KADIX Fees and Costs — Kensington Active Advantage Fund, Institutional Class
Data updated: 2026-08-26
The net expense ratio is 1.63% (2.09% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $5K in broker commissions, 0.0119% of average net assets, and portfolio turnover was 168%.
KADIX Fees and Expenses
Annual operating expenses and sales charges of KADIX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.58% |
| Gross expense ratio | 2.09% |
| Fee waiver | −0.46% |
| Net expense ratio | 1.63% |
| 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 |
KADIX Costs Over Time
On $10,000 invested in KADIX, assuming 5% a year before costs, total costs come to $1,014 over 5 years, cutting the return by 1.72% 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 1.63%) | $171 | $530 | $914 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $27 | $94 |
| Total costs | $172 | $561 | $1,014 |
| Value after costs | $10,328 | $11,015 | $11,749 |
| Impact on return, per year | 1.72% | 1.72% | 1.72% |
KADIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0119%
- Total broker commissions: $5K
- Bought from dealers (principal trades, not a cost): $26
- Portfolio turnover (prospectus): 168%
- Securities on loan, average value: $8.0M
- Net income from securities lending: $41K (0.102% of average net assets)
KADIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $4K | 75.63% |
| GOLDMAN SACHS & CO. LLC | $758 | 15.72% |
| WALLACHBETH CAPITAL LLC | $380 | 7.88% |
| STONEX FINANCIAL INC. | $37 | 0.77% |
KADIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $26 | 100.00% |
Kensington Active Advantage Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| KADIX | Institutional Class | 1.63% | none |
| KADAX | A Class | 1.80% | 4.75% |
| KADCX | C Class | 2.55% | 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.