Pzena Emerging Markets Value Fund Institutional Class (PZIEX)

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Pzena Emerging Markets Value Fund Institutional Class (PZIEX) is up 11.5% since the beginning of the year. PZIEX is currently trading at $17 per share. Investors who bought $1,000 worth of PZIEX shares 5 years ago would now be looking at an investment worth $1,675.

Pzena Emerging Markets Value Fund Institutional Class (PZIEX) has returned 11.47% so far this year and 34.61% over the past 12 months. Over the last ten years, PZIEX has returned 12.07% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.

Based on dividend-adjusted daily data since Jan 2, 2015, PZIEX's average daily return is +0.04%, while the average monthly return is +0.88%. At this rate, an investment would double in approximately 6.6 years.

Historically, 60% of months were positive and 40% were negative. The best month was Nov 2020 with a return of +16.4%, while the worst month was Mar 2020 at -22.1%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.

On a daily basis, PZIEX closed higher 52% of trading days. The best single day was Mar 24, 2020 with a return of +5.8%, while the worst single day was Mar 12, 2020 at -8.3%.

Pzena Emerging Markets Value Fund Institutional Class has an annualized alpha of 5.35%, beta of 0.38, and R2 of 0.19 versus S&P 500 Index. Calculated based on daily prices since January 02, 2015.

• This fund participated in 88.89% of S&P 500 Index downside but only 80.33% of its upside - more exposed to losses than it benefited from rallies.
• Beta of 0.38 may look defensive, but with R2 of 0.19 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R2 of 0.19 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

PZIEX has a high expense ratio of 1.08%, indicating above-average management fees.

PZIEX ranks 55 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.

Pzena Emerging Markets Value Fund Institutional Class provided a 4.31% dividend yield over the last twelve months, with an annual payout of $0.74 per share.

The table displays the monthly dividend distributions for Pzena Emerging Markets Value Fund Institutional Class. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Pzena Emerging Markets Value Fund Institutional Class. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Pzena Emerging Markets Value Fund Institutional Class was 44.59%, occurring on Mar 23, 2020. Recovery took 188 trading sessions.

The current Pzena Emerging Markets Value Fund Institutional Class drawdown is 6.96%.

The chart below shows the rolling one-month volatility.