C000177448 Fees and Costs — FS Multi-Strategy Alternatives Fund, Class I
Data updated: 2022-05-27
The net expense ratio is 2.16%: a 1.25% management fee plus 1.92% other expenses, less a 1.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2021 the fund paid $83K in broker commissions, 0.0622% of average net assets, and portfolio turnover was 244%.
C000177448 Fees and Expenses
Annual operating expenses and sales charges of C000177448. Prospectus, as of April 30, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.92% |
| Gross expense ratio | 3.17% |
| Fee waiver | −1.01% |
| Net expense ratio | 2.16% |
| 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 | Yes |
| Waived fees subject to recoupment | Yes |
C000177448 Costs Over Time
On $10,000 invested in C000177448, assuming 5% a year before costs, total costs come to $1,356 over 5 years, cutting the return by 2.33% 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 2.16%) | $227 | $699 | $1,196 |
| Trading costs (broker commissions) | $7 | $20 | $34 |
| Lost growth on money paid in costs | $0 | $36 | $126 |
| Total costs | $233 | $755 | $1,356 |
| Value after costs | $10,267 | $10,822 | $11,406 |
| Impact on return, per year | 2.33% | 2.33% | 2.33% |
C000177448 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): 0.0622%
- Total broker commissions: $83K
- Bought from dealers (principal trades, not a cost): $6.6B
- Portfolio turnover (prospectus): 244%
- Securities lending: none during the year
C000177448 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Credit Suisse Securities (USA) LLC | $42K | 54.68% |
| BofA Securities, Inc. | $7K | 9.19% |
| Deutsche Bank Securities Inc. | $7K | 8.89% |
| National Financial Services LLC | $6K | 8.39% |
| Morgan Stanley & Co. LLC | $4K | 5.62% |
| Pershing LLC | $4K | 5.40% |
| RBC Capital Markets, LLC | $2K | 2.24% |
| Jefferies LLC | $2K | 1.99% |
| Goldman Sachs & Co. LLC | $1K | 1.84% |
| UBS Securities LLC | $1K | 1.75% |
C000177448 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $1.5B | 24.35% |
| Barclays Capital Inc. | $1.2B | 20.14% |
| Goldman Sachs & Co. LLC | $699.8M | 11.32% |
| BNP Paribas Securities Corp. | $651.0M | 10.53% |
| BofA Securities, Inc. | $473.0M | 7.65% |
| Morgan Stanley & Co. LLC | $415.5M | 6.72% |
| State Street Bank and Trust Company | $345.6M | 5.59% |
| SG Americas Securities, LLC | $307.3M | 4.97% |
| Deutsche Bank Securities Inc. | $305.4M | 4.94% |
| Credit Suisse Securities (USA) LLC | $233.3M | 3.77% |
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.