KPIEX Fees and Costs — KP International Equity Fund, Institutional Shares
Data updated: 2020-11-25
The net expense ratio is 0.47%: a 0.36% management fee plus 0.11% other expenses. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $583K in broker commissions, 0.0313% of average net assets, and portfolio turnover was 41%.
KPIEX Fees and Expenses
Annual operating expenses and sales charges of KPIEX. Prospectus, as of May 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.36% |
| 12b-1 fee | — |
| Other expenses | 0.11% |
| Gross expense ratio | 0.47% |
| Fee waiver | — |
| Net expense ratio | 0.47% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
KPIEX Costs Over Time
On $10,000 invested in KPIEX, assuming 5% a year before costs, total costs come to $317 over 5 years, cutting the return by 0.53% 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 0.47%) | $49 | $155 | $270 |
| Trading costs (broker commissions) | $3 | $10 | $18 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $53 | $173 | $317 |
| Value after costs | $10,447 | $11,403 | $12,446 |
| Impact on return, per year | 0.53% | 0.53% | 0.53% |
KPIEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0313%
- Total broker commissions: $583K
- Bought from dealers (principal trades, not a cost): $3.2M
- Portfolio turnover (prospectus): 41%
- Securities lending: none during the year
KPIEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| STATE STREET BANK | $110K | 37.08% |
| MORGAN STANLEY & CO, INC | $40K | 13.50% |
| CITIGROUP GLOBAL MARKETS | $30K | 10.10% |
| CREDIT SUISSE FIRST BOSTON LLC. | $28K | 9.45% |
| INSTINET | $25K | 8.37% |
| GOLDMAN, SACHS & CO. | $18K | 6.16% |
| MERRILL LYNCH | $18K | 6.02% |
| ITG | $14K | 4.82% |
| UBS SECURITIES LLC | $13K | 4.49% |
KPIEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH | $927K | 28.59% |
| ITAU SECURITIES INC. | $925K | 28.51% |
| MORGAN STANLEY & CO, INC | $920K | 28.38% |
| CSFB | $159K | 4.91% |
| JP MORGAN SECURITIES, INC. | $156K | 4.80% |
| MERRILL LYNCH | $84K | 2.59% |
| INSTINET | $32K | 0.98% |
| DEUTSCHE BANK SECURITIES, INC. | $22K | 0.68% |
| UBS SECURITIES | $13K | 0.40% |
| ITG | $5K | 0.15% |
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.