C000176027 Fees and Costs — Pemberwick Fund, Shares
Data updated: 2026-08-26
The net expense ratio is 0.51%. There are no sales loads or redemption fees. Portfolio turnover was 50%.
C000176027 Fees and Expenses
Annual operating expenses and sales charges of C000176027. Prospectus, as of July 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.24% |
| Gross expense ratio | 0.51% |
| Fee waiver | — |
| Net expense ratio | 0.51% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
C000176027 Costs Over Time
On $10,000 invested in C000176027, assuming 5% a year before costs, total costs come to $322 over 5 years, cutting the return by 0.54% 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 0.51%) | $54 | $168 | $293 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $54 | $176 | $322 |
| Value after costs | $10,446 | $11,400 | $12,441 |
| Impact on return, per year | 0.54% | 0.54% | 0.54% |
C000176027 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $175.0M
- Portfolio turnover (prospectus): 50%
- Securities lending: none during the year
C000176027 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Mizuho Securities USA LLC | $71.6M | 57.58% |
| RBC Capital Markets, LLC | $16.1M | 12.97% |
| BNY Mellon Capital Markets, LLC | $12.1M | 9.73% |
| Nomura Securities International Inc. | $6.3M | 5.06% |
| Morgan Stanley & Co. LLC | $5.3M | 4.29% |
| Goldman Sachs & Co., LLC | $3.7M | 2.97% |
| Wells Fargo Securities, LLC | $3.6M | 2.87% |
| Citadel Securities, LLC | $3.3M | 2.69% |
| Virtu Americas, LLC | $2.3M | 1.83% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.