Pzena Emerging Markets Value Fund
Advisors Series Trust · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Gross | Net |
|---|---|---|
| PZVEX | 1.46% | 1.43% |
| PZIEX | 1.11% | 1.08% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 28.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 96.39% |
| Cash & short-term | 2.23% |
Latest quarter
What changed since the fund's previous filing
New: KE Holdings Inc, Bank Mandiri Persero Tbk PT
Exited: WONIK IPS Co Ltd, Neoenergia SA
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +42.70% | +78.66% | +68.50% | 19.44% | -11.88% | |
| +43.26% | +80.58% | +71.62% | 19.46% | -11.87% |
These classes hold the same portfolio, so the 3.12pp spread over 5 years is the cost difference between them — roughly 0.62pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Samsung Electronics Co Ltd | 5.61% | $210.35 | $241.50M | 1.1M |
| — | TSMC | 5.19% | $75.18 | $223.13M | 3.0M |
| — | Alibaba Group Holding Ltd | 2.78% | $15.43 | $119.60M | 7.8M |
| CTSH | Cognizant Technology SolutionsCTSH | 2.62% | $55.76 | $112.84M | 2.0M |
| — | CHINA OVERSEAS | 2.50% | $1.99 | $107.47M | 53.9M |
| — | Ambev SA | 2.48% | $3.25 | $106.53M | 32.7M |
| — | Galaxy Entertainment Group Ltd | 2.39% | $4.00 | $102.67M | 25.7M |
| — | Weichai Power Co Ltd | 2.30% | $5.31 | $98.83M | 18.6M |
| — | Haier Smart Home Co Ltd | 2.30% | $2.51 | $98.84M | 39.3M |
| — | 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.
Top 10 positions are 30.39% of net assets, top 25 57.29%, across 66 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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