JOEAX Fees and Costs — JOHCM Emerging Markets Opportunities Fund, Investor Shares
Data updated: 2026-08-27
The net expense ratio is 1.28%: a 0.90% management fee, a 0.25% 12b-1 fee plus 0.13% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $273K in broker commissions, 0.0235% of average net assets, and portfolio turnover was 14%.
JOEAX Fees and Expenses
Annual operating expenses and sales charges of JOEAX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.13% |
| Gross expense ratio | 1.28% |
| Fee waiver | — |
| Net expense ratio | 1.28% |
| 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 | No |
| Waived fees subject to recoupment | Yes |
JOEAX Costs Over Time
On $10,000 invested in JOEAX, assuming 5% a year before costs, total costs come to $810 over 5 years, cutting the return by 1.37% 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 1.28%) | $134 | $418 | $723 |
| Trading costs (broker commissions) | $2 | $8 | $13 |
| Lost growth on money paid in costs | $0 | $21 | $75 |
| Total costs | $137 | $447 | $810 |
| Value after costs | $10,363 | $11,129 | $11,952 |
| Impact on return, per year | 1.37% | 1.37% | 1.37% |
JOEAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0235%
- Total broker commissions: $273K
- Bought from dealers (principal trades, not a cost): $443.8M
- Portfolio turnover (prospectus): 14%
- Securities lending: none during the year
JOEAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CLSA (UK) | $59K | 22.27% |
| Morgan Stanley & Co. International PLC | $55K | 20.64% |
| JP Morgan Securities PLC | $37K | 13.81% |
| Merrill Lynch International | $37K | 13.79% |
| UBS AG | $31K | 11.57% |
| Daiwa Capital Markets Hong Kong Limited | $21K | 8.06% |
| Jefferies International Limited | $13K | 4.86% |
| Investec Bank PLC | $7K | 2.60% |
| Mizuho | $3K | 1.27% |
| HSBC Bank PLC | $3K | 1.14% |
JOEAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $443.8M | 100.00% |
JOHCM Emerging Markets Opportunities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| JOEMX | Institutional Shares | 1.04% | none |
| JOEIX | Advisor Shares | 1.13% | none |
| JOEAX | Investor Shares | 1.28% | 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.