TDVFX Fees and Costs — Towle Value Fund
Data updated: 2026-02-24
The net expense ratio is 1.20%: a 0.79% management fee plus 0.42% other expenses, less a 0.01% fee waiver. This share class carries a redemption fee of 2.00%. In fiscal 2025 the fund paid $308K in broker commissions, 0.3547% of average net assets, and portfolio turnover was 100%.
TDVFX Fees and Expenses
Annual operating expenses and sales charges of TDVFX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.79% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.42% |
| Gross expense ratio | 1.21% |
| Fee waiver | −0.01% |
| Net expense ratio | 1.20% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
TDVFX Costs Over Time
On $10,000 invested in TDVFX, assuming 5% a year before costs, total costs come to $962 over 5 years, cutting the return by 1.63% 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 1.20%) | $126 | $391 | $674 |
| Trading costs (broker commissions) | $37 | $116 | $199 |
| Lost growth on money paid in costs | $0 | $25 | $89 |
| Total costs | $163 | $532 | $962 |
| Value after costs | $10,337 | $11,045 | $11,801 |
| Impact on return, per year | 1.63% | 1.63% | 1.63% |
TDVFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.3547%
- Total broker commissions: $308K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 100%
- Securities lending: none during the year
TDVFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Sanders Morris LLC | $177K | 57.53% |
| Tourmaline Partners, LLC | $120K | 39.05% |
| JONES & ASSOCIATES, INC. | $11K | 3.43% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.