TRNAX Fees and Costs — Altegris GSA Trend Strategy Fund, Class A
Data updated: 2020-02-20
The net expense ratio is 1.85%: a 1.35% management fee, a 0.25% 12b-1 fee plus 0.85% other expenses, less a 0.60% fee waiver. This share class carries a maximum front-end sales load of 5.75%, a deferred sales charge of up to 1.00% and a redemption fee of 1.00%. Portfolio turnover was 0%.
TRNAX Fees and Expenses
Annual operating expenses and sales charges of TRNAX. Prospectus, as of October 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 1.35% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.85% |
| Gross expense ratio | 2.45% |
| Fee waiver | −0.60% |
| Net expense ratio | 1.85% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 1.00% |
| Redemption fee | 1.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
TRNAX Costs Over Time
On $10,000 invested in TRNAX, assuming 5% a year before costs, total costs come to $1,806 over 5 years, cutting the return by 3.16% 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 | $672 | $575 | $575 |
| Fund expenses (net expense ratio 1.85%) | $183 | $566 | $973 |
| Lost growth on money paid in costs | $29 | $119 | $258 |
| Total costs | $884 | $1,260 | $1,806 |
| Value after costs | $9,616 | $10,316 | $10,957 |
| Impact on return, per year | 8.84% | 3.96% | 3.16% |
TRNAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2019.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
TRNAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA MERRILL LYNCH | $4.1B | 97.87% |
| JPMORGAN CHASE | $86.9M | 2.10% |
| BNY MELLON | $1.5M | 0.04% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.