VMSRX Fees and Costs — Virtus Aviva Multi-Strategy Target Return Fund, Class R6
Data updated: 2021-03-23
The net expense ratio is 1.47% (1.93% before fee waivers). There are no sales loads or redemption fees. In fiscal 2020 the fund paid $27K in broker commissions, 0.0736% of average net assets, and portfolio turnover was 185%.
VMSRX Fees and Expenses
Annual operating expenses and sales charges of VMSRX. Prospectus, as of October 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 1.30% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.54% |
| Gross expense ratio | 1.93% |
| Fee waiver | −0.46% |
| Net expense ratio | 1.47% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
VMSRX Costs Over Time
On $10,000 invested in VMSRX, assuming 5% a year before costs, total costs come to $955 over 5 years, cutting the return by 1.62% 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 1.47%) | $154 | $479 | $826 |
| Trading costs (broker commissions) | $8 | $24 | $41 |
| Lost growth on money paid in costs | $0 | $25 | $88 |
| Total costs | $162 | $528 | $955 |
| Value after costs | $10,338 | $11,048 | $11,808 |
| Impact on return, per year | 1.62% | 1.62% | 1.62% |
VMSRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0736%
- Total broker commissions: $27K
- Bought from dealers (principal trades, not a cost): $8.3M
- Portfolio turnover (prospectus): 185%
- Securities lending: none during the year
VMSRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL, INC. | $8K | 29.84% |
| MORGAN STANLEY & CO. LLC | $5K | 19.65% |
| GOLDMAN SACHS & CO. LLC | $5K | 18.52% |
| CREDIT SUISSE SECURITIES (USA) LLC | $3K | 10.55% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $1K | 4.98% |
| J.P. Morgan Securities LLC | $1K | 4.70% |
| ITG, INC. | $1K | 3.98% |
| CITIGROUP GLOBAL MARKETS INC. | $969 | 3.76% |
| HSBC SECURITIES (USA) INC. | $589 | 2.29% |
| SG AMERICAS SECURITIES LLC | $446 | 1.73% |
VMSRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $1.7M | 20.56% |
| Credit Suisse Securities (USA) LLC | $1.6M | 19.72% |
| UBS SECURITIES LLC | $1.5M | 17.77% |
| DEUTSCHE BANK SECURITIES, INC. | $1.0M | 12.64% |
| CitiGroup Global Markets Inc. | $953K | 11.62% |
| STANDARD CHARTERED SECURITIES NORTH AMERICA LLC | $429K | 5.23% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $391K | 4.77% |
| BNP PARIBAS SECURITIES CORP. | $387K | 4.72% |
| WELLS FARGO SECURITIES, LLC | $161K | 1.97% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $82K | 1.00% |
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.