IVAEX Fees and Costs — Nomura Asset Strategy Fund, Institutional Class
Data updated: 2026-08-26
The net expense ratio is 0.87%: a 0.68% management fee plus 0.18% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $755K in broker commissions, 0.0420% of average net assets, and portfolio turnover was 76%.
IVAEX Fees and Expenses
Annual operating expenses and sales charges of IVAEX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.68% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.18% |
| Gross expense ratio | 0.87% |
| Fee waiver | — |
| Net expense ratio | 0.87% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
IVAEX Costs Over Time
On $10,000 invested in IVAEX, assuming 5% a year before costs, total costs come to $571 over 5 years, cutting the return by 0.96% 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 0.87%) | $91 | $285 | $495 |
| Trading costs (broker commissions) | $4 | $14 | $24 |
| Lost growth on money paid in costs | $0 | $15 | $52 |
| Total costs | $96 | $314 | $571 |
| Value after costs | $10,404 | $11,262 | $12,191 |
| Impact on return, per year | 0.96% | 0.96% | 0.96% |
IVAEX 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): 0.0420%
- Total broker commissions: $755K
- Bought from dealers (principal trades, not a cost): $2.1B
- Portfolio turnover (prospectus): 76%
- Securities lending: none during the year
IVAEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CitiGroup Global Markets Inc. | $108K | 19.50% |
| JEFFERIES LLC | $86K | 15.65% |
| J.P. Morgan Securities LLC | $78K | 14.16% |
| BOFA SECURITIES, INC. | $66K | 12.02% |
| MORGAN STANLEY & CO. LLC | $54K | 9.84% |
| UBS SECURITIES LLC | $53K | 9.61% |
| JANE STREET EXECUTION SERVICES, LLC | $31K | 5.67% |
| BNP PARIBAS SECURITIES CORP. | $30K | 5.39% |
| VIRTU AMERICAS LLC | $23K | 4.13% |
| GOLDMAN SACHS & CO. LLC | $22K | 4.04% |
IVAEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $854.9M | 50.41% |
| BOFA SECURITIES, INC. | $148.5M | 8.75% |
| STONEX FINANCIAL INC. | $125.1M | 7.38% |
| MORGAN STANLEY & CO. LLC | $103.8M | 6.12% |
| GOLDMAN SACHS & CO. LLC | $98.3M | 5.79% |
| BARCLAYS CAPITAL, INC. | $87.9M | 5.18% |
| CitiGroup Global Markets Inc. | $79.8M | 4.70% |
| CITADEL SECURITIES LLC | $79.0M | 4.66% |
| J.P. Morgan Securities LLC | $70.0M | 4.13% |
| WELLS FARGO SECURITIES, LLC | $48.8M | 2.88% |
Nomura Asset Strategy Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| IASTX | Class R6 | 0.77% | none |
| IVAEX | Institutional Class | 0.87% | none |
| WASAX | Class A | 1.12% | 5.75% |
| WASYX | Class Y | 1.12% | none |
| IASRX | Class R | 1.37% | none |
| WASCX | Class C | 1.87% | 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.