COBYX Fees and Costs — The Cook & Bynum Fund
Data updated: 2026-08-25
The net expense ratio is 1.49%: a 1.49% management fee plus 0.55% other expenses, less a 0.55% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $18K in broker commissions, 0.0251% of average net assets, and portfolio turnover was 6%.
COBYX Fees and Expenses
Annual operating expenses and sales charges of COBYX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.49% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.55% |
| Gross expense ratio | 2.04% |
| Fee waiver | −0.55% |
| Net expense ratio | 1.49% |
| 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 |
COBYX Costs Over Time
On $10,000 invested in COBYX, assuming 5% a year before costs, total costs come to $938 over 5 years, cutting the return by 1.59% 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 1.49%) | $156 | $486 | $837 |
| Trading costs (broker commissions) | $3 | $8 | $14 |
| Lost growth on money paid in costs | $0 | $25 | $86 |
| Total costs | $159 | $518 | $938 |
| Value after costs | $10,341 | $11,058 | $11,825 |
| Impact on return, per year | 1.59% | 1.59% | 1.59% |
COBYX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0251%
- Total broker commissions: $18K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 6%
- Securities lending: none during the year
COBYX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CLSA AMERICAS, LLC | $7K | 39.39% |
| PERSHING LLC | $7K | 39.08% |
| BBVA SECURITIES INC. | $1K | 7.73% |
| U.S. BANCORP INVESTMENTS, INC. | $1K | 6.36% |
| CITICORP SECURITIES SERVICES, INC. | $995 | 5.50% |
| DEUTSCHE BANK SECURITIES INC. | $353 | 1.95% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.