FMIQX Fees and Costs — FMI Large Cap Fund, Institutional Class
Data updated: 2026-08-14
The net expense ratio is 0.71%: a 0.65% management fee plus 0.06% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $346K in broker commissions, 0.0233% of average net assets, and portfolio turnover was 23%.
FMIQX Fees and Expenses
Annual operating expenses and sales charges of FMIQX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.06% |
| Gross expense ratio | 0.71% |
| Fee waiver | — |
| Net expense ratio | 0.71% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FMIQX Costs Over Time
On $10,000 invested in FMIQX, assuming 5% a year before costs, total costs come to $461 over 5 years, cutting the return by 0.77% 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 0.71%) | $75 | $233 | $406 |
| Trading costs (broker commissions) | $2 | $8 | $13 |
| Lost growth on money paid in costs | $0 | $12 | $42 |
| Total costs | $77 | $253 | $461 |
| Value after costs | $10,423 | $11,323 | $12,302 |
| Impact on return, per year | 0.77% | 0.77% | 0.77% |
FMIQX 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): 0.0233%
- Total broker commissions: $346K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 23%
- Securities lending: none during the year
FMIQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS LLC | $73K | 24.82% |
| FERRETTI GROUP INC. | $48K | 16.22% |
| MAXIM GROUP LLC | $48K | 16.10% |
| REDBURN (USA) LLC | $23K | 7.89% |
| UBS SECURITIES LLC | $20K | 6.63% |
| INSTINET LLC | $19K | 6.58% |
| BARCLAYS CAPITAL INC. | $18K | 6.18% |
| SG AMERICAS SECURITIES LLC | $18K | 6.07% |
| STIFEL NICOLAUS & COMPANY INCORPORATED | $15K | 5.13% |
| ACADEMY SECURITIES INC. | $13K | 4.37% |
FMI Large Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FMIQX | Institutional Class | 0.71% | none |
| FMIHX | Investor Class | 0.84% | 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.