BISSX Fees and Costs — Brandes International Small Cap Equity Fund, Class A
Data updated: 2024-08-27
The net expense ratio is 1.37%: a 0.95% management fee, a 0.25% 12b-1 fee plus 0.16% other expenses. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2023 the fund paid $221K in broker commissions, 0.0748% of average net assets, and portfolio turnover was 33%.
BISSX Fees and Expenses
Annual operating expenses and sales charges of BISSX. Prospectus, as of January 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.16% |
| Gross expense ratio | 1.37% |
| Fee waiver | — |
| Net expense ratio | 1.37% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| 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 |
BISSX Costs Over Time
On $10,000 invested in BISSX, assuming 5% a year before costs, total costs come to $1,578 over 5 years, cutting the return by 2.74% 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 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.37%) | $136 | $421 | $727 |
| Trading costs (broker commissions) | $7 | $23 | $40 |
| Lost growth on money paid in costs | $29 | $113 | $237 |
| Total costs | $747 | $1,132 | $1,578 |
| Value after costs | $9,753 | $10,445 | $11,185 |
| Impact on return, per year | 7.47% | 3.54% | 2.74% |
BISSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0748%
- Total broker commissions: $221K
- Bought from dealers (principal trades, not a cost): $252K
- Portfolio turnover (prospectus): 33%
- Securities on loan, average value: $141K
- Net income from securities lending: $174 (0.000% of average net assets)
BISSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $24K | 14.70% |
| MERRILL LYNCH PF&S INC | $22K | 13.92% |
| JP Morgan Securities Inc. | $20K | 12.61% |
| Morgan Stanley & Co. LLC | $19K | 11.95% |
| UBS Securities | $18K | 11.27% |
| SALOMON BROTHERS INC. | $18K | 11.06% |
| Goldman Sachs & Co LLC | $11K | 7.00% |
| Wells Fargo Advisors Clearing Services LLC | $10K | 6.45% |
| OUTSET GLOBAL LLP | $9K | 5.82% |
| MACQUARIE EQUITIES LTD | $8K | 5.22% |
BISSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BTIG LLC | $238K | 94.49% |
| Auerbach Grayson & Company LLC | $10K | 3.86% |
| OUTSET GLOBAL LLP | $4K | 1.65% |
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.