MSSFX Fees and Costs — Litman Gregory Masters Smaller Companies Fund, Institutional Class
Data updated: 2020-11-27
The net expense ratio is 1.46%: a 1.14% management fee plus 0.74% other expenses, less a 0.42% fee waiver. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $43K in broker commissions, 0.1473% of average net assets, and portfolio turnover was 65%.
MSSFX Fees and Expenses
Annual operating expenses and sales charges of MSSFX. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 1.14% |
| 12b-1 fee | — |
| Other expenses | 0.74% |
| Gross expense ratio | 1.88% |
| Fee waiver | −0.42% |
| Net expense ratio | 1.46% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
MSSFX Costs Over Time
On $10,000 invested in MSSFX, assuming 5% a year before costs, total costs come to $993 over 5 years, cutting the return by 1.69% 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 1.46%) | $153 | $475 | $819 |
| Trading costs (broker commissions) | $15 | $48 | $83 |
| Lost growth on money paid in costs | $0 | $26 | $92 |
| Total costs | $169 | $549 | $993 |
| Value after costs | $10,331 | $11,027 | $11,770 |
| Impact on return, per year | 1.69% | 1.69% | 1.69% |
MSSFX 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): 0.1473%
- Total broker commissions: $43K
- Bought from dealers (principal trades, not a cost): $37K
- Portfolio turnover (prospectus): 65%
- Securities lending: none during the year
MSSFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $8K | 24.39% |
| Instinet, LLC | $7K | 22.63% |
| JonesTrading Institutional Services LLC | $5K | 14.79% |
| Barclays Capital Inc. | $2K | 7.68% |
| J.P. Morgan Securities LLC | $2K | 6.80% |
| BTIG, LLC | $2K | 4.97% |
| Raymond James & Associates, Inc. | $2K | 4.97% |
| BofA Securities, Inc. | $1K | 4.74% |
| B. Riley & Co., LLC | $1K | 4.66% |
| Jefferies LLC | $1K | 4.38% |
MSSFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $18K | 48.32% |
| Credit Suisse Securities (USA) LLC | $10K | 27.30% |
| Goldman Sachs & Co. LLC | $7K | 18.61% |
| Morgan Stanley & Co. LLC | $2K | 5.77% |
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.