WFLEX Fees and Costs — Westwood Flexible Income Fund, Institutional Class
Data updated: 2020-04-13
The net expense ratio is 0.87% (3.12% before fee waivers). There are no sales loads or redemption fees. In fiscal 2019 the fund paid $3K in broker commissions, 0.0802% of average net assets, and portfolio turnover was 142%.
WFLEX Fees and Expenses
Annual operating expenses and sales charges of WFLEX. Prospectus, as of February 29, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.69% |
| 12b-1 fee | — |
| Other expenses | 2.35% |
| Gross expense ratio | 3.12% |
| Fee waiver | −2.33% |
| Net expense ratio | 0.87% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
WFLEX Costs Over Time
On $10,000 invested in WFLEX, assuming 5% a year before costs, total costs come to $595 over 5 years, cutting the return by 1.00% 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 0.87%) | $91 | $285 | $495 |
| Trading costs (broker commissions) | $8 | $26 | $46 |
| Lost growth on money paid in costs | $0 | $15 | $55 |
| Total costs | $100 | $327 | $595 |
| Value after costs | $10,400 | $11,249 | $12,168 |
| Impact on return, per year | 1.00% | 1.00% | 1.00% |
WFLEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0802%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $7.1M
- Portfolio turnover (prospectus): 142%
- Securities lending: none during the year
WFLEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC | $1K | 43.22% |
| Fulcrum Global Partners LLC | $346 | 13.42% |
| Friedman Billings & Ramsey | $243 | 9.43% |
| Knight Edge | $175 | 6.77% |
| BTIG LLC | $168 | 6.50% |
| Royal Bank Canada | $158 | 6.14% |
| Instinet | $108 | 4.18% |
| Fundstrat Global Advisors | $104 | 4.03% |
| Zelman | $93 | 3.61% |
| Cleveland Research | $70 | 2.72% |
WFLEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Citigroup | $1.8M | 31.77% |
| Goldman Sachs | $1.1M | 19.43% |
| Market Axess | $925K | 16.11% |
| Morgan Stanley | $552K | 9.62% |
| World Group Securities | $378K | 6.58% |
| Friedman Billings & Ramsey | $241K | 4.19% |
| Merrill Lynch | $233K | 4.05% |
| Barclays Capital | $170K | 2.97% |
| Brownstone | $155K | 2.71% |
| BOK Financial | $148K | 2.58% |
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.