ELMAX Fees and Costs — Emerging Markets Leaders Fund, Class A
Data updated: 2023-11-27
The net expense ratio is 1.48%: a 0.75% management fee, a 0.25% 12b-1 fee plus 5.18% other expenses, less a 4.70% fee waiver. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2022 the fund paid $6K in broker commissions, 0.1237% of average net assets, and portfolio turnover was 19%.
ELMAX Fees and Expenses
Annual operating expenses and sales charges of ELMAX. Prospectus, as of April 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 5.18% |
| Gross expense ratio | 6.18% |
| Fee waiver | −4.70% |
| Net expense ratio | 1.48% |
| 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 |
ELMAX Costs Over Time
On $10,000 invested in ELMAX, assuming 5% a year before costs, total costs come to $1,668 over 5 years, cutting the return by 2.90% 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 1.48%) | $146 | $454 | $783 |
| Trading costs (broker commissions) | $12 | $38 | $65 |
| Lost growth on money paid in costs | $29 | $115 | $245 |
| Total costs | $762 | $1,182 | $1,668 |
| Value after costs | $9,738 | $10,394 | $11,095 |
| Impact on return, per year | 7.62% | 3.70% | 2.90% |
ELMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2022.
- Explicit cost rate (commissions ÷ average net assets): 0.1237%
- Total broker commissions: $6K
- Bought from dealers (principal trades, not a cost): $3.9M
- Portfolio turnover (prospectus): 19%
- Securities on loan, average value: $145K
- Net income from securities lending: $843 (0.017% of average net assets)
ELMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $2K | 37.34% |
| Macquarie Capital (USA) Inc. | $2K | 29.35% |
| Morgan Stanley & Co. LLC | $415 | 6.86% |
| J.P. Morgan Securities LLC | $345 | 5.71% |
| Citigroup Global Markets Inc. | $291 | 4.82% |
| Sanford C. Bernstein & Co., LLC | $230 | 3.81% |
| Goldman Sachs & Co. LLC | $215 | 3.55% |
| XP Investments US, LLC | $181 | 2.99% |
| CLSA Americas, LLC | $173 | 2.87% |
| UBS Securities LLC | $164 | 2.71% |
ELMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $3.9M | 99.75% |
| Goldman Sachs & Co. LLC | $10K | 0.25% |
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.