FESAX Fees and Costs — First Eagle Small Cap Opportunity Fund, Class A
Data updated: 2026-09-28
The net expense ratio is 1.24%: a 0.85% management fee, a 0.25% 12b-1 fee plus 0.14% other expenses. This share class carries a maximum front-end sales load of 5.00% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $1.9M in broker commissions, 0.1085% of average net assets, and portfolio turnover was 46%.
FESAX Fees and Expenses
Annual operating expenses and sales charges of FESAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.14% |
| Gross expense ratio | 1.24% |
| Fee waiver | — |
| Net expense ratio | 1.24% |
| Sales charges | |
|---|---|
| Max front load | 5.00% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
FESAX Costs Over Time
On $10,000 invested in FESAX, assuming 5% a year before costs, total costs come to $1,434 over 5 years, cutting the return by 2.47% 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 | $598 | $500 | $500 |
| Fund expenses (net expense ratio 1.24%) | $124 | $385 | $664 |
| Trading costs (broker commissions) | $11 | $34 | $58 |
| Lost growth on money paid in costs | $25 | $100 | $211 |
| Total costs | $758 | $1,018 | $1,434 |
| Value after costs | $9,742 | $10,559 | $11,329 |
| Impact on return, per year | 7.58% | 3.17% | 2.47% |
FESAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1085%
- Total broker commissions: $1.9M
- Bought from dealers (principal trades, not a cost): $739.4M
- Portfolio turnover (prospectus): 46%
- Securities lending: none during the year
FESAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Virtu Americas LLC | $517K | 36.50% |
| Raymond James & Associates, Inc. | $125K | 8.81% |
| Stephens Inc. | $121K | 8.52% |
| JonesTrading Institutional Services LLC | $120K | 8.50% |
| Needham & Company, LLC | $109K | 7.72% |
| D.A. Davidson & Co. | $96K | 6.74% |
| Wells Fargo Securities, LLC | $87K | 6.12% |
| Monness Crespi Hardt & Co., Inc. | $85K | 6.00% |
| Citizens Securities, Inc. | $81K | 5.75% |
| Truist Securities, Inc. | $76K | 5.34% |
FESAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $734.6M | 99.35% |
| Morgan Stanley & Co. LLC | $1.5M | 0.20% |
| D.A. Davidson & Co. | $1.3M | 0.18% |
| Goldman Sachs & Co. LLC | $1.0M | 0.14% |
| Piper Sandler & Co. | $706K | 0.10% |
| BofA Securities, Inc. | $240K | 0.03% |
| Virtu Americas LLC | $2 | 0.00% |
First Eagle Small Cap Opportunity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FESRX | Class R6 | 0.93% | none |
| FESCX | Class I | 1.00% | none |
| FESAX | Class A | 1.24% | 5.00% |
| FECCX | C000260318 | 2.00% | none |
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.