IPFCX Fees and Costs — Poplar Forest Cornerstone Fund, Investor Class
Data updated: 2026-08-28
The net expense ratio is 0.90%: a 0.80% management fee plus 0.65% other expenses, less a 0.55% fee waiver. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $7K in broker commissions, 0.0206% of average net assets, and portfolio turnover was 29%.
IPFCX Fees and Expenses
Annual operating expenses and sales charges of IPFCX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.65% |
| Gross expense ratio | 1.45% |
| Fee waiver | −0.55% |
| Net expense ratio | 0.90% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
IPFCX Costs Over Time
On $10,000 invested in IPFCX, assuming 5% a year before costs, total costs come to $577 over 5 years, cutting the return by 0.97% 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 0.90%) | $94 | $295 | $512 |
| Trading costs (broker commissions) | $2 | $7 | $12 |
| Lost growth on money paid in costs | $0 | $15 | $53 |
| Total costs | $97 | $317 | $577 |
| Value after costs | $10,403 | $11,259 | $12,186 |
| Impact on return, per year | 0.97% | 0.97% | 0.97% |
IPFCX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0206%
- Total broker commissions: $7K
- Bought from dealers (principal trades, not a cost): $1.7M
- Portfolio turnover (prospectus): 29%
- Securities lending: none during the year
IPFCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JONES TRADING INSTITUTIONAL SERVICES LLC | $2K | 33.14% |
| ISI FINANCIAL GROUP INC. | $1K | 19.08% |
| MORGAN STANLEY & CO. LLC | $1K | 17.26% |
| SANFORD C. BERNSTEIN & CO., LLC | $750 | 10.93% |
| STIFEL NICOLAUS and COMPANY INCORPORATED | $534 | 7.78% |
| UBS SECURITIES LLC | $310 | 4.52% |
| WELLS FARGO SECURITIES, LLC | $243 | 3.54% |
| BARCLAYS CAPITAL INC. | $198 | 2.88% |
| BERNARD HEROLD & CO. INC. | $60 | 0.87% |
IPFCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CHARLES SCHWAB & CO., INC. | $873K | 50.66% |
| PIPER JAFFRAY & CO. | $850K | 49.34% |
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.