ACMUX Fees and Costs — Adaptive Small Cap Fund, R5 Class
Data updated: 2019-12-23
The net expense ratio is 0.96%: a 0.95% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $57K in broker commissions, 0.0897% of average net assets, and portfolio turnover was 128%.
ACMUX Fees and Expenses
Annual operating expenses and sales charges of ACMUX. Prospectus, as of November 30, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.96% |
| Fee waiver | — |
| Net expense ratio | 0.96% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
ACMUX Costs Over Time
On $10,000 invested in ACMUX, assuming 5% a year before costs, total costs come to $656 over 5 years, cutting the return by 1.10% 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 0.96%) | $101 | $314 | $545 |
| Trading costs (broker commissions) | $9 | $29 | $51 |
| Lost growth on money paid in costs | $0 | $17 | $60 |
| Total costs | $110 | $361 | $656 |
| Value after costs | $10,390 | $11,216 | $12,107 |
| Impact on return, per year | 1.10% | 1.10% | 1.10% |
ACMUX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0897%
- Total broker commissions: $57K
- Bought from dealers (principal trades, not a cost): $64.9M
- Portfolio turnover (prospectus): 128%
- Securities on loan, average value: $135K
- Net income from securities lending: $862 (0.001% of average net assets)
ACMUX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Sanford C. Bernstein | $15K | 27.35% |
| J.P. Morgan Securities | $8K | 15.42% |
| Citigroup Capital Markets Inc | $6K | 10.39% |
| Jefferies LLC | $5K | 10.13% |
| Bank of America Merrill Lynch | $5K | 9.61% |
| Barclays Capital | $5K | 9.61% |
| Morgan Stanley | $4K | 6.91% |
| Liquidnet | $2K | 3.74% |
| Stiffel Nicholas Capital Markets | $2K | 3.62% |
| Credit Suisse First Boston Corp | $2K | 3.23% |
ACMUX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO Capital Markets Corporation | $54.7M | 84.26% |
| State Street Global Markets | $10.2M | 15.74% |
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.