LSRIX Fees and Costs — Emerald Small Cap Value Fund, Investor Class
Data updated: 2021-03-30
The net expense ratio is 1.25%: a 0.75% management fee, a 0.25% 12b-1 fee plus 4.39% other expenses, less a 4.14% fee waiver. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $10K in broker commissions, 0.3261% of average net assets, and portfolio turnover was 79%.
LSRIX Fees and Expenses
Annual operating expenses and sales charges of LSRIX. Prospectus, as of August 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 4.39% |
| Gross expense ratio | 5.39% |
| Fee waiver | −4.14% |
| Net expense ratio | 1.25% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
LSRIX Costs Over Time
On $10,000 invested in LSRIX, assuming 5% a year before costs, total costs come to $975 over 5 years, cutting the return by 1.65% 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 1.25%) | $131 | $407 | $702 |
| Trading costs (broker commissions) | $34 | $106 | $183 |
| Lost growth on money paid in costs | $0 | $26 | $90 |
| Total costs | $165 | $539 | $975 |
| Value after costs | $10,335 | $11,037 | $11,788 |
| Impact on return, per year | 1.65% | 1.65% | 1.65% |
LSRIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.3261%
- Total broker commissions: $10K
- Bought from dealers (principal trades, not a cost): $12K
- Portfolio turnover (prospectus): 79%
- Securities lending: none during the year
LSRIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Cowen Group | $3K | 29.83% |
| Bloomberg Tradebook | $2K | 21.82% |
| Piper Sandler | $861 | 9.55% |
| Raymond James | $808 | 8.96% |
| Keefe Bruyette Woods (Kbw) | $799 | 8.86% |
| DA Davidson | $454 | 5.04% |
| Jefferies | $415 | 4.60% |
| Stephens | $392 | 4.35% |
| Needham Co | $347 | 3.85% |
| Telsey Advisory Group | $282 | 3.13% |
LSRIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE | $12K | 100.00% |
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.