DAPAX Fees and Costs — BNY Mellon Large Cap Growth Fund, Class A
Data updated: 2020-08-21
The net expense ratio is 1.15%: a 0.70% management fee plus 0.62% other expenses, less a 0.17% fee waiver. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2019 the fund paid $34K in broker commissions, 0.0483% of average net assets, and portfolio turnover was 56%.
DAPAX Fees and Expenses
Annual operating expenses and sales charges of DAPAX. Prospectus, as of December 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.62% |
| Gross expense ratio | 1.32% |
| Fee waiver | −0.17% |
| Net expense ratio | 1.15% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
DAPAX Costs Over Time
On $10,000 invested in DAPAX, assuming 5% a year before costs, total costs come to $1,438 over 5 years, cutting the return by 2.48% 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 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.15%) | $114 | $354 | $613 |
| Trading costs (broker commissions) | $5 | $15 | $26 |
| Lost growth on money paid in costs | $29 | $109 | $224 |
| Total costs | $722 | $1,053 | $1,438 |
| Value after costs | $9,778 | $10,523 | $11,325 |
| Impact on return, per year | 7.22% | 3.29% | 2.48% |
DAPAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0483%
- Total broker commissions: $34K
- Bought from dealers (principal trades, not a cost): $83.3M
- Portfolio turnover (prospectus): 56%
- Securities on loan, average value: $4.4M
- Net income from securities lending: $6K (0.008% of average net assets)
DAPAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CREDIT SUISSE SECURITIES (USA) LLC | $5K | 17.23% |
| COWEN AND COMPANY | $5K | 15.72% |
| HILLTOP SECURITIES INC. | $4K | 13.68% |
| UBS SECURITIES LLC | $4K | 11.80% |
| EVERCORE GROUP L.L.C. | $4K | 11.43% |
| J.P. MORGAN SECURITIES LLC | $4K | 11.33% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $2K | 7.40% |
| WELLS FARGO SECURITIES, LLC | $2K | 6.34% |
| JEFFERIES LLC | $846 | 2.74% |
| STRATEGAS SECURITIES, LLC DBA STRATEGAS RESEARCH PARTNERS | $720 | 2.33% |
DAPAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| COWEN AND COMPANY | $14.3M | 18.44% |
| CREDIT SUISSE SECURITIES (USA) LLC | $14.1M | 18.21% |
| J.P. MORGAN SECURITIES LLC | $11.0M | 14.17% |
| HILLTOP SECURITIES INC. | $9.6M | 12.39% |
| UBS SECURITIES LLC | $9.4M | 12.15% |
| EVERCORE GROUP L.L.C. | $7.0M | 8.98% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $4.9M | 6.33% |
| WELLS FARGO SECURITIES, LLC | $3.7M | 4.81% |
| STRATEGAS SECURITIES, LLC DBA STRATEGAS RESEARCH PARTNERS | $2.2M | 2.82% |
| BARCLAYS CAPITAL INC. | $1.3M | 1.69% |
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.