- Issuer
- Pzena
- Inception Date
- Mar 31, 2014
- Category
- Emerging Markets Equities
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
PZIEX Performance Chart
Pzena Emerging Markets Value Fund Institutional Class (PZIEX) is up 11.3% 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 $1,745.
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Returns By Period
Pzena Emerging Markets Value Fund Institutional Class (PZIEX) has returned 11.34% so far this year and 28.39% over the past 12 months. Over the last ten years, PZIEX has returned 11.00% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Pzena Emerging Markets Value Fund Institutional Class
- 1D
- 0.35%
- 1M
- 2.58%
- 6M
- -1.10%
- YTD
- 11.34%
- 1Y
- 28.39%
- 3Y*
- 16.01%
- 5Y*
- 11.78%
- 10Y*
- 11.00%
- ALL TIME*
- 9.21%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
PZIEX Monthly Returns History
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%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 12.58% | 5.33% | -11.87% | 7.42% | 1.97% | -6.21% | 3.70% | 11.34% | |||||
| 2025 | 3.11% | 1.31% | 1.77% | -0.16% | 3.65% | 4.97% | 2.99% | 3.18% | 4.05% | 2.18% | 1.16% | 2.66% | 35.49% |
| 2024 | -4.10% | 3.85% | 3.38% | 1.99% | -0.62% | 0.71% | 0.08% | 1.56% | 9.22% | -5.63% | -2.98% | -2.12% | 4.54% |
| 2023 | 6.92% | -3.50% | 3.35% | -0.26% | -1.05% | 7.02% | 8.30% | -4.98% | -1.61% | -4.51% | 6.44% | 4.18% | 20.73% |
| 2022 | 2.94% | -2.43% | 1.38% | -4.07% | 0.88% | -7.62% | 1.14% | 0.38% | -9.35% | -0.72% | 13.91% | -0.42% | -5.67% |
| 2021 | -0.00% | 6.36% | 4.13% | 1.70% | 2.31% | -1.40% | -3.39% | 3.27% | -3.24% | 0.98% | -5.74% | 2.17% | 6.65% |
Benchmark Metrics
Pzena Emerging Markets Value Fund Institutional Class has an annualized alpha of 5.32%, 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 88.56% 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.
- Alpha
- 5.32%
- Beta
- 0.38
- R²
- 0.19
- Upside Capture
- 80.33%
- Downside Capture
- 88.56%
Expense Ratio
PZIEX has a high expense ratio of 1.08%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
PZIEX ranks 51 for risk / return — above 51% of mutual funds peers on PortfoliosLab. Its historical combined result is near the middle of the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Pzena Emerging Markets Value Fund Institutional Class (PZIEX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PZIEX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.25 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.96 | 2.00 | -0.04 |
| Martin ratioReturn relative to average drawdown | 5.16 | 8.49 | -3.33 |
Dividends
Dividend History
Pzena Emerging Markets Value Fund Institutional Class provided a 4.32% dividend yield over the last twelve months, with an annual payout of $0.74 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.74 | $0.74 | $0.88 | $0.71 | $0.22 | $0.32 | $0.14 | $0.66 | $0.13 | $0.16 | $0.09 | $0.16 |
Dividend yield | 4.32% | 4.81% | 7.38% | 5.79% | 2.08% | 2.79% | 1.28% | 6.32% | 1.28% | 1.41% | 0.98% | 2.23% |
Monthly Dividends
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.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.74 | $0.74 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.88 | $0.88 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.71 | $0.71 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.22 | $0.22 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.32 | $0.32 |
Drawdowns
Drawdowns Chart
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.
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Worst Drawdowns
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 7.07%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-44.59%Mar 2020 | 2y 1mo | 8mo 29d | 2y 10moJan 2018 - Dec 2020 | COVID crash2020 |
-35.68%Jan 2016 | 8mo 28d | 1y 24d | 1y 9moApr 2015 - Feb 2017 | — |
-25.38%Oct 2022 | 1y 4mo | 8mo 23d | 2y 1moJun 2021 - Jul 2023 | Bear market2022 |
-16.40%Apr 2025 | 6mo 2d | 2mo 18d | 8mo 20dOct 2024 - Jun 2025 | 2025 selloff2025 |
-12.79%Mar 2026 | 1mo 2d | — | 5mo 6dFeb 2026 - now | — |
Drawdown Indicators
| PZIEX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.59% | -56.78% | +12.19% |
Max Drawdown (1Y)Largest decline over 1 year | -12.79% | -9.10% | -3.69% |
Max Drawdown (3Y)Largest decline over 3 years | -16.40% | -18.90% | +2.50% |
Max Drawdown (5Y)Largest decline over 5 years | -24.22% | -25.43% | +1.21% |
Max Drawdown (10Y)Largest decline over 10 years | -44.59% | -33.92% | -10.67% |
Current DrawdownCurrent decline from peak | -7.07% | -1.58% | -5.49% |
Average DrawdownAverage peak-to-trough decline | -9.54% | -10.70% | +1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.86% | 2.14% | +2.72% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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