C000201857 Fees and Costs — James Alpha Structured Credit Value Portfolio, Class S
Data updated: 2021-04-28
The net expense ratio is 1.13%: a 1.20% management fee plus 0.73% other expenses, less a 0.81% fee waiver. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $29K in broker commissions, 0.0271% of average net assets, and portfolio turnover was 111%.
C000201857 Fees and Expenses
Annual operating expenses and sales charges of C000201857. Prospectus, as of March 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 1.20% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.73% |
| Gross expense ratio | 1.94% |
| Fee waiver | −0.81% |
| Net expense ratio | 1.13% |
| 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 |
C000201857 Costs Over Time
On $10,000 invested in C000201857, assuming 5% a year before costs, total costs come to $722 over 5 years, cutting the return by 1.21% 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 | $370 | $640 |
| Trading costs (broker commissions) | $3 | $9 | $15 |
| Lost growth on money paid in costs | $0 | $19 | $66 |
| Total costs | $121 | $397 | $722 |
| Value after costs | $10,379 | $11,179 | $12,041 |
| Impact on return, per year | 1.21% | 1.21% | 1.21% |
C000201857 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0271%
- Total broker commissions: $29K
- Bought from dealers (principal trades, not a cost): $706.0M
- Portfolio turnover (prospectus): 111%
- Securities lending: none during the year
C000201857 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SEAPORT GROUP | $29K | 100.00% |
C000201857 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $195.6M | 33.66% |
| BAIRD, PATRICK & CO., INC. | $144.9M | 24.94% |
| RAYMOND JAMES | $83.4M | 14.35% |
| MESIROW FINANCIAL INVESTMENT MANAGEMENT, INC. | $31.3M | 5.39% |
| SEAPORT GROUP | $28.7M | 4.93% |
| ODEON CAPITAL GROUP LLC | $23.3M | 4.01% |
| BREAN CAPITAL, LLC | $20.7M | 3.56% |
| FIRST BALLANTYNE, LLC | $20.1M | 3.46% |
| Citigroup | $17.0M | 2.93% |
| JANNEY MONTGOMERY SCOTT LLC | $16.1M | 2.77% |
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.