FAIRX Fees and Costs — The Fairholme Fund
Data updated: 2026-07-28
The net expense ratio is 1.00%. This share class carries a redemption fee of 2.00%. In fiscal 2025 the fund paid $15K in broker commissions, 0.0014% of average net assets, and portfolio turnover was 1%.
FAIRX Fees and Expenses
Annual operating expenses and sales charges of FAIRX. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.00% |
| Fee waiver | — |
| Net expense ratio | 1.00% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FAIRX Costs Over Time
On $10,000 invested in FAIRX, assuming 5% a year before costs, total costs come to $626 over 5 years, cutting the return by 1.05% 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 1.00%) | $105 | $328 | $568 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $105 | $344 | $626 |
| Value after costs | $10,395 | $11,232 | $12,136 |
| Impact on return, per year | 1.05% | 1.05% | 1.05% |
FAIRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0014%
- Total broker commissions: $15K
- Bought from dealers (principal trades, not a cost): $1.4B
- Portfolio turnover (prospectus): 1%
- Securities lending: none during the year
FAIRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $10K | 68.45% |
| PIPER SANDLER & CO. | $3K | 19.72% |
| RBC CAPITAL MARKETS, LLC | $2K | 11.40% |
| VIRTU AMERICAS LLC | $65 | 0.43% |
FAIRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $851.9M | 62.18% |
| RBC CAPITAL MARKETS, LLC | $293.9M | 21.45% |
| JEFFERIES LLC | $224.2M | 16.36% |
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.