HSFIX Fees and Costs — HSBC Frontier Markets Fund, Class I
Data updated: 2020-03-19
The net expense ratio is 1.50%: a 1.25% management fee plus 6.32% other expenses, less a 6.07% fee waiver. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $30K in broker commissions, 0.2956% of average net assets, and portfolio turnover was 55%.
HSFIX Fees and Expenses
Annual operating expenses and sales charges of HSFIX. Prospectus, as of February 29, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 6.32% |
| Gross expense ratio | 7.57% |
| Fee waiver | −6.07% |
| Net expense ratio | 1.50% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
HSFIX Costs Over Time
On $10,000 invested in HSFIX, assuming 5% a year before costs, total costs come to $1,105 over 5 years, cutting the return by 1.89% 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 1.50%) | $158 | $487 | $838 |
| Trading costs (broker commissions) | $31 | $96 | $165 |
| Lost growth on money paid in costs | $0 | $29 | $102 |
| Total costs | $189 | $612 | $1,105 |
| Value after costs | $10,311 | $10,964 | $11,657 |
| Impact on return, per year | 1.89% | 1.89% | 1.89% |
HSFIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.2956%
- Total broker commissions: $30K
- Bought from dealers (principal trades, not a cost): $814K
- Portfolio turnover (prospectus): 55%
- Securities lending: none during the year
HSFIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| EFG HERMES HOLDING SAE | $12K | 43.01% |
| STANDARD CHARTERED SECURITIES | $3K | 13.03% |
| RENAISSANCE CAPITAL INVESTMENTS, INC. | $3K | 12.55% |
| J.P. MORGAN SECURITIES LLC | $2K | 8.92% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $2K | 6.98% |
| MAYBANK KIM ENG SECURITIES USA INC. | $2K | 5.63% |
| CLSA AMERICAS, LLC | $922 | 3.44% |
| ITG INC. | $653 | 2.44% |
| CREDIT SUISSE SECURITIES (USA) LLC | $570 | 2.13% |
| MORGAN STANLEY & CO. LLC | $500 | 1.87% |
HSFIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $718K | 88.20% |
| CITIGROUP GLOBAL MARKETS INC. | $60K | 7.34% |
| EFG HERMES HOLDING SAE | $13K | 1.65% |
| GOLDMAN SACHS & CO. LLC | $12K | 1.50% |
| MORGAN STANLEY & CO. LLC | $11K | 1.31% |
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.