WEIZX Fees and Costs — Weiss Alternative Multi-Strategy Fund, Investor Class
Data updated: 2024-03-28
The net expense ratio is 3.70% (4.08% before fee waivers). There are no sales loads or redemption fees. In fiscal 2023 the fund paid $1.4M in broker commissions, 0.5767% of average net assets, and portfolio turnover was 1160%.
WEIZX Fees and Expenses
Annual operating expenses and sales charges of WEIZX. Prospectus, as of February 29, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 1.50% |
| 12b-1 fee | 0.25% |
| Other expenses | 2.19% |
| Gross expense ratio | 4.08% |
| Fee waiver | −0.38% |
| Net expense ratio | 3.70% |
| 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 |
WEIZX Costs Over Time
On $10,000 invested in WEIZX, assuming 5% a year before costs, total costs come to $2,505 over 5 years, cutting the return by 4.49% 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 3.70%) | $388 | $1,171 | $1,962 |
| Trading costs (broker commissions) | $61 | $183 | $306 |
| Lost growth on money paid in costs | $0 | $69 | $237 |
| Total costs | $449 | $1,423 | $2,505 |
| Value after costs | $10,051 | $10,154 | $10,257 |
| Impact on return, per year | 4.49% | 4.49% | 4.49% |
WEIZX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.5767%
- Total broker commissions: $1.4M
- Bought from dealers (principal trades, not a cost): $6.9M
- Portfolio turnover (prospectus): 1160%
- Securities lending: none during the year
WEIZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $220K | 16.09% |
| Goldman Sachs & Co. LLC | $197K | 14.39% |
| BofA Securities, Inc. | $196K | 14.34% |
| Barclays Capital, Inc. | $151K | 11.05% |
| Jefferies LLC | $133K | 9.76% |
| Citigroup Global Markets, Inc. | $118K | 8.62% |
| Cowen Execution Services LLC | $102K | 7.50% |
| J.P. Morgan Securities LLC | $99K | 7.28% |
| UBS Securities LLC | $77K | 5.66% |
| ISI Financial Group, Inc. | $73K | 5.32% |
WEIZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $1.5M | 21.83% |
| BofA Securities, Inc. | $1.2M | 17.13% |
| Goldman Sachs & Co. LLC | $1.0M | 15.22% |
| Barclays Capital, Inc. | $836K | 12.16% |
| Citigroup Global Markets, Inc. | $697K | 10.14% |
| Wells Fargo Securities LLC | $677K | 9.85% |
| J.P. Morgan Securities LLC | $471K | 6.85% |
| UBS Securities LLC | $177K | 2.58% |
| RBC Capital Markets LLC | $163K | 2.37% |
| Keefe Bruyette & Woods, Inc. | $129K | 1.88% |
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.