Shareholder Report
Feb. 28, 2025
USD ($)
$ / shares
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$123
|
1.24%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Large-cap equities maintained market leadership in 2024, as the market reconsidered the prospect of a major decline in the Federal Funds rate. Mid-cap equities, which are more rate sensitive, traded up as the Federal Reserve began to cut interest rates, but gave up some of these gains amid inflation and growth concerns to start 2025. The Fund underperformed the Russell 1000 Index due to stock selection in the consumer discretionary, industrials, and technology sectors.
|
Top Contributors
|
|
|
↑
|
Equitable Holdings, Inc., CNO Financial Group, Inc., Delta Air Lines, Inc.
|
|
Top Detractors
|
|
|
↓
|
JELD-WEN Holding, Inc., Olin Corporation, Dollar General Corporation
|
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Pzena Mid Cap Value Fund - Investor Class
|
-1.69
|
13.09
|
7.73
|
|
Russell 1000 Total Return
|
18.11
|
16.54
|
12.71
|
|
Russell Midcap Value Total Return
|
11.67
|
11.68
|
8.00
|
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/mid-cap-value-fund-pzimx/ for more recent performance information.
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/mid-cap-value-fund-pzimx/ for more recent performance information.
KEY FUND STATISTICS (as of February 28, 2025)
|
Net Assets
|
$135,244,048
|
|
Number of Holdings
|
41
|
|
Net Advisory Fee
|
$1,068,790
|
|
Portfolio Turnover
|
35%
|
|
Top 10 Holdings
|
(% of Net Assets)
|
|
Humana, Inc.
|
4.5%
|
|
Baxter International, Inc.
|
4.5%
|
|
Dollar General Corp.
|
3.8%
|
|
Charter Communications, Inc. - Class A
|
3.7%
|
|
Delta Air Lines, Inc.
|
3.4%
|
|
Capital One Financial Corp.
|
3.2%
|
|
Dow, Inc.
|
3.1%
|
|
CH Robinson Worldwide, Inc.
|
3.1%
|
|
Fresenius Medical Care AG & Co. KGaA
|
3.1%
|
|
Lear Corp.
|
3.0%
|
Based on the recommendation of Pzena Investment Management, LLC (the “Adviser”), the Audit Committee and Board of Trustees (“Board”) of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP (“Tait”) to Deloitte LLP (“Deloitte”). At a meeting of the Board held on June 26, 2024, the Board accepted Tait’s resignation effective June 27, 2024. Deloitte’s engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$89
|
0.90%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Large-cap equities maintained market leadership in 2024, as the market reconsidered the prospect of a major decline in the Federal Funds rate. Mid-cap equities, which are more rate sensitive, traded up as the Federal Reserve began to cut interest rates, but gave up some of these gains amid inflation and growth concerns to start 2025. The Fund underperformed the Russell 1000 Index due to stock selection in the consumer discretionary, industrials, and technology sectors.
|
Top Contributors
|
|
|
↑
|
Equitable Holdings, Inc., CNO Financial Group, Inc., Delta Air Lines, Inc.
|
|
Top Detractors
|
|
|
↓
|
JELD-WEN Holding, Inc., Olin Corporation, Dollar General Corporation
|
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Pzena Mid Cap Value Fund - Institutional Class
|
-1.33
|
13.53
|
8.09
|
|
Russell 1000 Total Return
|
18.11
|
16.54
|
12.71
|
|
Russell Midcap Value Total Return
|
11.67
|
11.68
|
8.00
|
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/mid-cap-value-fund-pzimx/ for more recent performance information.
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/mid-cap-value-fund-pzimx/ for more recent performance information.
KEY FUND STATISTICS (as of February 28, 2025)
|
Net Assets
|
$135,244,048
|
|
Number of Holdings
|
41
|
|
Net Advisory Fee
|
$1,068,790
|
|
Portfolio Turnover
|
35%
|
|
Top 10 Holdings
|
(% of Net Assets)
|
|
Humana, Inc.
|
4.5%
|
|
Baxter International, Inc.
|
4.5%
|
|
Dollar General Corp.
|
3.8%
|
|
Charter Communications, Inc. - Class A
|
3.7%
|
|
Delta Air Lines, Inc.
|
3.4%
|
|
Capital One Financial Corp.
|
3.2%
|
|
Dow, Inc.
|
3.1%
|
|
CH Robinson Worldwide, Inc.
|
3.1%
|
|
Fresenius Medical Care AG & Co. KGaA
|
3.1%
|
|
Lear Corp.
|
3.0%
|
Based on the recommendation of Pzena Investment Management, LLC (the “Adviser”), the Audit Committee and Board of Trustees (“Board”) of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP (“Tait”) to Deloitte LLP (“Deloitte”). At a meeting of the Board held on June 26, 2024, the Board accepted Tait’s resignation effective June 27, 2024. Deloitte’s engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$149
|
1.42%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Emerging markets rose during the trailing 12 months, with broad-based strength across geographies. Chinese equities rebounded on hopes of supportive fiscal and monetary policy. While investors considered a potential recovery in the Chinese economy, many other emerging markets, across Asia, Latin America, and Eastern Europe, also posted strong returns.
China, Taiwan, and India drove absolute Fund performance during the past 12 months. On the other hand, South Korea and Brazil declined, against a backdrop of political and economic uncertainty in both markets. The Fund’s overweight to South Korea and Brazil, and stock selection in China caused the Fund to underperform the MSCI Emerging Markets Index.
|
Top Contributors
|
|
|
↑
|
Hon Hai Precision Industry Co., Ltd., Alibaba Group Holding Limited, Taiwan Semiconductor Manufacturing Co., Ltd.
|
|
Top Detractors
|
|
|
↓
|
Samsung Electronics Co., Ltd., PT Bank Rakyat Indonesia (Persero) Tbk Class B, Hankook Tire & Technology Co., Ltd.
|
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Pzena Emerging Markets Value Fund - Investor Class
|
9.57
|
10.47
|
5.92
|
|
MSCI EM (EMERGING MARKETS) Net (USD)
|
10.07
|
4.26
|
3.49
|
|
MSCI EM (EMERGING MARKETS) VALUE Net (USD)
|
7.05
|
5.33
|
2.81
|
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/emerging-markets-value-fund-pziex/ for more recent performance information.
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/emerging-markets-value-fund-pziex/ for more recent performance information.
KEY FUND STATISTICS (as of February 28, 2025)
|
Net Assets
|
$2,137,973,654
|
|
Number of Holdings
|
65
|
|
Net Advisory Fee
|
$18,965,253
|
|
Portfolio Turnover
|
22%
|
|
Top 10 Holdings
|
(% of Net Assets)
|
|
Samsung Electronics Co., Ltd.
|
3.8%
|
|
China Overseas Land & Investment, Ltd.
|
3.7%
|
|
Alibaba Group Holding, Ltd.
|
3.6%
|
|
Taiwan Semiconductor Manufacturing Co., Ltd.
|
3.5%
|
|
Weichai Power Co., Ltd.
|
2.9%
|
|
Ambev S.A.
|
2.7%
|
|
WH Group, Ltd.
|
2.6%
|
|
Cognizant Technology Solutions Corp.
|
2.6%
|
|
First American Government Obligations Fund - Class X
|
2.5%
|
|
China Merchants Bank Co., Ltd.
|
2.3%
|
Based on the recommendation of Pzena Investment Management, LLC (the “Adviser”), the Audit Committee and Board of Trustees (“Board”) of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP (“Tait”) to Deloitte LLP (“Deloitte”). At a meeting of the Board held on June 26, 2024, the Board accepted Tait’s resignation effective June 27, 2024. Deloitte’s engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$113
|
1.08%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Emerging markets rose during the trailing 12 months, with broad-based strength across geographies. Chinese equities rebounded on hopes of supportive fiscal and monetary policy. While investors considered a potential recovery in the Chinese economy, many other emerging markets, across Asia, Latin America, and Eastern Europe, also posted strong returns.
China, Taiwan, and India drove absolute Fund performance during the past 12 months. On the other hand, South Korea and Brazil declined, against a backdrop of political and economic uncertainty in both markets. The Fund’s overweight to South Korea and Brazil, and stock selection in China caused the Fund to underperform the MSCI Emerging Markets Index.
|
Top Contributors
|
|
|
↑
|
Hon Hai Precision Industry Co., Ltd., Alibaba Group Holding Limited, Taiwan Semiconductor Manufacturing Co., Ltd.
|
|
Top Detractors
|
|
|
↓
|
Samsung Electronics Co., Ltd., PT Bank Rakyat Indonesia (Persero) Tbk Class B, Hankook Tire & Technology Co., Ltd.
|
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
Pzena Emerging Markets Value Fund - Institutional Class
|
9.92
|
10.82
|
6.26
|
|
MSCI EM (EMERGING MARKETS) Net (USD)
|
10.07
|
4.26
|
3.49
|
|
MSCI EM (EMERGING MARKETS) VALUE Net (USD)
|
7.05
|
5.33
|
2.81
|
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/emerging-markets-value-fund-pziex/ for more recent performance information.
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/emerging-markets-value-fund-pziex/ for more recent performance information.
KEY FUND STATISTICS (as of February 28, 2025)
|
Net Assets
|
$2,137,973,654
|
|
Number of Holdings
|
65
|
|
Net Advisory Fee
|
$18,965,253
|
|
Portfolio Turnover
|
22%
|
|
Top 10 Holdings
|
(% of Net Assets)
|
|
Samsung Electronics Co., Ltd.
|
3.8%
|
|
China Overseas Land & Investment, Ltd.
|
3.7%
|
|
Alibaba Group Holding, Ltd.
|
3.6%
|
|
Taiwan Semiconductor Manufacturing Co., Ltd.
|
3.5%
|
|
Weichai Power Co., Ltd.
|
2.9%
|
|
Ambev S.A.
|
2.7%
|
|
WH Group, Ltd.
|
2.6%
|
|
Cognizant Technology Solutions Corp.
|
2.6%
|
|
First American Government Obligations Fund - Class X
|
2.5%
|
|
China Merchants Bank Co., Ltd.
|
2.3%
|
Based on the recommendation of Pzena Investment Management, LLC (the “Adviser”), the Audit Committee and Board of Trustees (“Board”) of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP (“Tait”) to Deloitte LLP (“Deloitte”). At a meeting of the Board held on June 26, 2024, the Board accepted Tait’s resignation effective June 27, 2024. Deloitte’s engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$128
|
1.31%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Large-cap equities maintained market leadership in 2024, as the market reconsidered the prospect of a major decline in the Federal Funds rate. Small-cap equities, which are more rate sensitive, traded up as the Federal Reserve began to cut interest rates, but gave up some of these gains amid inflation and growth concerns to start 2025. The Fund underperformed the Russell 2000 Index due to stock selection in the industrials, consumer discretionary, and basic materials sectors.
|
Top Contributors
|
|
|
↑
|
CNO Financial Group, Inc., Columbia Banking System, Inc., Old National Bancorp
|
|
Top Detractors
|
|
|
↓
|
JELD-WEN Holding, Inc., Adient plc, Olin Corporation
|
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(04/27/2016) |
|
Pzena Small Cap Value Fund - Investor Class
|
-4.15
|
11.98
|
7.48
|
|
Russell 2000 Total Return Index
|
6.69
|
9.39
|
8.83
|
|
Russell 2000 Value Total Return
|
7.58
|
10.32
|
8.19
|
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/small-cap-value-fund-pzisx/ for more recent performance information.
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/small-cap-value-fund-pzisx/ for more recent performance information.
KEY FUND STATISTICS (as of February 28, 2025)
|
Net Assets
|
$60,826,198
|
|
Number of Holdings
|
49
|
|
Net Advisory Fee
|
$314,713
|
|
Portfolio Turnover
|
30%
|
|
Top 10 Holdings
|
(% of Net Assets)
|
|
First American Government Obligations Fund - Class X
|
3.9%
|
|
CNO Financial Group, Inc.
|
3.6%
|
|
Korn Ferry
|
3.1%
|
|
Spectrum Brands Holdings, Inc.
|
3.0%
|
|
Advance Auto Parts, Inc.
|
2.9%
|
|
Adient PLC
|
2.9%
|
|
Old National Bancorp of Indiana
|
2.9%
|
|
Douglas Dynamics, Inc.
|
2.8%
|
|
MRC Global, Inc.
|
2.8%
|
|
Associated Banc-Corp.
|
2.7%
|
Based on the recommendation of Pzena Investment Management, LLC (the “Adviser”), the Audit Committee and Board of Trustees (“Board”) of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP (“Tait”) to Deloitte LLP (“Deloitte”). At a meeting of the Board held on June 26, 2024, the Board accepted Tait’s resignation effective June 27, 2024. Deloitte’s engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$98
|
1.00%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Large-cap equities maintained market leadership in 2024, as the market reconsidered the prospect of a major decline in the Federal Funds rate. Small-cap equities, which are more rate sensitive, traded up as the Federal Reserve began to cut interest rates, but gave up some of these gains amid inflation and growth concerns to start 2025. The Fund underperformed the Russell 2000 Index due to stock selection in the industrials, consumer discretionary, and basic materials sectors.
|
Top Contributors
|
|
|
↑
|
CNO Financial Group, Inc., Columbia Banking System, Inc., Old National Bancorp
|
|
Top Detractors
|
|
|
↓
|
JELD-WEN Holding, Inc., Adient plc, Olin Corporation
|
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(04/27/2016) |
|
Pzena Small Cap Value Fund - Institutional Class
|
-3.90
|
12.27
|
7.79
|
|
Russell 2000 Total Return Index
|
6.69
|
9.39
|
8.83
|
|
Russell 2000 Value Total Return
|
7.58
|
10.32
|
8.19
|
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/small-cap-value-fund-pzisx/ for more recent performance information.
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/small-cap-value-fund-pzisx/ for more recent performance information.
KEY FUND STATISTICS (as of February 28, 2025)
|
Net Assets
|
$60,826,198
|
|
Number of Holdings
|
49
|
|
Net Advisory Fee
|
$314,713
|
|
Portfolio Turnover
|
30%
|
|
Top 10 Holdings
|
(% of Net Assets)
|
|
First American Government Obligations Fund - Class X
|
3.9%
|
|
CNO Financial Group, Inc.
|
3.6%
|
|
Korn Ferry
|
3.1%
|
|
Spectrum Brands Holdings, Inc.
|
3.0%
|
|
Advance Auto Parts, Inc.
|
2.9%
|
|
Adient PLC
|
2.9%
|
|
Old National Bancorp of Indiana
|
2.9%
|
|
Douglas Dynamics, Inc.
|
2.8%
|
|
MRC Global, Inc.
|
2.8%
|
|
Associated Banc-Corp.
|
2.7%
|
Based on the recommendation of Pzena Investment Management, LLC (the “Adviser”), the Audit Committee and Board of Trustees (“Board”) of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP (“Tait”) to Deloitte LLP (“Deloitte”). At a meeting of the Board held on June 26, 2024, the Board accepted Tait’s resignation effective June 27, 2024. Deloitte’s engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$150
|
1.44%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
International small cap equities rose during the trailing 12 months. Investors reacted positively to directionally dovish interest rate policy in Europe and rate hikes in Japan. The Fund rose during the period but underperformed the MSCI World ex USA IMI. Stock selection in the industrials and consumer staples sectors, and stock selection in the United Kingdom were the largest drivers of underperformance relative to the MSCI World ex USA IMI.
|
Top Contributors
|
|
|
↑
|
BPER Banca S.p.A., Unicaja Banco S.A., Yue Yuen Industrial (Holdings) Limited
|
|
Top Detractors
|
|
|
↓
|
ams-OSRAM AG, Nexity SA, Umicore SA
|
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(07/02/2018) |
|
Pzena International Small Cap Value Fund - Investor Class
|
8.66
|
12.17
|
4.99
|
|
MSCI World ex-USA IMI Index Gross (USD)
|
9.74
|
9.08
|
6.41
|
|
MSCI WORLD ex USA SMALL CAP Net (USD)
|
7.13
|
6.20
|
3.45
|
|
MSCI World ex USA Small Cap Value index Net (USD)
|
9.27
|
7.11
|
3.99
|
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-small-cap-value-fund-pziix/ for more recent performance information.
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-small-cap-value-fund-pziix/ for more recent performance information.
KEY FUND STATISTICS (as of February 28, 2025)
|
Net Assets
|
$64,146,738
|
|
Number of Holdings
|
47
|
|
Net Advisory Fee
|
$94,100
|
|
Portfolio Turnover
|
39%
|
|
Top 10 Holdings
|
(% of Net Assets)
|
|
First American Government Obligations Fund - Class X
|
25.0%
|
|
Origin Enterprises PLC
|
3.5%
|
|
Senior PLC
|
3.4%
|
|
Signify N.V.
|
3.0%
|
|
Pennon Group PLC
|
2.7%
|
|
C&C Group PLC
|
2.6%
|
|
Sabre Insurance Group PLC
|
2.6%
|
|
Elders Ltd.
|
2.5%
|
|
Nexity SA
|
2.2%
|
|
Anima Holding S.p.A.
|
2.2%
|
Based on the recommendation of Pzena Investment Management, LLC (the “Adviser”), the Audit Committee and Board of Trustees (“Board”) of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP (“Tait”) to Deloitte LLP (“Deloitte”). At a meeting of the Board held on June 26, 2024, the Board accepted Tait’s resignation effective June 27, 2024. Deloitte’s engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$121
|
1.16%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
International small cap equities rose during the trailing 12 months. Investors reacted positively to directionally dovish interest rate policy in Europe and rate hikes in Japan. The Fund rose during the period but underperformed the MSCI World ex USA IMI. Stock selection in the industrials and consumer staples sectors, and stock selection in the United Kingdom were the largest drivers of underperformance relative to the MSCI World ex USA IMI.
|
Top Contributors
|
|
|
↑
|
BPER Banca S.p.A., Unicaja Banco S.A., Yue Yuen Industrial (Holdings) Limited
|
|
Top Detractors
|
|
|
↓
|
ams-OSRAM AG, Nexity SA, Umicore SA
|
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(07/02/2018) |
|
Pzena International Small Cap Value Fund - Institutional Class
|
8.99
|
12.46
|
5.27
|
|
MSCI World ex-USA IMI Index Gross (USD)
|
9.74
|
9.08
|
6.41
|
|
MSCI WORLD ex USA SMALL CAP Net (USD)
|
7.13
|
6.20
|
3.45
|
|
MSCI World ex USA Small Cap Value index Net (USD)
|
9.27
|
7.11
|
3.99
|
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-small-cap-value-fund-pziix/ for more recent performance information.
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-small-cap-value-fund-pziix/ for more recent performance information.
KEY FUND STATISTICS (as of February 28, 2025)
|
Net Assets
|
$64,146,738
|
|
Number of Holdings
|
47
|
|
Net Advisory Fee
|
$94,100
|
|
Portfolio Turnover
|
39%
|
|
Top 10 Holdings
|
(% of Net Assets)
|
|
First American Government Obligations Fund - Class X
|
25.0%
|
|
Origin Enterprises PLC
|
3.5%
|
|
Senior PLC
|
3.4%
|
|
Signify N.V.
|
3.0%
|
|
Pennon Group PLC
|
2.7%
|
|
C&C Group PLC
|
2.6%
|
|
Sabre Insurance Group PLC
|
2.6%
|
|
Elders Ltd.
|
2.5%
|
|
Nexity SA
|
2.2%
|
|
Anima Holding S.p.A.
|
2.2%
|
Based on the recommendation of Pzena Investment Management, LLC (the “Adviser”), the Audit Committee and Board of Trustees (“Board”) of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP (“Tait”) to Deloitte LLP (“Deloitte”). At a meeting of the Board held on June 26, 2024, the Board accepted Tait’s resignation effective June 27, 2024. Deloitte’s engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$108
|
0.99%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
International equity markets posted strong returns over the last 12 months. European markets edged higher on interest rate cut expectations and improving economic sentiment. Meanwhile, fiscal and monetary stimulus announcements from the CCP boosted Chinese stocks. The Fund rose during the period and outperformed the MSCI EAFE Index. Stock selection in the information technology and financials sectors, and stock selection in the United Kingdom were the largest drivers of outperformance.
|
Top Contributors
|
|
|
↑
|
Hon Hai Precision Industry Co., Ltd. Sponsored GDR RegS, Alibaba Group Holding Limited, CaixaBank SA
|
|
Top Detractors
|
|
|
↓
|
Magna International Inc., Randstad NV, Galaxy Entertainment Group Limited
|
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(06/28/2021) |
|
Pzena International Value Fund - Investor Class
|
18.67
|
5.38
|
|
MSCI EAFE Net (USD)
|
8.77
|
3.64
|
|
MSCI EAFE VALUE Net (USD)
|
15.09
|
6.97
|
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-value-fund-pzinx/ for more recent performance information.
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-value-fund-pzinx/ for more recent performance information.
KEY FUND STATISTICS (as of February 28, 2025)
|
Net Assets
|
$98,499,998
|
|
Number of Holdings
|
69
|
|
Net Advisory Fee
|
$358,480
|
|
Portfolio Turnover
|
21%
|
|
Top 10 Holdings
|
(% of Net Assets)
|
|
Daimler Truck Holding AG
|
3.2%
|
|
Roche Holding AG
|
2.8%
|
|
Sanofi
|
2.8%
|
|
Alibaba Group Holding, Ltd.
|
2.7%
|
|
BASF SE
|
2.7%
|
|
Reckitt Benckiser Group PLC
|
2.6%
|
|
Teleperformance SE
|
2.6%
|
|
HSBC Holdings PLC
|
2.5%
|
|
CaixaBank S.A.
|
2.5%
|
|
Bank of Ireland Group PLC
|
2.3%
|
Based on the recommendation of Pzena Investment Management, LLC (the “Adviser”), the Audit Committee and Board of Trustees (“Board”) of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP (“Tait”) to Deloitte LLP (“Deloitte”). At a meeting of the Board held on June 26, 2024, the Board accepted Tait’s resignation effective June 27, 2024. Deloitte’s engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$81
|
0.74%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
International equity markets posted strong returns over the last 12 months. European markets edged higher on interest rate cut expectations and improving economic sentiment. Meanwhile, fiscal and monetary stimulus announcements from the CCP boosted Chinese stocks. The Fund rose during the period and outperformed the MSCI EAFE Index. Stock selection in the information technology and financials sectors, and stock selection in the United Kingdom were the largest drivers of outperformance.
|
Top Contributors
|
|
|
↑
|
Hon Hai Precision Industry Co., Ltd. Sponsored GDR RegS, Alibaba Group Holding Limited, CaixaBank SA
|
|
Top Detractors
|
|
|
↓
|
Magna International Inc., Randstad NV, Galaxy Entertainment Group Limited
|
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(06/28/2021) |
|
Pzena International Value Fund - Institutional Class
|
18.97
|
5.64
|
|
MSCI EAFE Net (USD)
|
8.77
|
3.64
|
|
MSCI EAFE VALUE Net (USD)
|
15.09
|
6.97
|
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-value-fund-pzinx/ for more recent performance information.
Visit https://www.pzena.com/americas/institutional-investors/funds/us-mutual-funds/international-value-fund-pzinx/ for more recent performance information.
KEY FUND STATISTICS (as of February 28, 2025)
|
Net Assets
|
$98,499,998
|
|
Number of Holdings
|
69
|
|
Net Advisory Fee
|
$358,480
|
|
Portfolio Turnover
|
21%
|
|
Top 10 Holdings
|
(% of Net Assets)
|
|
Daimler Truck Holding AG
|
3.2%
|
|
Roche Holding AG
|
2.8%
|
|
Sanofi
|
2.8%
|
|
Alibaba Group Holding, Ltd.
|
2.7%
|
|
BASF SE
|
2.7%
|
|
Reckitt Benckiser Group PLC
|
2.6%
|
|
Teleperformance SE
|
2.6%
|
|
HSBC Holdings PLC
|
2.5%
|
|
CaixaBank S.A.
|
2.5%
|
|
Bank of Ireland Group PLC
|
2.3%
|
Based on the recommendation of Pzena Investment Management, LLC (the “Adviser”), the Audit Committee and Board of Trustees (“Board”) of Advisors Series Trust approved a change of the independent registered public accounting firm for the Fund, from Tait, Weller and Baker, LLP (“Tait”) to Deloitte LLP (“Deloitte”). At a meeting of the Board held on June 26, 2024, the Board accepted Tait’s resignation effective June 27, 2024. Deloitte’s engagement was approved by the Board. The Board noted that there were no disagreements or issues with Tait, but that the request was being made because the Adviser indicated that they had a preference for a larger independent public accounting firm for the Fund.