HSVIX Fees and Costs — Hodges Small Intrinsic Value Fund, Institutional Class
Data updated: 2026-08-25
The net expense ratio is 0.98%: a 0.85% management fee plus 0.67% other expenses, less a 0.54% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $95K in broker commissions, 0.1808% of average net assets, and portfolio turnover was 69%.
HSVIX Fees and Expenses
Annual operating expenses and sales charges of HSVIX. Prospectus, as of July 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.67% |
| Gross expense ratio | 1.52% |
| Fee waiver | −0.54% |
| Net expense ratio | 0.98% |
| 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 |
HSVIX Costs Over Time
On $10,000 invested in HSVIX, assuming 5% a year before costs, total costs come to $724 over 5 years, cutting the return by 1.22% 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 0.98%) | $103 | $321 | $555 |
| Trading costs (broker commissions) | $19 | $59 | $102 |
| Lost growth on money paid in costs | $0 | $19 | $66 |
| Total costs | $122 | $398 | $724 |
| Value after costs | $10,378 | $11,178 | $12,039 |
| Impact on return, per year | 1.22% | 1.22% | 1.22% |
HSVIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1808%
- Total broker commissions: $95K
- Bought from dealers (principal trades, not a cost): $577K
- Portfolio turnover (prospectus): 69%
- Securities lending: none during the year
HSVIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Capital Institutional Services, Inc. | $61K | 64.04% |
| Stephens, Inc. | $8K | 7.96% |
| The Benchmark Company LLC | $7K | 7.24% |
| William Blair & Co. | $5K | 5.57% |
| First Dallas Securities, Inc. | $4K | 4.33% |
| Roth Capital Partners, LLC | $4K | 4.25% |
| Strategas Securities LLC | $4K | 4.09% |
| Stifel, Nicolaus & Company, Inc. | $2K | 2.20% |
| Truist Securities, Inc. | $303 | 0.32% |
HSVIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Cantor Fitz | $577K | 100.00% |
Hodges Small Intrinsic Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HSVIX | Institutional Class | 0.98% | none |
| C000244086 | Retail Class | 1.26% | none |
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.