PKPIX Fees and Costs — PPM Core Plus Fixed Income Fund, Institutional Class
Data updated: 2024-11-26
The net expense ratio is 0.45% (1.21% before fee waivers). There are no sales loads or redemption fees. In fiscal 2023 the fund paid $2K in broker commissions, 0.0056% of average net assets, and portfolio turnover was 99%.
PKPIX Fees and Expenses
Annual operating expenses and sales charges of PKPIX. Prospectus, as of April 30, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.71% |
| Gross expense ratio | 1.21% |
| Fee waiver | −0.76% |
| Net expense ratio | 0.45% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
PKPIX Costs Over Time
On $10,000 invested in PKPIX, assuming 5% a year before costs, total costs come to $288 over 5 years, cutting the return by 0.48% 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 0.45%) | $47 | $148 | $259 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $7 | $26 |
| Total costs | $48 | $158 | $288 |
| Value after costs | $10,452 | $11,419 | $12,475 |
| Impact on return, per year | 0.48% | 0.48% | 0.48% |
PKPIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0056%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $234.7M
- Portfolio turnover (prospectus): 99%
- Securities on loan, average value: $956K
- Net income from securities lending: $5K (0.011% of average net assets)
PKPIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Banc of America Securities | $2K | 94.29% |
| J.P. Morgan Securities LLC | $135 | 5.71% |
PKPIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Corporation | $83.3M | 38.54% |
| J.P. Morgan Securities LLC | $28.2M | 13.04% |
| Banc of America Securities | $26.1M | 12.08% |
| Morgan Stanley & Co, Inc | $22.8M | 10.52% |
| Wells Fargo Securities, LLC | $18.7M | 8.66% |
| CitiGroup Global Markets, Inc. | $17.9M | 8.30% |
| Goldman Sachs & Co. LLC | $6.7M | 3.10% |
| BMO Capital Markets Corp. | $5.0M | 2.32% |
| Barclays PLC | $4.3M | 1.99% |
| BNP Paribas Securities | $3.2M | 1.46% |
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.