FIVUX Fees and Costs — Nomura Opportunity Fund, Institutional Class
Data updated: 2026-08-26
The net expense ratio is 0.86%: a 0.75% management fee plus 0.20% other expenses, less a 0.09% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $83K in broker commissions, 0.0152% of average net assets, and portfolio turnover was 18%.
FIVUX Fees and Expenses
Annual operating expenses and sales charges of FIVUX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 0.95% |
| Fee waiver | −0.09% |
| Net expense ratio | 0.86% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
FIVUX Costs Over Time
On $10,000 invested in FIVUX, assuming 5% a year before costs, total costs come to $549 over 5 years, cutting the return by 0.92% 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 0.86%) | $90 | $282 | $490 |
| Trading costs (broker commissions) | $2 | $5 | $9 |
| Lost growth on money paid in costs | $0 | $14 | $50 |
| Total costs | $92 | $301 | $549 |
| Value after costs | $10,408 | $11,275 | $12,214 |
| Impact on return, per year | 0.92% | 0.92% | 0.92% |
FIVUX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0152%
- Total broker commissions: $83K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 18%
- Securities lending: none during the year
FIVUX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $13K | 18.69% |
| MORGAN STANLEY & CO. LLC | $11K | 15.22% |
| BOFA SECURITIES, INC. | $8K | 11.90% |
| CITIGROUP GLOBAL MARKETS INC. | $8K | 10.63% |
| BTIG, LLC | $7K | 10.08% |
| JEFFERIES LLC | $6K | 8.90% |
| BARCLAYS CAPITAL, INC. | $6K | 8.39% |
| GOLDMAN SACHS & CO. LLC | $5K | 7.16% |
| UBS Securities LLC | $4K | 4.98% |
| VIRTU AMERICAS LLC | $3K | 4.04% |
Nomura 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 |
|---|---|---|---|
| FIVVX | Class R6 | 0.78% | none |
| FIVUX | Institutional Class | 0.86% | none |
| FIUSX | Class A | 1.11% | 5.75% |
| FIZRX | Class R | 1.36% | none |
| FIVCX | Class C | 1.86% | 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.