GSMFX Fees and Costs — GMO SGM Major Markets Fund, Class III
Data updated: 2023-10-27
The net expense ratio is 1.02%: a 1.00% management fee plus 0.14% other expenses, less a 0.12% fee waiver. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $87K in broker commissions, 0.0424% of average net assets, and portfolio turnover was 69%.
GSMFX Fees and Expenses
Annual operating expenses and sales charges of GSMFX. Prospectus, as of June 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | — |
| Other expenses | 0.14% |
| Gross expense ratio | 1.14% |
| Fee waiver | −0.12% |
| Net expense ratio | 1.02% |
| 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 |
GSMFX Costs Over Time
On $10,000 invested in GSMFX, assuming 5% a year before costs, total costs come to $664 over 5 years, cutting the return by 1.12% 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 1.02%) | $107 | $334 | $579 |
| Trading costs (broker commissions) | $4 | $14 | $24 |
| Lost growth on money paid in costs | $0 | $17 | $61 |
| Total costs | $112 | $365 | $664 |
| Value after costs | $10,388 | $11,211 | $12,099 |
| Impact on return, per year | 1.12% | 1.12% | 1.12% |
GSMFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0424%
- Total broker commissions: $87K
- Bought from dealers (principal trades, not a cost): $971.7M
- Portfolio turnover (prospectus): 69%
- Securities lending: none during the year
GSMFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $35K | 40.04% |
| UBS Securities LLC | $33K | 37.15% |
| J.P. Morgan Securities LLC | $20K | 22.81% |
GSMFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $371.9M | 38.27% |
| BofA Securities, Inc. | $147.8M | 15.21% |
| Barclays Capital Inc. | $132.0M | 13.58% |
| Nomura Securities International, Inc. | $110.5M | 11.37% |
| Citigroup Global Markets Inc. | $62.8M | 6.47% |
| J.P. Morgan Securities LLC | $54.0M | 5.56% |
| Citadel Securities LLC | $50.2M | 5.17% |
| BMO Capital Markets Corp. | $23.7M | 2.44% |
| Mizuho Securities USA LLC | $14.0M | 1.44% |
| Deutsche Bank Securities Inc. | $4.9M | 0.51% |
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.