BPESX Fees and Costs — Baillie Gifford Positive Change Equities Fund, Institutional Class
Data updated: 2022-08-23
The net expense ratio is 0.72%: a 0.50% management fee plus 0.27% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. In fiscal 2021 the fund paid $47K in broker commissions, 0.0308% of average net assets, and portfolio turnover was 28%.
BPESX Fees and Expenses
Annual operating expenses and sales charges of BPESX. Prospectus, as of December 31, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.27% |
| Gross expense ratio | 0.77% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.72% |
| 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 |
BPESX Costs Over Time
On $10,000 invested in BPESX, assuming 5% a year before costs, total costs come to $472 over 5 years, cutting the return by 0.79% 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 0.72%) | $76 | $236 | $411 |
| Trading costs (broker commissions) | $3 | $10 | $18 |
| Lost growth on money paid in costs | $0 | $12 | $43 |
| Total costs | $79 | $259 | $472 |
| Value after costs | $10,421 | $11,317 | $12,291 |
| Impact on return, per year | 0.79% | 0.79% | 0.79% |
BPESX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.0308%
- Total broker commissions: $47K
- Bought from dealers (principal trades, not a cost): $1.7M
- Portfolio turnover (prospectus): 28%
- Securities lending: none during the year
BPESX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $7K | 16.62% |
| CREDIT SUISSE SECURITIES (USA) LLC | $6K | 14.31% |
| BOFA SECURITIES, INC. | $6K | 13.43% |
| CREDIT AGRICOLE SECURITIES (USA), INC. | $4K | 10.65% |
| GOLDMAN SACHS & CO. LLC | $4K | 10.17% |
| J.P. Morgan Securities LLC | $4K | 9.26% |
| HSBC SECURITIES (USA) INC. | $3K | 7.43% |
| INSTINET, LLC | $3K | 7.12% |
| UBS Securities LLC | $3K | 6.23% |
| JEFFERIES LLC | $2K | 4.77% |
BPESX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CitiGroup Global Markets Inc. | $1.3M | 76.57% |
| J.P. Morgan Securities LLC | $238K | 13.74% |
| MORGAN STANLEY & CO. LLC | $168K | 9.68% |
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.