CFIMX Fees and Costs — Clipper Fund
Data updated: 2026-08-27
The net expense ratio is 0.68%: a 0.55% management fee plus 0.13% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $134K in broker commissions, 0.0111% of average net assets, and portfolio turnover was 17%.
CFIMX Fees and Expenses
Annual operating expenses and sales charges of CFIMX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.13% |
| Gross expense ratio | 0.68% |
| Fee waiver | — |
| Net expense ratio | 0.68% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
CFIMX Costs Over Time
On $10,000 invested in CFIMX, assuming 5% a year before costs, total costs come to $435 over 5 years, cutting the return by 0.73% 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 0.68%) | $71 | $223 | $389 |
| Trading costs (broker commissions) | $1 | $4 | $6 |
| Lost growth on money paid in costs | $0 | $11 | $40 |
| Total costs | $73 | $238 | $435 |
| Value after costs | $10,427 | $11,338 | $12,328 |
| Impact on return, per year | 0.73% | 0.73% | 0.73% |
CFIMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0111%
- Total broker commissions: $134K
- Bought from dealers (principal trades, not a cost): $5.1B
- Portfolio turnover (prospectus): 17%
- Securities on loan, average value: $1.5M
- Net income from securities lending: $4K (0.000% of average net assets)
CFIMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $21K | 19.44% |
| J.P. Morgan Securities LLC | $19K | 17.42% |
| Sanford C. Bernstein & Co., LLC | $15K | 14.30% |
| BMO Capital Markets Corp. | $13K | 12.12% |
| Goldman, Sachs & Co. LLC | $11K | 10.39% |
| Allen & Company LLC | $8K | 7.17% |
| Piper Sandler & Co. | $7K | 6.84% |
| Macquarie Capital (USA) Inc. | $6K | 5.34% |
| Evercore Group LLC (ISI Group) | $4K | 3.93% |
| Cowen & Co., LLC | $3K | 3.06% |
CFIMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| StoneX Financial Inc. | $3.5B | 67.94% |
| Nomura Securities International, Inc. | $1.5B | 30.07% |
| Reflow Services, LLC | $71.7M | 1.40% |
| Brean Capital, LLC | $29.6M | 0.58% |
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.