PXSIX Fees and Costs — Impax Small Cap Fund, Institutional Class
Data updated: 2026-08-19
The net expense ratio is 0.91%: a 0.75% management fee plus 0.16% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $363K in broker commissions, 0.0520% of average net assets, and portfolio turnover was 36%.
PXSIX Fees and Expenses
Annual operating expenses and sales charges of PXSIX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.16% |
| Gross expense ratio | 0.91% |
| Fee waiver | — |
| Net expense ratio | 0.91% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PXSIX Costs Over Time
On $10,000 invested in PXSIX, assuming 5% a year before costs, total costs come to $602 over 5 years, cutting the return by 1.01% 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 0.91%) | $96 | $298 | $517 |
| Trading costs (broker commissions) | $5 | $17 | $30 |
| Lost growth on money paid in costs | $0 | $16 | $55 |
| Total costs | $101 | $331 | $602 |
| Value after costs | $10,399 | $11,245 | $12,161 |
| Impact on return, per year | 1.01% | 1.01% | 1.01% |
PXSIX 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): 0.0520%
- Total broker commissions: $363K
- Bought from dealers (principal trades, not a cost): $419.2M
- Portfolio turnover (prospectus): 36%
- Securities on loan, average value: $15.8M
- Net income from securities lending: $26K (0.004% of average net assets)
PXSIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $119K | 32.70% |
| Morgan Stanley & Co. LLC | $101K | 27.90% |
| Barclays Capital, Inc. | $59K | 16.20% |
| BofA Securities, Inc. | $51K | 13.98% |
| ROBERT W. BAIRD & CO. INCORPORATED | $12K | 3.35% |
| Goldman Sachs & Co. LLC | $12K | 3.23% |
| Liquidnet, Inc. | $8K | 2.14% |
| Virtu Americas LLC | $1K | 0.38% |
| Instinet, LLC | $402 | 0.11% |
PXSIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $419.2M | 100.00% |
Impax Small Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PXSIX | Institutional Class | 0.91% | none |
| PXSAX | Class A | 1.16% | 5.50% |
| PXSCX | Investor Class | 1.16% | 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.