C000223709 Fees and Costs — FPA Queens Road Small Cap Value Fund, Investor Class
Data updated: 2023-08-08
The net expense ratio is 1.00%: a 0.66% management fee plus 0.34% other expenses. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $35K in broker commissions, 0.0071% of average net assets, and portfolio turnover was 10%.
C000223709 Fees and Expenses
Annual operating expenses and sales charges of C000223709. Prospectus, as of March 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.66% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.34% |
| Gross expense ratio | 1.00% |
| Fee waiver | — |
| Net expense ratio | 1.00% |
| 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 | No |
| Waived fees subject to recoupment | Yes |
C000223709 Costs Over Time
On $10,000 invested in C000223709, assuming 5% a year before costs, total costs come to $630 over 5 years, cutting the return by 1.06% 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 1.00%) | $105 | $328 | $568 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $16 | $58 |
| Total costs | $106 | $346 | $630 |
| Value after costs | $10,394 | $11,230 | $12,133 |
| Impact on return, per year | 1.06% | 1.06% | 1.06% |
C000223709 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0071%
- Total broker commissions: $35K
- Bought from dealers (principal trades, not a cost): $227.9M
- Portfolio turnover (prospectus): 10%
- Securities lending: none during the year
C000223709 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| TradeStation Securities, Inc. | $35K | 100.00% |
C000223709 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $227.9M | 100.00% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.