TSWMX Fees and Costs — TSW Emerging Markets Fund, Institutional Shares
Data updated: 2026-08-27
The net expense ratio is 0.99%: a 0.80% management fee plus 1.30% other expenses, less a 1.11% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $9K in broker commissions, 0.1231% of average net assets, and portfolio turnover was 40%.
TSWMX Fees and Expenses
Annual operating expenses and sales charges of TSWMX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.30% |
| Gross expense ratio | 2.10% |
| Fee waiver | −1.11% |
| Net expense ratio | 0.99% |
| 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 |
TSWMX Costs Over Time
On $10,000 invested in TSWMX, assuming 5% a year before costs, total costs come to $695 over 5 years, cutting the return by 1.17% 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 0.99%) | $104 | $324 | $561 |
| Trading costs (broker commissions) | $13 | $40 | $70 |
| Lost growth on money paid in costs | $0 | $18 | $64 |
| Total costs | $117 | $382 | $695 |
| Value after costs | $10,383 | $11,194 | $12,068 |
| Impact on return, per year | 1.17% | 1.17% | 1.17% |
TSWMX 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): 0.1231%
- Total broker commissions: $9K
- Bought from dealers (principal trades, not a cost): $12.7M
- Portfolio turnover (prospectus): 40%
- Securities lending: none during the year
TSWMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BERNSTEIN INSTITUTIONAL SERVICES LLC | $1K | 18.98% |
| MACQUARIE CAPITAL (USA) INC | $1K | 15.58% |
| J.P. MORGAN SECURITIES LLC | $784 | 11.75% |
| INSTINET EUROPE LIMITED | $671 | 10.05% |
| MORGAN STANLEY & CO. LLC | $605 | 9.07% |
| CLSA (UK) | $599 | 8.97% |
| HSBC SECURITIES (USA) INC. | $515 | 7.72% |
| CITIGROUP GLOBAL MARKETS INC. | $454 | 6.80% |
| JEFFERIES LLC | $410 | 6.15% |
| LIQUIDNET, INC. | $329 | 4.93% |
TSWMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $12.7M | 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.