ALIAX Fees and Costs — AC Alternatives Equity Market Neutral Fund, A Class
Data updated: 2020-02-25
The net expense ratio is 3.38%: a 1.37% management fee, a 0.25% 12b-1 fee plus 1.76% other expenses. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2019 the fund paid $75K in broker commissions, 0.1046% of average net assets, and portfolio turnover was 307%.
ALIAX Fees and Expenses
Annual operating expenses and sales charges of ALIAX. Prospectus, as of October 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 1.37% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.76% |
| Gross expense ratio | 3.38% |
| Fee waiver | — |
| Net expense ratio | 3.38% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| 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 |
ALIAX Costs Over Time
On $10,000 invested in ALIAX, assuming 5% a year before costs, total costs come to $2,689 over 5 years, cutting the return by 4.85% 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 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 3.38%) | $334 | $1,017 | $1,718 |
| Trading costs (broker commissions) | $10 | $31 | $53 |
| Lost growth on money paid in costs | $29 | $143 | $343 |
| Total costs | $949 | $1,767 | $2,689 |
| Value after costs | $9,551 | $9,809 | $10,074 |
| Impact on return, per year | 9.49% | 5.64% | 4.85% |
ALIAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.1046%
- Total broker commissions: $75K
- Bought from dealers (principal trades, not a cost): $570.3M
- Portfolio turnover (prospectus): 307%
- Securities lending: none during the year
ALIAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Capital Markets Inc | $11K | 15.85% |
| Sanford C. Bernstein | $10K | 14.12% |
| J.P. Morgan Securities | $10K | 13.60% |
| Barclays Capital | $10K | 13.58% |
| Bank of America Merrill Lynch | $8K | 11.97% |
| Morgan Stanley | $8K | 11.72% |
| UBS Warburg | $4K | 6.41% |
| Jefferies LLC | $4K | 6.00% |
| Evercore ISI Investment Group | $3K | 3.59% |
| Credit Suisse First Boston Corp | $2K | 3.17% |
ALIAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO Capital Markets | $386.1M | 67.69% |
| State Street Global Markets | $136.9M | 24.00% |
| Credit Suisse First Boston Corp | $11.7M | 2.04% |
| Bank of America Merrill Lynch | $9.7M | 1.70% |
| Goldman Sachs | $9.7M | 1.70% |
| J.P. Morgan Securities | $9.4M | 1.64% |
| Morgan Stanley | $4.3M | 0.75% |
| UBS Warburg | $2.7M | 0.48% |
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.