INCIX Fees and Costs — James Alpha Hedged High Income Portfolio, Class I
Data updated: 2021-04-28
The net expense ratio is 2.38% (3.13% before fee waivers). There are no sales loads or redemption fees. In fiscal 2020 the fund paid $19K in broker commissions, 0.0611% of average net assets, and portfolio turnover was 277%.
INCIX Fees and Expenses
Annual operating expenses and sales charges of INCIX. Prospectus, as of December 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 1.70% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 3.13% |
| Fee waiver | −0.75% |
| Net expense ratio | 2.38% |
| 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 |
INCIX Costs Over Time
On $10,000 invested in INCIX, assuming 5% a year before costs, total costs come to $1,484 over 5 years, cutting the return by 2.56% 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 2.38%) | $250 | $768 | $1,312 |
| Trading costs (broker commissions) | $6 | $20 | $34 |
| Lost growth on money paid in costs | $0 | $39 | $138 |
| Total costs | $256 | $827 | $1,484 |
| Value after costs | $10,244 | $10,749 | $11,279 |
| Impact on return, per year | 2.56% | 2.56% | 2.56% |
INCIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0611%
- Total broker commissions: $19K
- Bought from dealers (principal trades, not a cost): $254.1M
- Portfolio turnover (prospectus): 277%
- Securities lending: none during the year
INCIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JPMorgan Chase | $18K | 93.64% |
| Knight Capital Group | $630 | 3.33% |
| Boreal Capital Management | $315 | 1.67% |
| Goldman Sachs | $127 | 0.67% |
| Deutsche Bank | $40 | 0.21% |
| BTIG LLC | $30 | 0.16% |
| SG Americas Securities | $20 | 0.11% |
| Canaccord Genuity Wealth | $20 | 0.11% |
| Barclays | $20 | 0.11% |
INCIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMorgan Chase | $35.4M | 21.65% |
| Bank of American Merrill Lynch | $28.4M | 17.41% |
| Goldman Sachs | $14.6M | 8.93% |
| Citigroup | $14.0M | 8.60% |
| Morgan Stanley | $13.8M | 8.47% |
| Deutsche Bank | $13.5M | 8.30% |
| Stifel | $13.2M | 8.11% |
| UBS AG | $10.4M | 6.39% |
| Cantor Fitzgerald | $10.1M | 6.20% |
| Barclays | $9.7M | 5.96% |
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.