AFOEX Fees and Costs — Aperture International Equity Fund, Class X
Data updated: 2024-03-15
The net expense ratio is 2.05%: a 1.77% management fee plus 0.28% other expenses. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $126K in broker commissions, 0.0438% of average net assets, and portfolio turnover was 25%.
AFOEX Fees and Expenses
Annual operating expenses and sales charges of AFOEX. Prospectus, as of April 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 1.77% |
| 12b-1 fee | — |
| Other expenses | 0.28% |
| Gross expense ratio | 2.05% |
| Fee waiver | — |
| Net expense ratio | 2.05% |
| 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 |
AFOEX Costs Over Time
On $10,000 invested in AFOEX, assuming 5% a year before costs, total costs come to $1,281 over 5 years, cutting the return by 2.20% 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 2.05%) | $215 | $664 | $1,138 |
| Trading costs (broker commissions) | $5 | $14 | $24 |
| Lost growth on money paid in costs | $0 | $34 | $119 |
| Total costs | $220 | $712 | $1,281 |
| Value after costs | $10,280 | $10,864 | $11,481 |
| Impact on return, per year | 2.20% | 2.20% | 2.20% |
AFOEX 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): 0.0438%
- Total broker commissions: $126K
- Bought from dealers (principal trades, not a cost): $840.9M
- Portfolio turnover (prospectus): 25%
- Securities lending: none during the year
AFOEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH | $30K | 27.23% |
| J.P. MORGAN SECURITIES | $26K | 24.23% |
| SANFORD C. BERNSTEIN & CO., LLC | $16K | 14.53% |
| UBS SECURITIES LLC | $8K | 7.60% |
| GOLDMAN, SACHS & CO. | $8K | 7.18% |
| BARCLAYS CAPITAL INC. | $6K | 5.38% |
| BERNSTEIN - PROGRAM TRADE | $6K | 5.17% |
| JEFFERIES LLC | $4K | 3.23% |
| STIFEL NICOLAUS & CO., INC. | $3K | 2.85% |
| BTIG | $3K | 2.59% |
AFOEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES | $265.1M | 31.53% |
| MORGAN STANLEY & CO, INC | $264.9M | 31.51% |
| CITIGROUP GLOBAL MARKETS | $102.5M | 12.19% |
| GOLDMAN, SACHS & CO. | $80.6M | 9.59% |
| DEUTSCHE BANK SECURITIES INC | $56.3M | 6.69% |
| GS2 SECURITIES, INC | $39.1M | 4.65% |
| BANK OF AMERICA | $30.6M | 3.64% |
| BNP PARIBAS | $1.5M | 0.18% |
| BARCLAYS CAPITAL INC | $216K | 0.03% |
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.