ACDJX Fees and Costs — AC Alternatives Disciplined Long Short Fund, Investor Class
Data updated: 2020-02-25
The net expense ratio is 2.06%: a 1.44% management fee plus 0.62% other expenses. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $46K in broker commissions, 0.0941% of average net assets, and portfolio turnover was 220%.
ACDJX Fees and Expenses
Annual operating expenses and sales charges of ACDJX. Prospectus, as of October 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 1.44% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.62% |
| Gross expense ratio | 2.06% |
| Fee waiver | — |
| Net expense ratio | 2.06% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
ACDJX Costs Over Time
On $10,000 invested in ACDJX, assuming 5% a year before costs, total costs come to $1,317 over 5 years, cutting the return by 2.26% 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 |
| Fund expenses (net expense ratio 2.06%) | $216 | $667 | $1,142 |
| Trading costs (broker commissions) | $10 | $30 | $52 |
| Lost growth on money paid in costs | $0 | $35 | $122 |
| Total costs | $226 | $732 | $1,317 |
| Value after costs | $10,274 | $10,844 | $11,446 |
| Impact on return, per year | 2.26% | 2.26% | 2.26% |
ACDJX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0941%
- Total broker commissions: $46K
- Bought from dealers (principal trades, not a cost): $3.0B
- Portfolio turnover (prospectus): 220%
- Securities lending: none during the year
ACDJX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Sanford C. Bernstein | $11K | 24.27% |
| J.P. Morgan Securities | $6K | 14.74% |
| Barclays Capital | $5K | 12.50% |
| Morgan Stanley | $5K | 10.97% |
| Citigroup Capital Markets Inc | $5K | 10.49% |
| Bank of America Merrill Lynch | $4K | 8.88% |
| Jefferies LLC | $3K | 6.66% |
| UBS Warburg | $3K | 6.03% |
| Stiffel Nicholas Capital Markets | $1K | 3.11% |
| Evercore ISI Investment Group | $1K | 2.34% |
ACDJX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO Capital Markets | $2.0B | 66.34% |
| State Street Global Markets | $1.0B | 33.17% |
| Bank of America Merrill Lynch | $3.9M | 0.13% |
| Goldman Sachs | $2.9M | 0.10% |
| J.P. Morgan Securities | $2.6M | 0.09% |
| Credit Suisse First Boston Corp | $2.5M | 0.08% |
| Morgan Stanley | $2.0M | 0.07% |
| UBS Warburg | $743K | 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.