v3.26.1
Performance Management
Jun. 26, 2026
Pzena Mid Cap Value Fund  
Prospectus [Line Items]  
Bar Chart and Performance Table [Heading] Performance
Performance Narrative [Text Block]
The following information provides some indication of the risks of investing in the Mid Cap Fund. The bar chart shows the annual returns for the Fund’s Institutional Class shares from year to year. The table shows how the Fund’s average annual returns for 1-year, 5-years, 10-years and since inception periods compare with those of a broad measure of market performance and a secondary benchmark more representative of the Fund’s strategy. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is
available on the Fund’s website at www.pzenafunds.com or by calling the Fund toll-free at 1-844-796-1996 (844-PZN-1996).
Performance Past Does Not Indicate Future [Text] The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] The following information provides some indication of the risks of investing in the Mid Cap Fund.
Performance Additional Market Index [Text] The table shows how the Fund’s average annual returns for 1-year, 5-years, 10-years and since inception periods compare with those of a broad measure of market performance and a secondary benchmark more representative of the Fund’s strategy.
Bar Chart [Heading] Calendar Year Total Returns as of December 31 – Institutional Class
Bar Chart Closing [Text Block]
Highest and Lowest Return Quarters
during the period of time shown in the bar chart
Highest Return Quarter12/31/202037.60%
Lowest Return Quarter3/31/2020-42.23%
Year to Date Return, Label [Optional Text] year-to-date return
Bar Chart, Year to Date Return (1.14%)
Bar Chart, Year to Date Return, Date Mar. 31, 2026
Highest Quarterly Return, Label [Optional Text] Highest Return Quarter
Highest Quarterly Return 37.60%
Highest Quarterly Return, Date Dec. 31, 2020
Lowest Quarterly Return, Label [Optional Text] Lowest Return Quarter
Lowest Quarterly Return (42.23%)
Lowest Quarterly Return, Date Mar. 31, 2020
Performance Table Heading Average Annual Total Returns(For the period ended December 31, 2025)
Performance Table Uses Highest Federal Rate The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Mid Cap Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).
Performance Table Explanation after Tax Higher The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.
Performance Table One Class of after Tax Shown [Text] After-tax returns are shown only for the Institutional Class; after-tax returns for the Investor Class will vary to the extent it has different expenses.
Index No Deduction for Fees, Expenses, or Taxes [Text] (reflects no deduction for fees, expenses or taxes)
Performance Table Closing [Text Block]
The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Mid Cap Fund through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts (“IRAs”). After-tax returns are shown only for the Institutional Class; after-tax returns for the Investor Class will vary to the extent it has different expenses. The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.
Performance Availability Website Address [Text] www.pzenafunds.com
Performance Availability Phone [Text] 1-844-796-1996
Pzena Small Cap Value Fund  
Prospectus [Line Items]  
Bar Chart and Performance Table [Heading] Performance
Performance Narrative [Text Block] The following information provides some indication of the risks of investing in the Small Cap Fund. The bar chart shows the annual returns for the Fund’s Institutional Class shares from year to year. The table shows how the Fund’s average annual returns for 1-year, 5-years and since inception periods compare with those of a broad measure of market performance and a secondary benchmark more representative of the Fund’s strategy. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.pzenafunds.com or by calling the Fund toll-free at 1-844-796-1996 (844-PZN-1996).
Performance Past Does Not Indicate Future [Text] The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] The following information provides some indication of the risks of investing in the Small Cap Fund.
Performance Additional Market Index [Text] The table shows how the Fund’s average annual returns for 1-year, 5-years and since inception periods compare with those of a broad measure of market performance and a secondary benchmark more representative of the Fund’s strategy.
Bar Chart [Heading] Calendar Year Total Returns as of December 31 – Institutional Class
Bar Chart Closing [Text Block]
Highest and Lowest Return Quarters
during the period of time shown in the bar chart
Highest Return Quarter12/31/202039.95%
Lowest Return Quarter3/31/2020-42.61%
Year to Date Return, Label [Optional Text] year-to-date return
Bar Chart, Year to Date Return 2.83%
Bar Chart, Year to Date Return, Date Mar. 31, 2026
Highest Quarterly Return, Label [Optional Text] Highest Return Quarter
Highest Quarterly Return 39.95%
Highest Quarterly Return, Date Dec. 31, 2020
Lowest Quarterly Return, Label [Optional Text] Lowest Return Quarter
Lowest Quarterly Return (42.61%)
Lowest Quarterly Return, Date Mar. 31, 2020
Performance Table Heading Average Annual Total Returns(For the period ended December 31, 2025)
Performance Table Uses Highest Federal Rate The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Small Cap Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).
Performance Table Explanation after Tax Higher The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.
Performance Table Footnotes In connection with the Securities and Exchange Commission’s Tailored Shareholder Reports rule, the Fund’s primary benchmark index changed from the Russell 2000® Index to the Russell 3000® Index.
Performance Table One Class of after Tax Shown [Text] After-tax returns are shown only for the Institutional Class; after-tax returns for the Investor Class will vary to the extent it has different expenses.
Index No Deduction for Fees, Expenses, or Taxes [Text] (reflects no deduction for fees, expenses or taxes)
Performance Table Closing [Text Block]
The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Small Cap Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for the Institutional Class;
after-tax returns for the Investor Class will vary to the extent it has different expenses. The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.
Performance Availability Website Address [Text] www.pzenafunds.com
Performance Availability Phone [Text] 1-844-796-1996
Pzena Emerging Markets Value Fund  
Prospectus [Line Items]  
Bar Chart and Performance Table [Heading] Performance
Performance Narrative [Text Block] The following information provides some indication of the risks of investing in the Emerging Markets Fund. The bar chart shows the annual returns for the Fund’s Institutional Class shares from year to year. The table shows how the Fund’s average annual returns for 1-year, 5-years, 10-years and since inception periods compare with those of a broad measure of market performance and a secondary benchmark more representative of the Fund’s strategy. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.pzenafunds.com or by calling the Fund toll-free at 1-844-796-1996 (844-PZN-1996).
Performance Past Does Not Indicate Future [Text] The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] The following information provides some indication of the risks of investing in the Emerging Markets Fund.
Performance Additional Market Index [Text] The table shows how the Fund’s average annual returns for 1-year, 5-years, 10-years and since inception periods compare with those of a broad measure of market performance and a secondary benchmark more representative of the Fund’s strategy.
Bar Chart [Heading] Calendar Year Total Returns as of December 31 – Institutional Class
Bar Chart Closing [Text Block]
Highest and Lowest Return Quarters
during the period of time shown in the bar chart
Highest Return Quarter12/31/202029.41%
Lowest Return Quarter3/31/2020-32.89%
Year to Date Return, Label [Optional Text] year-to-date return
Bar Chart, Year to Date Return 4.50%
Bar Chart, Year to Date Return, Date Mar. 31, 2026
Highest Quarterly Return, Label [Optional Text] Highest Return Quarter
Highest Quarterly Return 29.41%
Highest Quarterly Return, Date Dec. 31, 2020
Lowest Quarterly Return, Label [Optional Text] Lowest Return Quarter
Lowest Quarterly Return (32.89%)
Lowest Quarterly Return, Date Mar. 31, 2020
Performance Table Heading Average Annual Total Returns(For the period ended December 31, 2025)
Performance Table Uses Highest Federal Rate The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Emerging Markets Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).
Performance Table One Class of after Tax Shown [Text] After-tax returns are shown only for the Institutional Class; after-tax returns for the Investor Class will vary to the extent it has different expenses.
Index No Deduction for Fees, Expenses, or Taxes [Text] (reflects no deduction for fees, expenses or taxes)
Performance Table Closing [Text Block] The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Emerging Markets Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for the Institutional Class; after-tax returns for the Investor Class will vary to the extent it has different expenses.
Performance Availability Website Address [Text] www.pzenafunds.com
Performance Availability Phone [Text] 1-844-796-1996
Pzena International Small Cap Value Fund  
Prospectus [Line Items]  
Bar Chart and Performance Table [Heading] Performance
Performance Narrative [Text Block] The following information provides some indication of the risks of investing in the International Small Cap Fund. The bar chart shows the annual returns for the Fund’s Institutional Class shares from year to year. The table shows how the Fund’s average annual returns for 1-year, 5-years, and since inception periods compare with those of a broad measure of market performance and additional secondary benchmarks more representative of the Fund’s strategy. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.pzenafunds.com or by calling the Fund toll-free at 1-844-796-1996 (844-PZN-1996).
Performance Past Does Not Indicate Future [Text] The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] The following information provides some indication of the risks of investing in the International Small Cap Fund.
Performance Additional Market Index [Text] The table shows how the Fund’s average annual returns for 1-year, 5-years, and since inception periods compare with those of a broad measure of market performance and additional secondary benchmarks more representative of the Fund’s strategy.
Bar Chart [Heading] Calendar Year Total Returns as of December 31 – Institutional Class
Bar Chart Closing [Text Block]
Highest and Lowest Return Quarters
during the period of time shown in the bar chart
Highest Return Quarter12/31/202027.26%
Lowest Return Quarter3/31/2020-42.15%
Year to Date Return, Label [Optional Text] year-to-date return
Bar Chart, Year to Date Return (5.07%)
Bar Chart, Year to Date Return, Date Mar. 31, 2026
Highest Quarterly Return, Label [Optional Text] Highest Return Quarter
Highest Quarterly Return 27.26%
Highest Quarterly Return, Date Dec. 31, 2020
Lowest Quarterly Return, Label [Optional Text] Lowest Return Quarter
Lowest Quarterly Return (42.15%)
Lowest Quarterly Return, Date Mar. 31, 2020
Performance Table Heading Average Annual Total Returns(For the period ended December 31, 2025)
Performance Table Uses Highest Federal Rate The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the International Small Cap Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).
Performance Table One Class of after Tax Shown [Text] After-tax returns are shown only for the Institutional Class; after-tax returns for the Investor Class will vary to the extent it has different expenses.
Index No Deduction for Fees, Expenses, or Taxes [Text] (reflects no deduction for fees, expenses or taxes)
Performance Table Closing [Text Block] The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the International Small Cap Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for the Institutional Class; after-tax returns for the Investor Class will vary to the extent it has different expenses.
Performance Availability Website Address [Text] www.pzenafunds.com
Performance Availability Phone [Text] 1-844-796-1996
Pzena International Value Fund  
Prospectus [Line Items]  
Bar Chart and Performance Table [Heading] Performance
Performance Narrative [Text Block] The following information provides some indication of the risks of investing in the International Value Fund. The bar chart shows the annual returns for the Fund’s Institutional Class shares from year to year. The table shows how the Fund’s average annual returns for 1-year and since inception periods compare with those of a broad measure of market performance and a secondary benchmark more representative of the Fund’s strategy. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.pzenafunds.com or by calling the Fund toll-free at 1-844-796-1996 (844-PZN-1996).
Performance Past Does Not Indicate Future [Text] The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] The following information provides some indication of the risks of investing in the International Value Fund.
Performance Additional Market Index [Text] The table shows how the Fund’s average annual returns for 1-year and since inception periods compare with those of a broad measure of market performance and a secondary benchmark more representative of the Fund’s strategy.
Bar Chart [Heading] Calendar Year Total Returns as of December 31 – Institutional Class
Bar Chart Closing [Text Block]
Highest and Lowest Return Quarters
during the period of time shown in the bar chart
Highest Return Quarter12/31/202221.56%
Lowest Return Quarter6/30/2022-12.50%
Year to Date Return, Label [Optional Text] year-to-date return
Bar Chart, Year to Date Return 0.53%
Bar Chart, Year to Date Return, Date Mar. 31, 2026
Highest Quarterly Return, Label [Optional Text] Highest Return Quarter
Highest Quarterly Return 21.56%
Highest Quarterly Return, Date Dec. 31, 2022
Lowest Quarterly Return, Label [Optional Text] Lowest Return Quarter
Lowest Quarterly Return (12.50%)
Lowest Quarterly Return, Date Jun. 30, 2022
Performance Table Heading Average Annual Total Returns(For the period ended December 31, 2025)
Performance Table Uses Highest Federal Rate The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the International Value Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).
Performance Table One Class of after Tax Shown [Text] After-tax returns are shown only for the Institutional Class; after-tax returns for the Investor Class will vary to the extent it has different expenses.
Index No Deduction for Fees, Expenses, or Taxes [Text] (reflects no deduction for fees, expenses or taxes)
Performance Table Closing [Text Block] The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the International Value Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown only for the Institutional Class; after-tax returns for the Investor Class will vary to the extent it has different expenses.
Performance Availability Website Address [Text] www.pzenafunds.com
Performance Availability Phone [Text] 1-844-796-1996