OWTEX Fees and Costs — Old Westbury Total Equity Fund
Data updated: 2026-09-22
The net expense ratio is 0.99%: a 0.78% management fee plus 0.32% other expenses, less a 0.12% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $412K in broker commissions, 0.0654% of average net assets, and portfolio turnover was 25%.
OWTEX Fees and Expenses
Annual operating expenses and sales charges of OWTEX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.78% |
| 12b-1 fee | — |
| Other expenses | 0.32% |
| Gross expense ratio | 1.11% |
| Fee waiver | −0.12% |
| Net expense ratio | 0.99% |
| 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 |
OWTEX Costs Over Time
On $10,000 invested in OWTEX, assuming 5% a year before costs, total costs come to $659 over 5 years, cutting the return by 1.11% 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 0.99%) | $104 | $324 | $562 |
| Trading costs (broker commissions) | $7 | $21 | $37 |
| Lost growth on money paid in costs | $0 | $17 | $61 |
| Total costs | $111 | $363 | $659 |
| Value after costs | $10,389 | $11,214 | $12,103 |
| Impact on return, per year | 1.11% | 1.11% | 1.11% |
OWTEX 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): 0.0654%
- Total broker commissions: $412K
- Bought from dealers (principal trades, not a cost): $570K
- Portfolio turnover (prospectus): 25%
- Securities lending: none during the year
OWTEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Cowen and Company, LLC | $211K | 59.58% |
| INSTINET, LLC | $41K | 11.70% |
| BTIG, LLC | $26K | 7.44% |
| BARCLAYS CAPITAL, INC. | $21K | 5.80% |
| LIQUIDNET, INC. | $19K | 5.33% |
| VIRTU ITG LLC | $9K | 2.66% |
| JEFFERIES LLC | $8K | 2.26% |
| Robert W. Baird & Co. Incorporated | $7K | 2.07% |
| Raymond James & Associates, Inc. | $6K | 1.66% |
| GOLDMAN SACHS & CO. LLC | $5K | 1.49% |
OWTEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Cowen and Company, LLC | $262K | 46.03% |
| BTIG LLC | $171K | 29.97% |
| MORGAN STANLEY & CO. LLC | $137K | 24.00% |
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.