MSMLX Fees and Costs — Matthews Emerging Markets Small Companies Fund, Investor Class
Data updated: 2026-08-24
The net expense ratio is 1.36%: a 0.85% management fee plus 0.60% other expenses, less a 0.09% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $694K in broker commissions, 0.1414% of average net assets, and portfolio turnover was 36%.
MSMLX Fees and Expenses
Annual operating expenses and sales charges of MSMLX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.60% |
| Gross expense ratio | 1.45% |
| Fee waiver | −0.09% |
| Net expense ratio | 1.36% |
| 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 |
MSMLX Costs Over Time
On $10,000 invested in MSMLX, assuming 5% a year before costs, total costs come to $930 over 5 years, cutting the return by 1.58% 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 1.36%) | $143 | $443 | $765 |
| Trading costs (broker commissions) | $15 | $46 | $79 |
| Lost growth on money paid in costs | $0 | $24 | $86 |
| Total costs | $158 | $514 | $930 |
| Value after costs | $10,342 | $11,063 | $11,833 |
| Impact on return, per year | 1.58% | 1.58% | 1.58% |
MSMLX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1414%
- Total broker commissions: $694K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 36%
- Securities lending: none during the year
MSMLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET, LLC | $79K | 15.53% |
| BTG PACTUAL US CAPITAL, LLC | $76K | 14.86% |
| MORGAN STANLEY & CO. LLC | $65K | 12.76% |
| UBS Securities LLC | $62K | 12.21% |
| EFG Hermes Holding SAE | $51K | 9.90% |
| CitiGroup Global Markets Inc. | $47K | 9.14% |
| J.P. MORGAN SECURITIES LLC | $44K | 8.53% |
| MACQUARIE CAPITAL (USA), INC. | $33K | 6.38% |
| HO CHI MINH CITY SECURITIES CORPORATION | $29K | 5.59% |
| Kotak Securities Limited | $26K | 5.11% |
Matthews Emerging Markets Small Companies Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MISMX | Institutional Class | 1.15% | — |
| MSMLX | Investor Class | 1.36% | — |
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.