PFRNX Fees and Costs — Penn Capital Floating Rate Income Fund, Institutional Class
Data updated: 2023-02-03
The net expense ratio is 0.64%: a 0.55% management fee plus 0.56% other expenses, less a 0.47% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 49%.
PFRNX Fees and Expenses
Annual operating expenses and sales charges of PFRNX. Prospectus, as of December 31, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.56% |
| Gross expense ratio | 1.11% |
| Fee waiver | −0.47% |
| Net expense ratio | 0.64% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
PFRNX Costs Over Time
On $10,000 invested in PFRNX, assuming 5% a year before costs, total costs come to $403 over 5 years, cutting the return by 0.67% 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 0.64%) | $67 | $210 | $366 |
| Lost growth on money paid in costs | $0 | $10 | $37 |
| Total costs | $67 | $221 | $403 |
| Value after costs | $10,433 | $11,355 | $12,360 |
| Impact on return, per year | 0.67% | 0.67% | 0.67% |
PFRNX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2022.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $24.9M
- Portfolio turnover (prospectus): 49%
- Securities lending: none during the year
PFRNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $4.3M | 21.75% |
| BARCLAYS CAPITAL INC. | $3.2M | 16.30% |
| CREDIT SUISSE SECURITIES (USA) LLC | $2.5M | 12.81% |
| CITIGROUP GLOBAL MARKETS INC. | $2.0M | 10.00% |
| BOFA SECURITIES INC. | $1.7M | 8.73% |
| GOLDMAN SACHS & CO. LLC | $1.7M | 8.37% |
| WELLS FARGO SECURITIES LLC | $1.3M | 6.53% |
| DEUTSCHE BANK SECURITIES INC. | $1.1M | 5.65% |
| SMBC NIKKO SECURITIES AMERICA INC. | $997K | 5.03% |
| JEFFERIES LLC | $960K | 4.84% |
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.