NCAVX Fees and Costs — Nuance Concentrated Value Fund, Investor Class
Data updated: 2026-09-28
The net expense ratio is 1.30% (1.50% before fee waivers). This share class carries a maximum front-end sales load of 5.00%. In fiscal 2026 the fund paid $112K in broker commissions, 0.1460% of average net assets, and portfolio turnover was 114%.
NCAVX Fees and Expenses
Annual operating expenses and sales charges of NCAVX. Prospectus, as of August 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.25% |
| Other expenses | — |
| Gross expense ratio | 1.50% |
| Fee waiver | −0.20% |
| Net expense ratio | 1.30% |
| Sales charges | |
|---|---|
| Max front load | 5.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
NCAVX Costs Over Time
On $10,000 invested in NCAVX, assuming 5% a year before costs, total costs come to $1,490 over 5 years, cutting the return by 2.57% 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 | $500 | $500 | $500 |
| Fund expenses (net expense ratio 1.30%) | $130 | $403 | $695 |
| Trading costs (broker commissions) | $15 | $45 | $78 |
| Lost growth on money paid in costs | $25 | $101 | $217 |
| Total costs | $669 | $1,049 | $1,490 |
| Value after costs | $9,831 | $10,527 | $11,273 |
| Impact on return, per year | 6.69% | 3.27% | 2.57% |
NCAVX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1460%
- Total broker commissions: $112K
- Bought from dealers (principal trades, not a cost): $191.8M
- Portfolio turnover (prospectus): 114%
- Securities lending: none during the year
NCAVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SANFORD C. BERNSTEIN & CO. LLC | $18K | 16.80% |
| ROBERT W. BAIRD & CO. INCORPORATED | $18K | 16.45% |
| MORGAN STANLEY & CO. LLC | $15K | 14.01% |
| J.P. MORGAN SECURITIES LLC | $12K | 11.35% |
| WELLS FARGO SECURITIES LLC | $12K | 11.32% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $10K | 9.55% |
| JEFFERIES LLC | $9K | 8.70% |
| UBS SECURITIES LLC | $9K | 8.35% |
| RBC CAPITAL MARKETS LLC | $2K | 2.24% |
| BARCLAYS CAPITAL INC. | $1K | 1.23% |
Nuance Concentrated 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 |
|---|---|---|---|
| NCVLX | Institutional Class | 1.05% | none |
| NCAVX | Investor Class | 1.30% | 5.00% |
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.