BIVIX Fees and Costs — Invenomic Fund, Institutional Class
Data updated: 2026-09-28
The net expense ratio is 3.05%: a 1.74% management fee plus 1.32% other expenses, less a 0.02% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4.6M in broker commissions, 0.4382% of average net assets, and portfolio turnover was 197%.
BIVIX Fees and Expenses
Annual operating expenses and sales charges of BIVIX. Prospectus, as of March 2, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.74% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.32% |
| Gross expense ratio | 3.07% |
| Fee waiver | −0.02% |
| Net expense ratio | 3.05% |
| 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 | No |
| Waived fees subject to recoupment | No |
BIVIX Costs Over Time
On $10,000 invested in BIVIX, assuming 5% a year before costs, total costs come to $2,076 over 5 years, cutting the return by 3.66% 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 3.05%) | $320 | $974 | $1,645 |
| Trading costs (broker commissions) | $46 | $140 | $236 |
| Lost growth on money paid in costs | $0 | $56 | $195 |
| Total costs | $366 | $1,170 | $2,076 |
| Value after costs | $10,134 | $10,407 | $10,687 |
| Impact on return, per year | 3.66% | 3.66% | 3.66% |
BIVIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.4382%
- Total broker commissions: $4.6M
- Bought from dealers (principal trades, not a cost): $3.6M
- Portfolio turnover (prospectus): 197%
- Securities lending: none during the year
BIVIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MAREX CAPITAL MARKETS INC. | $4.6M | 99.66% |
| UBS Securities LLC | $16K | 0.34% |
BIVIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MAREX CAPITAL MARKETS INC. | $3.6M | 100.00% |
Invenomic Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BIVSX | Super Institutional Class | 2.80% | none |
| BIVIX | Institutional Class | 3.05% | none |
| BIVRX | Investor Class | 3.30% | 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.