CAFRX Fees and Costs — Africa Fund
Data updated: 2026-09-29
The net expense ratio is 1.75%: a 0.75% management fee, a 0.25% 12b-1 fee plus 2.76% other expenses, less a 2.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2K in broker commissions, 0.0424% of average net assets, and portfolio turnover was 1%.
CAFRX Fees and Expenses
Annual operating expenses and sales charges of CAFRX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 2.76% |
| Gross expense ratio | 3.76% |
| Fee waiver | −2.01% |
| Net expense ratio | 1.75% |
| 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 |
CAFRX Costs Over Time
On $10,000 invested in CAFRX, assuming 5% a year before costs, total costs come to $1,104 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 1.75%) | $184 | $569 | $978 |
| Trading costs (broker commissions) | $4 | $14 | $24 |
| Lost growth on money paid in costs | $0 | $29 | $102 |
| Total costs | $188 | $611 | $1,104 |
| Value after costs | $10,312 | $10,965 | $11,659 |
| Impact on return, per year | 1.88% | 1.88% | 1.88% |
CAFRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0424%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 1%
- Securities lending: none during the year
CAFRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CAPITAL INSTITUTIONAL SERVICES, INC | $2K | 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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.