KPSCX Fees and Costs — KP Small Cap Equity Fund, Institutional Class
Data updated: 2020-11-25
The net expense ratio is 0.52%: a 0.45% management fee plus 0.07% other expenses. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $2.4M in broker commissions, 0.1949% of average net assets, and portfolio turnover was 83%.
KPSCX Fees and Expenses
Annual operating expenses and sales charges of KPSCX. Prospectus, as of May 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | — |
| Other expenses | 0.07% |
| Gross expense ratio | 0.52% |
| Fee waiver | — |
| Net expense ratio | 0.52% |
| 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 |
KPSCX Costs Over Time
On $10,000 invested in KPSCX, assuming 5% a year before costs, total costs come to $450 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 0.52%) | $55 | $171 | $297 |
| Trading costs (broker commissions) | $20 | $64 | $111 |
| Lost growth on money paid in costs | $0 | $12 | $41 |
| Total costs | $75 | $247 | $450 |
| Value after costs | $10,425 | $11,330 | $12,313 |
| Impact on return, per year | 0.75% | 0.75% | 0.75% |
KPSCX 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): 0.1949%
- Total broker commissions: $2.4M
- Bought from dealers (principal trades, not a cost): $21.1M
- Portfolio turnover (prospectus): 83%
- Securities lending: none during the year
KPSCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JONES & ASSOCIATES | $377K | 28.87% |
| CALYON/CLSA LTD. | $326K | 24.98% |
| STIFEL NICOLAUS & CO., INC. | $176K | 13.47% |
| INSTINET | $132K | 10.10% |
| CANTOR FITZGERALD & CO. | $84K | 6.45% |
| COMMONWEALTH ASSOCIATES | $68K | 5.17% |
| GOLDMAN, SACHS & CO. | $57K | 4.35% |
| BAIRD, ROBERT W., & CO., INCORPORA | $44K | 3.33% |
| BLAIR, WILLIAM, & COMPANY, L.L.C. | $43K | 3.28% |
KPSCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BAIRD, ROBERT W., & CO. | $2.6M | 18.26% |
| STIFEL NICOLAUS & CO., INC. | $2.3M | 15.89% |
| GOLDMAN SACHS & CO | $1.8M | 12.17% |
| RAYMOND JAMES & ASSOCIATES, INC. | $1.5M | 10.60% |
| JEFFERIES LLC | $1.3M | 8.78% |
| JP MORGAN | $1.1M | 7.43% |
| BARCLAYS CAPITAL INC. | $1.0M | 7.01% |
| MORGAN STANLEY & CO, INC | $998K | 6.88% |
| CRAIG HALLUM | $970K | 6.68% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH | $913K | 6.29% |
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.