C000226084 Fees and Costs — Absolute Convertible Arbitrage Fund, Investor Shares
Data updated: 2023-08-28
The net expense ratio is 1.60% (1.84% before fee waivers). There are no sales loads or redemption fees. In fiscal 2023 the fund paid $234K in broker commissions, 0.0263% of average net assets, and portfolio turnover was 34%.
C000226084 Fees and Expenses
Annual operating expenses and sales charges of C000226084. Prospectus, as of July 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 1.20% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.37% |
| Gross expense ratio | 1.84% |
| Fee waiver | −0.24% |
| Net expense ratio | 1.60% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
C000226084 Costs Over Time
On $10,000 invested in C000226084, assuming 5% a year before costs, total costs come to $1,005 over 5 years, cutting the return by 1.71% 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 1.60%) | $168 | $521 | $897 |
| Trading costs (broker commissions) | $3 | $9 | $15 |
| Lost growth on money paid in costs | $0 | $26 | $93 |
| Total costs | $171 | $556 | $1,005 |
| Value after costs | $10,329 | $11,021 | $11,758 |
| Impact on return, per year | 1.71% | 1.71% | 1.71% |
C000226084 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0263%
- Total broker commissions: $234K
- Bought from dealers (principal trades, not a cost): $811.3M
- Portfolio turnover (prospectus): 34%
- Securities lending: none during the year
C000226084 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $230K | 98.63% |
| ED&F MAN CAPITAL MARKETS INC. | $2K | 1.06% |
| ISI GROUP, INC. | $210 | 0.09% |
| CREDIT SUISSE SECURITIES (USA) LLC | $120 | 0.05% |
| OPPENHEIMER | $105 | 0.04% |
| J.P. MORGAN SECURITIES LLC | $75 | 0.03% |
| MERRILL LYNCH PIERCE FENNER & SMITH INC | $75 | 0.03% |
| RAYMOND JAMES & ASSOCIATES, INC. | $60 | 0.03% |
| WACHOVIA SECURITIES INC | $45 | 0.02% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $30 | 0.01% |
C000226084 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INC | $120.6M | 18.57% |
| J.P. MORGAN SECURITIES LLC | $111.3M | 17.13% |
| JEFFERIES LLC | $86.0M | 13.23% |
| CREDIT SUISSE SECURITIES (USA) LLC | $77.2M | 11.88% |
| MORGAN STANLEY & CO. LLC | $65.5M | 10.08% |
| WACHOVIA SECURITIES INC | $57.4M | 8.84% |
| BARCLAYS CAPITAL INC. | $43.3M | 6.66% |
| OPPENHEIMER | $33.2M | 5.10% |
| CITIGROUP GLOBAL MARKETS INC. | $30.9M | 4.75% |
| ISI GROUP, INC. | $24.5M | 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.