MAVAX Fees and Costs — Matthews Asia Value Fund, Institutional Class
Data updated: 2020-08-21
The net expense ratio is 1.20%: a 0.66% management fee plus 1.08% other expenses, less a 0.54% fee waiver. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $12K in broker commissions, 47.1687% of average net assets, and portfolio turnover was 32%.
MAVAX Fees and Expenses
Annual operating expenses and sales charges of MAVAX. Prospectus, as of December 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 0.66% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.08% |
| Gross expense ratio | 1.74% |
| Fee waiver | −0.54% |
| Net expense ratio | 1.20% |
| 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 |
MAVAX Costs Over Time
On $10,000 invested in MAVAX, assuming 5% a year before costs, total costs come to $12,295 over 5 years, cutting the return by 50.79% 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 | $231 | $262 |
| Trading costs (broker commissions) | $4,953 | $9,093 | $10,310 |
| Lost growth on money paid in costs | $0 | $658 | $1,722 |
| Total costs | $5,079 | $9,983 | $12,295 |
| Value after costs | $5,421 | $1,593 | $468 |
| Impact on return, per year | 50.79% | 50.79% | 50.79% |
MAVAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 47.1687%
- Total broker commissions: $12K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 32%
- Securities lending: none during the year
MAVAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CREDIT SUISSE SECURITIES (USA) LLC | $2K | 21.21% |
| China International Capital Corporation Limited | $2K | 19.20% |
| UBS Securities LLC | $2K | 17.95% |
| MACQUARIE CAPITAL (USA), INC. | $948 | 8.75% |
| CLSA SINGAPORE PTE LTD | $931 | 8.59% |
| INSTINET CORPORATION | $909 | 8.39% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $739 | 6.82% |
| Maybank Kim Eng Securities USA Inc. | $409 | 3.78% |
| LIQUIDNET, INC. | $358 | 3.30% |
| BTIG, LLC | $218 | 2.01% |
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.