ALYIX Fees and Costs — AC Alternatives Equity Market Neutral Fund, Y Class
Data updated: 2020-02-25
The net expense ratio is 2.88%: a 1.12% management fee plus 1.76% other expenses. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $75K in broker commissions, 0.1046% of average net assets, and portfolio turnover was 307%.
ALYIX Fees and Expenses
Annual operating expenses and sales charges of ALYIX. Prospectus, as of October 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 1.12% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.76% |
| Gross expense ratio | 2.88% |
| Fee waiver | — |
| Net expense ratio | 2.88% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
ALYIX Costs Over Time
On $10,000 invested in ALYIX, assuming 5% a year before costs, total costs come to $1,794 over 5 years, cutting the return by 3.13% 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 2.88%) | $302 | $924 | $1,569 |
| Trading costs (broker commissions) | $11 | $34 | $57 |
| Lost growth on money paid in costs | $0 | $48 | $168 |
| Total costs | $313 | $1,006 | $1,794 |
| Value after costs | $10,187 | $10,570 | $10,969 |
| Impact on return, per year | 3.13% | 3.13% | 3.13% |
ALYIX 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
ALYIX 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% |
ALYIX 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.