C000119190 Fees and Costs — World ex U.S. Targeted Value Portfolio, Institutional Class Shares
Data updated: 2026-09-24
The net expense ratio is 0.48%: a 0.40% management fee plus 0.08% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $99K in broker commissions, 0.0133% of average net assets, and portfolio turnover was 17%.
C000119190 Fees and Expenses
Annual operating expenses and sales charges of C000119190. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | — |
| Other expenses | 0.08% |
| Gross expense ratio | 0.48% |
| Fee waiver | — |
| Net expense ratio | 0.48% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
C000119190 Costs Over Time
On $10,000 invested in C000119190, assuming 5% a year before costs, total costs come to $312 over 5 years, cutting the return by 0.52% 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 0.48%) | $50 | $158 | $276 |
| Trading costs (broker commissions) | $1 | $4 | $8 |
| Lost growth on money paid in costs | $0 | $8 | $28 |
| Total costs | $52 | $170 | $312 |
| Value after costs | $10,448 | $11,406 | $12,451 |
| Impact on return, per year | 0.52% | 0.52% | 0.52% |
C000119190 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): 0.0133%
- Total broker commissions: $99K
- Bought from dealers (principal trades, not a cost): $7.3M
- Portfolio turnover (prospectus): 17%
- Securities on loan, average value: $29.5M
- Net income from securities lending: $524K (0.071% of average net assets)
C000119190 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $30K | 30.59% |
| Nomura Securities International, Inc. | $29K | 29.46% |
| Virtu Americas LLC | $24K | 24.34% |
| UBS Securities LLC | $12K | 11.93% |
| Loop Capital Markets LLC | $1K | 1.49% |
| Citigroup Global Markets Inc. | $1K | 1.35% |
| Goldman Sachs & Co. LLC | $801 | 0.81% |
| J.P. Morgan Securities LLC | $35 | 0.04% |
C000119190 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $93K | 27.04% |
| Macquarie Capital (USA) Inc. | $84K | 24.24% |
| ABN AMRO Securities (USA) LLC | $76K | 22.00% |
| Euroz Hartleys Securities Pty Ltd | $38K | 10.98% |
| J.P. Morgan Securities LLC | $36K | 10.28% |
| State Street Bank and Trust Company | $6K | 1.82% |
| Deutsche Bank Securities Inc. | $5K | 1.44% |
| Goldman Sachs & Co. LLC | $4K | 1.29% |
| Argonaut Securities Pty Limited | $3K | 0.91% |
| Jefferies LLC | $11 | 0.00% |
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.