ACVWX Fees and Costs — AC Alternatives Market Neutral Value Fund, R Class
Data updated: 2022-02-22
The net expense ratio is 4.28%: a 1.65% management fee, a 0.50% 12b-1 fee plus 2.12% other expenses. There are no sales loads or redemption fees. In fiscal 2021 the fund paid $34K in broker commissions, 0.0582% of average net assets, and portfolio turnover was 299%.
ACVWX Fees and Expenses
Annual operating expenses and sales charges of ACVWX. Prospectus, as of July 31, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 1.65% |
| 12b-1 fee | 0.50% |
| Other expenses | 2.12% |
| Gross expense ratio | 4.28% |
| Fee waiver | — |
| Net expense ratio | 4.28% |
| 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 |
ACVWX Costs Over Time
On $10,000 invested in ACVWX, assuming 5% a year before costs, total costs come to $2,538 over 5 years, cutting the return by 4.56% 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 |
| Fund expenses (net expense ratio 4.28%) | $449 | $1,354 | $2,267 |
| Trading costs (broker commissions) | $6 | $18 | $31 |
| Lost growth on money paid in costs | $0 | $70 | $240 |
| Total costs | $456 | $1,442 | $2,538 |
| Value after costs | $10,044 | $10,134 | $10,224 |
| Impact on return, per year | 4.56% | 4.56% | 4.56% |
ACVWX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.0582%
- Total broker commissions: $34K
- Bought from dealers (principal trades, not a cost): $2.0B
- Portfolio turnover (prospectus): 299%
- Securities lending: none during the year
ACVWX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley | $6K | 18.13% |
| J.P. Morgan Securities | $4K | 14.16% |
| Sanford C. Bernstein | $4K | 13.68% |
| Bank of America Merrill Lynch | $4K | 13.13% |
| Evercore ISI Investment Group | $2K | 7.89% |
| Barclays Capital | $2K | 7.39% |
| UBS Warburg | $2K | 6.79% |
| Credit Suisse First Boston Corp | $2K | 6.66% |
| Citigroup Capital Markets Inc | $2K | 6.32% |
| Jefferies LLC | $2K | 5.85% |
ACVWX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets | $1.2B | 57.99% |
| BMO Capital Markets | $781.7M | 38.34% |
| Credit Suisse First Boston Corp | $18.6M | 0.91% |
| Goldman Sachs | $11.8M | 0.58% |
| J.P. Morgan Securities | $11.0M | 0.54% |
| Citigroup Capital Markets Inc | $10.9M | 0.54% |
| Bank of America Merrill Lynch | $6.3M | 0.31% |
| Morgan Stanley | $6.1M | 0.30% |
| UBS Warburg | $5.4M | 0.26% |
| Johnson Controls International | $4.6M | 0.23% |
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.