HRNRX Fees and Costs — Hood River New Opportunities Fund, Retirement Shares
Data updated: 2026-09-14
The net expense ratio is 0.85% (1.15% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $673K in broker commissions, 0.1305% of average net assets, and portfolio turnover was 105%.
HRNRX Fees and Expenses
Annual operating expenses and sales charges of HRNRX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 1.15% |
| Fee waiver | −0.30% |
| Net expense ratio | 0.85% |
| 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 | Yes |
HRNRX Costs Over Time
On $10,000 invested in HRNRX, 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 0.85%) | $89 | $279 | $483 |
| Trading costs (broker commissions) | $14 | $43 | $74 |
| Lost growth on money paid in costs | $0 | $16 | $56 |
| Total costs | $103 | $337 | $614 |
| Value after costs | $10,397 | $11,239 | $12,149 |
| Impact on return, per year | 1.03% | 1.03% | 1.03% |
HRNRX 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): 0.1305%
- Total broker commissions: $673K
- Bought from dealers (principal trades, not a cost): $2.0B
- Portfolio turnover (prospectus): 105%
- Securities on loan, average value: $81.0M
- Net income from securities lending: $398K (0.077% of average net assets)
HRNRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Instinet, LLC | $130K | 27.29% |
| Goldman Sachs & Co., Inc. | $106K | 22.23% |
| Pershing, LLC | $52K | 10.91% |
| Merrill Lynch, Pierce, Fenner & Smith, Inc. | $44K | 9.24% |
| Virtu Financial Capital Markets LLC | $42K | 8.92% |
| Drexel Hamilton, LLC | $29K | 6.15% |
| National Financial Services, LLC | $25K | 5.35% |
| Broadcort Capital Corp. | $24K | 5.01% |
| Cantor Fitzgerald & Co. | $23K | 4.89% |
HRNRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Pershing, LLC | $13.8M | 16.58% |
| Goldman Sachs & Co., Inc. | $12.8M | 15.45% |
| Morgan Stanley & Co., LLC | $10.8M | 12.95% |
| Merrill Lynch, Pierce, Fenner & Smith, Inc. | $10.7M | 12.87% |
| National Financial Services, LLC | $7.5M | 9.00% |
| J.P. Morgan Securities, LLC | $7.5M | 9.00% |
| Barclays Capital Inc. | $5.9M | 7.07% |
| RBC Capital Markets, LLC | $5.7M | 6.92% |
| Oppenheimer & Co., Inc. | $4.8M | 5.76% |
| William Blair & Company, LLC | $3.7M | 4.41% |
Hood River New Opportunities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HRNRX | Retirement Shares | 0.85% | — |
| HRNOX | Institutional Shares | 0.95% | — |
| HRNIX | Investor Shares | 1.20% | — |
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.