- ISIN
- US00770X6673
- CUSIP
- 00770X667
- Issuer
- Pzena
- Inception Date
- Mar 31, 2014
- Category
- Mid Cap Value Equities
- Min. Investment
- $5,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
PZVMX Performance Chart
Pzena Mid Cap Value Fund (PZVMX) is up 19.3% since the beginning of the year. PZVMX is currently trading at $14 per share. Investors who bought $1,000 worth of PZVMX shares 5 years ago would now be looking at an investment worth $1,440.
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Returns By Period
Pzena Mid Cap Value Fund (PZVMX) has returned 19.26% so far this year and 24.07% over the past 12 months. Over the last ten years, PZVMX has returned 10.05% per year, falling short of the S&P 500 Index benchmark, which averaged 13.29% annually.
Pzena Mid Cap Value Fund
- 1D
- -1.07%
- 1M
- 3.68%
- 6M
- 14.42%
- YTD
- 19.26%
- 1Y
- 24.07%
- 3Y*
- 8.27%
- 5Y*
- 7.56%
- 10Y*
- 10.05%
- ALL TIME*
- 8.68%
Benchmark (S&P 500 Index)
- 1D
- 1.48%
- 1M
- 1.57%
- 6M
- 8.95%
- YTD
- 11.03%
- 1Y
- 21.84%
- 3Y*
- 19.28%
- 5Y*
- 11.54%
- 10Y*
- 13.29%
- ALL TIME*
- 8.11%
PZVMX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 2015, PZVMX's average daily return is +0.04%, while the average monthly return is +0.92%. At this rate, an investment would double in approximately 6.3 years.
Historically, 57% of months were positive and 43% were negative. The best month was Nov 2020 with a return of +20.9%, while the worst month was Mar 2020 at -32.0%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 4 months.
On a daily basis, PZVMX closed higher 51% of trading days. The best single day was Mar 24, 2020 with a return of +14.6%, while the worst single day was Mar 16, 2020 at -14.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.94% | 2.43% | -6.22% | 9.00% | 3.04% | 2.02% | 5.26% | 19.26% | |||||
| 2025 | 3.60% | -4.74% | -2.24% | -5.86% | 5.77% | 3.07% | -2.15% | 8.28% | -3.75% | -4.79% | 1.36% | 1.41% | -1.16% |
| 2024 | -0.63% | 1.75% | 6.11% | -7.12% | 3.34% | -3.44% | 7.82% | -0.39% | -0.72% | -3.60% | 5.98% | -7.12% | 0.62% |
| 2023 | 13.19% | -2.66% | -6.72% | 0.23% | -6.52% | 11.14% | 5.34% | -2.81% | -5.42% | -4.17% | 12.28% | 8.55% | 21.03% |
| 2022 | 0.88% | 0.88% | 0.31% | -4.33% | 4.78% | -13.33% | 5.62% | -2.49% | -10.99% | 14.52% | 6.85% | -5.47% | -5.95% |
| 2021 | 0.08% | 13.07% | 6.25% | 4.44% | 4.01% | -4.20% | -2.04% | 2.70% | -3.41% | 6.56% | -5.11% | 6.30% | 30.68% |
Benchmark Metrics
Pzena Mid Cap Value Fund has an annualized alpha of -2.86%, beta of 1.12, and R2 of 0.65 versus S&P 500 Index. Calculated based on daily prices since January 02, 2015.
- This fund participated in 119.01% of S&P 500 Index downside but only 104.59% of its upside - more exposed to losses than it benefited from rallies.
- This fund had an annualized alpha of -2.86% versus S&P 500 Index - delivering less than market exposure alone would predict.
- With beta of 1.12 and R2 of 0.65, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- -2.86%
- Beta
- 1.12
- R²
- 0.65
- Upside Capture
- 104.59%
- Downside Capture
- 119.01%
Expense Ratio
PZVMX has a high expense ratio of 1.32%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
PZVMX ranks 31 for risk / return — above 31% of mutual funds peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Pzena Mid Cap Value Fund (PZVMX) 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.
| PZVMX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.31 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 2.41 | -0.87 |
| Martin ratioReturn relative to average drawdown | 4.19 | 10.22 | -6.03 |
Dividends
Dividend History
Pzena Mid Cap Value Fund provided a 3.58% dividend yield over the last twelve months, with an annual payout of $0.49 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.49 | $0.49 | $2.25 | $1.27 | $2.00 | $1.49 | $0.28 | $0.16 | $0.26 | $0.33 | $0.07 | $0.32 |
Dividend yield | 3.58% | 4.27% | 18.45% | 8.81% | 15.42% | 9.39% | 2.13% | 1.23% | 2.59% | 2.55% | 0.58% | 3.43% |
Monthly Dividends
The table displays the monthly dividend distributions for Pzena Mid Cap Value Fund. 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 | $0.49 | $0.49 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.25 | $2.25 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.27 | $1.27 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.00 | $2.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.49 | $1.49 |
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 Mid Cap Value Fund. 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 Mid Cap Value Fund was 54.06%, occurring on Mar 23, 2020. Recovery took 179 trading sessions.
The current Pzena Mid Cap Value Fund drawdown is 1.64%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-54.06%Mar 2020 | 2y 1mo | 8mo 16d | 2y 10moJan 2018 - Dec 2020 | COVID crash2020 |
-23.60%Feb 2016 | 7mo 22d | 7mo 22d | 1y 3moJun 2015 - Sep 2016 | — |
-23.33%Sep 2022 | 8mo 15d | 4mo 3d | 1y 13dJan 2022 - Jan 2023 | Bear market2022 |
-23.13%Apr 2025 | 4mo 13d | 1y 1mo | 1y 5moNov 2024 - May 2026 | 2025 selloff2025 |
-16.08%Mar 2023 | 1mo 12d | 8mo 22d | 10mo 4dFeb 2023 - Dec 2023 | — |
Drawdown Indicators
| PZVMX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.06% | -56.78% | +2.72% |
Max Drawdown (1Y)Largest decline over 1 year | -14.13% | -9.10% | -5.03% |
Max Drawdown (3Y)Largest decline over 3 years | -23.13% | -18.90% | -4.23% |
Max Drawdown (5Y)Largest decline over 5 years | -23.33% | -25.43% | +2.10% |
Max Drawdown (10Y)Largest decline over 10 years | -54.06% | -33.92% | -20.14% |
Current DrawdownCurrent decline from peak | -1.64% | -0.12% | -1.52% |
Average DrawdownAverage peak-to-trough decline | -8.36% | -10.70% | +2.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.18% | 2.14% | +3.04% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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