PZVEXETF / FundPzena Emerging Markets Value Fund
Verdicts genuinely change. Free email alert the moment PZVEX's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
Pzena Emerging Markets Value Fund · Advisors Series Trust
67 holdings
NON-COMPLIANT 47.17% of portfolio weight is in non-compliant holdings, over the 5% threshold.
67 holdings, 50 matched (76% of weight). Portfolio as of 2026-08-31, filed 2026-10-30. Source: SEC Form N-PORT.
2.67% of this portfolio’s income is non-permissible — weighted across holdings, computed over 59% of portfolio weight (38 of 67 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
28.6% compliant 0.0% questionable 47.2% non-compliant 23.7% unscreened
All holdings (67)
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| TSM TSMC | COMPLIANT | 4.50% | AAOIFI1.5% Usmani13.8% Dow Jones Islamic0.5% S&P Shariah0.6% MSCI Islamic13.4% MSCI Islamic M-Series0.6% FTSE Shariah13.4% |
| 005930.KS Samsung Electronics Co Ltd | COMPLIANT | 4.45% | AAOIFI1.4% Usmani5.3% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic4.5% MSCI Islamic M-Seriespass FTSE Shariah4.5% |
| 0700.HK Tencent Holdings Ltd | COMPLIANT | 2.93% | AAOIFIpass Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| CTSH Cognizant Technology Solutions | COMPLIANT | 2.67% | AAOIFI4.0% Usmani5.4% Dow Jones Islamic3.2% S&P Shariah3.2% MSCI Islamic5.3% MSCI Islamic M-Series3.2% FTSE Shariah2.8% |
| BABA Alibaba Group Holding Ltd | COMPLIANT | 2.67% | AAOIFI7.6% Usmani1.1% Dow Jones Islamic0.2% S&P Shariah0.2% MSCI Islamic1.1% MSCI Islamic M-Series0.2% FTSE Shariah0.0% |
| 2343.HK Pacific Basin Shipping Ltd | COMPLIANT | 2.56% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| 0027.HK Galaxy Entertainment Group Ltd | NON_COMPLIANT | 2.37% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Kaspi.KZ JSC | UNSCREENED | 2.19% | no in-house ratios for this holding |
| Hankook Tire & Technology Co L | UNSCREENED | 2.18% | no in-house ratios for this holding |
| First American Government Obli | UNSCREENED | 2.16% | no in-house ratios for this holding |
| ABEV3.SA Ambev SA | NON_COMPLIANT | 2.12% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 6690.HK Haier Smart Home Co Ltd | COMPLIANT | 2.03% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| SHENZHOU INTL | UNSCREENED | 1.97% | no in-house ratios for this holding |
| 2222.SR Saudi Arabian Oil Co | COMPLIANT | 1.93% | AAOIFI5.8% Usmani16.9% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic14.2% MSCI Islamic M-Seriespass FTSE Shariah14.2% |
| CHINA OVERSEAS | UNSCREENED | 1.92% | no in-house ratios for this holding |
| 105560.KS KB Financial Group Inc | NON_COMPLIANT | 1.88% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| UPL.BO UPL Ltd | NON_COMPLIANT | 1.82% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| 3968.HK China Merchants Bank Co Ltd | NON_COMPLIANT | 1.79% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| VNM.VN Vietnam Dairy Products JSC | COMPLIANT | 1.78% | AAOIFI7.4% Usmani17.7% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic17.7% MSCI Islamic M-Seriespass FTSE Shariah17.7% |
| BAP Credicorp Ltd | NON_COMPLIANT | 1.78% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| GLOB Globant SA | NON_COMPLIANT | 1.75% | AAOIFI23.1% Usmani11.1% Dow Jones Islamic8.3% S&P Shariah6.3% MSCI Islamic11.1% MSCI Islamic M-Series6.3% FTSE Shariah11.1% |
| F34.SI Wilmar International Ltd | NON_COMPLIANT | 1.74% | AAOIFI169.2% Usmani47.9% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic47.4% MSCI Islamic M-Seriesfail FTSE Shariah47.4% |
| 055550.KS Shinhan Financial Group Co Ltd | NON_COMPLIANT | 1.69% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Nien Made Enterprise Co Ltd | UNSCREENED | 1.66% | no in-house ratios for this holding |
| HDFCBANK.NS HDFC Bank Ltd | NON_COMPLIANT | 1.65% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 0288.HK WH Group Ltd | NON_COMPLIANT | 1.61% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| CMIG3.SA Cia Energetica de Minas Gerais | NON_COMPLIANT | 1.59% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| AKBNK.IS Akbank TAS | NON_COMPLIANT | 1.55% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| BKKPF Bangkok Bank PCL | NON_COMPLIANT | 1.55% | AAOIFI151.3% Usmani11.7% Dow Jones Islamic189.1% S&P Shariah206.0% MSCI Islamic11.7% MSCI Islamic M-Series206.0% FTSE Shariah11.7% |
| B3SA3.SA B3 SA - Brasil Bolsa Balcao | NON_COMPLIANT | 1.40% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Richter Gedeon Nyrt | UNSCREENED | 1.37% | no in-house ratios for this holding |
| Orion Corp/Republic of Korea | UNSCREENED | 1.37% | no in-house ratios for this holding |
| 241560.KS Doosan Bobcat Inc | NON_COMPLIANT | 1.35% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| PETROBRAS | UNSCREENED | 1.35% | no in-house ratios for this holding |
| 2338.HK Weichai Power Co Ltd | NON_COMPLIANT | 1.34% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| VALE3.SA Vale SA | NON_COMPLIANT | 1.28% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| MOL.BD MOL Hungarian Oil & Gas PLC | COMPLIANT | 1.25% | AAOIFIpass Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| Bank Rakyat Indonesia Persero | UNSCREENED | 1.25% | no in-house ratios for this holding |
| OTP.BD OTP Bank Nyrt | NON_COMPLIANT | 1.24% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| ORIENTAL YUHONG | UNSCREENED | 1.22% | no in-house ratios for this holding |
| 0135.HK Kunlun Energy Co Ltd | NON_COMPLIANT | 1.22% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahpass |
| 2317.TW Hon Hai Precision Industry Co | NON_COMPLIANT | 1.20% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 2324.TW Compal Electronics Inc | NON_COMPLIANT | 1.19% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| PING AN | UNSCREENED | 1.18% | no in-house ratios for this holding |
| ITUB3.SA Itau Unibanco Holding SA | NON_COMPLIANT | 1.17% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| BBAS3.SA Banco do Brasil SA | NON_COMPLIANT | 1.12% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| BIDU Baidu Inc | NON_COMPLIANT | 1.08% | AAOIFI156.9% Usmani11.2% Dow Jones Islamic2.5% S&P Shariah2.5% MSCI Islamic11.2% MSCI Islamic M-Series2.5% FTSE Shariah9.5% |
| Indorama Ventures PCL | UNSCREENED | 1.03% | no in-house ratios for this holding |
| OU8.F SCB X PCL | NON_COMPLIANT | 0.97% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| WIZZ.L Wizz Air Holdings Plc | NON_COMPLIANT | 0.94% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 2423.HK KE Holdings Inc | NON_COMPLIANT | 0.93% | AAOIFIfail Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| YUE YUEN IND | UNSCREENED | 0.89% | no in-house ratios for this holding |
| NATU3.SA Natura Cosmeticos SA | NON_COMPLIANT | 0.89% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| RECLTD.NS REC Ltd | NON_COMPLIANT | 0.88% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 000270.KS Kia Corp | NON_COMPLIANT | 0.79% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| 1999.HK Man Wah Holdings Ltd | NON_COMPLIANT | 0.74% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| Arcos Dorados Holdings Inc | UNSCREENED | 0.71% | no in-house ratios for this holding |
| PETROBRAS | UNSCREENED | 0.71% | no in-house ratios for this holding |
| 030200.KS KT Corp | NON_COMPLIANT | 0.69% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| ZTO ZTO Express Cayman Inc | COMPLIANT | 0.68% | AAOIFI9.0% Usmani12.6% Dow Jones Islamic10.4% S&P Shariah10.5% MSCI Islamic12.6% MSCI Islamic M-Series10.5% FTSE Shariah12.1% |
| ZTO ZTO Express Cayman Inc | COMPLIANT | 0.65% | AAOIFI9.0% Usmani12.6% Dow Jones Islamic10.4% S&P Shariah10.5% MSCI Islamic12.6% MSCI Islamic M-Series10.5% FTSE Shariah12.1% |
| BKKPF Bangkok Bank PCL | NON_COMPLIANT | 0.55% | AAOIFI151.3% Usmani11.7% Dow Jones Islamic189.1% S&P Shariah206.0% MSCI Islamic11.7% MSCI Islamic M-Series206.0% FTSE Shariah11.7% |
| SUNNY OPTICAL | UNSCREENED | 0.47% | no in-house ratios for this holding |
| 0881.HK Zhongsheng Group Holdings Ltd | NON_COMPLIANT | 0.47% | AAOIFI398.4% Usmani38.4% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic33.4% MSCI Islamic M-Seriesfail FTSE Shariah33.4% |
| 012330.KS Hyundai Mobis Co Ltd | COMPLIANT | 0.44% | AAOIFIpass Usmanipass Dow Jones Islamicfail S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| 2385.TW Chicony Electronics Co Ltd | NON_COMPLIANT | 0.43% | AAOIFIfail Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahpass |
| 005830.KS DB Insurance Co Ltd | NON_COMPLIANT | 0.40% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
The published standards disagree about this fund by 13 points of portfolio weight — 34.6% of it passes Usmani, 22.0% passes MSCI Islamic M-Series. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 27.6% ratios fail on 48.1% 23.7% not rated under AAOIFI
ratios pass on 34.6% ratios fail on 35.6% 29.3% not rated under Usmani
ratios pass on 22.6% ratios fail on 45.8% 31.0% not rated under Dow Jones Islamic
ratios pass on 23.8% ratios fail on 44.6% 31.0% not rated under S&P Shariah
ratios pass on 28.8% ratios fail on 39.6% 31.0% not rated under MSCI Islamic
ratios pass on 22.0% ratios fail on 46.4% 31.0% not rated under MSCI Islamic M-Series
ratios pass on 30.4% ratios fail on 38.0% 31.0% not rated under FTSE Shariah
48 of 67 listed holdings carry our own per-methodology verdicts (76% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 12 (26% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| 0027.HK Galaxy Entertainment Group Ltd | 2.37% |
| ABEV3.SA Ambev SA | 2.12% |
| 105560.KS KB Financial Group Inc | 1.88% |
| UPL.BO UPL Ltd | 1.82% |
| 3968.HK China Merchants Bank Co Ltd | 1.79% |
| BAP Credicorp Ltd | 1.78% |
| GLOB Globant SA | 1.75% |
| F34.SI Wilmar International Ltd | 1.74% |
| 055550.KS Shinhan Financial Group Co Ltd | 1.69% |
| HDFCBANK.NS HDFC Bank Ltd | 1.65% |
Trade setup
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Pzena Emerging Markets Value Fund (PZVEX) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
Screened on its holdings, not its name
HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A holding it cannot cover far enough is reported as unrated rather than counted as a pass.
| Holding | Weight | Verdict |
|---|---|---|
| TSMTSMC | 4.50% | Compliant |
| 005930.KSSamsung Electronics Co Ltd | 4.45% | Compliant |
| 0700.HKTencent Holdings Ltd | 2.93% | Compliant |
| CTSHCognizant Technology Solutions | 2.67% | Compliant |
| BABAAlibaba Group Holding Ltd | 2.67% | Compliant |
| 2343.HKPacific Basin Shipping Ltd | 2.56% | Compliant |
| 0027.HKGalaxy Entertainment Group Ltd | 2.37% | Non-compliant |
| Kaspi.KZ JSCnot matched to a ticker | 2.19% | Not screened |
| Hankook Tire & Technology Co Lnot matched to a ticker | 2.18% | Not screened |
| First American Government Oblinot matched to a ticker | 2.16% | Not screened |
Top 10 of 67 holdings, 28.7% of the fund by weight. Every holding is screened, not only these.
What holds the number back
The positions keeping this fund short of 100% compliant by weight.
- 0027.HKnon-compliant2.37%
- Kaspi.KZ JSCnot screened2.19%
- Hankook Tire & Technology Co Lnot screened2.18%
- First American Government Oblinot screened2.16%
- ABEV3.SAnon-compliant2.12%
- SHENZHOU INTLnot screened1.97%
What changed, and when
Verdict history for PZVEX. A verdict that never moved is recorded too, so a quiet history reads as measured rather than missing.
- 2026-09-07 No change recorded No verdict change for PZVEX has been recorded since tracking began. The scan ledger records that the compliance detectors ran, not which symbols each pass covered.
ℹ️ no compliance scan has run for 4 days - this is not a reading of today
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
This fund prices once a day, so its bars carry no intraday high or low — floor-trader pivots are not defined for it.
Price Forecast
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Technical Summary
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
Every indicator, and what it reads
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 21.00 | BUY |
| Stochastic %K (14) | 0.00 | BUY |
| CCI (20) | -153.52 | BUY |
| Williams %R (14) | -100.00 | BUY |
| MACD (12,26,9) | -0.10 | SELL |
| ROC (10) | -5.81 | SELL |
| Momentum (10) | -0.99 | SELL |
| EMA (10) | 16.47 | SELL |
| SMA (10) | 16.56 | SELL |
| EMA (20) | 16.71 | SELL |
| SMA (20) | 16.86 | SELL |
| EMA (30) | 16.85 | SELL |
| SMA (30) | 16.94 | SELL |
| EMA (50) | 16.98 | SELL |
| SMA (50) | 17.16 | SELL |
| EMA (100) | 17.03 | SELL |
| SMA (100) | 17.08 | SELL |
| EMA (200) | 16.80 | SELL |
| SMA (200) | 17.12 | SELL |
SMC — Top Down
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
Before you act on this
The questions worth asking about any verdict on this page, answered plainly.
Is a fund screened on its name?
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
What does unrated weight mean?
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
Does the issuer's board make it compliant?
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
How often is this re-screened?
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Compare with
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
AI Summary
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.