PVCMX Fees and Costs — Palm Valley Capital Fund, Investor Class
Data updated: 2026-08-25
The net expense ratio is 1.26%: a 0.90% management fee, a 0.25% 12b-1 fee plus 0.37% other expenses, less a 0.27% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $182K in broker commissions, 0.0758% of average net assets, and portfolio turnover was 86%.
PVCMX Fees and Expenses
Annual operating expenses and sales charges of PVCMX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.37% |
| Gross expense ratio | 1.53% |
| Fee waiver | −0.27% |
| Net expense ratio | 1.26% |
| Sales charges | |
|---|---|
| Max front load | — |
| 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 | Yes |
PVCMX Costs Over Time
On $10,000 invested in PVCMX, assuming 5% a year before costs, total costs come to $830 over 5 years, cutting the return by 1.40% 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 1.26%) | $132 | $411 | $711 |
| Trading costs (broker commissions) | $8 | $25 | $43 |
| Lost growth on money paid in costs | $0 | $22 | $76 |
| Total costs | $140 | $458 | $830 |
| Value after costs | $10,360 | $11,119 | $11,933 |
| Impact on return, per year | 1.40% | 1.40% | 1.40% |
PVCMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0758%
- Total broker commissions: $182K
- Bought from dealers (principal trades, not a cost): $354.6M
- Portfolio turnover (prospectus): 86%
- Securities lending: none during the year
PVCMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RAYMOND JAMES & ASSOCIATES INC. | $165K | 90.59% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $13K | 6.89% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $4K | 2.38% |
| CITCO SECURITIES INC. | $251 | 0.14% |
PVCMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| TRADEWEB DIRECT LLC | $335.0M | 94.46% |
| PERSHING LLC | $19.6M | 5.54% |
Palm Valley Capital Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PVCIX | Institutional Class | 1.01% | — |
| PVCMX | Investor Class | 1.26% | — |
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.