Pzena International Small Cap Value Fund | ||||||||
Schedule of Investments | ||||||||
May 31, 2023 (Unaudited) | ||||||||
Shares | Fair Value | |||||||
COMMON STOCKS - 93.97% | ||||||||
Austria - 2.95% | ||||||||
ams-OSRAM AG (a) | 28,772 | $ | 211,095 | |||||
ANDRITZ AG | 6,715 | 359,960 | ||||||
571,055 | ||||||||
Canada - 5.74% | ||||||||
Celestica, Inc. (a) | 26,065 | 332,365 | ||||||
Linamar Corp. | 9,714 | 430,063 | ||||||
Transcontinental, Inc. - Class A | 33,418 | 348,335 | ||||||
1,110,763 | ||||||||
France - 5.79% | ||||||||
Rexel S.A. | 37,925 | 775,088 | ||||||
Societe BIC S.A. | 5,787 | 345,164 | ||||||
1,120,252 | ||||||||
Germany - 6.26% | ||||||||
Deutz AG | 87,703 | 520,290 | ||||||
Duerr AG | 9,605 | 280,694 | ||||||
SAF-Holland S.A. | 31,900 | 408,493 | ||||||
1,209,477 | ||||||||
Hong Kong - 4.79% | ||||||||
Pacific Basin Shipping, Ltd. | 1,165,000 | 340,702 | ||||||
VTech Holdings, Ltd. | 64,600 | 387,743 | ||||||
Yue Yuen Industrial (Holdings), Ltd. | 161,000 | 197,383 | ||||||
925,828 | ||||||||
Ireland - 7.62% | ||||||||
Bank of Ireland Group PLC | 46,988 | 441,683 | ||||||
C&C Group PLC | 269,635 | 487,690 | ||||||
Origin Enterprises PLC | 145,618 | 544,780 | ||||||
1,474,153 | ||||||||
Israel - 2.02% | ||||||||
Ituran Location and Control, Ltd. | 17,093 | 390,404 | ||||||
Italy - 7.39% | ||||||||
Anima Holding S.p.A. | 124,701 | 432,936 | ||||||
BPER Banca | 182,770 | 466,918 | ||||||
Danieli & C Officine Meccaniche S.p.A. | 29,295 | 529,824 | ||||||
1,429,678 | ||||||||
Japan - 20.86% | ||||||||
DIC Corp. | 19,500 | 348,082 | ||||||
Foster Electric Co., Ltd. | 63,534 | 432,756 | ||||||
Fukuoka Financial Group, Inc. | 25,600 | 475,895 | ||||||
Hokkoku Financial Holdings, Inc. | 5,600 | 185,896 | ||||||
Open House Co., Ltd. | 5,100 | 196,203 | ||||||
Sankyu, Inc. | 10,900 | 369,266 | ||||||
Teijin, Ltd. | 34,600 | 320,359 | ||||||
Toho Holdings Co., Ltd. | 22,600 | 412,339 | ||||||
TS Tech Co., Ltd. | 29,500 | 368,207 | ||||||
Tsubakimoto Chain Co. | 14,800 | 351,610 | ||||||
Ube Industries, Ltd. | 11,700 | 189,367 | ||||||
Zeon Corp. | 37,000 | 384,009 | ||||||
4,033,989 | ||||||||
Netherlands - 3.83% | ||||||||
Flow Traders, Ltd. | 8,046 | 185,940 | ||||||
Koninklijke BAM Groep N.V. | 132,025 | 268,131 | ||||||
Technip Energies N.V. | 14,470 | 286,836 | ||||||
740,907 | ||||||||
Norway - 1.86% | ||||||||
Subsea 7 S.A. | 35,404 | 358,977 | ||||||
Republic of Korea - 7.02% | ||||||||
DB Insurance Co., Ltd. | 8,773 | 489,133 | ||||||
Hankook Tire & Technology Co., Ltd. | 17,964 | 466,949 | ||||||
Wonik IPS Co., Ltd. | 16,494 | 400,777 | ||||||
1,356,859 | ||||||||
Spain - 4.10% | ||||||||
Cia de Distribucion Integral Logista Holdings S.A. | 16,782 | 417,245 | ||||||
Unicaja Banco S.A. | 395,226 | 376,410 | ||||||
793,655 | ||||||||
Taiwan - 1.24% | ||||||||
Elite Material Co., Ltd. | 35,000 | 240,339 | ||||||
United Kingdom - 12.50% | ||||||||
Balfour Beatty PLC | 100,107 | 457,268 | ||||||
Direct Line Insurance Group PLC | 146,616 | 302,574 | ||||||
Sabre Insurance Group PLC | 377,765 | 661,649 | ||||||
Senior PLC | 333,385 | 694,232 | ||||||
Travis Perkins PLC | 9,301 | 101,029 | ||||||
Wizz Air Holdings PLC (a) | 5,794 | 200,079 | ||||||
2,416,831 | ||||||||
Total Common Stocks (Cost $18,653,854) | 18,173,167 | |||||||
SHORT-TERM INVESTMENT - 5.03% | ||||||||
Market Market Fund - 5.03% | ||||||||
Fidelity Institutional Government Portfolio - Class I, 4.98% (b) | 973,139 | 973,139 | ||||||
Total Short-Term Investment (Cost $973,139) | 973,139 | |||||||
Total Investments (Cost $19,626,993) - 99.00% | 19,146,306 | |||||||
Other Assets in Excess of Liabilities - 1.00% | 194,241 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 19,340,547 |
Percentages are stated as a percent of net assets. |
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 May 31, 2023. |
Pzena International Small Cap Value Fund | ||||||||
Portfolio Diversification | ||||||||
May 31, 2023 (Unaudited) | ||||||||
% of | ||||||||
Fair Value | Net Assets | |||||||
COMMON STOCKS | ||||||||
Consumer Discretionary | $ | 2,500,054 | 12.93 | % | ||||
Consumer Staples | 1,032,470 | 5.34 | % | |||||
Energy | 645,813 | 3.34 | % | |||||
Financials | 4,019,034 | 20.78 | % | |||||
Health Care | 412,339 | 2.13 | % | |||||
Industrials | 6,010,582 | 31.08 | % | |||||
Information Technology | 1,962,723 | 10.15 | % | |||||
Materials | 1,590,152 | 8.22 | % | |||||
Total Common Stocks | 18,173,167 | 93.97 | % | |||||
Short-Term Investment | 973,139 | 5.03 | % | |||||
Total Investments | 19,146,306 | 99.00 | % | |||||
Other Assets in Excess of Liabilities | 194,241 | 1.00 | % | |||||
Total Net Assets | $ | 19,340,547 | 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 May 31, 2023 (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 May 31, 2023: |
Pzena International Small Cap Value Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Austria | $ | 571,055 | $ | - | $ | - | $ | 571,055 | ||||||||
Canada | 1,110,763 | - | - | 1,110,763 | ||||||||||||
France | 1,120,252 | - | - | 1,120,252 | ||||||||||||
Germany | 1,209,477 | - | - | 1,209,477 | ||||||||||||
Hong Kong | 925,828 | - | - | 925,828 | ||||||||||||
Ireland | 1,474,153 | - | - | 1,474,153 | ||||||||||||
Israel | 390,404 | - | - | 390,404 | ||||||||||||
Italy | 1,429,678 | - | - | 1,429,678 | ||||||||||||
Japan | 4,033,989 | - | - | 4,033,989 | ||||||||||||
Netherlands | 740,907 | - | - | 740,907 | ||||||||||||
Norway | 358,977 | - | - | 358,977 | ||||||||||||
Republic of Korea | 1,356,859 | - | - | 1,356,859 | ||||||||||||
Spain | 793,655 | - | - | 793,655 | ||||||||||||
Taiwan | 240,339 | - | - | 240,339 | ||||||||||||
United Kingdom | 2,416,831 | - | - | 2,416,831 | ||||||||||||
Total Common Stocks | 18,173,167 | - | - | 18,173,167 | ||||||||||||
Short-Term Investment | 973,139 | - | - | 973,139 | ||||||||||||
Total Investments | $ | 19,146,306 | $ | - | $ | - | $ | 19,146,306 |
Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by security. |