RPEAX Fees and Costs — Davis Opportunity Fund, Class A
Data updated: 2026-08-27
The net expense ratio is 0.94%: a 0.55% management fee, a 0.22% 12b-1 fee plus 0.17% other expenses. This share class carries a maximum front-end sales load of 4.75% and a deferred sales charge of up to 0.50%. In fiscal 2025 the fund paid $83K in broker commissions, 0.0145% of average net assets, and portfolio turnover was 18%.
RPEAX Fees and Expenses
Annual operating expenses and sales charges of RPEAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.22% |
| Other expenses | 0.17% |
| Gross expense ratio | 0.94% |
| Fee waiver | — |
| Net expense ratio | 0.94% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| Max deferred load | 0.50% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
RPEAX Costs Over Time
On $10,000 invested in RPEAX, assuming 5% a year before costs, total costs come to $1,175 over 5 years, cutting the return by 2.01% 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 |
| Sales charges | $525 | $475 | $475 |
| Fund expenses (net expense ratio 0.94%) | $94 | $293 | $509 |
| Trading costs (broker commissions) | $1 | $5 | $8 |
| Lost growth on money paid in costs | $24 | $90 | $183 |
| Total costs | $644 | $863 | $1,175 |
| Value after costs | $9,856 | $10,714 | $11,587 |
| Impact on return, per year | 6.44% | 2.68% | 2.01% |
RPEAX 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): 0.0145%
- Total broker commissions: $83K
- Bought from dealers (principal trades, not a cost): $2.9B
- Portfolio turnover (prospectus): 18%
- Securities on loan, average value: $591K
- Net income from securities lending: $2K (0.000% of average net assets)
RPEAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $19K | 26.09% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $17K | 23.07% |
| Jefferies LLC | $10K | 13.78% |
| Allen & Company LLC | $8K | 10.18% |
| BTIG, LLC | $6K | 8.67% |
| CLSA Americas, LLC | $3K | 4.37% |
| BMO Capital Markets Corp. | $3K | 4.09% |
| Macquarie Capital (USA) Inc. | $3K | 3.65% |
| UBS Securities LLC | $3K | 3.57% |
| JonesTrading Institutional Services LLC | $2K | 2.54% |
RPEAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| StoneX Financial Inc. | $2.0B | 68.66% |
| Nomura Securities International, Inc. | $884.2M | 31.01% |
| Brean Capital, LLC | $7.1M | 0.25% |
| Reflow Services, LLC | $2.3M | 0.08% |
Davis Opportunity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DGOYX | Class Y | 0.69% | none |
| RPEAX | Class A | 0.94% | 4.75% |
| DGOCX | Class C | 1.76% | 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.