PSMQX Fees and Costs — Penn Capital Mid Cap Core Fund, Investor Class
Data updated: 2025-01-29
The net expense ratio is 1.31%: a 0.90% management fee, a 0.25% 12b-1 fee plus 1.24% other expenses, less a 1.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $24K in broker commissions, 0.2751% of average net assets, and portfolio turnover was 83%.
PSMQX Fees and Expenses
Annual operating expenses and sales charges of PSMQX. Prospectus, as of October 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.24% |
| Gross expense ratio | 2.39% |
| Fee waiver | −1.08% |
| Net expense ratio | 1.31% |
| 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 |
PSMQX Costs Over Time
On $10,000 invested in PSMQX, assuming 5% a year before costs, total costs come to $980 over 5 years, cutting the return by 1.66% 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 1.31%) | $138 | $427 | $735 |
| Trading costs (broker commissions) | $29 | $90 | $154 |
| Lost growth on money paid in costs | $0 | $26 | $90 |
| Total costs | $166 | $542 | $980 |
| Value after costs | $10,334 | $11,034 | $11,783 |
| Impact on return, per year | 1.66% | 1.66% | 1.66% |
PSMQX 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): 0.2751%
- Total broker commissions: $24K
- Bought from dealers (principal trades, not a cost): $27.9M
- Portfolio turnover (prospectus): 83%
- Securities lending: none during the year
PSMQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET LLC | $6K | 27.69% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $5K | 24.46% |
| COWEN EXECUTION SERVICES LLC | $5K | 24.00% |
| RAYMOND JAMES & ASSOCIATES INC. | $1K | 6.25% |
| NEEDHAM & COMPANY LLC | $1K | 5.19% |
| ANOS CAPITAL LLC | $648 | 3.00% |
| PIPER JAFFRAY INVESTMENT MANAGEMENT, LLC | $559 | 2.58% |
| JEFFERIES LLC | $553 | 2.56% |
| J.P. MORGAN SECURITIES LLC | $477 | 2.20% |
| CANTOR FITZGERALD & CO | $448 | 2.07% |
PSMQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL INC. | $293K | 38.63% |
| GOLDMAN SACHS & CO. LLC | $142K | 18.66% |
| J.P. MORGAN SECURITIES LLC | $109K | 14.32% |
| RBC CAPITAL MARKETS LLC | $52K | 6.87% |
| JEFFERIES LLC | $44K | 5.74% |
| MORGAN STANLEY & CO. LLC | $39K | 5.08% |
| CITIGROUP GLOBAL MARKETS INC. | $31K | 4.06% |
| TRUIST SECURITIES INC. | $25K | 3.34% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $13K | 1.68% |
| ANOS CAPITAL LLC | $12K | 1.61% |
Penn Capital Mid Cap Core Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PSMPX | Institutional Class | 1.06% | none |
| PSMQX | Investor Class | 1.31% | 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.