MARNX Fees and Costs — Convergence Long/Short Equity Fund, Institutional Class
Data updated: 2022-02-11
The net expense ratio is 2.39% (2.58% before fee waivers). There are no sales loads or redemption fees. In fiscal 2021 the fund paid $35K in broker commissions, 0.1216% of average net assets, and portfolio turnover was 304%.
MARNX Fees and Expenses
Annual operating expenses and sales charges of MARNX. Prospectus, as of March 31, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 2.58% |
| Fee waiver | −0.19% |
| Net expense ratio | 2.39% |
| Sales charges | |
|---|---|
| Max front load | — |
| 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 | Yes |
MARNX Costs Over Time
On $10,000 invested in MARNX, assuming 5% a year before costs, total costs come to $1,524 over 5 years, cutting the return by 2.64% 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 2.39%) | $251 | $771 | $1,315 |
| Trading costs (broker commissions) | $13 | $39 | $67 |
| Lost growth on money paid in costs | $0 | $41 | $142 |
| Total costs | $264 | $851 | $1,524 |
| Value after costs | $10,236 | $10,726 | $11,239 |
| Impact on return, per year | 2.64% | 2.64% | 2.64% |
MARNX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.1216%
- Total broker commissions: $35K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 304%
- Securities lending: none during the year
MARNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $22K | 62.21% |
| PERSHING LLC | $13K | 37.79% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.