JOCEX Fees and Costs — JOHCM Credit Income Fund, Class I
Data updated: 2021-08-27
The net expense ratio is 0.69%: a 0.55% management fee, a 0.10% 12b-1 fee plus 4.54% other expenses, less a 4.50% fee waiver. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $138 in broker commissions, 0.0229% of average net assets, and portfolio turnover was 6%.
JOCEX Fees and Expenses
Annual operating expenses and sales charges of JOCEX. Prospectus, as of January 31, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.10% |
| Other expenses | 4.54% |
| Gross expense ratio | 5.19% |
| Fee waiver | −4.50% |
| Net expense ratio | 0.69% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
JOCEX Costs Over Time
On $10,000 invested in JOCEX, assuming 5% a year before costs, total costs come to $448 over 5 years, cutting the return by 0.75% 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 0.69%) | $72 | $227 | $394 |
| Trading costs (broker commissions) | $2 | $8 | $13 |
| Lost growth on money paid in costs | $0 | $12 | $41 |
| Total costs | $75 | $246 | $448 |
| Value after costs | $10,425 | $11,330 | $12,314 |
| Impact on return, per year | 0.75% | 0.75% | 0.75% |
JOCEX 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): 0.0229%
- Total broker commissions: $138
- Bought from dealers (principal trades, not a cost): $5.0M
- Portfolio turnover (prospectus): 6%
- Securities lending: none during the year
JOCEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH INTERNATIONAL | $138 | 100.00% |
JOCEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MarketAxess Capital Limited | $4.3M | 85.16% |
| BARCLAYS CAPITAL SECURITIES LIMITED | $220K | 4.41% |
| J.P. MORGAN SECURITIES LLC | $194K | 3.89% |
| MORGAN STANLEY & CO. LLC | $117K | 2.34% |
| CITIGROUP GLOBAL MARKETS INC. | $79K | 1.58% |
| WELLS FARGO SECURITIES, LLC | $51K | 1.02% |
| MORGAN STANLEY | $48K | 0.96% |
| J.P. MORGAN SECURITIES PLC | $21K | 0.43% |
| CITIGROUP GLOBAL MARKETS LIMITED | $10K | 0.21% |
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.