AVALX Fees and Costs — Aegis Value Fund, Class I
Data updated: 2026-08-27
The net expense ratio is 1.36%: a 1.20% management fee plus 0.16% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $599K in broker commissions, 0.1000% of average net assets, and portfolio turnover was 12%.
AVALX Fees and Expenses
Annual operating expenses and sales charges of AVALX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.20% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.16% |
| Gross expense ratio | 1.36% |
| Fee waiver | — |
| Net expense ratio | 1.36% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
AVALX Costs Over Time
On $10,000 invested in AVALX, assuming 5% a year before costs, total costs come to $905 over 5 years, cutting the return by 1.53% 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 1.36%) | $143 | $443 | $765 |
| Trading costs (broker commissions) | $10 | $33 | $56 |
| Lost growth on money paid in costs | $0 | $24 | $83 |
| Total costs | $153 | $500 | $905 |
| Value after costs | $10,347 | $11,077 | $11,858 |
| Impact on return, per year | 1.53% | 1.53% | 1.53% |
AVALX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1000%
- Total broker commissions: $599K
- Bought from dealers (principal trades, not a cost): $408.5M
- Portfolio turnover (prospectus): 12%
- Securities lending: none during the year
AVALX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS LLC | $206K | 39.95% |
| CANACCORD GENUITY LLC | $80K | 15.47% |
| BMO CAPITAL MARKETS CORP. | $48K | 9.32% |
| STIFEL NICOLAUS & COMPANY INCORPORATED | $48K | 9.22% |
| DAVY STOCKBROKERS | $30K | 5.80% |
| NBC FINANCIAL, INC. | $27K | 5.25% |
| PETERS & CO. LIMITED | $22K | 4.30% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $21K | 4.07% |
| CIBC WORLD MARKETS CORP. | $18K | 3.52% |
| SCOTIA CAPITAL (USA) INC. | $16K | 3.11% |
AVALX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| ICE BONDS SECURITIES CORPORATION | $388.0M | 94.98% |
| STIFEL NICOLAUS & COMPANY INCORPORATED | $7.4M | 1.81% |
| CANACCORD GENUITY LLC | $6.5M | 1.60% |
| ARGONAUT PRIVATE CAPITAL, LP | $3.3M | 0.82% |
| RBC CAPITAL MARKETS LLC | $2.2M | 0.55% |
| BMO CAPITAL MARKETS CORP. | $998K | 0.24% |
Aegis Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| AVALX | Class I | 1.36% | — |
| AVFAX | Class A | 1.75% | 3.75% |
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.