LLPFX Fees and Costs — Longleaf Partners Fund
Data updated: 2026-08-31
The net expense ratio is 0.79%: a 0.84% management fee plus 0.09% other expenses, less a 0.14% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $473K in broker commissions, 0.0405% of average net assets, and portfolio turnover was 65%.
LLPFX Fees and Expenses
Annual operating expenses and sales charges of LLPFX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.84% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.09% |
| Gross expense ratio | 0.93% |
| Fee waiver | −0.14% |
| Net expense ratio | 0.79% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 | No |
LLPFX Costs Over Time
On $10,000 invested in LLPFX, assuming 5% a year before costs, total costs come to $521 over 5 years, cutting the return by 0.87% 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 0.79%) | $83 | $259 | $450 |
| Trading costs (broker commissions) | $4 | $13 | $23 |
| Lost growth on money paid in costs | $0 | $13 | $48 |
| Total costs | $87 | $286 | $521 |
| Value after costs | $10,413 | $11,290 | $12,242 |
| Impact on return, per year | 0.87% | 0.87% | 0.87% |
LLPFX 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): 0.0405%
- Total broker commissions: $473K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 65%
- Securities lending: none during the year
LLPFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jeffries & Company | $102K | 23.21% |
| SG Cowen and Company LLC | $89K | 20.24% |
| Morgan Stanley | $55K | 12.50% |
| UBS Securities, LLC | $52K | 11.83% |
| Liquidnet, Inc. | $51K | 11.62% |
| BMO Capital Markets Corp. | $43K | 9.72% |
| RBC Capital Markets, LLC | $14K | 3.11% |
| BOFA Securities, Inc. | $13K | 2.86% |
| Barclays Capital, Inc. | $11K | 2.57% |
| BIDSUBS | $10K | 2.34% |
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.