NPSYX Fees and Costs — Nicholas Partners Small Cap Growth Fund, Retail Shares
Data updated: 2026-08-28
The net expense ratio is 1.24%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.31% other expenses, less a 0.07% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $354K in broker commissions, 0.3003% of average net assets, and portfolio turnover was 147%.
NPSYX Fees and Expenses
Annual operating expenses and sales charges of NPSYX. Prospectus, as of February 2, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.31% |
| Gross expense ratio | 1.31% |
| Fee waiver | −0.07% |
| Net expense ratio | 1.24% |
| 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 |
NPSYX Costs Over Time
On $10,000 invested in NPSYX, assuming 5% a year before costs, total costs come to $953 over 5 years, cutting the return by 1.62% 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 1.24%) | $130 | $404 | $697 |
| Trading costs (broker commissions) | $32 | $98 | $169 |
| Lost growth on money paid in costs | $0 | $25 | $88 |
| Total costs | $162 | $527 | $953 |
| Value after costs | $10,338 | $11,050 | $11,810 |
| Impact on return, per year | 1.62% | 1.62% | 1.62% |
NPSYX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.3003%
- Total broker commissions: $354K
- Bought from dealers (principal trades, not a cost): $663K
- Portfolio turnover (prospectus): 147%
- Securities lending: none during the year
NPSYX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET | $42K | 18.20% |
| GOLDMAN, SACHS & CO. | $34K | 14.69% |
| BLAIR, WILLIAM, & COMPANY, L.L.C. | $24K | 10.35% |
| LIQUIDNET | $24K | 10.21% |
| JONES & ASSOCIATES | $23K | 10.09% |
| ISI GROUP, INC. | $19K | 8.16% |
| MORGAN STANLEY & CO, INC | $19K | 8.04% |
| JEFFERIES LLC | $17K | 7.47% |
| NEEDHAM & COMPANY | $16K | 6.71% |
| BAIRD, ROBERT W., & CO., INCORPORATED | $14K | 6.09% |
NPSYX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BAIRD, ROBERT W., & CO., INCORPORATED | $546K | 82.38% |
| LEERINK SWANN AND COMPANY | $108K | 16.25% |
| MORGAN STANLEY & CO, INC | $8K | 1.17% |
| GOLDMAN, SACHS & CO. | $1K | 0.20% |
Nicholas Partners Small Cap Growth Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| NPSGX | Institutional Shares | 0.99% | — |
| NPSYX | Retail Shares | 1.24% | — |
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.