MAKIX Fees and Costs — China Equity Portfolio, Class I
Data updated: 2022-11-28
The net expense ratio is 1.20%: a 0.80% management fee plus 2.05% other expenses, less a 1.65% fee waiver. This share class carries a redemption fee of 2.00%. In fiscal 2021 the fund paid $17K in broker commissions, 0.1266% of average net assets, and portfolio turnover was 73%.
MAKIX Fees and Expenses
Annual operating expenses and sales charges of MAKIX. Prospectus, as of April 30, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.00% |
| Other expenses | 2.05% |
| Gross expense ratio | 2.85% |
| Fee waiver | −1.65% |
| Net expense ratio | 1.20% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MAKIX Costs Over Time
On $10,000 invested in MAKIX, assuming 5% a year before costs, total costs come to $824 over 5 years, cutting the return by 1.39% 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 1.20%) | $126 | $392 | $677 |
| Trading costs (broker commissions) | $13 | $41 | $71 |
| Lost growth on money paid in costs | $0 | $21 | $76 |
| Total costs | $139 | $455 | $824 |
| Value after costs | $10,361 | $11,122 | $11,938 |
| Impact on return, per year | 1.39% | 1.39% | 1.39% |
MAKIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.1266%
- Total broker commissions: $17K
- Bought from dealers (principal trades, not a cost): $11.1M
- Portfolio turnover (prospectus): 73%
- Securities lending: none during the year
MAKIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $9K | 53.81% |
| J.P. Morgan Securities LLC | $2K | 11.88% |
| Citigroup Global Markets Inc. | $1K | 8.47% |
| Credit Suisse Securities (USA) LLC | $1K | 7.58% |
| BofA Securities, Inc. | $845 | 5.26% |
| Jefferies LLC | $678 | 4.22% |
| Goldman Sachs & Co. LLC | $534 | 3.32% |
| HSBC Securities (USA) Inc. | $371 | 2.31% |
| Macquarie Capital (USA) Inc. | $263 | 1.63% |
| CLSA Americas, LLC | $242 | 1.51% |
MAKIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $11.1M | 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.