ACAQX Fees and Costs — All Cap Growth Fund, A Class
Data updated: 2020-03-24
The net expense ratio is 1.26%: a 1.00% management fee, a 0.25% 12b-1 fee plus 0.01% other expenses. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2019 the fund paid $174K in broker commissions, 0.0151% of average net assets, and portfolio turnover was 44%.
ACAQX Fees and Expenses
Annual operating expenses and sales charges of ACAQX. Prospectus, as of February 28, 2018.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.01% |
| Gross expense ratio | 1.26% |
| Fee waiver | — |
| Net expense ratio | 1.26% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
ACAQX Costs Over Time
On $10,000 invested in ACAQX, assuming 5% a year before costs, total costs come to $1,481 over 5 years, cutting the return by 2.56% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.26%) | $125 | $388 | $671 |
| Trading costs (broker commissions) | $1 | $5 | $8 |
| Lost growth on money paid in costs | $29 | $110 | $228 |
| Total costs | $730 | $1,078 | $1,481 |
| Value after costs | $9,770 | $10,499 | $11,281 |
| Impact on return, per year | 7.30% | 3.37% | 2.56% |
ACAQX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0151%
- Total broker commissions: $174K
- Bought from dealers (principal trades, not a cost): $2.3B
- Portfolio turnover (prospectus): 44%
- Securities on loan, average value: $7.4M
- Net income from securities lending: $565K (0.049% of average net assets)
ACAQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley | $25K | 18.87% |
| Credit Suisse First Boston Corp | $21K | 15.74% |
| Robert W Baird | $17K | 12.82% |
| J.P. Morgan Securities | $14K | 10.29% |
| Jefferies LLC | $11K | 8.35% |
| Sanford C. Bernstein | $11K | 8.34% |
| Bank of America Merrill Lynch | $10K | 7.21% |
| Wells Fargo Securities | $9K | 6.92% |
| Barclays Capital | $8K | 5.78% |
| Citigroup Capital Markets Inc | $8K | 5.67% |
ACAQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO Capital Markets | $1.7B | 76.88% |
| State Street Global Markets | $313.7M | 13.82% |
| Credit Suisse First Boston Corp | $181.5M | 8.00% |
| Morgan Stanley | $19.0M | 0.84% |
| Goldman Sachs | $8.0M | 0.35% |
| UBS Warburg | $1.1M | 0.05% |
| J.P. Morgan Securities | $681K | 0.03% |
| Bank of America Merrill Lynch | $562K | 0.02% |
| Citigroup Capital Markets Inc | $398K | 0.02% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.