PHYVX Fees and Costs — Penn Capital Opportunistic High Income Fund, Investor Class
Data updated: 2025-01-29
The net expense ratio is 0.97% (2.44% before fee waivers). There are no sales loads or redemption fees. Portfolio turnover was 69%.
PHYVX Fees and Expenses
Annual operating expenses and sales charges of PHYVX. Prospectus, as of October 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.69% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.39% |
| Gross expense ratio | 2.44% |
| Fee waiver | −1.47% |
| Net expense ratio | 0.97% |
| 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 |
PHYVX Costs Over Time
On $10,000 invested in PHYVX, assuming 5% a year before costs, total costs come to $607 over 5 years, cutting the return by 1.02% 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 0.97%) | $102 | $318 | $551 |
| Lost growth on money paid in costs | $0 | $16 | $56 |
| Total costs | $102 | $334 | $607 |
| Value after costs | $10,398 | $11,243 | $12,156 |
| Impact on return, per year | 1.02% | 1.02% | 1.02% |
PHYVX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $54.1M
- Portfolio turnover (prospectus): 69%
- Securities lending: none during the year
PHYVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $7.3M | 20.31% |
| GOLDMAN SACHS & CO. LLC | $4.6M | 12.81% |
| BOFA SECURITIES INC. | $4.6M | 12.79% |
| J.P. MORGAN SECURITIES LLC | $4.6M | 12.74% |
| JANE STREET EXECUTION SERVICES LLC | $4.2M | 11.66% |
| CITIGROUP GLOBAL MARKETS INC. | $3.1M | 8.78% |
| MORGAN STANLEY & CO. LLC | $2.8M | 7.80% |
| DEUTSCHE BANK SECURITIES INC. | $1.7M | 4.87% |
| BARCLAYS CAPITAL INC. | $1.6M | 4.46% |
| SUMRIDGE PARTNERS LLC | $1.4M | 3.79% |
Penn Capital Opportunistic High Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PHYNX | Institutional Class | 0.72% | none |
| PHYVX | Investor Class | 0.97% | 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.