NDNIX Fees and Costs — Navigator Duration Neutral Bond Fund, Class I
Data updated: 2020-08-07
The net expense ratio is 1.08%. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $4K in broker commissions, 0.0062% of average net assets, and portfolio turnover was 156%.
NDNIX Fees and Expenses
Annual operating expenses and sales charges of NDNIX. Prospectus, as of June 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.37% |
| Gross expense ratio | 1.08% |
| Fee waiver | — |
| Net expense ratio | 1.08% |
| 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 | No |
| Waived fees subject to recoupment | No |
NDNIX Costs Over Time
On $10,000 invested in NDNIX, assuming 5% a year before costs, total costs come to $678 over 5 years, cutting the return by 1.14% 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 1.08%) | $113 | $353 | $612 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $18 | $62 |
| Total costs | $114 | $373 | $678 |
| Value after costs | $10,386 | $11,203 | $12,085 |
| Impact on return, per year | 1.14% | 1.14% | 1.14% |
NDNIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0062%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $152.5M
- Portfolio turnover (prospectus): 156%
- Securities on loan, average value: $126K
- Net income from securities lending: $2K (0.003% of average net assets)
NDNIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE | $3K | 88.60% |
| ROYAL BANK OF CANADA (RBC) | $423 | 11.40% |
NDNIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA MERRILL LYNCH | $16.2M | 16.89% |
| CITIGROUP | $15.1M | 15.74% |
| JEFFERIES GROUP LLC | $9.9M | 10.28% |
| MORGAN STANLEY SMITH BARNEY LLC | $9.6M | 9.99% |
| GOLDMAN SACHS | $9.4M | 9.75% |
| Piper Jaffray & Co. | $8.9M | 9.30% |
| ROYAL BANK OF CANADA (RBC) | $8.7M | 9.09% |
| STIFEL NICOLAUS & COMPANY, INC. | $6.9M | 7.17% |
| FTN Financial Securities Corp. | $5.7M | 5.90% |
| JPMORGAN CHASE | $5.6M | 5.88% |
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.