RPFCX Fees and Costs — Davis Balanced Fund, Class A
Data updated: 2026-08-27
The net expense ratio is 0.98%: a 0.55% management fee, a 0.23% 12b-1 fee plus 0.20% 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 $25K in broker commissions, 0.0094% of average net assets, and portfolio turnover was 12%.
RPFCX Fees and Expenses
Annual operating expenses and sales charges of RPFCX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.23% |
| Other expenses | 0.20% |
| Gross expense ratio | 0.98% |
| Fee waiver | — |
| Net expense ratio | 0.98% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| Max deferred load | 0.50% |
| Redemption fee | 0.00% |
| 30-day yield | 1.36% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
RPFCX Costs Over Time
On $10,000 invested in RPFCX, assuming 5% a year before costs, total costs come to $1,196 over 5 years, cutting the return by 2.05% 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 0.98%) | $98 | $306 | $530 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $24 | $90 | $185 |
| Total costs | $647 | $874 | $1,196 |
| Value after costs | $9,853 | $10,702 | $11,567 |
| Impact on return, per year | 6.47% | 2.71% | 2.05% |
RPFCX 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): 0.0094%
- Total broker commissions: $25K
- Bought from dealers (principal trades, not a cost): $5.6B
- Portfolio turnover (prospectus): 12%
- Securities lending: none during the year
RPFCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $7K | 28.57% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $7K | 26.99% |
| BTIG, LLC | $3K | 12.64% |
| UBS Securities LLC | $3K | 10.65% |
| Jefferies LLC | $2K | 6.52% |
| Macquarie Capital (USA) Inc. | $1K | 4.26% |
| Allen & Company LLC | $866 | 3.51% |
| Sanford C. Bernstein & Co., LLC | $770 | 3.12% |
| Goldman, Sachs & Co. LLC | $517 | 2.10% |
| Cantor Fitzgerald & Co. | $404 | 1.64% |
RPFCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| StoneX Financial Inc. | $3.7B | 67.38% |
| Nomura Securities International, Inc. | $1.8B | 32.10% |
| Brean Capital, LLC | $28.7M | 0.52% |
| Reflow Services, LLC | $341K | 0.01% |
Davis Balanced Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DCSYX | Class Y | 0.67% | none |
| RPFCX | Class A | 0.98% | 4.75% |
| DCSCX | Class C | 1.75% | 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.