LVAQX Fees and Costs — LSV Small Cap Value Fund, Investor Class
Data updated: 2026-09-28
The net expense ratio is 1.08%: a 0.70% management fee, a 0.25% 12b-1 fee plus 0.13% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $114K in broker commissions, 0.0211% of average net assets, and portfolio turnover was 33%.
LVAQX Fees and Expenses
Annual operating expenses and sales charges of LVAQX. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.13% |
| Gross expense ratio | 1.08% |
| Fee waiver | — |
| Net expense ratio | 1.08% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
LVAQX Costs Over Time
On $10,000 invested in LVAQX, assuming 5% a year before costs, total costs come to $687 over 5 years, cutting the return by 1.16% 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 1.08%) | $113 | $353 | $612 |
| Trading costs (broker commissions) | $2 | $7 | $12 |
| Lost growth on money paid in costs | $0 | $18 | $63 |
| Total costs | $116 | $378 | $687 |
| Value after costs | $10,384 | $11,198 | $12,075 |
| Impact on return, per year | 1.16% | 1.16% | 1.16% |
LVAQX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0211%
- Total broker commissions: $114K
- Bought from dealers (principal trades, not a cost): $210.4M
- Portfolio turnover (prospectus): 33%
- Securities lending: none during the year
LVAQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SANFORD C. BERNSTEIN & CO., LLC | $30K | 26.89% |
| BAML | $20K | 18.14% |
| STIFEL NICOLAUS & CO., INC. | $20K | 17.42% |
| PIPER JAFFRAY | $16K | 14.65% |
| SG COWEN | $16K | 14.49% |
| BANK OF NEW YORK | $4K | 3.66% |
| JONES & ASSOCIATES | $2K | 1.88% |
| JEFFERIES LLC | $1K | 1.34% |
| CITADEL SECURITIES | $858 | 0.76% |
| COWEN | $854 | 0.76% |
LVAQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| SOUTH STREET SECURITIES | $210.4M | 100.00% |
LSV Small Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| LSVQX | Institutional Class | 0.83% | — |
| LVAQX | Investor Class | 1.08% | — |
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.