FCAIX Fees and Costs — Fiera Capital Diversified Alternatives Fund, Institutional Class
Data updated: 2020-09-25
The net expense ratio is 2.86% (3.24% before fee waivers). There are no sales loads or redemption fees. In fiscal 2019 the fund paid $98K in broker commissions, 0.1965% of average net assets, and portfolio turnover was 259%.
FCAIX Fees and Expenses
Annual operating expenses and sales charges of FCAIX. Prospectus, as of February 29, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 1.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.38% |
| Gross expense ratio | 3.24% |
| Fee waiver | −0.38% |
| Net expense ratio | 2.86% |
| 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 |
FCAIX Costs Over Time
On $10,000 invested in FCAIX, assuming 5% a year before costs, total costs come to $1,835 over 5 years, cutting the return by 3.21% 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 2.86%) | $300 | $917 | $1,556 |
| Trading costs (broker commissions) | $21 | $63 | $107 |
| Lost growth on money paid in costs | $0 | $49 | $172 |
| Total costs | $321 | $1,029 | $1,835 |
| Value after costs | $10,179 | $10,547 | $10,928 |
| Impact on return, per year | 3.21% | 3.21% | 3.21% |
FCAIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.1965%
- Total broker commissions: $98K
- Bought from dealers (principal trades, not a cost): $2.3M
- Portfolio turnover (prospectus): 259%
- Securities lending: none during the year
FCAIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co, Inc | $60K | 61.52% |
| ITG | $13K | 13.18% |
| UBS Securities | $12K | 12.39% |
| Goldman, Sachs & Co. | $4K | 3.72% |
| Citigroup Global Markets | $3K | 3.51% |
| Instinet | $2K | 2.54% |
| Macquarie Equities Inc. | $2K | 2.33% |
| Brockhouse & Cooper Inc. | $413 | 0.43% |
| Weeden & Company | $350 | 0.36% |
| Jefferies LLC | $20 | 0.02% |
FCAIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Loop Capital Markets Inc. | $1.0M | 43.81% |
| Goldman, Sachs & Co. | $880K | 38.56% |
| ITGI | $235K | 10.30% |
| Wells Fargo Securities | $130K | 5.68% |
| Credit Suisse First Boston Inc. | $38K | 1.65% |
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.