MOWNX Fees and Costs — Moerus Worldwide Value Fund, Class N
Data updated: 2026-07-28
The net expense ratio is 1.51%: a 0.95% management fee, a 0.25% 12b-1 fee plus 0.35% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $289K in broker commissions, 0.1619% of average net assets, and portfolio turnover was 46%.
MOWNX Fees and Expenses
Annual operating expenses and sales charges of MOWNX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.35% |
| Gross expense ratio | 1.56% |
| Fee waiver | −0.05% |
| Net expense ratio | 1.51% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
MOWNX Costs Over Time
On $10,000 invested in MOWNX, assuming 5% a year before costs, total costs come to $1,032 over 5 years, cutting the return by 1.76% 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 1.51%) | $159 | $491 | $846 |
| Trading costs (broker commissions) | $17 | $53 | $91 |
| Lost growth on money paid in costs | $0 | $27 | $95 |
| Total costs | $176 | $571 | $1,032 |
| Value after costs | $10,324 | $11,005 | $11,731 |
| Impact on return, per year | 1.76% | 1.76% | 1.76% |
MOWNX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1619%
- Total broker commissions: $289K
- Bought from dealers (principal trades, not a cost): $33
- Portfolio turnover (prospectus): 46%
- Securities lending: none during the year
MOWNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NATIONAL BANK OF CANADA | $28K | 14.77% |
| CANAACORD GENUITY WEALTH | $25K | 12.85% |
| GMP SECURITIES | $23K | 12.04% |
| CIBC WORLD MARKETS CORP. | $18K | 9.42% |
| MOTILAL OSWAL | $18K | 9.34% |
| MACQUARIE | $18K | 9.30% |
| BNY MELLON | $17K | 9.11% |
| Itau Unibanco Group | $17K | 8.80% |
| CIMB | $15K | 7.64% |
| ROYAL BANK OF CANADA | $13K | 6.73% |
MOWNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON | $33 | 100.00% |
Moerus Worldwide Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MOWIX | Institutional Class | 1.26% | none |
| MOWNX | Class N | 1.51% | none |
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.