AVDIX Fees and Costs — Adaptive Equity Fund, I Class
Data updated: 2020-01-08
The net expense ratio is 0.96%. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $51K in broker commissions, 0.0507% of average net assets, and portfolio turnover was 85%.
AVDIX Fees and Expenses
Annual operating expenses and sales charges of AVDIX. Prospectus, as of February 28, 2018.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.96% |
| Fee waiver | −0.10% |
| Net expense ratio | 0.96% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
AVDIX Costs Over Time
On $10,000 invested in AVDIX, assuming 5% a year before costs, total costs come to $632 over 5 years, cutting the return by 1.06% 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 0.96%) | $101 | $314 | $545 |
| Trading costs (broker commissions) | $5 | $17 | $29 |
| Lost growth on money paid in costs | $0 | $16 | $58 |
| Total costs | $106 | $347 | $632 |
| Value after costs | $10,394 | $11,229 | $12,131 |
| Impact on return, per year | 1.06% | 1.06% | 1.06% |
AVDIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0507%
- Total broker commissions: $51K
- Bought from dealers (principal trades, not a cost): $150.6M
- Portfolio turnover (prospectus): 85%
- Securities on loan, average value: $412K
- Net income from securities lending: $366 (0.000% of average net assets)
AVDIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities | $10K | 18.99% |
| Citigroup Capital Markets Inc | $7K | 14.89% |
| Bank of America Merrill Lynch | $7K | 13.95% |
| Sanford C. Bernstein | $6K | 12.24% |
| Barclays Capital | $5K | 9.80% |
| Morgan Stanley | $4K | 8.36% |
| Jefferies LLC | $4K | 7.60% |
| Credit Suisse First Boston Corp | $3K | 6.35% |
| Stiffel Nicholas Capital Markets | $3K | 5.54% |
| Evercore ISI Investment Group | $1K | 2.29% |
AVDIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO Capital Markets | $134.6M | 89.35% |
| State Street Global Markets | $16.0M | 10.65% |
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.