JAIMX Fees and Costs — James Alpha Multi Strategy Alternative Income Portfolio, Class I
Data updated: 2021-04-28
The net expense ratio is 3.22% (4.75% before fee waivers). There are no sales loads or redemption fees. In fiscal 2020 the fund paid $29K in broker commissions, 0.2231% of average net assets, and portfolio turnover was 185%.
JAIMX Fees and Expenses
Annual operating expenses and sales charges of JAIMX. Prospectus, as of December 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 2.00% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 4.75% |
| Fee waiver | −1.53% |
| Net expense ratio | 3.22% |
| 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 | Yes |
| Waived fees subject to recoupment | Yes |
JAIMX Costs Over Time
On $10,000 invested in JAIMX, assuming 5% a year before costs, total costs come to $2,051 over 5 years, cutting the return by 3.62% 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 3.22%) | $338 | $1,028 | $1,738 |
| Trading costs (broker commissions) | $23 | $71 | $120 |
| Lost growth on money paid in costs | $0 | $55 | $193 |
| Total costs | $362 | $1,155 | $2,051 |
| Value after costs | $10,138 | $10,421 | $10,712 |
| Impact on return, per year | 3.62% | 3.62% | 3.62% |
JAIMX 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): 0.2231%
- Total broker commissions: $29K
- Bought from dealers (principal trades, not a cost): $8.8M
- Portfolio turnover (prospectus): 185%
- Securities lending: none during the year
JAIMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS | $14K | 49.50% |
| JPMORGAN CHASE | $5K | 17.17% |
| AEGIS CAPITAL CORP | $4K | 13.13% |
| CITIGROUP | $1K | 4.73% |
| MORGAN STANLEY SMITH BARNEY | $1K | 4.23% |
| SEAPORT GROUP | $1K | 3.97% |
| WILLIAM BLAIR & CO | $696 | 2.39% |
| NEEDHAM AND CO LLC | $550 | 1.89% |
| Knight Capital Group (Now Virtu Americas LLC) | $474 | 1.63% |
| JEFFERIES GROUP LLC | $394 | 1.35% |
JAIMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE | $1.6M | 17.65% |
| MORGAN STANLEY SMITH BARNEY | $1.3M | 14.78% |
| CITIGROUP | $1.0M | 11.42% |
| UBS AG | $851K | 9.63% |
| ROYAL BANK OF CANADA CAPITAL MARKETS | $794K | 8.99% |
| Barclays Capital, Inc. | $750K | 8.49% |
| SEAPORT GROUP | $714K | 8.08% |
| AEGIS CAPITAL CORP | $642K | 7.27% |
| BANK OF AMERICA MERRILL LYNCH | $634K | 7.17% |
| JANNEY MONTGOMERY SCOTT LLC | $577K | 6.53% |
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.