# Deprince, Race & Zollo, Inc.

> Deprince, Race & Zollo, Inc. is an SEC-registered investment advisory firm in Winter Park, FL, registered since 1995, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated May 8, 2026.

- CRD: 112099
- Filed as: DEPRINCE, RACE & ZOLLO, INC.
- Also doing business as: DRZ INVESTMENT ADVISORS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Winter Park, FL
- Filing period: October 2026
- Form ADV filing dated: May 8, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/112099
- AdvisorCensus page: https://advisorcensus.com/firm/deprince-race-and-zollo-inc-winter-park-fl-112099

## Quick answers

**How is Deprince, Race & Zollo, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Deprince, Race & Zollo, Inc. reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Deprince, Race & Zollo, Inc. located?**
Deprince, Race & Zollo, Inc.'s principal office is in Winter Park, FL, according to its Form ADV.

**Is Deprince, Race & Zollo, Inc. registered with the SEC or a state?**
Deprince, Race & Zollo, Inc. is an SEC-registered investment advisory firm, registered since 1995. Status as filed: Approved. CRD 112099.

**How much does Deprince, Race & Zollo, Inc. manage?**
Deprince, Race & Zollo, Inc. reports $5,893,873,474 in regulatory assets under management in its Form ADV filing dated May 8, 2026 (100% discretionary).

**How have Deprince, Race & Zollo, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Deprince, Race & Zollo, Inc.: Regulatory assets under management: $3,448,173,309 in the October 2021 data and $5,893,873,474 in the October 2026 data, up 71%. Total employees: 30 in October 2021 and 27 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Deprince, Race & Zollo, Inc. serve?**
By number of clients on Form ADV Item 5.D: state or municipal government entities (including government pension plans) (33); pension and profit sharing plans (but not the plan participants or government pension plans) (28); charitable organizations (7).

**Which custodians does Deprince, Race & Zollo, Inc. use?**
Deprince, Race & Zollo, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon, State Street Trust and Bank Company and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Deprince, Race & Zollo, Inc. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/112099

**Does Deprince, Race & Zollo, Inc. state an account minimum?**
Its Form ADV Part 2A brochure dated March 31, 2026 says: "Preferred minimum account size is $5,000,000, although in certain instances, this minimum is waived."

**What changed in Deprince, Race & Zollo, Inc.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 17 to 14.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Account minimum: $5,000,000 (the brochure says it may be waived or negotiated)

> Preferred minimum account size is $5,000,000, although in certain instances, this minimum is waived.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- BNY Mellon
- State Street Trust and Bank Company
- The Northern Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $5,893,873,474
- Discretionary: $5,893,873,474
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 2 | $3,591,087 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 1 | $721,012,935 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $777,925,759 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 28 | $2,567,120,943 |
| Charitable organizations | 7 | $102,221,941 |
| State or municipal government entities (including government pension plans) | 33 | $1,532,382,641 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 4 | $189,618,168 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Other

### Firm details
- Registered since: 1995 (31 years)
- Employees: 27 total, 14 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, FL, NE, OK, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [drz-inc.com](https://drz-inc.com)
- LinkedIn @DEPRINCE-RACE-&-ZOLLO-INC.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,448,173,309 | 30 | August 17, 2021 |
| October 2022 | $4,347,360,591 | 29 | March 2, 2022 |
| October 2023 | $4,755,734,089 | 31 | March 14, 2023 |
| October 2024 | $4,811,361,206 | 31 | March 28, 2024 |
| October 2025 | $5,490,234,389 | 30 | March 6, 2025 |
| October 2026 | $5,893,873,474 | 27 | May 8, 2026 |

Regulatory assets under management: $3,448,173,309 in the October 2021 data and $5,893,873,474 in the October 2026 data, up 71%.
Total employees: 30 in October 2021 and 27 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 17 to 14.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Deprince, Race & Zollo, Inc. (CRD 112099): Form ADV filing data as of October 2026.