ATQFX Fees and Costs — Water Island Long/Short Fund, Class R
Data updated: 2021-10-21
The net expense ratio is 1.97% (12.84% before fee waivers). There are no sales loads or redemption fees. In fiscal 2021 the fund paid $14K in broker commissions, 0.4963% of average net assets, and portfolio turnover was 577%.
ATQFX Fees and Expenses
Annual operating expenses and sales charges of ATQFX. Prospectus, as of May 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.25% |
| Other expenses | 11.29% |
| Gross expense ratio | 12.84% |
| Fee waiver | −10.87% |
| Net expense ratio | 1.97% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
ATQFX Costs Over Time
On $10,000 invested in ATQFX, assuming 5% a year before costs, total costs come to $1,498 over 5 years, cutting the return by 2.59% 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 1.97%) | $207 | $636 | $1,085 |
| Trading costs (broker commissions) | $52 | $160 | $273 |
| Lost growth on money paid in costs | $0 | $40 | $139 |
| Total costs | $259 | $836 | $1,498 |
| Value after costs | $10,241 | $10,741 | $11,265 |
| Impact on return, per year | 2.59% | 2.59% | 2.59% |
ATQFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.4963%
- Total broker commissions: $14K
- Bought from dealers (principal trades, not a cost): $27.5M
- Portfolio turnover (prospectus): 577%
- Securities on loan, average value: $192
- Net income from securities lending: $127 (0.005% of average net assets)
ATQFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $4K | 34.28% |
| BofA Securities, Inc. | $2K | 20.25% |
| Cowen and Company, LLC | $2K | 13.55% |
| Bloomberg Tradebook LLC | $751 | 6.48% |
| Goldman Sachs & Co. LLC | $717 | 6.20% |
| Cantor Fitzgerald & Co. | $620 | 5.35% |
| Mizuho Securities USA LLC | $520 | 4.49% |
| Barclays Capital Inc. | $395 | 3.41% |
| JonesTrading Institutional Services LLC | $363 | 3.13% |
| Jefferies LLC | $330 | 2.85% |
ATQFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $12.3M | 45.66% |
| Morgan Stanley & Co. LLC | $11.7M | 43.53% |
| Goldman Sachs & Co. LLC | $1.5M | 5.42% |
| BofA Securities, Inc. | $500K | 1.86% |
| Oppenheimer & Co. Inc. | $303K | 1.13% |
| UBS Securities LLC | $229K | 0.85% |
| B. Riley Securities, Inc. | $121K | 0.45% |
| J.P. Morgan Securities LLC | $109K | 0.40% |
| Jefferies LLC | $98K | 0.37% |
| Citigroup Global Markets Inc. | $89K | 0.33% |
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.