LLSCX Fees and Costs — Longleaf Partners Small-Cap Fund
Data updated: 2026-08-31
The net expense ratio is 0.95%: a 0.89% management fee plus 0.13% other expenses, less a 0.07% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $555K in broker commissions, 0.0796% of average net assets, and portfolio turnover was 59%.
LLSCX Fees and Expenses
Annual operating expenses and sales charges of LLSCX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.89% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.13% |
| Gross expense ratio | 1.02% |
| Fee waiver | −0.07% |
| Net expense ratio | 0.95% |
| 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 |
LLSCX Costs Over Time
On $10,000 invested in LLSCX, assuming 5% a year before costs, total costs come to $644 over 5 years, cutting the return by 1.08% 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 0.95%) | $100 | $311 | $539 |
| Trading costs (broker commissions) | $8 | $26 | $45 |
| Lost growth on money paid in costs | $0 | $17 | $59 |
| Total costs | $108 | $354 | $644 |
| Value after costs | $10,392 | $11,222 | $12,119 |
| Impact on return, per year | 1.08% | 1.08% | 1.08% |
LLSCX 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): 0.0796%
- Total broker commissions: $555K
- Bought from dealers (principal trades, not a cost): $111.8M
- Portfolio turnover (prospectus): 59%
- Securities lending: none during the year
LLSCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jeffries & Company | $119K | 23.36% |
| UBS Securities LLC | $80K | 15.82% |
| Morgan Stanley | $63K | 12.45% |
| Piper Jaffrey Co. | $61K | 11.91% |
| SG Cowen and Company | $59K | 11.55% |
| Liquidnet, Inc. | $53K | 10.36% |
| BMO Capital Markets Corp. | $27K | 5.22% |
| Themis Trading | $21K | 4.16% |
| BOFA Securities, Inc. | $14K | 2.66% |
| J.P. Morgan Securities, LLC | $13K | 2.51% |
LLSCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Kennedy Lewis Management LP | $94.6M | 84.60% |
| Morgan Stanley | $17.2M | 15.40% |
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.