PZVMX Fees and Costs — Pzena Mid Cap Value Fund, Investor Class
Data updated: 2026-07-30
The net expense ratio is 1.25%: a 0.80% management fee, a 0.25% 12b-1 fee plus 0.36% other expenses, less a 0.16% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $47K in broker commissions, 0.0444% of average net assets, and portfolio turnover was 31%.
PZVMX Fees and Expenses
Annual operating expenses and sales charges of PZVMX. Prospectus, as of June 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.36% |
| Gross expense ratio | 1.41% |
| Fee waiver | −0.16% |
| Net expense ratio | 1.25% |
| 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 |
PZVMX Costs Over Time
On $10,000 invested in PZVMX, assuming 5% a year before costs, total costs come to $805 over 5 years, cutting the return by 1.36% 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 1.25%) | $131 | $408 | $706 |
| Trading costs (broker commissions) | $5 | $15 | $25 |
| Lost growth on money paid in costs | $0 | $21 | $74 |
| Total costs | $136 | $444 | $805 |
| Value after costs | $10,364 | $11,133 | $11,958 |
| Impact on return, per year | 1.36% | 1.36% | 1.36% |
PZVMX 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): 0.0444%
- Total broker commissions: $47K
- Bought from dealers (principal trades, not a cost): $2.3M
- Portfolio turnover (prospectus): 31%
- Securities lending: none during the year
PZVMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| National Financial Services LLC | $9K | 24.43% |
| Goldman Sachs and Co. | $9K | 22.62% |
| Morgan Stanley and Co. Inc. | $4K | 11.12% |
| BMO Capital Markets LLC | $4K | 9.86% |
| R.B.C. Capital Markets LLC | $3K | 7.99% |
| Cantor Fitzgerald & Co. | $3K | 7.60% |
| Wall Street Access | $2K | 4.49% |
| Stifel Nicolaus & Co. Inc. | $2K | 4.36% |
| Mizuho Securities USA LLC | $1K | 3.78% |
| Barclays Capital Inc. | $1K | 3.75% |
PZVMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $2.3M | 100.00% |
Pzena Mid 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 |
|---|---|---|---|
| PZIMX | Institutional Class | 0.90% | — |
| PZVMX | Investor Class | 1.25% | — |
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.