TSWEX Fees and Costs — TSW Large Cap Value Fund, Institutional Shares
Data updated: 2026-08-27
The net expense ratio is 0.75% (0.97% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $12K in broker commissions, 0.0332% of average net assets, and portfolio turnover was 51%.
TSWEX Fees and Expenses
Annual operating expenses and sales charges of TSWEX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.58% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.37% |
| Gross expense ratio | 0.97% |
| Fee waiver | −0.22% |
| Net expense ratio | 0.75% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
TSWEX Costs Over Time
On $10,000 invested in TSWEX, assuming 5% a year before costs, total costs come to $492 over 5 years, cutting the return by 0.82% 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 0.75%) | $79 | $246 | $428 |
| Trading costs (broker commissions) | $3 | $11 | $19 |
| Lost growth on money paid in costs | $0 | $13 | $45 |
| Total costs | $82 | $270 | $492 |
| Value after costs | $10,418 | $11,306 | $12,271 |
| Impact on return, per year | 0.82% | 0.82% | 0.82% |
TSWEX 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): 0.0332%
- Total broker commissions: $12K
- Bought from dealers (principal trades, not a cost): $14.7M
- Portfolio turnover (prospectus): 51%
- Securities lending: none during the year
TSWEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BERNSTEIN INSTITUTIONAL SERVICES LLC | $4K | 38.83% |
| STATE STREET GLOBAL MARKETS, LLC | $878 | 9.44% |
| LIQUIDNET, INC. | $869 | 9.35% |
| INSTINET, LLC | $640 | 6.89% |
| CAPITAL INSTITUTIONAL SERVICES, INC. | $630 | 6.77% |
| BERENBERG CAPITAL MARKETS LLC | $626 | 6.73% |
| RBC CAPITAL MARKETS, LLC | $621 | 6.68% |
| ROBERT W. BAIRD & CO. INCORPORATED | $575 | 6.18% |
| D.A. DAVIDSON & CO. | $460 | 4.95% |
| BTIG, LLC | $389 | 4.18% |
TSWEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $14.7M | 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.