PAXLX Fees and Costs — Impax Large Cap Fund, Investor Class
Data updated: 2026-08-19
The net expense ratio is 0.98%: a 0.65% management fee, a 0.25% 12b-1 fee plus 0.08% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.2M in broker commissions, 0.1113% of average net assets, and portfolio turnover was 60%.
PAXLX Fees and Expenses
Annual operating expenses and sales charges of PAXLX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.08% |
| Gross expense ratio | 0.98% |
| Fee waiver | — |
| Net expense ratio | 0.98% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PAXLX Costs Over Time
On $10,000 invested in PAXLX, assuming 5% a year before costs, total costs come to $681 over 5 years, cutting the return by 1.15% 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 0.98%) | $103 | $321 | $556 |
| Trading costs (broker commissions) | $12 | $36 | $63 |
| Lost growth on money paid in costs | $0 | $18 | $63 |
| Total costs | $115 | $375 | $681 |
| Value after costs | $10,385 | $11,201 | $12,081 |
| Impact on return, per year | 1.15% | 1.15% | 1.15% |
PAXLX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1113%
- Total broker commissions: $1.2M
- Bought from dealers (principal trades, not a cost): $447.4M
- Portfolio turnover (prospectus): 60%
- Securities on loan, average value: $16.2M
- Net income from securities lending: $25K (0.002% of average net assets)
PAXLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $427K | 34.69% |
| Barclays Capital, Inc. | $305K | 24.81% |
| BofA Securities, Inc. | $247K | 20.06% |
| UBS Securities LLC | $153K | 12.41% |
| Goldman Sachs & Co. LLC | $63K | 5.14% |
| Liquidnet, Inc. | $18K | 1.43% |
| ROBERT W. BAIRD & CO. INCORPORATED | $10K | 0.83% |
| ABN AMRO Clearing Chicago LLC | $5K | 0.37% |
| Instinet, LLC | $3K | 0.23% |
| Virtu Americas LLC | $237 | 0.02% |
PAXLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $447.4M | 100.00% |
Impax Large Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PXLIX | Institutional Class | 0.73% | none |
| PAXLX | Investor Class | 0.98% | none |
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.