PZILX Fees and Costs — Pzena Long/Short Value Fund, Institutional Class
Data updated: 2021-05-14
The net expense ratio is 2.70%: a 1.50% management fee plus 2.03% other expenses, less a 0.83% fee waiver. This share class carries a redemption fee of 1.00%. In fiscal 2021 the fund paid $40K in broker commissions, 0.2523% of average net assets, and portfolio turnover was 58%.
PZILX Fees and Expenses
Annual operating expenses and sales charges of PZILX. Prospectus, as of June 30, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 1.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 2.03% |
| Gross expense ratio | 3.53% |
| Fee waiver | −0.83% |
| Net expense ratio | 2.70% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | 1.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
PZILX Costs Over Time
On $10,000 invested in PZILX, assuming 5% a year before costs, total costs come to $1,776 over 5 years, cutting the return by 3.10% 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 2.70%) | $284 | $867 | $1,472 |
| Trading costs (broker commissions) | $26 | $81 | $138 |
| Lost growth on money paid in costs | $0 | $48 | $166 |
| Total costs | $310 | $995 | $1,776 |
| Value after costs | $10,190 | $10,581 | $10,987 |
| Impact on return, per year | 3.10% | 3.10% | 3.10% |
PZILX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.2523%
- Total broker commissions: $40K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 58%
- Securities lending: none during the year
PZILX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| National Financial Services LLC | $26K | 64.67% |
| Pershing LLC | $12K | 31.44% |
| Sanford C. Bernstein and Co. LLC | $2K | 3.89% |
| Wall Street Access | $1 | 0.00% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.