QRSIX Fees and Costs — FPA Queens Road Small Cap Value Fund, Institutional Class
Data updated: 2026-09-28
The net expense ratio is 0.81%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $62K in broker commissions, 0.0056% of average net assets, and portfolio turnover was 17%.
QRSIX Fees and Expenses
Annual operating expenses and sales charges of QRSIX. Prospectus, as of September 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.66% |
| 12b-1 fee | — |
| Other expenses | 0.13% |
| Gross expense ratio | 0.81% |
| Fee waiver | — |
| Net expense ratio | 0.81% |
| 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 |
QRSIX Costs Over Time
On $10,000 invested in QRSIX, assuming 5% a year before costs, total costs come to $512 over 5 years, cutting the return by 0.86% 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 0.81%) | $85 | $266 | $462 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $13 | $47 |
| Total costs | $86 | $281 | $512 |
| Value after costs | $10,414 | $11,295 | $12,251 |
| Impact on return, per year | 0.86% | 0.86% | 0.86% |
QRSIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0056%
- Total broker commissions: $62K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 17%
- Securities lending: none during the year
QRSIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| TradeStation Securities, Inc. | $61K | 99.63% |
| Cantor Fitzgerald | $210 | 0.34% |
| Merrill Lynch | $20 | 0.03% |
FPA Queens Road Small Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| QRSIX | Institutional Class | 0.81% | none |
| QRSAX | Advisor Class | 0.88% | none |
| QRSVX | Investor Class | 0.95% | 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.