PZVNX Fees and Costs — Pzena International Value Fund, Investor Class
Data updated: 2026-07-30
The net expense ratio is 1.09%: a 0.65% management fee, a 0.25% 12b-1 fee plus 0.36% other expenses, less a 0.17% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $39K in broker commissions, 0.0332% of average net assets, and portfolio turnover was 29%.
PZVNX Fees and Expenses
Annual operating expenses and sales charges of PZVNX. Prospectus, as of June 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.36% |
| Gross expense ratio | 1.26% |
| Fee waiver | −0.17% |
| Net expense ratio | 1.09% |
| 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 |
PZVNX Costs Over Time
On $10,000 invested in PZVNX, assuming 5% a year before costs, total costs come to $701 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 1.09%) | $114 | $357 | $618 |
| Trading costs (broker commissions) | $3 | $11 | $19 |
| Lost growth on money paid in costs | $0 | $18 | $64 |
| Total costs | $118 | $386 | $701 |
| Value after costs | $10,382 | $11,191 | $12,062 |
| Impact on return, per year | 1.18% | 1.18% | 1.18% |
PZVNX 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): 0.0332%
- Total broker commissions: $39K
- Bought from dealers (principal trades, not a cost): $5.5M
- Portfolio turnover (prospectus): 29%
- Securities lending: none during the year
PZVNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs and Co. | $6K | 24.08% |
| Morgan Stanley and Co. Inc. | $3K | 13.61% |
| J.P. Morgan Securities LLC | $3K | 11.41% |
| SMBC Nikko Securities America Inc. | $3K | 11.11% |
| SG Americas Securities, LLC | $2K | 9.41% |
| Oddo BHF New York Corporation | $2K | 7.57% |
| Hanwha Asset Management Ltd. | $2K | 6.15% |
| Pershing LLC | $2K | 6.12% |
| Jefferies LLC | $1K | 5.43% |
| Citigroup Global Markets Inc. | $1K | 5.12% |
PZVNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $5.5M | 100.00% |
Pzena International 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 |
|---|---|---|---|
| PZINX | Institutional Class | 0.74% | — |
| PZVNX | Investor Class | 1.09% | — |
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.