BISMX Fees and Costs — Brandes International Small Cap Equity Fund, Class I
Data updated: 2026-08-26
The net expense ratio is 1.07%: a 0.94% management fee plus 0.13% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1.4M in broker commissions, 0.1090% of average net assets, and portfolio turnover was 38%.
BISMX Fees and Expenses
Annual operating expenses and sales charges of BISMX. Prospectus, as of July 29, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.94% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.13% |
| Gross expense ratio | 1.07% |
| Fee waiver | — |
| Net expense ratio | 1.07% |
| 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 |
BISMX Costs Over Time
On $10,000 invested in BISMX, assuming 5% a year before costs, total costs come to $735 over 5 years, cutting the return by 1.24% 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 1.07%) | $112 | $350 | $606 |
| Trading costs (broker commissions) | $11 | $36 | $62 |
| Lost growth on money paid in costs | $0 | $19 | $68 |
| Total costs | $124 | $405 | $735 |
| Value after costs | $10,376 | $11,172 | $12,028 |
| Impact on return, per year | 1.24% | 1.24% | 1.24% |
BISMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1090%
- Total broker commissions: $1.4M
- Bought from dealers (principal trades, not a cost): $899.7M
- Portfolio turnover (prospectus): 38%
- Securities on loan, average value: $42K
- Net income from securities lending: $4 (0.000% of average net assets)
BISMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $136K | 15.11% |
| JEFFERIES LLC. | $133K | 14.86% |
| CITIGROUP GLOBAL MARKETS INC. | $114K | 12.69% |
| OUTSET GLOBAL LLP | $100K | 11.19% |
| BOFA SECURITIES, INC. | $97K | 10.84% |
| SANFORD C. BERNSTEIN & CO., LLC | $74K | 8.21% |
| ISI Security Group, Inc. | $67K | 7.48% |
| LIQUIDNET, INC. | $63K | 6.97% |
| RBC CAPITAL MARKETS, LLC | $57K | 6.38% |
| UBS SECURITIES LLC | $56K | 6.27% |
BISMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $877.2M | 97.51% |
| GOLDMAN SACHS & CO. LLC | $14.0M | 1.55% |
| CANTOR FITZGERALD AND CO. | $4.5M | 0.50% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $2.2M | 0.24% |
| MORGAN STANLEY & CO. LLC | $837K | 0.09% |
| CITIGROUP GLOBAL MARKETS INC. | $786K | 0.09% |
| JEFFERIES LLC. | $124K | 0.01% |
Brandes International Small Cap Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BISRX | Class R6 | 1.00% | none |
| BISMX | Class I | 1.07% | none |
| BISAX | Class A | 1.28% | 5.75% |
| BINCX | Class C | 1.87% | none |
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.