ADSRX Fees and Costs — Aperture Discover Equity Fund, Class X
Data updated: 2024-03-15
The net expense ratio is 0.65%: a 0.25% management fee plus 0.40% other expenses. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $517K in broker commissions, 0.1703% of average net assets, and portfolio turnover was 94%.
ADSRX Fees and Expenses
Annual operating expenses and sales charges of ADSRX. Prospectus, as of April 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | — |
| Other expenses | 0.40% |
| Gross expense ratio | 0.65% |
| Fee waiver | — |
| Net expense ratio | 0.65% |
| 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 |
ADSRX Costs Over Time
On $10,000 invested in ADSRX, assuming 5% a year before costs, total costs come to $515 over 5 years, cutting the return by 0.86% 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 0.65%) | $68 | $213 | $371 |
| Trading costs (broker commissions) | $18 | $56 | $97 |
| Lost growth on money paid in costs | $0 | $13 | $47 |
| Total costs | $86 | $283 | $515 |
| Value after costs | $10,414 | $11,294 | $12,248 |
| Impact on return, per year | 0.86% | 0.86% | 0.86% |
ADSRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.1703%
- Total broker commissions: $517K
- Bought from dealers (principal trades, not a cost): $313.9M
- Portfolio turnover (prospectus): 94%
- Securities lending: none during the year
ADSRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| LIQUIDNET | $44K | 13.67% |
| BAIRD, ROBERT W., & CO., INCORPORATED | $42K | 12.98% |
| WILLIAM BLAIR & CO. | $42K | 12.90% |
| JEFFERIES LLC | $38K | 11.85% |
| BARCLAYS CAPITAL INC. | $30K | 9.30% |
| STIFEL NICOLAUS & CO., INC. | $26K | 8.22% |
| NEWEDGE | $25K | 7.91% |
| RBC CAPITAL | $25K | 7.77% |
| Raymond James | $25K | 7.70% |
| GOLDMAN, SACHS & CO. | $25K | 7.70% |
ADSRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO, INC | $208.6M | 66.44% |
| GS2 SECURITIES, INC. | $49.1M | 15.64% |
| GOLDMAN, SACHS & CO | $28.6M | 9.12% |
| J.P. MORGAN SECURITIES | $24.9M | 7.92% |
| JEFFERIES LLC | $2.8M | 0.88% |
| MORGAN STANLEY SMITH BARNEY LLC | $103 | 0.00% |
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.