GAPOX Fees and Costs — GMO Alpha Only Fund, Class IV
Data updated: 2020-01-28
The net expense ratio is 0.64%: a 0.60% management fee plus 0.31% other expenses, less a 0.27% fee waiver. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $91K in broker commissions, 0.0612% of average net assets, and portfolio turnover was 221%.
GAPOX Fees and Expenses
Annual operating expenses and sales charges of GAPOX. Prospectus, as of June 30, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | — |
| Other expenses | 0.31% |
| Gross expense ratio | 0.91% |
| Fee waiver | −0.27% |
| Net expense ratio | 0.64% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
GAPOX Costs Over Time
On $10,000 invested in GAPOX, assuming 5% a year before costs, total costs come to $441 over 5 years, cutting the return by 0.74% 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 0.64%) | $67 | $210 | $366 |
| Trading costs (broker commissions) | $6 | $20 | $35 |
| Lost growth on money paid in costs | $0 | $11 | $40 |
| Total costs | $74 | $242 | $441 |
| Value after costs | $10,426 | $11,334 | $12,322 |
| Impact on return, per year | 0.74% | 0.74% | 0.74% |
GAPOX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0612%
- Total broker commissions: $91K
- Bought from dealers (principal trades, not a cost): $479.6M
- Portfolio turnover (prospectus): 221%
- Securities lending: none during the year
GAPOX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Macquarie Group Limited | $11K | 15.33% |
| Citigroup Global Markets Inc. | $9K | 12.49% |
| JPMorgan Chase & Co. | $9K | 12.31% |
| Morgan Stanley & Co. LLC | $7K | 10.20% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $7K | 9.43% |
| UBS Securities LLC | $6K | 9.15% |
| Goldman Sachs & Co. LLC | $6K | 8.68% |
| Jefferies LLC | $5K | 7.62% |
| Societe Generale | $5K | 7.44% |
| Sanford C. Bernstein & Co., LLC | $5K | 7.36% |
GAPOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $448.9M | 93.60% |
| Nomura Securities International, Inc. | $11.3M | 2.35% |
| Citigroup Global Markets Inc. | $9.3M | 1.94% |
| JPMorgan Chase & Co. | $7.1M | 1.47% |
| Mizuho Securities USA LLC | $2.0M | 0.42% |
| Barclays Capital Inc. | $999K | 0.21% |
| Morgan Stanley & Co. LLC | $78K | 0.02% |
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.