PSHNX Fees and Costs — Penn Capital Short Duration High Income Fund, Institutional Class
Data updated: 2026-07-28
The net expense ratio is 0.54%: a 0.45% management fee plus 0.91% other expenses, less a 0.82% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 59%.
PSHNX Fees and Expenses
Annual operating expenses and sales charges of PSHNX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.91% |
| Gross expense ratio | 1.36% |
| Fee waiver | −0.82% |
| Net expense ratio | 0.54% |
| 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 |
PSHNX Costs Over Time
On $10,000 invested in PSHNX, assuming 5% a year before costs, total costs come to $341 over 5 years, cutting the return by 0.57% 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 0.54%) | $57 | $178 | $310 |
| Lost growth on money paid in costs | $0 | $9 | $31 |
| Total costs | $57 | $187 | $341 |
| Value after costs | $10,443 | $11,390 | $12,422 |
| Impact on return, per year | 0.57% | 0.57% | 0.57% |
PSHNX 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): $57.6M
- Portfolio turnover (prospectus): 59%
- Securities lending: none during the year
PSHNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $3.5M | 18.25% |
| MARKET AXESS INC. | $2.7M | 14.18% |
| GOLDMAN SACHS & CO. LLC | $2.6M | 13.22% |
| BOFA SECURITIES INC. | $2.3M | 12.10% |
| WELLS FARGO SECURITIES LLC | $1.7M | 8.83% |
| BARCLAYS CAPITAL INC. | $1.7M | 8.56% |
| MORGAN STANLEY & CO. LLC | $1.4M | 7.21% |
| CITIGROUP GLOBAL MARKETS INC. | $1.3M | 6.71% |
| JEFFERIES LLC | $1.1M | 5.50% |
| SUMRIDGE PARTNERS LLC | $1.0M | 5.44% |
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.