AFMCX Fees and Costs — Acuitas US Microcap Fund, Institutional Class
Data updated: 2026-09-10
The net expense ratio is 1.50%: a 1.25% management fee plus 0.60% other expenses, less a 0.35% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $198K in broker commissions, 0.1933% of average net assets, and portfolio turnover was 63%.
AFMCX Fees and Expenses
Annual operating expenses and sales charges of AFMCX. Prospectus, as of November 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.60% |
| Gross expense ratio | 1.85% |
| Fee waiver | −0.35% |
| Net expense ratio | 1.50% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
AFMCX Costs Over Time
On $10,000 invested in AFMCX, assuming 5% a year before costs, total costs come to $1,045 over 5 years, cutting the return by 1.78% 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 1.50%) | $158 | $488 | $840 |
| Trading costs (broker commissions) | $20 | $63 | $108 |
| Lost growth on money paid in costs | $0 | $27 | $96 |
| Total costs | $178 | $578 | $1,045 |
| Value after costs | $10,322 | $10,998 | $11,718 |
| Impact on return, per year | 1.78% | 1.78% | 1.78% |
AFMCX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1933%
- Total broker commissions: $198K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 63%
- Securities lending: none during the year
AFMCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JONESTRADING | $45K | 35.07% |
| PIPER JAFFRAY & CO. | $15K | 11.53% |
| JEFFERIES LLC | $13K | 10.18% |
| ALGORITHM TRADING | $12K | 9.17% |
| J.P. MORGAN SECURITIES LLC | $10K | 8.16% |
| INSTINET, LLC | $10K | 8.08% |
| CITIGROUP GLOBAL MARKETS INC. | $6K | 4.96% |
| BARCLAYS CAPITAL INC. | $6K | 4.33% |
| EVERCORE GROUP LLC | $5K | 4.29% |
| WELLS FARGO BROKERAGE SERVICES, LLC | $5K | 4.25% |
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.