Pzena Small Cap Value Fund | |||||||
Schedule of Investments - November 30, 2023 (Unaudited) | |||||||
Shares | Fair Value | ||||||
Common Stocks —97.1% | |||||||
Basic Materials — 7.6% | |||||||
13,714 | Koppers Holdings, Inc. | $ | 619,461 | ||||
29,778 | Olin Corp. | 1,403,735 | |||||
60,804 | Orion S.A. | 1,448,959 | |||||
3,472,155 | |||||||
Consumer Discretionary — 19.3% | |||||||
31,696 | Adient PLC (a) | 1,020,611 | |||||
12,125 | Advance Auto Parts, Inc. | 615,829 | |||||
73,035 | Dana, Inc. | 964,792 | |||||
64,853 | Gap, Inc. | 1,301,600 | |||||
14,584 | Genesco, Inc. (a) | 545,004 | |||||
25,790 | Hooker Furnishings Corp. | 461,125 | |||||
70,280 | Interface, Inc. | 710,531 | |||||
86,731 | Newell Brands, Inc. | 661,757 | |||||
10,346 | PVH Corp. | 1,011,632 | |||||
122,328 | Steelcase, Inc. - Class A | 1,505,858 | |||||
8,798,739 | |||||||
Consumer Staples — 6.4% | |||||||
13,241 | Spectrum Brands Holdings, Inc. | 917,999 | |||||
21,602 | Universal Corp. | 1,215,328 | |||||
16,607 | USANA Health Sciences, Inc. (a) | 784,847 | |||||
2,918,174 | |||||||
Energy — 5.7% | |||||||
133,028 | MRC Global, Inc. (a) | 1,375,510 | |||||
65,171 | NOV, Inc. | 1,226,518 | |||||
2,602,028 | |||||||
Financials — 22.1% | |||||||
5,917 | American Equity Investment Life Holding Co. (a) | 326,382 | |||||
61,831 | Associated Banc-Corp. | 1,096,882 | |||||
23,923 | Axis Capital Holdings, Ltd. (b) | 1,347,822 | |||||
69,462 | CNO Financial Group, Inc. | 1,840,743 | |||||
48,113 | Columbia Banking System, Inc. | 1,079,174 | |||||
77,126 | Old National Bancorp of Indiana | 1,148,406 | |||||
18,040 | Synovus Financial Corp. | 555,452 | |||||
37,991 | Univest Financial Corp. | 717,650 | |||||
25,712 | Webster Financial Corp. | 1,153,183 | |||||
22,040 | WSFS Financial Corp. | 850,083 | |||||
10,115,777 | |||||||
Health Care — 1.7% | |||||||
34,533 | Phibro Animal Health Corp. - Class A | 331,172 | |||||
23,184 | Varex Imaging Corp. (a) | 437,018 | |||||
768,190 | |||||||
Industrials — 28.8% | |||||||
11,947 | American Woodmark Corp. (a) | 864,963 | |||||
29,079 | Axalta Coating Systems, Ltd. (a) | 915,116 | |||||
16,238 | Belden, Inc. | 1,078,853 | |||||
15,549 | Bread Financial Holdings, Inc. | 436,927 | |||||
13,673 | GMS, Inc. (a) | 924,842 | |||||
77,126 | JELD-WEN Holding, Inc. (a) | 1,232,473 | |||||
17,890 | Korn Ferry | 925,628 | |||||
15,902 | Masonite International Corp. (a) | 1,412,893 | |||||
54,126 | Masterbrand, Inc. (a) | 726,371 | |||||
82,288 | Resideo Technologies, Inc. (a) | 1,351,992 | |||||
62,329 | REV Group, Inc. | 984,175 | |||||
1,891 | Terex Corp. | 93,604 | |||||
54,823 | TriMas Corp. | 1,405,113 | |||||
56,387 | TrueBlue, Inc. (a) | 786,035 | |||||
13,138,985 | |||||||
Real Estate — 0.3% | |||||||
4,800 | Marcus & Millichap, Inc. | 165,168 | |||||
Technology — 5.2% | |||||||
23,376 | Avnet, Inc. | 1,093,062 | |||||
37,958 | ScanSource, Inc. (a) | 1,268,936 | |||||
2,361,998 | |||||||
Total Common Stocks (Cost $43,939,108) | 44,341,214 | ||||||
REIT —1.4% | |||||||
Real Estate — 1.4% | |||||||
77,338 | DiamondRock Hospitality Co. | 643,452 | |||||
Total REIT (Cost $700,025) | 643,452 | ||||||
Short-Term Investment — 1.4% Money Market Fund — 1.4% | |||||||
618,624 | Fidelity Institutional Government Portfolio, Institutional Class, 5.24% (c) | 618,624 | |||||
Total Short-Term Investment (Cost $618,624) | 618,624 | ||||||
Total Investments (Cost $45,257,757) — 99.9% | 45,603,290 | ||||||
Other Assets in Excess of Liabilities — 0.1% | 67,895 | ||||||
Total Net Assets — 100.00% | $ | 45,671,185 |
Percentages are stated as a percent of net assets. PLC - Public Limited Company |
REIT - Real Estate Investment Trust S.A. - Société Anonyme |
(a) | Non-income producing security. |
(b) | Foreign issued security |
(c) | Rate shown represents the 7-day annualized yield as of November 30, 2023. |
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 Small Cap 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 Small Cap Value Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Basic Materials | $ | 3,472,155 | $ | – | $ | – | $ | 3,472,155 | ||||||||
Consumer Discretionary | 8,798,739 | – | – | 8,798,739 | ||||||||||||
Consumer Staples | 2,918,174 | – | – | 2,918,174 | ||||||||||||
Energy | 2,602,028 | – | – | 2,602,028 | ||||||||||||
Financials | 10,115,777 | – | – | 10,115,777 | ||||||||||||
Health Care | 768,190 | – | – | 768,190 | ||||||||||||
Industrials | 13,138,985 | – | – | 13,138,985 | ||||||||||||
Real Estate | 165,168 | – | – | 165,168 | ||||||||||||
Technology | 2,361,998 | – | – | 2,361,998 | ||||||||||||
Total Common Stocks | 44,341,214 | – | – | 44,341,214 | ||||||||||||
REIT | 643,452 | – | – | 643,452 | ||||||||||||
Short-Term Investment | 618,624 | – | – | 618,624 | ||||||||||||
Total Investments | $ | 45,603,290 | $ | – | $ | – | $ | 45,603,290 | ||||||||
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification. |