Pzena Emerging Markets Value Fund
Actively managed emerging-markets stock fund
As of its 2026 Q2 report, Pzena Emerging Markets Value Fund held 69 positions with $4.30B in net assets. Its ten largest holdings made up 30.4% of the fund. The PZVEX share class costs 1.43% a year. Over the 12 months to May 2026, PZVEX returned 40.4%, with dividends reinvested. In 2026 Q2 it added 2 new positions and exited 2.
The Pzena Emerging Markets Value Fund (the Emerging Markets Fund) seeks to achieve long-term capital appreciation.
The fund screens the 1,500 largest emerging and frontier market companies by market capitalization, ranking them by valuation relative to estimated long-term earnings power, and constructs a portfolio of 40 to 80 stocks it believes trade at substantial discounts to intrinsic value with sound earnings recovery prospects. The adviser integrates environmental, social and governance analysis into fundamental research and engages with management on an ongoing basis. Because the fund's holdings depend on the adviser's proprietary earnings estimates and valuation judgments, performance will diverge from any benchmark. The fund may concentrate significantly in a single economic sector.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Samsung Electronics Co Ltd | 5.61% | $241.50M | 1.1M | $210.35 |
TSMC | 5.19% | $223.13M | 3.0M | $75.18 |
Alibaba Group Holding Ltd | 2.78% | $119.60M | 7.8M | $15.43 |
2.62% | $112.84M | 2.0M | $55.76 | |
CHINA OVERSEAS | 2.50% | $107.47M | 53.9M | $1.99 |
Ambev SA | 2.48% | $106.53M | 32.7M | $3.25 |
Galaxy Entertainment Group Ltd | 2.39% | $102.67M | 25.7M | $4.00 |
Weichai Power Co Ltd | 2.30% | $98.83M | 18.6M | $5.31 |
Haier Smart Home Co Ltd | 2.30% | $98.84M | 39.3M | $2.51 |
First American Government Obli | 2.23% | $96.05M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
All 69 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 96.39% |
| Cash & short-term | 2.23% |
How it has done
PZVEX share class · total returns with dividends reinvested
Volatility over the last 12 months: 19.47%. Past returns are a record, not a forecast.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.43% | +40.41% | +84.06% | +67.88% | -11.88% | |
| 1.08% | +40.94% | +86.09% | +71.05% | -11.87% |
These classes hold the same portfolio, so the 3.17pp spread over 5 years is the cost difference between them — roughly 0.63pp a year — not a difference in what they own.
Fees & fund details
Pzena Emerging Markets Value Fund is an actively managed emerging-markets equity fund.
- Asset class
- Equity
- Region
- Emerging markets
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 1.08% – 1.43%· PZVEX 1.43%
- Portfolio turnover
- 28.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
2 new
2 exited
Understand how this fund fits with the rest.
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