JRVAX Fees and Costs — James Alpha Relative Value Portfolio, Class A
Data updated: 2021-04-28
The net expense ratio is 2.65% (3.85% before fee waivers). This share class carries a maximum front-end sales load of 5.75%. In fiscal 2020 the fund paid $4K in broker commissions, 0.0675% of average net assets, and portfolio turnover was 118%.
JRVAX Fees and Expenses
Annual operating expenses and sales charges of JRVAX. Prospectus, as of March 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | — |
| Gross expense ratio | 3.85% |
| Fee waiver | −1.20% |
| Net expense ratio | 2.65% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| 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 |
JRVAX Costs Over Time
On $10,000 invested in JRVAX, assuming 5% a year before costs, total costs come to $2,282 over 5 years, cutting the return by 4.06% 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 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 2.65%) | $262 | $804 | $1,369 |
| Trading costs (broker commissions) | $7 | $20 | $35 |
| Lost growth on money paid in costs | $29 | $132 | $303 |
| Total costs | $873 | $1,531 | $2,282 |
| Value after costs | $9,627 | $10,045 | $10,481 |
| Impact on return, per year | 8.73% | 4.85% | 4.06% |
JRVAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0675%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $3.5M
- Portfolio turnover (prospectus): 118%
- Securities lending: none during the year
JRVAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS | $3K | 61.50% |
| KNIGHT CAPITAL GROUP | $2K | 38.50% |
JRVAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $3.1M | 87.34% |
| KNIGHT CAPITAL GROUP | $433K | 12.35% |
| GOLDMAN SACHS | $11K | 0.31% |
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.