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So brokerage and other trading costs that are not included in a fund's reported total expense ratio must also be considered.
Its funds also charge a flat 1 percent fee for all expenses, so their total expense ratio is lower than the average fund's.
Unlike the Total Expense Ratio these costs are usually not reported.
Laxey's comments relate to the total expense ratio, a measure of investment fund costs.
And in several dozen instances, fund commission expenses exceeded a portfolio's total expense ratio.
Not included in the total expense ratio are transaction costs as a result of trading of the fund's assets and performance fees.
The average total expense ratio for small-cap funds tracked by Lipper Inc. is 1.418 percent.
Last year, 76.2 percent of net new cash flow into stock funds went to those with total expense ratios of 1 percent or less.
He has formed TCF Investments, where most funds have a total expense ratio of 0.8pc - compared with nearly 1.7pc for the average active fund.
The total expense ratio, or TER, is a measure of the total cost of a fund to the investor.
He is also unhappy about the "total expense ratio" (TER), a measure that purports to show you exactly how much you are paying for your investment.
Alliance says these losses are laid out in full in its annual report but should not be included in the total expense ratio as they are not core investments.
Recurring fees and expenses-specifically the 12b-1 fee, the management fee and other fund expenses-are included in a fund's total expense ratio, or simply the "expense ratio".
Stephen Savage, editor of The No-Load Fund Analyst, notes that Kaufmann's total expense ratio of 1.89 percent has cut into the fund's returns.
Understanding all of the costs of investing in a mutual fund isn't easy, though, because despite its name, a fund's total expense ratio does not include all of its fees.
David Norman, the joint chief executive of TCF Investment, pointed out that the typical TER (total expense ratio) on unit trusts was 1.7pc, but on a multi-manager fund the average was 2.3pc, with many funds charging closer to 3pc.
In their advertisements and even their factsheets, Fund companies tend to give more emphasis to the AMC and to make it difficult for a private investor (in the UK at least) to see the total expense ratio of the fund they are investigating.
The insurance may cost an additional 0.30 percent or 0.40 percent of total assets in annual fees, bringing the total expense ratio to 1.75 percent to 2.25 percent of total assets, higher than the 1.47 percent charged by the average stock mutual fund, according to Morningstar.