LEPAX Fees and Costs — Levin Easterly Value Opportunities Fund, Investor Shares
Data updated: 2020-08-27
The net expense ratio is 1.70%: a 0.60% management fee, a 0.25% 12b-1 fee plus 2.12% other expenses, less a 1.27% fee waiver. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $13K in broker commissions, 0.0534% of average net assets, and portfolio turnover was 16%.
LEPAX Fees and Expenses
Annual operating expenses and sales charges of LEPAX. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.25% |
| Other expenses | 2.12% |
| Gross expense ratio | 2.97% |
| Fee waiver | −1.27% |
| Net expense ratio | 1.70% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
LEPAX Costs Over Time
On $10,000 invested in LEPAX, assuming 5% a year before costs, total costs come to $1,080 over 5 years, cutting the return by 1.84% 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 1.70%) | $178 | $553 | $951 |
| Trading costs (broker commissions) | $6 | $17 | $30 |
| Lost growth on money paid in costs | $0 | $28 | $100 |
| Total costs | $184 | $598 | $1,080 |
| Value after costs | $10,316 | $10,978 | $11,682 |
| Impact on return, per year | 1.84% | 1.84% | 1.84% |
LEPAX 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): 0.0534%
- Total broker commissions: $13K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 16%
- Securities lending: none during the year
LEPAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wulff, Hansen & Co. | $4K | 30.88% |
| Mizuho Securities | $2K | 14.10% |
| Barclays Capital | $1K | 10.65% |
| Nite | $1K | 9.89% |
| SG Cowen | $1K | 9.14% |
| BMO Capital | $1K | 8.26% |
| Morgan Stanley | $883 | 7.25% |
| Height Securities | $747 | 6.13% |
| Sanford C. Bernstein & Co. | $451 | 3.70% |
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.