HCEMX Fees and Costs — The Emerging Markets Portfolio
Data updated: 2026-09-10
The net expense ratio is 0.46%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $125K in broker commissions, 0.0152% of average net assets, and portfolio turnover was 49%.
HCEMX Fees and Expenses
Annual operating expenses and sales charges of HCEMX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.21% |
| 12b-1 fee | — |
| Other expenses | 0.22% |
| Gross expense ratio | 0.46% |
| Fee waiver | — |
| Net expense ratio | 0.46% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
HCEMX Costs Over Time
On $10,000 invested in HCEMX, assuming 5% a year before costs, total costs come to $300 over 5 years, cutting the return by 0.50% 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 0.46%) | $48 | $152 | $264 |
| Trading costs (broker commissions) | $2 | $5 | $9 |
| Lost growth on money paid in costs | $0 | $8 | $27 |
| Total costs | $50 | $164 | $300 |
| Value after costs | $10,450 | $11,412 | $12,462 |
| Impact on return, per year | 0.50% | 0.50% | 0.50% |
HCEMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0152%
- Total broker commissions: $125K
- Bought from dealers (principal trades, not a cost): $475.5M
- Portfolio turnover (prospectus): 49%
- Securities on loan, average value: $1.1M
- Net income from securities lending: $29K (0.004% of average net assets)
HCEMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $20K | 20.85% |
| HSBC Securities (USA) Inc. | $19K | 20.03% |
| Citigroup Global Markets Inc. | $16K | 16.87% |
| Goldman Sachs & Co. LLC | $12K | 12.08% |
| J.P. Morgan Securities LLC | $10K | 10.40% |
| State Street Global Markets, LLC | $5K | 5.10% |
| A.G.P. / Alliance Global Partners Corp. | $4K | 4.35% |
| CLSA Americas, LLC | $4K | 4.06% |
| Winterflood Securities Limited | $3K | 3.22% |
| Deutsche Bank Securities Inc. | $3K | 3.03% |
HCEMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $378.7M | 79.66% |
| Citadel Securities LLC | $60.0M | 12.61% |
| BofA Securities, Inc. | $20.3M | 4.27% |
| UBS Securities LLC | $5.5M | 1.15% |
| Morgan Stanley & Co. LLC | $3.3M | 0.69% |
| Goldman Sachs & Co. LLC | $2.4M | 0.50% |
| Jane Street Capital, LLC | $1.9M | 0.40% |
| J.P. Morgan Securities LLC | $1.6M | 0.34% |
| Citigroup Global Markets Inc. | $1.5M | 0.32% |
| Flow Traders U.S. LLC | $254K | 0.05% |
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.