HWIAX Fees and Costs — Hotchkis & Wiley Capital Income Fund, Class A
Data updated: 2020-05-22
The net expense ratio is 1.06%: a 0.65% management fee, a 0.25% 12b-1 fee plus 0.72% other expenses, less a 0.56% fee waiver. This share class carries a maximum front-end sales load of 4.75%. In fiscal 2019 the fund paid $22K in broker commissions, 0.0705% of average net assets, and portfolio turnover was 43%.
HWIAX Fees and Expenses
Annual operating expenses and sales charges of HWIAX. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.72% |
| Gross expense ratio | 1.62% |
| Fee waiver | −0.56% |
| Net expense ratio | 1.06% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| 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 | No |
HWIAX Costs Over Time
On $10,000 invested in HWIAX, assuming 5% a year before costs, total costs come to $1,278 over 5 years, cutting the return by 2.19% 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 |
| Sales charges | $475 | $475 | $475 |
| Fund expenses (net expense ratio 1.06%) | $106 | $330 | $572 |
| Trading costs (broker commissions) | $7 | $22 | $38 |
| Lost growth on money paid in costs | $24 | $92 | $193 |
| Total costs | $612 | $920 | $1,278 |
| Value after costs | $9,888 | $10,657 | $11,485 |
| Impact on return, per year | 6.12% | 2.86% | 2.19% |
HWIAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0705%
- Total broker commissions: $22K
- Bought from dealers (principal trades, not a cost): $11.5M
- Portfolio turnover (prospectus): 43%
- Securities lending: none during the year
HWIAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $3K | 15.99% |
| SANFORD C. BERNSTEIN & CO., LLC | $2K | 14.71% |
| COWEN EXECUTION SERVICES LLC | $2K | 13.22% |
| BARCLAYS CAPITAL INC. | $2K | 12.40% |
| RBC CAPITAL MARKETS, LLC | $2K | 9.42% |
| UBS SECURITIES LLC | $2K | 9.29% |
| GOLDMAN SACHS & CO. LLC | $1K | 7.34% |
| BOFAML SECURITIES, INC. | $1K | 6.59% |
| CREDIT SUISSE SECURITIES (USA) LLC | $939 | 5.61% |
| ABEL NOSER, LLC. | $910 | 5.44% |
HWIAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $1.5M | 15.81% |
| GOLDMAN SACHS & CO. LLC | $1.3M | 13.53% |
| BOFAML SECURITIES, INC. | $1.2M | 12.43% |
| BARCLAYS CAPITAL INC. | $1.1M | 12.21% |
| CITIGROUP GLOBAL MARKETS INC. | $1.0M | 10.78% |
| CREDIT SUISSE SECURITIES (USA) LLC | $939K | 10.09% |
| WELLS FARGO SECURITIES, LLC | $738K | 7.94% |
| MARKETAXESS CORPORATION | $599K | 6.44% |
| MORGAN STANLEY SMITH BARNEY LLC | $580K | 6.23% |
| UBS SECURITIES LLC | $423K | 4.54% |
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.