ANFLX Fees and Costs — Angel Oak Financials Income Impact Fund, Class A
Data updated: 2024-06-27
The net expense ratio is 0.95%: a 0.89% management fee, a 0.25% 12b-1 fee plus 0.30% other expenses, less a 0.49% fee waiver. This share class carries a maximum front-end sales load of 2.25%. In fiscal 2024 the fund paid $8K in broker commissions, 0.0095% of average net assets, and portfolio turnover was 11%.
ANFLX Fees and Expenses
Annual operating expenses and sales charges of ANFLX. Prospectus, as of May 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.89% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.30% |
| Gross expense ratio | 1.44% |
| Fee waiver | −0.49% |
| Net expense ratio | 0.95% |
| Sales charges | |
|---|---|
| Max front load | 2.25% |
| 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 | Yes |
ANFLX Costs Over Time
On $10,000 invested in ANFLX, assuming 5% a year before costs, total costs come to $874 over 5 years, cutting the return by 1.48% 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 | $225 | $225 | $225 |
| Fund expenses (net expense ratio 0.95%) | $98 | $304 | $528 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $11 | $51 | $116 |
| Total costs | $335 | $583 | $874 |
| Value after costs | $10,165 | $10,993 | $11,889 |
| Impact on return, per year | 3.35% | 1.79% | 1.48% |
ANFLX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending January 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0095%
- Total broker commissions: $8K
- Bought from dealers (principal trades, not a cost): $33.0M
- Portfolio turnover (prospectus): 11%
- Securities lending: none during the year
ANFLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| PERSHING LLC | $6K | 70.47% |
| STIFEL NICOLAUS & COMPANY INCORPORATED | $2K | 29.53% |
ANFLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| PNC INVESTMENTS LLC | $13.2M | 39.93% |
| PERSHING LLC | $5.2M | 15.89% |
| STONEX FINANCIAL INC. | $3.3M | 9.89% |
| GOLDMAN SACHS & CO. LLC | $2.9M | 8.94% |
| PIPER JAFFRAY INVESTMENT MANAGEMENT, LLC | $2.3M | 6.90% |
| RAYMOND JAMES & ASSOCIATES INC. | $2.1M | 6.39% |
| CANTOR FITZGERALD & CO. | $1.0M | 3.10% |
| RBC CAPITAL MARKETS LLC | $1.0M | 3.09% |
| MORGAN STANLEY & CO. LLC | $1.0M | 3.03% |
| BREAN CAPITAL LLC | $940K | 2.85% |
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.