DHROX Fees and Costs — Diamond Hill Research Opportunities Fund, Class A
Data updated: 2020-11-30
The net expense ratio is 1.79%: a 0.95% management fee, a 0.25% 12b-1 fee plus 0.59% other expenses. This share class carries a maximum front-end sales load of 5.00%. In fiscal 2019 the fund paid $55K in broker commissions, 0.0789% of average net assets, and portfolio turnover was 74%.
DHROX Fees and Expenses
Annual operating expenses and sales charges of DHROX. Prospectus, as of February 29, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.59% |
| Gross expense ratio | 1.79% |
| Fee waiver | — |
| Net expense ratio | 1.79% |
| Sales charges | |
|---|---|
| Max front load | 5.00% |
| 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 |
DHROX Costs Over Time
On $10,000 invested in DHROX, assuming 5% a year before costs, total costs come to $1,730 over 5 years, cutting the return by 3.01% 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 | $500 | $500 | $500 |
| Fund expenses (net expense ratio 1.79%) | $179 | $552 | $949 |
| Trading costs (broker commissions) | $8 | $24 | $42 |
| Lost growth on money paid in costs | $25 | $108 | $239 |
| Total costs | $711 | $1,184 | $1,730 |
| Value after costs | $9,789 | $10,392 | $11,033 |
| Impact on return, per year | 7.11% | 3.71% | 3.01% |
DHROX 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): 0.0789%
- Total broker commissions: $55K
- Bought from dealers (principal trades, not a cost): $2.7M
- Portfolio turnover (prospectus): 74%
- Securities on loan, average value: $16.5M
- Net income from securities lending: $30K (0.043% of average net assets)
DHROX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MACQUARIE CAPITAL (USA) INC. | $21K | 40.59% |
| PIPER JAFFRAY AND CO | $11K | 21.53% |
| J.P. MORGAN SECURITIES LLC | $6K | 11.11% |
| GOLDMAN, SACHS and CO. | $5K | 8.93% |
| CREDIT SUISSE SECURITIES LLC | $3K | 6.31% |
| COWEN AND CO., LLC | $2K | 3.99% |
| THEMIS TRADING | $1K | 2.59% |
| CITIGROUP GLOBAL MARKETS, INC | $1K | 1.91% |
| MORGAN STANLEY and CO., LLC | $895 | 1.69% |
| RBC CAPITAL MARKETS LLC | $706 | 1.34% |
DHROX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CANTOR FITZGERALD and CO. | $866K | 32.58% |
| BARCLAYS CAPITAL, INC. | $740K | 27.85% |
| J.P. MORGAN SECURITIES LLC | $311K | 11.71% |
| MARKETAXESS HOLDINGS, INC. | $278K | 10.45% |
| RBC CAPITAL MARKETS LLC | $243K | 9.15% |
| GOLDMAN, SACHS and CO. | $96K | 3.60% |
| CREDIT SUISSE SECURITIES LLC | $84K | 3.16% |
| JEFFERIES LLC | $40K | 1.50% |
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.