SHPAX Fees and Costs — Saratoga Health & Biotechnology Portfolio, Health & Biotechnology Class A
Data updated: 2026-07-24
The net expense ratio is 3.00%. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2025 the fund paid $2K in broker commissions, 0.0187% of average net assets, and portfolio turnover was 22%.
SHPAX Fees and Expenses
Annual operating expenses and sales charges of SHPAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | — |
| Other expenses | 1.35% |
| Gross expense ratio | 3.00% |
| Fee waiver | — |
| Net expense ratio | 3.00% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
SHPAX Costs Over Time
On $10,000 invested in SHPAX, assuming 5% a year before costs, total costs come to $2,443 over 5 years, cutting the return by 4.37% 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 | $575 | $575 | $575 |
| Fund expenses (net expense ratio 3.00%) | $297 | $907 | $1,540 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $29 | $136 | $319 |
| Total costs | $902 | $1,624 | $2,443 |
| Value after costs | $9,598 | $9,952 | $10,320 |
| Impact on return, per year | 9.02% | 5.16% | 4.37% |
SHPAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0187%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 22%
- Securities on loan, average value: $66K
- Net income from securities lending: $105 (0.001% of average net assets)
SHPAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Instinet, Inc. | $971 | 47.57% |
| Cowen Group | $778 | 38.11% |
| SG Securities | $292 | 14.31% |
Saratoga Health & Biotechnology Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SBHIX | Health & Biotechnology Class I | 2.60% | none |
| SHPAX | Health & Biotechnology Class A | 3.00% | 5.75% |
| SHPCX | Health & Biotechnology Class C | 3.60% | 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.