CCAPX Fees and Costs — FS Chiron Capital Allocation Fund, Institutional Class
Data updated: 2025-04-01
The net expense ratio is 1.16%: a 0.95% management fee plus 0.21% other expenses. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $899K in broker commissions, 0.1852% of average net assets, and portfolio turnover was 187%.
CCAPX Fees and Expenses
Annual operating expenses and sales charges of CCAPX. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.21% |
| Gross expense ratio | 1.16% |
| Fee waiver | — |
| Net expense ratio | 1.16% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
CCAPX Costs Over Time
On $10,000 invested in CCAPX, assuming 5% a year before costs, total costs come to $836 over 5 years, cutting the return by 1.41% 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 1.16%) | $122 | $379 | $654 |
| Trading costs (broker commissions) | $19 | $60 | $104 |
| Lost growth on money paid in costs | $0 | $22 | $77 |
| Total costs | $141 | $461 | $836 |
| Value after costs | $10,359 | $11,115 | $11,927 |
| Impact on return, per year | 1.41% | 1.41% | 1.41% |
CCAPX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.1852%
- Total broker commissions: $899K
- Bought from dealers (principal trades, not a cost): $547.1M
- Portfolio turnover (prospectus): 187%
- Securities lending: none during the year
CCAPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Sandford c. Bernstein | $201K | 26.41% |
| Goldman Sachs | $142K | 18.61% |
| Bank of America | $100K | 13.19% |
| Morgan Stanley | $65K | 8.56% |
| Exane | $59K | 7.79% |
| Jones and Associates | $52K | 6.85% |
| JP Morgan | $44K | 5.78% |
| UBS | $43K | 5.64% |
| Jefferies | $28K | 3.64% |
| Renaissance | $27K | 3.52% |
CCAPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Citadel | $214.2M | 39.14% |
| Jefferies | $98.8M | 18.06% |
| JP Morgan | $83.4M | 15.24% |
| Citigroup | $52.3M | 9.55% |
| Goldman Sachs and Co. | $47.7M | 8.73% |
| Market Axess | $27.5M | 5.02% |
| Morgan Stanley | $15.3M | 2.79% |
| BAML | $7.4M | 1.36% |
| UBS Securities | $601K | 0.11% |
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.