C000206506 Fees and Costs — FS Chiron Real Asset Fund, Class I
Data updated: 2022-05-27
The net expense ratio is 1.40%: a 1.15% management fee plus 10.95% other expenses, less a 10.70% fee waiver. There are no sales loads or redemption fees. In fiscal 2021 the fund paid $38K in broker commissions, 0.3889% of average net assets, and portfolio turnover was 0%.
C000206506 Fees and Expenses
Annual operating expenses and sales charges of C000206506. Prospectus, as of April 30, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 1.15% |
| 12b-1 fee | 0.00% |
| Other expenses | 10.95% |
| Gross expense ratio | 12.10% |
| Fee waiver | −10.70% |
| Net expense ratio | 1.40% |
| 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 |
C000206506 Costs Over Time
On $10,000 invested in C000206506, assuming 5% a year before costs, total costs come to $1,101 over 5 years, cutting the return by 1.88% 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 1.40%) | $147 | $455 | $782 |
| Trading costs (broker commissions) | $41 | $126 | $217 |
| Lost growth on money paid in costs | $0 | $29 | $102 |
| Total costs | $188 | $610 | $1,101 |
| Value after costs | $10,312 | $10,966 | $11,661 |
| Impact on return, per year | 1.88% | 1.88% | 1.88% |
C000206506 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): 0.3889%
- Total broker commissions: $38K
- Bought from dealers (principal trades, not a cost): $292.5M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
C000206506 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $13K | 33.67% |
| Goldman Sachs & Co. LLC | $9K | 22.78% |
| Sanford C. Bernstein & Co., LLC | $7K | 18.73% |
| UBS Securities LLC | $5K | 12.04% |
| BofA Securities, Inc. | $2K | 4.81% |
| Morgan Stanley & Co. LLC | $1K | 3.57% |
| JonesTrading Institutional Services LLC | $587 | 1.56% |
| Citigroup Global Markets Inc. | $534 | 1.42% |
| BTIG, LLC | $425 | 1.13% |
| Macro Risk Advisors LLC | $104 | 0.28% |
C000206506 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $119.2M | 40.76% |
| J.P. Morgan Securities LLC | $80.2M | 27.43% |
| Goldman Sachs & Co. LLC | $41.9M | 14.32% |
| Macquarie Capital (USA) Inc. | $29.4M | 10.03% |
| BofA Securities, Inc. | $13.9M | 4.77% |
| Morgan Stanley & Co. LLC | $7.8M | 2.68% |
| Citigroup Global Markets Inc. | $9K | 0.00% |
| Nomura Securities International, Inc. | $125 | 0.00% |
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.