APEEX Fees and Costs — Aperture Endeavour Equity Fund, Class X
Data updated: 2024-03-15
The net expense ratio is 0.68%: a 0.33% management fee plus 0.35% other expenses. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $256K in broker commissions, 0.2086% of average net assets, and portfolio turnover was 197%.
APEEX Fees and Expenses
Annual operating expenses and sales charges of APEEX. Prospectus, as of April 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.33% |
| 12b-1 fee | — |
| Other expenses | 0.35% |
| Gross expense ratio | 0.68% |
| Fee waiver | — |
| Net expense ratio | 0.68% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
APEEX Costs Over Time
On $10,000 invested in APEEX, assuming 5% a year before costs, total costs come to $557 over 5 years, cutting the return by 0.93% 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 0.68%) | $71 | $223 | $387 |
| Trading costs (broker commissions) | $22 | $68 | $119 |
| Lost growth on money paid in costs | $0 | $14 | $51 |
| Total costs | $93 | $306 | $557 |
| Value after costs | $10,407 | $11,270 | $12,206 |
| Impact on return, per year | 0.93% | 0.93% | 0.93% |
APEEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.2086%
- Total broker commissions: $256K
- Bought from dealers (principal trades, not a cost): $472.0M
- Portfolio turnover (prospectus): 197%
- Securities lending: none during the year
APEEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES | $52K | 26.02% |
| UBS SECURITIES | $30K | 14.83% |
| JEFFERIES LLC | $25K | 12.65% |
| BARCLAYS CAPTIAL INC. | $18K | 8.97% |
| PIPER, G W, & COMPANY, INC | $15K | 7.34% |
| GOLDMAN, SACHS & CO | $13K | 6.56% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH | $13K | 6.55% |
| MORGAN STANLEY & CO, INC | $12K | 6.09% |
| SANFORD C. BERNSTEIN & CO., LLC | $12K | 5.78% |
| RBC CAPITAL | $10K | 5.22% |
APEEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO, INC | $289.2M | 61.27% |
| J.P. MORGAN SECURITIES | $114.4M | 24.25% |
| GOLDMAN, SACHS & CO. | $55.7M | 11.79% |
| CITIGROUP GLOBAL MARKETS | $6.9M | 1.46% |
| BARCLAYS CAPITAL INC. | $4.1M | 0.86% |
| JEFFERIES LLC | $1.3M | 0.27% |
| MONTGOMERY/BANK OF AMERICA | $482K | 0.10% |
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.