C000158698 Fees and Costs — Fulcrum Diversified Absolute Return Fund, Institutional Class
Data updated: 2023-03-01
The net expense ratio is 1.13%: a 0.90% management fee plus 0.51% other expenses, less a 0.28% fee waiver. There are no sales loads or redemption fees. In fiscal 2022 the fund paid $129K in broker commissions, 0.1128% of average net assets, and portfolio turnover was 129%.
C000158698 Fees and Expenses
Annual operating expenses and sales charges of C000158698. Prospectus, as of October 31, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.51% |
| Gross expense ratio | 1.41% |
| Fee waiver | −0.28% |
| Net expense ratio | 1.13% |
| 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 | Yes |
C000158698 Costs Over Time
On $10,000 invested in C000158698, assuming 5% a year before costs, total costs come to $774 over 5 years, cutting the return by 1.30% 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 1.13%) | $119 | $369 | $639 |
| Trading costs (broker commissions) | $12 | $37 | $64 |
| Lost growth on money paid in costs | $0 | $20 | $71 |
| Total costs | $130 | $426 | $774 |
| Value after costs | $10,370 | $11,150 | $11,989 |
| Impact on return, per year | 1.30% | 1.30% | 1.30% |
C000158698 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2022.
- Explicit cost rate (commissions ÷ average net assets): 0.1128%
- Total broker commissions: $129K
- Bought from dealers (principal trades, not a cost): $263.6M
- Portfolio turnover (prospectus): 129%
- Securities lending: none during the year
C000158698 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $49K | 37.89% |
| MORGAN STANLEY & CO. LLC | $40K | 31.02% |
| BARCLAY INVESTMENTS LLC | $27K | 21.06% |
| GOLDMAN SACHS & CO. LLC | $8K | 6.05% |
| SG AMERICAS SECURITIES, LLC | $3K | 2.55% |
| BNP PARIBAS PRIME BROKERAGE, INC. | $1K | 0.94% |
| Atlantic Equities LP | $362 | 0.28% |
| AIM Management | $124 | 0.10% |
| CANTOR FITZGERALD & CO. | $109 | 0.09% |
| UBS FINANCIAL SERVICES INC. | $41 | 0.03% |
C000158698 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $74.5M | 32.35% |
| J.P. MORGAN SECURITIES LLC | $51.7M | 22.47% |
| GOLDMAN SACHS & CO. LLC | $50.0M | 21.71% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $23.0M | 9.98% |
| UBS FINANCIAL SERVICES INC. | $15.4M | 6.67% |
| BARCLAY INVESTMENTS LLC | $7.5M | 3.26% |
| SG AMERICAS SECURITIES, LLC | $2.8M | 1.22% |
| HSBC SECURITIES (USA) INC. | $2.2M | 0.96% |
| Atlantic Equities LP | $1.8M | 0.79% |
| U.S. BANCORP INVESTMENTS, INC. | $1.4M | 0.61% |
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.