SAOPX Fees and Costs — Barrett Opportunity Fund, Retail Class
Data updated: 2026-08-28
The net expense ratio is 0.99%: a 0.65% management fee plus 0.90% other expenses, less a 0.56% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1K in broker commissions, 0.0051% of average net assets, and portfolio turnover was 3%.
SAOPX Fees and Expenses
Annual operating expenses and sales charges of SAOPX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.90% |
| Gross expense ratio | 1.55% |
| Fee waiver | −0.56% |
| Net expense ratio | 0.99% |
| 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 | No |
SAOPX Costs Over Time
On $10,000 invested in SAOPX, assuming 5% a year before costs, total costs come to $623 over 5 years, cutting the return by 1.04% 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 0.99%) | $104 | $324 | $563 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $104 | $342 | $623 |
| Value after costs | $10,396 | $11,234 | $12,140 |
| Impact on return, per year | 1.04% | 1.04% | 1.04% |
SAOPX 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): 0.0051%
- Total broker commissions: $1K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 3%
- Securities lending: none during the year
SAOPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| COWEN AND COMPANY LLC | $703 | 59.54% |
| BofA Securities Inc | $193 | 16.32% |
| Strategas Research Partners LLC | $165 | 13.98% |
| Wells Fargo Brokerage Services LLC | $120 | 10.17% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.