MIASX Fees and Costs — Matthews Emerging Asia Fund, Institutional Class
Data updated: 2021-05-24
The net expense ratio is 1.20%: a 1.00% management fee plus 0.51% other expenses, less a 0.31% fee waiver. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $510K in broker commissions, 0.2596% of average net assets, and portfolio turnover was 19%.
MIASX Fees and Expenses
Annual operating expenses and sales charges of MIASX. Prospectus, as of December 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.51% |
| Gross expense ratio | 1.51% |
| Fee waiver | −0.31% |
| 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 |
MIASX Costs Over Time
On $10,000 invested in MIASX, assuming 5% a year before costs, total costs come to $905 over 5 years, cutting the return by 1.53% 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 | $391 | $675 |
| Trading costs (broker commissions) | $27 | $85 | $146 |
| Lost growth on money paid in costs | $0 | $24 | $83 |
| Total costs | $153 | $500 | $905 |
| Value after costs | $10,347 | $11,077 | $11,858 |
| Impact on return, per year | 1.53% | 1.53% | 1.53% |
MIASX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.2596%
- Total broker commissions: $510K
- Bought from dealers (principal trades, not a cost): $7.7M
- Portfolio turnover (prospectus): 19%
- Securities lending: none during the year
MIASX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| EFG Hermes Holding SAE | $136K | 29.61% |
| EXOTIX USA INC. | $71K | 15.41% |
| CLSA SINGAPORE PTE LTD | $52K | 11.35% |
| Decker & Co, LLC | $47K | 10.32% |
| INSTINET CORPORATION | $36K | 7.78% |
| HSC SECURITIES CORPORATION | $31K | 6.78% |
| Maybank Kim Eng Securities USA Inc. | $30K | 6.57% |
| CREDIT SUISSE SECURITIES (USA) LLC | $23K | 5.02% |
| MACQUARIE CAPITAL (USA), INC. | $18K | 3.88% |
| MORGAN STANLEY & CO. LLC | $15K | 3.29% |
MIASX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CHINA INTERNATIONAL CAPITAL CORPORATION (UK) LIMITED | $3.2M | 41.56% |
| CREDIT SUISSE SECURITIES (USA) LLC | $1.2M | 15.89% |
| CitiGroup Global Markets Inc. | $1.1M | 14.16% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $940K | 12.16% |
| Macquarie Capital (USA) Inc. | $830K | 10.74% |
| MORGAN STANLEY & CO. LLC | $247K | 3.20% |
| JPMorgan Chase & Co. | $157K | 2.03% |
| MAYBANK KIM ENG SECURITIES USA INC. | $19K | 0.25% |
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.