual census (N-CEN) — filed 2021-05-14
• Annual census (N-CEN) — filed 2020-05-13
• Annual census (N-CEN) — filed 2019-05-14

Related Funds

Other Emerging Markets Real Estate funds tracked on ABC INVEST:

• Westwood Low Volatility Equity Fund (WLVIX)
• Pzena U.S. Large Cap Value ETF (PZLV)
• Noble Absolute Return ETF (NOPE)
• Jackson Square Global Growth Fund (JSPVX)
• Jackson Square Select 20 Growth Fund (DPCEX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.