AMMAX Fees and Costs — Virtus AllianzGI Emerging Markets Consumer Fund, Class A
Data updated: 2021-12-14
The net expense ratio is 1.40%: a 0.85% management fee, a 0.25% 12b-1 fee plus 0.85% other expenses, less a 0.55% fee waiver. This share class carries a maximum front-end sales load of 5.50% and a deferred sales charge of up to 1.00%. In fiscal 2021 the fund paid $28K in broker commissions, 0.1803% of average net assets, and portfolio turnover was 57%.
AMMAX Fees and Expenses
Annual operating expenses and sales charges of AMMAX. Prospectus, as of January 31, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.85% |
| Gross expense ratio | 1.95% |
| Fee waiver | −0.55% |
| Net expense ratio | 1.40% |
| Sales charges | |
|---|---|
| Max front load | 5.50% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
AMMAX Costs Over Time
On $10,000 invested in AMMAX, assuming 5% a year before costs, total costs come to $1,625 over 5 years, cutting the return by 2.82% 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 | $648 | $550 | $550 |
| Fund expenses (net expense ratio 1.40%) | $139 | $431 | $743 |
| Trading costs (broker commissions) | $18 | $55 | $96 |
| Lost growth on money paid in costs | $28 | $111 | $237 |
| Total costs | $832 | $1,147 | $1,625 |
| Value after costs | $9,668 | $10,429 | $11,138 |
| Impact on return, per year | 8.32% | 3.59% | 2.82% |
AMMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.1803%
- Total broker commissions: $28K
- Bought from dealers (principal trades, not a cost): $26.9M
- Portfolio turnover (prospectus): 57%
- Securities lending: none during the year
AMMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $9K | 36.97% |
| HSBC SECURITIES (USA) INC. | $3K | 12.49% |
| J.P. Morgan Securities LLC | $2K | 9.86% |
| BOFA SECURITIES, INC. | $2K | 8.59% |
| CREDIT SUISSE SECURITIES (USA) LLC | $2K | 7.43% |
| MIRAE ASSET SECURITIES (USA) INC. | $2K | 6.82% |
| UBS Securities LLC | $2K | 6.42% |
| MORGAN STANLEY & CO. LLC | $2K | 6.24% |
| GOLDMAN SACHS & CO. LLC | $705 | 2.84% |
| CITIGROUP GLOBAL MARKETS INC. | $578 | 2.33% |
AMMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STATE STREET GLOBAL MARKETS, LLC | $26.9M | 100.00% |
| CitiGroup Global Markets Inc. | $0 | 0.00% |
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.