QSSNX Fees and Costs — AQR TM Small Cap Multi-Style Fund, Class N
Data updated: 2021-02-24
The net expense ratio is 0.90%: a 0.50% management fee, a 0.25% 12b-1 fee plus 0.80% other expenses, less a 0.65% fee waiver. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $2K in broker commissions, 0.0083% of average net assets, and portfolio turnover was 55%.
QSSNX Fees and Expenses
Annual operating expenses and sales charges of QSSNX. Prospectus, as of January 31, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.80% |
| Gross expense ratio | 1.55% |
| Fee waiver | −0.65% |
| Net expense ratio | 0.90% |
| 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 |
QSSNX Costs Over Time
On $10,000 invested in QSSNX, assuming 5% a year before costs, total costs come to $569 over 5 years, cutting the return by 0.95% 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 0.90%) | $94 | $295 | $512 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $15 | $52 |
| Total costs | $95 | $313 | $569 |
| Value after costs | $10,405 | $11,264 | $12,194 |
| Impact on return, per year | 0.95% | 0.95% | 0.95% |
QSSNX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0083%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $32.5M
- Portfolio turnover (prospectus): 55%
- Securities on loan, average value: $837K
- Net income from securities lending: $14K (0.067% of average net assets)
QSSNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $703 | 40.74% |
| Goldman Sachs & Co. LLC | $476 | 27.55% |
| Credit Suisse Securities (USA) LLC | $215 | 12.47% |
| Citigroup Global Markets Inc. | $133 | 7.72% |
| Sanford C. Bernstein & Co., LLC | $89 | 5.16% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $62 | 3.58% |
| Morgan Stanley & Co. LLC | $42 | 2.46% |
| BofA Securities, Inc. | $3 | 0.16% |
| Deutsche Bank Securities Inc. | $3 | 0.16% |
QSSNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $32.5M | 99.98% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $4K | 0.01% |
| Credit Suisse Securities (USA) LLC | $530 | 0.00% |
| Deutsche Bank Securities Inc. | $413 | 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.