RMBIX Fees and Costs — RMB Mendon Financial Long/Short Fund, Class I
Data updated: 2020-06-11
The net expense ratio is 1.66%: a 0.80% management fee plus 0.86% other expenses. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $1.9M in broker commissions, 1.7056% of average net assets, and portfolio turnover was 98%.
RMBIX Fees and Expenses
Annual operating expenses and sales charges of RMBIX. Prospectus, as of May 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | — |
| Other expenses | 0.86% |
| Gross expense ratio | 1.66% |
| Fee waiver | — |
| Net expense ratio | 1.66% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
RMBIX Costs Over Time
On $10,000 invested in RMBIX, assuming 5% a year before costs, total costs come to $2,008 over 5 years, cutting the return by 3.53% 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 1.66%) | $174 | $531 | $897 |
| Trading costs (broker commissions) | $179 | $545 | $922 |
| Lost growth on money paid in costs | $0 | $54 | $188 |
| Total costs | $353 | $1,130 | $2,008 |
| Value after costs | $10,147 | $10,446 | $10,755 |
| Impact on return, per year | 3.53% | 3.53% | 3.53% |
RMBIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 1.7056%
- Total broker commissions: $1.9M
- Bought from dealers (principal trades, not a cost): $5.1M
- Portfolio turnover (prospectus): 98%
- Securities lending: none during the year
RMBIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $416K | 27.63% |
| WELLS FARGO SECURITIES, LLC | $376K | 24.95% |
| RBC CAPITAL MARKETS, LLC | $133K | 8.84% |
| MKM PARTNERS LLC | $124K | 8.26% |
| CITIGROUP GLOBAL MARKETS INC. | $109K | 7.23% |
| GOLDMAN SACHS & CO. LLC | $87K | 5.75% |
| ISRAEL A. ENGLANDER & CO., LLC | $75K | 5.01% |
| UBS FINANCIAL SERVICES INC. | $64K | 4.22% |
| DEUTSCHE BANK SECURITIES INC. | $62K | 4.11% |
| BMO HARRIS FINANCIAL ADVISORS, INC. | $60K | 4.00% |
RMBIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL INC. | $2.1M | 40.17% |
| KEEFE, BRUYETTE & WOODS, INC. | $1.8M | 34.97% |
| MORGAN STANLEY & CO. LLC | $773K | 15.13% |
| J.P. MORGAN SECURITIES LLC | $376K | 7.36% |
| WELLS FARGO SECURITIES, LLC | $94K | 1.84% |
| GOLDMAN SACHS & CO. LLC | $11K | 0.21% |
| RBC CAPITAL MARKETS, LLC | $9K | 0.18% |
| SANFORD C. BERNSTEIN & CO., LLC | $8K | 0.15% |
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.