OWSMX Fees and Costs — Old Westbury Small & Mid Cap Strategies Fund
Data updated: 2026-09-22
The net expense ratio is 1.12% (1.16% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $5.9M in broker commissions, 0.0675% of average net assets, and portfolio turnover was 61%.
OWSMX Fees and Expenses
Annual operating expenses and sales charges of OWSMX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | — |
| Other expenses | 0.29% |
| Gross expense ratio | 1.16% |
| Fee waiver | −0.04% |
| Net expense ratio | 1.12% |
| 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 | No |
OWSMX Costs Over Time
On $10,000 invested in OWSMX, assuming 5% a year before costs, total costs come to $740 over 5 years, cutting the return by 1.25% 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 1.12%) | $118 | $366 | $634 |
| Trading costs (broker commissions) | $7 | $22 | $38 |
| Lost growth on money paid in costs | $0 | $19 | $68 |
| Total costs | $125 | $408 | $740 |
| Value after costs | $10,375 | $11,169 | $12,023 |
| Impact on return, per year | 1.25% | 1.25% | 1.25% |
OWSMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0675%
- Total broker commissions: $5.9M
- Bought from dealers (principal trades, not a cost): $195.3M
- Portfolio turnover (prospectus): 61%
- Securities lending: none during the year
OWSMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET, LLC | $555K | 16.67% |
| Cowen and Company, LLC | $410K | 12.32% |
| VIRTU ITG LLC | $378K | 11.36% |
| LIQUIDNET, INC. | $375K | 11.25% |
| J.P. MORGAN SECURITIES LLC | $358K | 10.76% |
| UBS Securities LLC | $340K | 10.21% |
| BTIG, LLC | $280K | 8.39% |
| GOLDMAN SACHS & CO. LLC | $235K | 7.04% |
| ROTHSCHILD & CO REDBURN | $205K | 6.14% |
| BARCLAYS CAPITAL, INC. | $195K | 5.86% |
OWSMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP. | $69.8M | 35.73% |
| BARCLAYS CAPITAL, INC. | $49.9M | 25.55% |
| UBS SECURITIES LLC | $38.8M | 19.89% |
| Academy Securities, Inc. | $24.9M | 12.77% |
| Cowen and Company, LLC | $4.8M | 2.48% |
| BTIG LLC | $3.6M | 1.85% |
| MORGAN STANLEY & CO. LLC | $3.1M | 1.58% |
| CLSA AMERICAS, LLC | $268K | 0.14% |
| CHINA INTERNATIONAL CAPITAL CORP (UK) LIMITED | $26K | 0.01% |
| INSTINET, LLC | $26 | 0.00% |
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.