SASAX Fees and Costs — AIG Small-Cap Fund, Class A
Data updated: 2021-06-29
The net expense ratio is 1.05%: a 1.00% management fee plus 1.50% other expenses, less a 1.45% fee waiver. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $123K in broker commissions, 0.3226% of average net assets, and portfolio turnover was 68%.
SASAX Fees and Expenses
Annual operating expenses and sales charges of SASAX. Prospectus, as of February 28, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | — |
| Other expenses | 1.50% |
| Gross expense ratio | 2.50% |
| Fee waiver | −1.45% |
| Net expense ratio | 1.05% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
SASAX Costs Over Time
On $10,000 invested in SASAX, assuming 5% a year before costs, total costs come to $852 over 5 years, cutting the return by 1.44% 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 1.05%) | $110 | $343 | $592 |
| Trading costs (broker commissions) | $34 | $105 | $182 |
| Lost growth on money paid in costs | $0 | $22 | $78 |
| Total costs | $144 | $470 | $852 |
| Value after costs | $10,356 | $11,106 | $11,911 |
| Impact on return, per year | 1.44% | 1.44% | 1.44% |
SASAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.3226%
- Total broker commissions: $123K
- Bought from dealers (principal trades, not a cost): $147.5M
- Portfolio turnover (prospectus): 68%
- Securities lending: none during the year
SASAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Virtu Itg LLC | $18K | 25.69% |
| JonesTrading Institutional Services LLC | $8K | 11.54% |
| Wedbush Securities Inc. | $8K | 11.15% |
| Liquidnet, Inc. | $8K | 11.04% |
| B. Riley Securities, Inc. | $6K | 7.96% |
| William Blair & Company, L.L.C. | $5K | 7.58% |
| Truist Securities, Inc. | $5K | 6.84% |
| Piper Sandler & Co. | $4K | 6.31% |
| Raymond James & Associates, Inc. | $4K | 5.97% |
| Craig-Hallum Capital Group LLC | $4K | 5.92% |
SASAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $143.6M | 97.39% |
| BofA Securities, Inc. | $3.2M | 2.19% |
| BNY Mellon Capital Markets, LLC | $219K | 0.15% |
| Nomura Securities International, Inc. | $160K | 0.11% |
| Truist Securities, Inc. | $138K | 0.09% |
| Goldman Sachs & Co. LLC | $111K | 0.08% |
| Barclays Capital Inc. | $3K | 0.00% |
| Robert W. Baird & Co. Incorporated | $378 | 0.00% |
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.