FPIVX Fees and Costs — FPA International Value Fund
Data updated: 2020-11-27
The net expense ratio is 1.24% (1.29% before fee waivers). There are no sales loads or redemption fees. In fiscal 2019 the fund paid $451K in broker commissions, 0.1833% of average net assets, and portfolio turnover was 88%.
FPIVX Fees and Expenses
Annual operating expenses and sales charges of FPIVX. Prospectus, as of December 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.34% |
| Gross expense ratio | 1.29% |
| Fee waiver | −0.05% |
| Net expense ratio | 1.24% |
| 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 |
FPIVX Costs Over Time
On $10,000 invested in FPIVX, assuming 5% a year before costs, total costs come to $883 over 5 years, cutting the return by 1.49% 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 1.24%) | $130 | $404 | $698 |
| Trading costs (broker commissions) | $19 | $60 | $103 |
| Lost growth on money paid in costs | $0 | $23 | $81 |
| Total costs | $149 | $487 | $883 |
| Value after costs | $10,351 | $11,089 | $11,880 |
| Impact on return, per year | 1.49% | 1.49% | 1.49% |
FPIVX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.1833%
- Total broker commissions: $451K
- Bought from dealers (principal trades, not a cost): $17.6B
- Portfolio turnover (prospectus): 88%
- Securities lending: none during the year
FPIVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Sanford C. Bernstein & Co., LLC | $231K | 54.47% |
| Redburn (Europe) Limited | $90K | 21.30% |
| Banco Itaubank S.A | $29K | 6.84% |
| Kepler Cheuvreux | $19K | 4.46% |
| Numis Securities Inc. | $15K | 3.52% |
| Hanwha Investment & Securities Co., Ltd | $13K | 3.00% |
| MainFirst Bank Aktiengesellschaft | $8K | 1.83% |
| CLSA Americas, LLC | $7K | 1.64% |
| Liberum Capital Inc. | $7K | 1.63% |
| J & E Davy | $6K | 1.30% |
FPIVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $17.6B | 100.00% |
| CLSA Americas, LLC | $793K | 0.00% |
| Numis Securities Inc. | $2 | 0.00% |
| Banco Itaubank S.A | $1 | 0.00% |
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.