HCINX Fees and Costs — The Institutional International Equity Portfolio
Data updated: 2026-09-10
The net expense ratio is 0.60%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $315K in broker commissions, 0.0272% of average net assets, and portfolio turnover was 45%.
HCINX Fees and Expenses
Annual operating expenses and sales charges of HCINX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.16% |
| 12b-1 fee | — |
| Other expenses | 0.11% |
| Gross expense ratio | 0.60% |
| Fee waiver | — |
| Net expense ratio | 0.60% |
| 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 |
HCINX Costs Over Time
On $10,000 invested in HCINX, assuming 5% a year before costs, total costs come to $395 over 5 years, cutting the return by 0.66% 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 0.60%) | $63 | $197 | $344 |
| Trading costs (broker commissions) | $3 | $9 | $16 |
| Lost growth on money paid in costs | $0 | $10 | $36 |
| Total costs | $66 | $216 | $395 |
| Value after costs | $10,434 | $11,360 | $12,368 |
| Impact on return, per year | 0.66% | 0.66% | 0.66% |
HCINX 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): 0.0272%
- Total broker commissions: $315K
- Bought from dealers (principal trades, not a cost): $977.2M
- Portfolio turnover (prospectus): 45%
- Securities on loan, average value: $2.8M
- Net income from securities lending: $53K (0.005% of average net assets)
HCINX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $50K | 23.25% |
| Winterflood Securities Limited | $27K | 12.47% |
| Deutsche Bank Securities Inc. | $24K | 11.06% |
| J.P. Morgan Securities LLC | $22K | 10.49% |
| Wallachbeth Capital LLC | $17K | 7.97% |
| Stifel, Nicolaus & Company, Incorporated | $16K | 7.52% |
| Panmure Gordon (UK) Limited | $15K | 7.12% |
| Virtu Americas LLC | $15K | 7.02% |
| Investec Securities (US) LLC | $15K | 6.79% |
| Singer Capital Markets Limited | $14K | 6.31% |
HCINX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $777.2M | 79.55% |
| Jane Street Capital, LLC | $62.4M | 6.39% |
| Flow Traders U.S. LLC | $48.6M | 4.97% |
| Optiver V.O.F. | $35.9M | 3.67% |
| BofA Securities, Inc. | $24.0M | 2.46% |
| J.P. Morgan Securities LLC | $17.2M | 1.76% |
| UBS Securities LLC | $5.1M | 0.52% |
| Citigroup Global Markets Inc. | $2.9M | 0.29% |
| Goldman Sachs & Co. LLC | $2.2M | 0.23% |
| Morgan Stanley & Co. LLC | $1.5M | 0.15% |
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.