SPEFX Fees and Costs — SilverPepper Long/Short Emerging Markets Currency Fund, Institutional Class
Data updated: 2023-11-29
The net expense ratio is 1.85%: a 1.20% management fee plus 0.81% other expenses, less a 0.16% fee waiver. There are no sales loads or redemption fees.
SPEFX Fees and Expenses
Annual operating expenses and sales charges of SPEFX. Prospectus, as of October 31, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 1.20% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.81% |
| Gross expense ratio | 2.01% |
| Fee waiver | −0.16% |
| Net expense ratio | 1.85% |
| 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 |
SPEFX Costs Over Time
On $10,000 invested in SPEFX, assuming 5% a year before costs, total costs come to $1,138 over 5 years, cutting the return by 1.94% 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 1.85%) | $194 | $601 | $1,032 |
| Lost growth on money paid in costs | $0 | $30 | $105 |
| Total costs | $194 | $631 | $1,138 |
| Value after costs | $10,306 | $10,946 | $11,625 |
| Impact on return, per year | 1.94% | 1.94% | 1.94% |
SPEFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $22.6M
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
SPEFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MAREX SPECTRON GROUP LIMITED | $22.6M | 100.00% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.