AIOPX Fees and Costs — Opportunistic Fund, Institutional Shares
Data updated: 2024-01-26
The net expense ratio is 1.10% (1.62% before fee waivers). There are no sales loads or redemption fees. In fiscal 2023 the fund paid $52K in broker commissions, 0.1672% of average net assets, and portfolio turnover was 260%.
AIOPX Fees and Expenses
Annual operating expenses and sales charges of AIOPX. Prospectus, as of November 30, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | — |
| Other expenses | 0.67% |
| Gross expense ratio | 1.62% |
| Fee waiver | −0.52% |
| Net expense ratio | 1.10% |
| 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 | No |
AIOPX Costs Over Time
On $10,000 invested in AIOPX, assuming 5% a year before costs, total costs come to $788 over 5 years, cutting the return by 1.33% 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 1.10%) | $116 | $359 | $621 |
| Trading costs (broker commissions) | $18 | $55 | $94 |
| Lost growth on money paid in costs | $0 | $21 | $72 |
| Total costs | $133 | $435 | $788 |
| Value after costs | $10,367 | $11,142 | $11,974 |
| Impact on return, per year | 1.33% | 1.33% | 1.33% |
AIOPX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.1672%
- Total broker commissions: $52K
- Bought from dealers (principal trades, not a cost): $165.3M
- Portfolio turnover (prospectus): 260%
- Securities lending: none during the year
AIOPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Stifel, Nicolaus & Company, Incorporated | $10K | 21.83% |
| Strategas Securities, LLC | $7K | 15.01% |
| Jefferies LLC | $6K | 12.35% |
| Raymond James & Associates, Inc. | $4K | 9.04% |
| Virtu ITG LLC | $4K | 8.63% |
| J.P. Morgan Securities LLC | $4K | 7.91% |
| Capital Institutional Services Inc | $3K | 7.12% |
| Piper Jaffray & Co. | $3K | 7.05% |
| SunTrust Robinson Humphrey | $3K | 5.75% |
| UBS Securities LLC | $2K | 5.30% |
AIOPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOK Financial Securities, Inc. | $124.7M | 76.05% |
| Goldman Sachs & Co. LLC | $11.9M | 7.27% |
| Mizuho Securities USA LLC | $9.7M | 5.91% |
| J.P. Morgan Securities LLC | $7.6M | 4.66% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $3.6M | 2.21% |
| Morgan Stanley & Co. LLC | $2.8M | 1.68% |
| SunTrust Robinson Humphrey | $1.0M | 0.61% |
| Nomura Securities International, Inc. | $978K | 0.60% |
| BMO Capital Markets Corp. | $978K | 0.60% |
| Janney Montgomery Scott LLC | $673K | 0.41% |
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.