NPORT-EX 2 smallcap2.htm NPORT-EX

Pzena Small Cap Value Fund
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 94.3%
  
Shares
    
Value
  
Basic Materials - 6.8%
        
Huntsman Corp.
    
125,481
    
$
1,307,512
  
Koppers Holdings, Inc.
    
47,821
      
1,418,849
  
Olin Corp.
    
74,085
      
1,563,193
  
Orion S.A.
    
166,671
      
846,689
  
             
5,136,243
  
                 
Consumer Discretionary - 20.2%
          
Adient PLC (a)
    
120,581
      
2,346,506
  
Advance Auto Parts, Inc.
    
57,059
      
2,960,221
  
Genesco, Inc. (a)
    
35,191
      
1,261,597
  
Haverty Furniture Cos., Inc.
    
46,668
      
1,110,698
  
Helen of Troy, Ltd. (a)
    
33,668
      
638,009
  
Hooker Furnishings Corp.
    
23,915
      
256,608
  
Malibu Boats, Inc. - Class A (a)
    
64,807
      
1,839,871
  
Newell Brands, Inc.
    
447,933
      
1,634,956
  
PVH Corp.
    
18,506
      
1,568,569
  
Samsonite Group S.A. - ADR
    
140,170
      
1,731,057
  
             
15,348,092
  
                 
Consumer Staples - 5.6%
          
Spectrum Brands Holdings, Inc.
    
45,652
      
2,709,446
  
Universal Corp.
    
13,842
      
730,304
  
USANA Health Sciences, Inc. (a)
    
40,281
      
799,578
  
             
4,239,328
  
                 
Energy - 4.9%
          
DNOW, Inc. (a)
    
163,773
      
2,286,270
  
NOV, Inc.
    
96,092
      
1,475,973
  
             
3,762,243
  
                 
Financials - 20.2%
          
Associated Banc-Corp.
    
56,785
      
1,492,878
  
Bread Financial Holdings, Inc.
    
22,554
      
1,527,582
  
CNO Financial Group, Inc.
    
44,704
      
1,829,735
  
Columbia Banking System, Inc.
    
67,984
      
1,884,517
  
Globe Life, Inc.
    
10,784
      
1,452,928
  
Old National Bancorp of Indiana
    
87,182
      
1,894,465
  
Univest Financial Corp.
    
36,595
      
1,163,721
  
Webster Financial Corp.
    
37,797
      
2,252,701
  
WSFS Financial Corp.
    
33,425
      
1,865,449
  
             
15,363,976
  
                 
Health Care - 5.9%
          
Envista Holdings Corp. (a)
    
71,580
      
1,496,022
  
Teleflex, Inc.
    
13,840
      
1,583,573
  
Varex Imaging Corp. (a)
    
121,614
      
1,407,074
  
             
4,486,669
  
                 
Industrials - 23.1%
          
ABM Industries, Inc.
    
41,266
      
1,774,438
  
Aebi Schmidt Holding AG
    
164,052
      
1,953,859
  
American Woodmark Corp. (a)
    
26,480
      
1,459,842
  
Douglas Dynamics, Inc.
    
57,436
      
1,855,757
  
Korn Ferry
    
27,165
      
1,786,642
  
Masterbrand, Inc. (a)
    
54,125
      
600,246
  
Myers Industries, Inc.
    
52,509
      
948,312
  
Resideo Technologies, Inc. (a)
    
47,446
      
1,565,244
  
Robert Half, Inc.
    
70,098
      
1,895,450
  
Sensata Technologies Holding PLC
    
61,165
      
1,961,562
  
TriMas Corp.
    
30,440
      
1,037,091
  
TrueBlue, Inc. (a)
    
142,243
      
696,991
  
             
17,535,434
  
                 
Real Estate - 0.9%
          
Marcus & Millichap, Inc.
    
23,324
      
683,393
  
                 
Technology - 6.7%
          
Avnet, Inc.
    
37,561
      
1,784,523
  
Concentrix Corp.
    
50,707
      
1,836,100
  
ScanSource, Inc. (a)
    
36,059
      
1,482,746
  
             
5,103,369
  
TOTAL COMMON STOCKS (Cost $74,517,084)
      
71,658,747
  
                 
REAL ESTATE INVESTMENT TRUSTS - 1.1%
                
DiamondRock Hospitality Co.
    
88,163
      
803,165
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $763,778)
      
803,165
  
                 
SHORT-TERM INVESTMENTS - 4.5%
                
Money Market Funds – 4.5%
First American Government Obligations Fund - Class X, 4.26% (b)
    
3,421,721
      
3,421,721
  
TOTAL SHORT-TERM INVESTMENTS (Cost $3,421,721)
      
3,421,721
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $78,702,583)
      
75,883,633
  
Other Assets in Excess of Liabilities - 0.1%
      
85,849
  
TOTAL NET ASSETS - 100.0%
          
$
75,969,482
  
                 
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized yield as of November 30, 2025.
Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
 
Pzena Small Cap Value Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Common Stocks
  
$
69,927,690
    
$
1,731,057
    
$
–
    
$
71,658,747
  
Real Estate Investment Trusts
    
803,165
      
–
      
–
      
803,165
  
Short-Term Investments
    
3,421,721
      
–
      
–
      
3,421,721
  
Total Investments
  
$
74,152,576
    
$
1,731,057
    
$
–
    
$
75,883,633