BICIX Fees and Costs — Baillie Gifford International Smaller Companies Fund, Institutional Class
Data updated: 2025-08-26
The net expense ratio is 1.00%: a 0.75% management fee plus 1.91% other expenses, less a 1.66% fee waiver. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $3K in broker commissions, 0.0202% of average net assets, and portfolio turnover was 18%.
BICIX Fees and Expenses
Annual operating expenses and sales charges of BICIX. Prospectus, as of April 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.91% |
| Gross expense ratio | 2.66% |
| Fee waiver | −1.66% |
| Net expense ratio | 1.00% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
BICIX Costs Over Time
On $10,000 invested in BICIX, assuming 5% a year before costs, total costs come to $638 over 5 years, cutting the return by 1.07% 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 1.00%) | $105 | $328 | $568 |
| Trading costs (broker commissions) | $2 | $7 | $11 |
| Lost growth on money paid in costs | $0 | $17 | $59 |
| Total costs | $107 | $351 | $638 |
| Value after costs | $10,393 | $11,226 | $12,125 |
| Impact on return, per year | 1.07% | 1.07% | 1.07% |
BICIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0202%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $79K
- Portfolio turnover (prospectus): 18%
- Securities lending: none during the year
BICIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $273 | 13.17% |
| HSBC SECURITIES (USA) INC. | $271 | 13.07% |
| BNP PARIBAS SECURITIES CORP. | $259 | 12.49% |
| UBS Securities LLC | $235 | 11.34% |
| BOFA SECURITIES, INC. | $194 | 9.36% |
| INSTINET, LLC | $193 | 9.31% |
| CITIGROUP GLOBAL MARKETS INC. | $182 | 8.78% |
| Joh. Berenberg, Gossler & Co. KG | $166 | 8.01% |
| CREDIT AGRICOLE SECURITIES (USA), INC. | $153 | 7.38% |
| GOLDMAN SACHS & CO. LLC | $147 | 7.09% |
BICIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $44K | 56.03% |
| UBS SECURITIES LLC | $32K | 40.03% |
| Joh. Berenberg, Gossler & Co. KG | $3K | 3.94% |
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.