RWCNX Fees and Costs — Redwheel Global Emerging Equity Fund, Class N
Data updated: 2026-08-28
The net expense ratio is 1.49%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.49% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $616K in broker commissions, 0.2776% of average net assets, and portfolio turnover was 101%.
RWCNX Fees and Expenses
Annual operating expenses and sales charges of RWCNX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.49% |
| Gross expense ratio | 1.49% |
| Fee waiver | — |
| Net expense ratio | 1.49% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
RWCNX Costs Over Time
On $10,000 invested in RWCNX, assuming 5% a year before costs, total costs come to $1,089 over 5 years, cutting the return by 1.86% 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 1.49%) | $156 | $484 | $833 |
| Trading costs (broker commissions) | $29 | $90 | $155 |
| Lost growth on money paid in costs | $0 | $29 | $101 |
| Total costs | $186 | $603 | $1,089 |
| Value after costs | $10,314 | $10,973 | $11,674 |
| Impact on return, per year | 1.86% | 1.86% | 1.86% |
RWCNX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.2776%
- Total broker commissions: $616K
- Bought from dealers (principal trades, not a cost): $8.7M
- Portfolio turnover (prospectus): 101%
- Securities lending: none during the year
RWCNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JP Morgan | $82K | 17.29% |
| Goldman Sachs | $74K | 15.49% |
| Morgan Stanley | $70K | 14.69% |
| Citigroup | $60K | 12.60% |
| BAML | $55K | 11.50% |
| UBS | $49K | 10.36% |
| HSBC | $26K | 5.47% |
| CLSA | $26K | 5.38% |
| Jefferies | $20K | 4.15% |
| CICC | $15K | 3.06% |
RWCNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BROWN BROTHERS HARRIMAN | $5.9M | 68.53% |
| CITIGROUP | $1.9M | 22.15% |
| JEFFERIES LLC | $767K | 8.84% |
| BAML | $42K | 0.49% |
Redwheel Global Emerging Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RWCEX | Institutional Class | 1.09% | — |
| RWCIX | Class I | 1.24% | — |
| RWCNX | Class N | 1.49% | — |
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.