Pzena International Small Cap Value Fund | ||||||||
Schedule of Investments | ||||||||
November 30, 2022 (Unaudited) | ||||||||
Shares | Fair Value | |||||||
COMMON STOCKS - 95.17% | ||||||||
Austria - 2.41% | ||||||||
ANDRITZ AG | 6,715 | $ | 363,009 | |||||
Canada - 5.72% | ||||||||
Celestica, Inc. (a) | 23,385 | 260,944 | ||||||
Linamar Corp. | 7,014 | 344,299 | ||||||
Transcontinental, Inc. - Class A | 20,433 | 257,321 | ||||||
862,564 | ||||||||
France - 5.63% | ||||||||
Rexel S.A. | 29,700 | 539,309 | ||||||
Societe BIC S.A. | 4,719 | 310,842 | ||||||
850,151 | ||||||||
Germany - 8.07% | ||||||||
Deutz AG | 100,854 | 453,170 | ||||||
Duerr AG | 11,510 | 386,150 | ||||||
SAF-Holland S.A. | 31,900 | 311,704 | ||||||
Salzgitter AG | 2,327 | 67,123 | ||||||
1,218,147 | ||||||||
Hong Kong - 5.33% | ||||||||
Pacific Basin Shipping, Ltd. | 1,046,000 | 348,178 | ||||||
VTech Holdings, Ltd. | 40,100 | 254,380 | ||||||
Yue Yuen Industrial (Holdings), Ltd. | 161,000 | 200,968 | ||||||
803,526 | ||||||||
Ireland - 5.18% | �� | |||||||
Bank of Ireland Group PLC | 46,988 | 381,779 | ||||||
Origin Enterprises PLC | 98,406 | 399,879 | ||||||
781,658 | ||||||||
Israel - 2.24% | ||||||||
Ituran Location and Control, Ltd. | 14,467 | 338,094 | ||||||
Italy - 8.71% | ||||||||
Anima Holding S.p.A. | 100,361 | 379,312 | ||||||
BPER Banca | 182,770 | 375,057 | ||||||
Danieli & C Officine Meccaniche S.p.A. | 30,258 | 467,891 | ||||||
Maire Tecnimont S.p.A. | 29,282 | 92,388 | ||||||
1,314,648 | ||||||||
Japan - 20.41% | ||||||||
DIC Corp. | 13,800 | 250,437 | ||||||
Foster Electric Co., Ltd. | 38,734 | 269,559 | ||||||
Fukuoka Financial Group, Inc. | 21,800 | 424,823 | ||||||
Hokkoku Financial Holdings, Inc. | 4,500 | 145,177 | ||||||
Open House Co., Ltd. | 3,400 | 142,313 | ||||||
Sankyu, Inc. | 8,900 | 318,709 | ||||||
Teijin Ltd. | 26,100 | 251,001 | ||||||
Toho Holdings Co., Ltd. | 21,400 | 330,089 | ||||||
TS Tech Co., Ltd. | 25,200 | 293,261 | ||||||
Tsubakimoto Chain Co. | 11,100 | 252,803 | ||||||
Ube Industries, Ltd. | 8,700 | 125,942 | ||||||
Zeon Corp. | 28,600 | 274,422 | ||||||
3,078,536 | ||||||||
Netherlands - 4.03% | ||||||||
Flow Traders | 3,331 | 76,812 | ||||||
Koninklijke BAM Groep N.V. (a) | 93,092 | 216,024 | ||||||
Technip Energies N.V. | 15,377 | 241,461 | ||||||
Technip Energies N.V. - ADR | 4,760 | 74,399 | ||||||
608,696 | ||||||||
Norway - 2.89% | ||||||||
Subsea 7 S.A. | 38,871 | 436,356 | ||||||
Republic of Korea - 4.55% | ||||||||
DB Insurance Co., Ltd. | 7,412 | 349,005 | ||||||
Hankook Tire & Technology Co., Ltd. | 13,062 | 336,739 | ||||||
685,744 | ||||||||
Spain - 4.61% | ||||||||
Cia de Distribucion Integral Logista Holdings S.A. | 15,712 | 369,509 | ||||||
Unicaja Banco S.A. | 316,539 | 326,098 | ||||||
695,607 | ||||||||
Taiwan - 0.86% | ||||||||
Elite Material Co., Ltd. | 21,000 | 129,443 | ||||||
United Kingdom - 14.53% | ||||||||
Balfour Beatty PLC | 86,470 | 337,459 | ||||||
Inchcape PLC | 26,335 | 263,604 | ||||||
John Wood Group PLC (a) | 185,807 | 292,248 | ||||||
Sabre Insurance Group PLC | 333,934 | 414,550 | ||||||
Senior PLC | 312,885 | 463,087 | ||||||
TechnipFMC PLC (a) | 25,553 | 316,857 | ||||||
Travis Perkins PLC | 9,301 | 103,648 | ||||||
2,191,453 | ||||||||
Total Common Stocks (Cost $15,650,786) | 14,357,632 | |||||||
SHORT-TERM INVESTMENT - 4.10% | ||||||||
Money Market Fund - 4.10% | ||||||||
Fidelity Institutional Government Portfolio - Class I, 3.56% (b) | 617,895 | 617,895 | ||||||
Total Short-Term Investment (Cost $617,895) | 617,895 | |||||||
Total Investments (Cost $16,268,681) - 99.27% | 14,975,527 | |||||||
Other Assets in Excess of Liabilities - 0.73% | 110,254 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 15,085,781 |
Percentages are stated as a percent of net assets. |
ADR | American Depositary Receipt | ||||
AG | Aktiengesellschaft | ||||
N.V. | Naamloze Vennootschap | ||||
PLC | Public Limited Company | ||||
S.A. | Société Anonyme | ||||
S.p.A | Società per azioni | ||||
(a) | Non-income producing security. | ||||
(b) | The rate listed is the 7-day annualized yield as of November 30, 2022. |
Pzena International Small Cap Value Fund | ||||||||
Portfolio Diversification | ||||||||
November 30, 2022 (Unaudited) | ||||||||
% of | ||||||||
Fair Value | Net Assets | |||||||
COMMON STOCKS | ||||||||
Consumer Discretionary | $ | 2,162,447 | 14.33 | % | ||||
Consumer Staples | 399,879 | 2.65 | % | |||||
Energy | 1,361,321 | 9.02 | % | |||||
Financials | 2,872,613 | 19.04 | % | |||||
Health Care | 330,089 | 2.19 | % | |||||
Industrials | 5,022,176 | 33.29 | % | |||||
Information Technology | 982,861 | 6.52 | % | |||||
Materials | 1,226,246 | 8.13 | % | |||||
Total Common Stocks | 14,357,632 | 95.17 | % | |||||
Short-Term Investment | 617,895 | 4.10 | % | |||||
Total Investments | 14,975,527 | 99.27 | % | |||||
Other Assets in Excess of Liabilities | 110,254 | 0.73 | % | |||||
Total Net Assets | $ | 15,085,781 | 100.00 | % |
Note: For presentation purposes, the Fund has grouped some of the | ||||||
industry categories. For purposes of categorizing securities for | ||||||
compliance with Section 8(b)(1) of the Investment Company Act of | ||||||
1940, as amended, the Fund uses more specific industry classifications. | ||||||
The Global Industry Classification Standard (GICS®) was developed | ||||||
by and/or is the exclusive property of MSCI, Inc. and Standard & | ||||||
Poor's Financial Services LLC (“S&P”). GICS is a service mark of | ||||||
MSCI and S&P and has been licensed for use by Pzena Investment | ||||||
Management, LLC. |
Pzena International Small Cap Value Fund | ||||||||||
Summary of Fair Value Disclosure at November 30, 2022 (Unaudited) | ||||||||||
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United | ||||||||||
States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | ||||||||||
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | ||||||||||
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may | ||||||||||
include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, | ||||||||||
default rates and similar data. | ||||||||||
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions | ||||||||||
about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | ||||||||||
The following is a summary of the inputs used to value the Fund's investments as of November 30, 2022: |
Pzena International Small Cap Value Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Austria | $ | 363,009 | $ | - | $ | - | $ | 363,009 | ||||||||
Canada | 862,564 | - | - | 862,564 | ||||||||||||
France | 850,151 | - | - | 850,151 | ||||||||||||
Germany | 1,218,147 | - | - | 1,218,147 | ||||||||||||
Hong Kong | 803,526 | - | - | 803,526 | ||||||||||||
Ireland | 781,658 | - | - | 781,658 | ||||||||||||
Israel | 338,094 | - | - | 338,094 | ||||||||||||
Italy | 1,314,648 | - | - | 1,314,648 | ||||||||||||
Japan | 3,078,536 | - | - | 3,078,536 | ||||||||||||
Netherlands | 608,696 | - | - | 608,696 | ||||||||||||
Norway | 436,356 | - | - | 436,356 | ||||||||||||
Republic of Korea | 685,744 | - | - | 685,744 | ||||||||||||
Spain | 695,607 | - | - | 695,607 | ||||||||||||
Taiwan | 129,443 | - | - | 129,443 | ||||||||||||
United Kingdom | 2,191,453 | - | - | 2,191,453 | ||||||||||||
Total Common Stocks | 14,357,632 | - | - | 14,357,632 | ||||||||||||
Short-Term Investment | 617,895 | - | - | 617,895 | ||||||||||||
Total Investments | $ | 14,975,527 | $ | - | $ | - | $ | 14,975,527 |
Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by security. |