FMFVX Fees and Costs — Franklin Mutual Financial Services Fund, Class R6
Data updated: 2024-05-23
The net expense ratio is 0.95%: a 0.88% management fee plus 0.20% other expenses, less a 0.13% fee waiver. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $95K in broker commissions, 0.0278% of average net assets, and portfolio turnover was 31%.
FMFVX Fees and Expenses
Annual operating expenses and sales charges of FMFVX. Prospectus, as of December 31, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 0.88% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 1.08% |
| Fee waiver | −0.13% |
| Net expense ratio | 0.95% |
| 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 |
FMFVX Costs Over Time
On $10,000 invested in FMFVX, assuming 5% a year before costs, total costs come to $612 over 5 years, cutting the return by 1.03% 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 0.95%) | $100 | $311 | $540 |
| Trading costs (broker commissions) | $3 | $9 | $16 |
| Lost growth on money paid in costs | $0 | $16 | $56 |
| Total costs | $103 | $336 | $612 |
| Value after costs | $10,397 | $11,240 | $12,151 |
| Impact on return, per year | 1.03% | 1.03% | 1.03% |
FMFVX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0278%
- Total broker commissions: $95K
- Bought from dealers (principal trades, not a cost): $2.9B
- Portfolio turnover (prospectus): 31%
- Securities on loan, average value: $9K
- Net income from securities lending: $71 (0.000% of average net assets)
FMFVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $17K | 22.13% |
| Dowling & Partners Securities, LLC | $10K | 13.13% |
| RBC Capital Markets, LLC | $10K | 12.89% |
| Evercore Group L.L.C. | $9K | 10.94% |
| Sanford C. Bernstein & Co., LLC | $7K | 9.42% |
| J.P. Morgan Securities LLC | $7K | 9.37% |
| Citigroup Global Markets Inc. | $7K | 9.11% |
| Keefe, Bruyette & Woods, Inc. | $5K | 6.13% |
| Liberum | $3K | 3.60% |
| Cowen and Company | $3K | 3.28% |
FMFVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $2.7B | 91.12% |
| Credit Suisse Securities (USA) LLC | $181.0M | 6.14% |
| Bank of New York Mellon Corp. | $71.2M | 2.41% |
| Barclays Capital, Inc. | $8.8M | 0.30% |
| Goldman Sachs & Co. LLC | $936K | 0.03% |
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.