C000198337 Fees and Costs — PPM Long Short Credit Fund, Institutional Class
Data updated: 2020-11-24
The net expense ratio is 1.20% (1.30% before fee waivers). There are no sales loads or redemption fees. In fiscal 2019 the fund paid $2K in broker commissions, 0.0044% of average net assets, and portfolio turnover was 74%.
C000198337 Fees and Expenses
Annual operating expenses and sales charges of C000198337. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.68% |
| Gross expense ratio | 1.30% |
| Fee waiver | −0.10% |
| Net expense ratio | 1.20% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
C000198337 Costs Over Time
On $10,000 invested in C000198337, assuming 5% a year before costs, total costs come to $750 over 5 years, cutting the return by 1.26% 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 1.20%) | $126 | $392 | $679 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $20 | $69 |
| Total costs | $126 | $413 | $750 |
| Value after costs | $10,374 | $11,163 | $12,013 |
| Impact on return, per year | 1.26% | 1.26% | 1.26% |
C000198337 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0044%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $147.8M
- Portfolio turnover (prospectus): 74%
- Securities lending: none during the year
C000198337 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $2K | 98.79% |
| Liquidnet, Inc. | $27 | 1.21% |
C000198337 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Corporation | $68.2M | 52.27% |
| JP Morgan Securities Inc. | $12.1M | 9.31% |
| Banc of America Securities | $8.7M | 6.67% |
| Morgan Stanley & Co, Inc | $8.7M | 6.67% |
| Wells Fargo & Company | $7.7M | 5.90% |
| Barclays PLC | $6.4M | 4.93% |
| CitiGroup Global Markets, Inc. | $5.6M | 4.29% |
| Goldman Sachs & Co. LLC | $4.8M | 3.67% |
| Credit Suisse | $4.7M | 3.58% |
| TD Securities Inc. | $3.5M | 2.71% |
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.