SVFAX Fees and Costs — Smead Value Fund, Class A
Data updated: 2026-07-23
The net expense ratio is 1.23%. This share class carries a maximum front-end sales load of 5.75% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $1.1M in broker commissions, 0.0232% of average net assets, and portfolio turnover was 16%.
SVFAX Fees and Expenses
Annual operating expenses and sales charges of SVFAX. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.05% |
| Gross expense ratio | 1.23% |
| Fee waiver | — |
| Net expense ratio | 1.23% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
SVFAX Costs Over Time
On $10,000 invested in SVFAX, assuming 5% a year before costs, total costs come to $1,469 over 5 years, cutting the return by 2.54% 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 | $673 | $575 | $575 |
| Fund expenses (net expense ratio 1.23%) | $122 | $379 | $655 |
| Trading costs (broker commissions) | $2 | $7 | $12 |
| Lost growth on money paid in costs | $29 | $110 | $226 |
| Total costs | $825 | $1,071 | $1,469 |
| Value after costs | $9,675 | $10,506 | $11,294 |
| Impact on return, per year | 8.25% | 3.34% | 2.54% |
SVFAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0232%
- Total broker commissions: $1.1M
- Bought from dealers (principal trades, not a cost): $3.8B
- Portfolio turnover (prospectus): 16%
- Securities lending: none during the year
SVFAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| OUTSET GLOBAL LLP | $541K | 47.50% |
| JP Morgan Securities LLC | $205K | 17.98% |
| BARCLAYS CAPITAL INC | $162K | 14.20% |
| SCOTIA CAPITAL USA INC | $107K | 9.39% |
| GOLDMAN SACHS & CO. LLC | $50K | 4.40% |
| CIBC WORLD MARKETS CORP | $31K | 2.75% |
| RBC CAPITAL MARKETS, LLC | $17K | 1.51% |
| Redburn (USA) LLC | $17K | 1.51% |
| ATB CAPITAL MARKETS USA INC. | $5K | 0.41% |
| Peters and Co | $4K | 0.35% |
SVFAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $3.8B | 100.00% |
Smead 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 |
|---|---|---|---|
| SVFYX | Class Y | 0.81% | none |
| SVFIX | Class I2 | 0.91% | none |
| SVFFX | Class I1 | 0.96% | none |
| SVFMX | Class I3 | 1.00% | none |
| SVFLX | Class R4 | 1.05% | none |
| SMVLX | Investor Class Shares | 1.23% | none |
| SVFAX | Class A | 1.23% | 5.75% |
| SVFSX | Class S | 1.25% | 5.00% |
| SVFRX | Class R3 | 1.37% | none |
| SVFKX | Class R2 | 1.45% | none |
| SVFDX | Class R1 | 1.60% | none |
| SVFCX | Class C | 1.82% | 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.