HOVLX Fees and Costs — Value Fund
Data updated: 2026-08-04
The net expense ratio is 0.61%: a 0.47% management fee plus 0.14% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $83K in broker commissions, 0.0081% of average net assets, and portfolio turnover was 6%.
HOVLX Fees and Expenses
Annual operating expenses and sales charges of HOVLX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.47% |
| 12b-1 fee | — |
| Other expenses | 0.14% |
| Gross expense ratio | 0.61% |
| Fee waiver | — |
| Net expense ratio | 0.61% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
HOVLX Costs Over Time
On $10,000 invested in HOVLX, assuming 5% a year before costs, total costs come to $390 over 5 years, cutting the return by 0.65% 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 0.61%) | $64 | $201 | $349 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $10 | $36 |
| Total costs | $65 | $213 | $390 |
| Value after costs | $10,435 | $11,363 | $12,373 |
| Impact on return, per year | 0.65% | 0.65% | 0.65% |
HOVLX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0081%
- Total broker commissions: $83K
- Bought from dealers (principal trades, not a cost): $239.6M
- Portfolio turnover (prospectus): 6%
- Securities lending: none during the year
HOVLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Raymond James & Associates, Inc. | $27K | 32.54% |
| Wells Fargo Securities, LLC | $15K | 18.19% |
| J.P. Morgan Securities LLC | $14K | 17.27% |
| Morgan Stanley & Co. LLC | $10K | 12.11% |
| National Financial Services LLC | $9K | 11.34% |
| Jefferies LLC | $2K | 2.91% |
| Robert W. Baird & Co. Incorporated | $2K | 2.24% |
| Citigroup Global Markets Inc. | $1K | 1.65% |
| KeyBanc Capital Markets Inc. | $1K | 1.63% |
| Evercore Group L.L.C. | $99 | 0.12% |
HOVLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $239.6M | 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.