MGWAX Fees and Costs — Madison Large Cap Value Fund, Large Cap Value Fund Class A
Data updated: 2020-09-22
The net expense ratio is 1.16%: a 0.55% management fee, a 0.25% 12b-1 fee plus 0.36% other expenses. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2019 the fund paid $98K in broker commissions, 0.1402% of average net assets, and portfolio turnover was 71%.
MGWAX Fees and Expenses
Annual operating expenses and sales charges of MGWAX. Prospectus, as of February 29, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.36% |
| Gross expense ratio | 1.16% |
| Fee waiver | — |
| Net expense ratio | 1.16% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
MGWAX Costs Over Time
On $10,000 invested in MGWAX, assuming 5% a year before costs, total costs come to $1,496 over 5 years, cutting the return by 2.59% 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 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.16%) | $115 | $357 | $617 |
| Trading costs (broker commissions) | $14 | $43 | $75 |
| Lost growth on money paid in costs | $29 | $110 | $229 |
| Total costs | $732 | $1,086 | $1,496 |
| Value after costs | $9,768 | $10,491 | $11,267 |
| Impact on return, per year | 7.32% | 3.39% | 2.59% |
MGWAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.1402%
- Total broker commissions: $98K
- Bought from dealers (principal trades, not a cost): $370.8M
- Portfolio turnover (prospectus): 71%
- Securities on loan, average value: $1.4M
- Net income from securities lending: $18K (0.025% of average net assets)
MGWAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| William Blair & Company, L.L.C. | $27K | 27.32% |
| Sanford C. Bernstein & Co., LLC | $23K | 23.49% |
| Weeden & Co. L.P. | $21K | 21.75% |
| Robert W. Baird & Co. Incorporated | $13K | 12.84% |
| RBC Capital Markets, LLC | $8K | 8.32% |
| Luminex Trading & Analytics LLC | $3K | 3.17% |
| Morgan Stanley & Co. LLC | $2K | 2.16% |
| J.P. Morgan Securities LLC | $943 | 0.96% |
MGWAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $370.8M | 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.