SIVLX Fees and Costs — Seafarer Overseas Value Fund, Institutional Class
Data updated: 2026-09-24
The net expense ratio is 1.05%: a 0.72% management fee plus 0.34% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $83K in broker commissions, 0.0638% of average net assets, and portfolio turnover was 11%.
SIVLX Fees and Expenses
Annual operating expenses and sales charges of SIVLX. Prospectus, as of August 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.72% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.34% |
| Gross expense ratio | 1.06% |
| Fee waiver | −0.01% |
| Net expense ratio | 1.05% |
| 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 | Yes |
SIVLX Costs Over Time
On $10,000 invested in SIVLX, assuming 5% a year before costs, total costs come to $695 over 5 years, cutting the return by 1.17% 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 | $344 | $595 |
| Trading costs (broker commissions) | $7 | $21 | $36 |
| Lost growth on money paid in costs | $0 | $18 | $64 |
| Total costs | $117 | $383 | $695 |
| Value after costs | $10,383 | $11,194 | $12,068 |
| Impact on return, per year | 1.17% | 1.17% | 1.17% |
SIVLX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0638%
- Total broker commissions: $83K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 11%
- Securities lending: none during the year
SIVLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $39K | 47.55% |
| CLSA AMERICAS, LLC | $11K | 13.18% |
| UBS SECURITIES LLC | $9K | 10.62% |
| BTG PACTUAL US CAPITAL, INC | $8K | 9.54% |
| MACQUARIE CAPITAL (USA) INC. | $6K | 7.66% |
| JPMORGAN DISTRIBUTION SERVICES, INC. | $4K | 5.08% |
| HO CHI MINH SECURITIES | $2K | 2.95% |
| DEUTSCHE BANK SECURITIES INC. | $1K | 1.66% |
| LIQUIDNET, INC. | $1K | 1.36% |
| GOLDMAN SACHS & CO. LLC | $323 | 0.39% |
Seafarer Overseas Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SIVLX | Institutional Class | 1.05% | — |
| SFVLX | Investor Class | 1.15% | — |
| SFVRX | Retail Class | 1.30% | — |
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.