HCMAX Fees and Costs — Hillman Value Fund
Data updated: 2026-08-26
The net expense ratio is 0.95%: a 0.70% management fee plus 0.33% other expenses, less a 0.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $51K in broker commissions, 0.0317% of average net assets, and portfolio turnover was 42%.
HCMAX Fees and Expenses
Annual operating expenses and sales charges of HCMAX. Prospectus, as of February 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.33% |
| Gross expense ratio | 1.03% |
| Fee waiver | −0.08% |
| Net expense ratio | 0.95% |
| 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 |
HCMAX Costs Over Time
On $10,000 invested in HCMAX, assuming 5% a year before costs, total costs come to $614 over 5 years, cutting the return by 1.03% 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 0.95%) | $100 | $311 | $540 |
| Trading costs (broker commissions) | $3 | $10 | $18 |
| Lost growth on money paid in costs | $0 | $16 | $56 |
| Total costs | $103 | $338 | $614 |
| Value after costs | $10,397 | $11,239 | $12,149 |
| Impact on return, per year | 1.03% | 1.03% | 1.03% |
HCMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0317%
- Total broker commissions: $51K
- Bought from dealers (principal trades, not a cost): $7.1M
- Portfolio turnover (prospectus): 42%
- Securities lending: none during the year
HCMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| STONEX FINANCIAL INC. | $51K | 100.00% |
HCMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Stonex Group Inc | $7.1M | 100.00% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.