# Portfolio overlap — PZIEX vs EMDM

Comparing **Pzena Emerging Markets Value Fund** (2026-02-28) and **First Trust Bloomberg Emerging Market Democracies ETF** (2026-03-31).

- Shared positions: 15
- Pzena Emerging Markets Value Fund covered by First Trust Bloomberg Emerging Market Democracies ETF: 0.2350592709275599560996975296
- First Trust Bloomberg Emerging Market Democracies ETF covered by Pzena Emerging Markets Value Fund: 0.2350592709275599560996975296

## Pzena Emerging Markets Value Fund — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| SAMSUNG ELECTRONICS CO LTD | 0.072849 | ✓ |
| TSMC | 0.047033 | ✓ |
| AMBEV SA | 0.025766 | ✓ |
| HYUNDAI MOBIS | 0.024932 | ✓ |
| PACIFIC BASIN | 0.023614 |  |
| HANKOOK TIRE & T | 0.023584 |  |
| BABA-W | 0.022772 |  |
| WH GROUP LTD | 0.021986 |  |
| CREDICORP LTD | 0.021256 | ✓ |
| OTP BANK (REG) | 0.020661 | ✓ |
| CHINA OVERSEAS LAND INVESTMENT LTD | 0.020377 |  |
| FRST AM-GV OB-X | 0.019819 |  |
| HAIER SMART H-H | 0.019485 |  |
| WEICHAI POWER-H | 0.019228 |  |
| GALAXY ENTERTAIN | 0.018700 |  |
| Bank Rakyat Indonesia Persero Tbk PT | 0.017617 |  |
| KB FINANCIAL GRO | 0.017270 | ✓ |
| CEMIG-PREF | 0.017146 |  |
| TENCENT HOLDINGS LTD | 0.016926 |  |
| BANCO DO BRASIL | 0.016378 | ✓ |
| SHINHAN FINANCIA | 0.015948 | ✓ |
| B3 SA | 0.015892 | ✓ |
| SCB X PCL-FOREIG | 0.015704 |  |
| WILMAR INTERNATI | 0.015549 |  |
| CHINA MERCH BK-A | 0.015519 |  |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 0.015436 |  |
| VALE SA | 0.015143 | ✓ |
| ITAU UNIBAN-PREF | 0.014678 |  |
| Receive AKBANK Pay Overnight Rate -3 | 0.014439 |  |
| PING AN-H | 0.014325 |  |
| ORION CORP/REPUB | 0.014042 |  |
| COGNIZANT TECH SOLUTIONS CL A | 0.014032 |  |
| WONIK IPS CO LTD | 0.014001 |  |
| RICHTER GEDEON N | 0.013695 |  |
| HON HAI | 0.013145 | ✓ |
| SHENZHOU INTL GP | 0.013143 |  |
| Kaspi.Kz JSC SPONSORED ADS | 0.012958 |  |
| PETROBRAS | 0.012930 |  |
| UPL LTD | 0.012914 |  |
| HDFC BANK LTD | 0.012872 | ✓ |
| NATURA | 0.012715 |  |
| COMPAL ELEC | 0.012101 |  |
| GLOBANT SA | 0.011906 |  |
| VIETNAM DAIRY PRODUCTS JSC COMMON STOCK | 0.011724 |  |
| WIZZ AIR HOLDING | 0.011526 |  |
| Indorama Ventures Public Company Limited | 0.011506 |  |
| BIDU-SW | 0.010697 |  |
| DOOSAN BOBCAT IN | 0.010248 |  |
| DB INSURANCE CO | 0.010233 |  |
| MOL | 0.009562 |  |

## First Trust Bloomberg Emerging Market Democracies ETF — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| SAMSUNG ELECTRONICS CO LTD | 0.116600 | ✓ |
| TSMC | 0.104101 | ✓ |
| GRUPO MEXICO-B | 0.054375 |  |
| SK HYNIX INC | 0.049601 |  |
| PETROBRAS-PREF | 0.038613 | ✓ |
| ANGLOGOLD ASHANTI PLC | 0.028877 |  |
| COMMON STOCK | 0.027900 |  |
| GRUPO F BANORT-O | 0.025178 |  |
| ITAU UNIBAN-PREF | 0.024843 |  |
| OTP BANK (REG) | 0.024801 | ✓ |
| NASPERS NPV | 0.024236 |  |
| PKN ORLEN | 0.024143 |  |
| GOLD FIELDS LTD | 0.023800 |  |
| PKOBP | 0.023237 |  |
| VALE SA | 0.022981 | ✓ |
| FOMENTO ECON-UBD | 0.018730 |  |
| CREDICORP LTD | 0.016461 | ✓ |
| FIRSTRAND LTD | 0.015502 |  |
| PEKAO | 0.014253 |  |
| STANDARD BANK GR | 0.013984 |  |
| WALMART DE MEXIC | 0.013202 |  |
| CAPITEC BANK HOLDINGS LTD COMMON STOCK | 0.013055 |  |
| HDFC BANK LTD | 0.012179 | ✓ |
| BRADESCO SA-PREF | 0.011870 |  |
| MTN GROUP LTD | 0.011351 |  |
| BANCO SANTA-UNIT | 0.011042 |  |
| RELIANCE INDUSTRIES LTD(DEMAT)DEMATERIALIZED SHS | 0.009748 |  |
| WEG SA | 0.009718 |  |
| ICICI BANK LTD | 0.009516 |  |
| B3 SA | 0.009215 | ✓ |
| HYUNDAI MOTOR CO | 0.008923 |  |
| ITAUSA SA - PREFERRED SHARES | 0.008341 |  |
| DELTA ELEC | 0.007888 |  |
| AXIA ENERGIA | 0.007766 |  |
| HON HAI | 0.006808 | ✓ |
| MEDIATEK | 0.006496 |  |
| BANCO DO BRASIL | 0.006288 | ✓ |
| AMBEV SA | 0.006285 | ✓ |
| BHARTI AIRTEL LIMITED | 0.005707 |  |
| KB FINANCIAL GRO | 0.005697 | ✓ |
| DREY-GVT CSH-I | 0.004954 |  |
| HANWHA AEROSPACE | 0.004948 |  |
| INFOSYS LTD COMMON STOCK | 0.004695 |  |
| SHINHAN FINANCIA | 0.004453 | ✓ |
| LARSEN and TOUBRO LTD | 0.003997 |  |
| STATE BANK IND | 0.003954 |  |
| KIA CORP | 0.003755 | ✓ |
| AXIS BK LTD | 0.003707 |  |
| ASE TECHNOLOGY H | 0.003495 |  |
| HANA FINANCIAL G | 0.003265 |  |


## Sources

- N-PORT (fund A) — accession `0001193125-26-181033` (as of 2026-02-28)
  <https://www.sec.gov/Archives/edgar/data/1027596/000119312526181033/0001193125-26-181033-index.htm>
- N-PORT (fund B) — accession `0000940400-26-020524` (as of 2026-03-31)
  <https://www.sec.gov/Archives/edgar/data/1364608/000094040026020524/0000940400-26-020524-index.htm>

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