IVIQX Fees and Costs — IVA International Fund, Class I
Data updated: 2021-05-24
The net expense ratio is 0.95%: a 0.80% management fee plus 0.14% other expenses. This share class carries a redemption fee of 2.00%. In fiscal 2020 the fund paid $1.2M in broker commissions, 0.0580% of average net assets, and portfolio turnover was 28%.
IVIQX Fees and Expenses
Annual operating expenses and sales charges of IVIQX. Prospectus, as of January 31, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.14% |
| Gross expense ratio | 0.95% |
| Fee waiver | — |
| Net expense ratio | 0.95% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
IVIQX Costs Over Time
On $10,000 invested in IVIQX, assuming 5% a year before costs, total costs come to $630 over 5 years, cutting the return by 1.06% 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 0.95%) | $100 | $311 | $540 |
| Trading costs (broker commissions) | $6 | $19 | $33 |
| Lost growth on money paid in costs | $0 | $16 | $58 |
| Total costs | $106 | $347 | $630 |
| Value after costs | $10,394 | $11,230 | $12,132 |
| Impact on return, per year | 1.06% | 1.06% | 1.06% |
IVIQX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0580%
- Total broker commissions: $1.2M
- Bought from dealers (principal trades, not a cost): $18.9B
- Portfolio turnover (prospectus): 28%
- Securities lending: none during the year
IVIQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Sanford C. Bernstein & Co., LLC | $177K | 18.59% |
| CITIC Securities International USA, LLC | $126K | 13.20% |
| HSBC Securities (USA) Inc. | $117K | 12.27% |
| J.P. Morgan Securities LLC | $116K | 12.15% |
| Redburn (USA) LLC | $101K | 10.66% |
| Societe Generale | $84K | 8.84% |
| Bofa Securities, Inc. | $79K | 8.33% |
| UBS Securities LLC | $66K | 6.92% |
| Morgan Stanley & Co. LLC | $43K | 4.55% |
| Exane, Inc. | $43K | 4.47% |
IVIQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Bofa Securities, Inc. | $6.2B | 33.04% |
| Goldman Sachs & Co. LLC | $4.1B | 21.88% |
| State Street Bank and Trust Company | $3.4B | 17.76% |
| Citigroup Global Markets Inc. | $3.3B | 17.59% |
| J.P. Morgan Securities LLC | $1.4B | 7.59% |
| RBC Capital Markets, LLC | $181.4M | 0.96% |
| HSBC Securities (USA) Inc. | $169.1M | 0.90% |
| Credit Suisse Securities (USA) LLC | $51.4M | 0.27% |
| Morgan Stanley & Co. LLC | $778K | 0.00% |
| R.W.Pressprich & Co. | $763K | 0.00% |
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.