Pzena International Value Fund | |||||||
Schedule of Investments - November 30, 2023 (Unaudited) | |||||||
Shares | Fair Value | ||||||
Common Stocks —95.6% | |||||||
Brazil — 2.1% | |||||||
371,200 | Ambev S.A. | $ | 1,026,408 | ||||
13,543 | Ambev S.A. - ADR | 37,108 | |||||
35,000 | Banco do Brasil S.A. | 385,764 | |||||
1,449,280 | |||||||
Canada — 2.1% | |||||||
22,903 | Magna International, Inc. | 1,234,816 | |||||
3,230 | Magna International, Inc. (b) | 174,129 | |||||
1,408,945 | |||||||
China — 3.3% | |||||||
119,000 | Alibaba Group Holding, Ltd. (a) | 1,108,298 | |||||
563 | Alibaba Group Holding, Ltd. - ADR (a) | 42,158 | |||||
84,000 | China Merchants Bank Co., Ltd. - H Shares | 293,575 | |||||
248,000 | China Overseas Land & Investment, Ltd. | 458,454 | |||||
111,600 | Haier Smart Home Co., Ltd. - H Shares | 323,600 | |||||
2,226,085 | |||||||
Denmark — 1.4% | |||||||
36,265 | Danske Bank A/S | 938,310 | |||||
Finland — 2.5% | |||||||
107,014 | Nokia Oyj | 374,846 | |||||
380,376 | Nokia Oyj - ADR | 1,323,708 | |||||
1,698,554 | |||||||
France — 16.7% | |||||||
39,957 | Accor S.A. | �� | 1,383,512 | ||||
30,040 | Amundi S.A. | 1,847,458 | |||||
19,188 | Bouygues S.A. | 729,132 | |||||
60,751 | Cie Generale des Etablissements Michelin SCA | 2,037,377 | |||||
88,407 | Rexel S.A. | 2,129,582 | |||||
20,663 | Sanofi | 1,922,129 | |||||
9,642 | Teleperformance SE | 1,349,166 | |||||
11,398,356 | |||||||
Germany — 11.0% | |||||||
40,492 | BASF SE | 1,881,355 | |||||
22,280 | Bayer AG | 760,532 | |||||
22,379 | Covestro AG (a) | 1,174,124 | |||||
58,103 | Daimler Truck Holding AG | 1,886,592 | |||||
36,572 | Evonik Industries AG | 682,715 | |||||
18,558 | Fresenius Medical Care AG & Co. KGaA | 760,137 | |||||
2,303 | Siemens AG | 386,048 | |||||
7,531,503 | |||||||
Hong Kong — 1.5% | |||||||
198,000 | Galaxy Entertainment Group, Ltd. | 1,024,055 | |||||
Hungary — 0.5% | |||||||
9,105 | OTP Bank PLC | 378,516 | |||||
Ireland — 2.2% | |||||||
88,442 | Bank of Ireland Group PLC | 826,948 | |||||
8,642 | Medtronic PLC | 685,051 | |||||
1,511,999 | |||||||
Italy — 2.3% | |||||||
220,737 | Enel S.p.A | 1,558,398 | |||||
Japan — 13.3% | |||||||
8,400 | Bridgestone Corp. | 345,496 | |||||
19,900 | Fukuoka Financial Group, Inc. | 460,790 | |||||
20,500 | Iida Group Holdings Co., Ltd. | 305,578 | |||||
27,300 | Isuzu Motors, Ltd. | 360,078 | |||||
54,400 | Komatsu, Ltd. | 1,384,033 | |||||
60,100 | Minebea Mitsumi, Inc. | 1,140,303 | |||||
8,900 | MS&AD Insurance Group Holdings, Inc. | 332,144 | |||||
47,300 | Olympus Corp. | 691,028 | |||||
176,000 | Resona Holdings, Inc. | 912,289 | |||||
42,500 | Subaru Corp. | 751,332 | |||||
6,300 | Sumitomo Mitsui Financial Group, Inc. | 308,414 | |||||
18,000 | T&D Holdings, Inc. | 265,459 | |||||
28,200 | Takeda Pharmaceutical Co., Ltd. | 792,210 | |||||
198,800 | Toray Industries, Inc. | 1,028,595 | |||||
9,077,749 | |||||||
Luxembourg — 2.1% | |||||||
57,723 | ArcelorMittal S.A. | 1,450,772 | |||||
Netherlands — 6.5% | |||||||
98,610 | ING Groep N.V. | 1,382,279 | |||||
48,124 | Koninklijke Philips N.V. (a) | 983,223 | |||||
34,841 | Randstad N.V. | 2,066,871 | |||||
4,432,373 | |||||||
Republic of Korea — 0.5% | |||||||
8,620 | Shinhan Financial Group Co., Ltd. | 246,543 | |||||
3,710 | Shinhan Financial Group Co., Ltd. - ADR | 105,364 | |||||
351,907 | |||||||
Spain — 2.2% | |||||||
328,889 | CaixaBank S.A. | 1,478,873 | |||||
Switzerland — 6.2% | |||||||
21,268 | Julius Baer Group, Ltd. | 1,074,451 | |||||
5,986 | Roche Holding AG | 1,613,561 | |||||
53,869 | UBS Group AG | 1,515,123 | |||||
4,203,135 | |||||||
Taiwan — 2.7% | |||||||
215,500 | Hon Hai Precision Industry Co., Ltd. - GDR | 1,368,425 | |||||
5,128 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 499,006 | |||||
1,867,431 | |||||||
United Kingdom — 16.5% | |||||||
129,292 | Aviva PLC - B Shares (a) | 681,464 | |||||
401,950 | Barclays PLC | 715,696 | |||||
165,676 | HSBC Holdings PLC | 1,259,339 | |||||
476,690 | J Sainsbury PLC | 1,720,540 | |||||
288,893 | NatWest Group PLC | 758,239 | |||||
19,149 | Reckitt Benckiser Group PLC | 1,304,949 | |||||
57,512 | Shell PLC - Class A | 1,885,557 | |||||
106,254 | Standard Chartered PLC | 876,206 | |||||
388,666 | Tesco PLC | 1,402,340 | |||||
40,169 | Travis Perkins PLC | 383,885 | |||||
345,988 | Vodafone Group PLC | 311,564 | |||||
11,299,779 | |||||||
Total Common Stocks (Cost $62,880,100) | 65,286,020 | ||||||
Preferred Stock —0.9% | |||||||
Germany — 0.9% | |||||||
5,091 | Volkswagen AG, 25.98% | 589,729 | |||||
Total Preferred Stock (Cost $912,354) | 589,729 | ||||||
Short-Term Investment — 3.4% Money Market Fund — 3.4% | |||||||
2,309,542 | Fidelity Institutional Government Portfolio, Institutional Class, 5.24% (c) | 2,309,542 | |||||
Total Short-Term Investment (Cost $2,309,542) | 2,309,542 | ||||||
Total Investments (Cost $66,101,996) — 99.9% | 68,185,291 | ||||||
Other Assets in Excess of Liabilities — 0.1% | 94,768 | ||||||
Total Net Assets — 100.00% | $ | 68,280,059 | |||||
Percentages are stated as a percent of net assets. |
A/S - Aksjeselskap |
ADR - American Depositary Receipt AG - Aktiengesellschaft |
GDR - Global Depositary Receipt |
KGaA - Kommanditgesellschaft Auf Aktien N.V. - Naamloze Vennootschap |
Oyj - Julkinen osakeyhtiö |
PLC - Public Limited Company S.A. - Société Anonyme S.p.A - Società per Azioni |
SCA - Société en Commandite par Actions |
SE - Societas Europea
(a) | Non-income producing security. |
(b) | U.S. traded security of a foreign issuer |
(c) | Rate shown represents the 7-day annualized yield as of November 30, 2023. |
Pzena International Value Fund | ||||||||
Portfolio Diversification at November 30, 2023 (Unaudited) | ||||||||
Fair Value | Percentage of Net Assets | |||||||
Common Stocks | ||||||||
Communication Services | $ | 311,564 | 0.4 | % | ||||
Consumer Discretionary | 9,090,429 | 13.3 | % | |||||
Consumer Staples | 5,491,345 | 8.0 | % | |||||
Energy | 1,885,557 | 2.8 | % | |||||
Financials | 17,043,244 | 25.0 | % | |||||
Health Care | 8,207,871 | 12.0 | % | |||||
Industrials | 11,455,612 | 16.8 | % | |||||
Information Technology | 3,565,985 | 5.2 | % | |||||
Materials | 6,217,561 | 9.1 | % | |||||
Real Estate | 458,454 | 0.7 | % | |||||
Utilities | 1,558,398 | 2.3 | % | |||||
Total Common Stocks | 65,286,020 | 95.6 | % | |||||
Preferred Stock | ||||||||
Consumer Discretionary | 589,729 | 0.9 | % | |||||
Total Preferred Stock | 589,729 | 0.9 | % | |||||
Short-Term Investment | 2,309,542 | 3.4 | % | |||||
Total Investments | 68,185,291 | 99.9 | % | |||||
Other Assets in Excess of Liabilities | 94,768 | 0.1 | % | |||||
Total Net Assets | $ | 68,280,059 | 100.0 | % |
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 U.S. Bancorp Fund Services, LLC.
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 U.S. Bancorp Fund Services, LLC.
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.
Pzena International Value Fund
Summary of Fair Value Disclosure at November 30, 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 November 30, 2023:
Pzena International Value Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Brazil | $ | 1,449,280 | $ | – | $ | – | $ | 1,449,280 | ||||||||
Canada | 1,408,945 | – | – | 1,408,945 | ||||||||||||
China | 2,226,085 | – | – | 2,226,085 | ||||||||||||
Denmark | 938,310 | – | – | 938,310 | ||||||||||||
Finland | 1,698,554 | – | – | 1,698,554 | ||||||||||||
France | 11,398,356 | – | – | 11,398,356 | ||||||||||||
Germany | 7,531,503 | – | – | 7,531,503 | ||||||||||||
Hong Kong | 1,024,055 | – | – | 1,024,055 | ||||||||||||
Hungary | 378,516 | – | – | 378,516 | ||||||||||||
Ireland | 1,511,999 | – | – | 1,511,999 | ||||||||||||
Italy | 1,558,398 | – | – | 1,558,398 | ||||||||||||
Japan | 9,077,749 | – | – | 9,077,749 | ||||||||||||
Luxembourg | 1,450,772 | – | – | 1,450,772 | ||||||||||||
Netherlands | 4,432,373 | – | – | 4,432,373 | ||||||||||||
Republic of Korea | 351,907 | – | – | 351,907 | ||||||||||||
Spain | 1,478,873 | – | – | 1,478,873 | ||||||||||||
Switzerland | 4,203,135 | – | – | 4,203,135 | ||||||||||||
Taiwan | 1,867,431 | – | – | 1,867,431 | ||||||||||||
United Kingdom | 11,299,779 | – | – | 11,299,779 | ||||||||||||
Total Common Stocks | 65,286,020 | – | – | 65,286,020 | ||||||||||||
Preferred Stock | ||||||||||||||||
Germany | 589,729 | – | – | 589,729 | ||||||||||||
Total Preferred Stock | 589,729 | – | – | 589,729 | ||||||||||||
Short-Term Investment | 2,309,542 | – | – | 2,309,542 | ||||||||||||
Total Investments | $ | 68,185,291 | $ | – | $ | – | $ | 68,185,291 | ||||||||
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification. |