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Is there a reason to prefer WBMAX over WBMRX or vice versa? Normally I would expect the "Advisor" class to have lower expenses vs. the regular investor class, but in this case both have the same expense ratio and both are available NTF through Vanguard (probably other brokerages as well) with just slight differences in initial minimums.
One big problem I have encountered with purchasing advisor class funds over retail or institutional funds is that once the financial intermediary realizes you are not an advisor, they cease allowing to purchase additional shares (i.e. TGBAX or TTRZX) and they will probably put a "hold" on your account for any additional purchases of WBMRX.
Shareholder Fees (fees paid directly from your investment): Invstr Advisor Institutional Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) ............................................. 4.50% None None Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) ................................................................................ 1.00% None None Redemption Fee (as a percentage of amount redeemed within 60 days of purchase) ............................................... 2.00% 2.00% 2.00% Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Management Fee ................................................................ 1.00% 1.00% 1.00% Service (12b-1) Fee ............................................................ 0.25% 0.25% None Other Expenses1 ................................................................ 0.46% 0.46% 0.46% Total annual fund operating expenses ............................... 1.71% 1.71% 1.46% Less: Contractual fee and expense waivers2 ...................... 0.11% 0.11% 0.11% Net annual fund operating expenses ............................... . 1.60% 1.60% 1.35% 1
Minimum Initial Investment $100,000 Minimum Retirement $2,500 Minimum Additional Investment $250 Minimum Automatic Account Builder $100 Simple IRA No
I tried to purchase ASFYX in my non-taxable Fido account, one order was less than $2,500 and the other for more than $2,500. Both orders was cancelled for no reason. Best thing is to run a test trade to see it the order is cancelled. I don't always believe what is posted for minimums.
TDA has WBMIX with no initial minimum plus T/F in non-taxable accounts, so far.
Minimums for Whitebox Tactical Opportunities fund:
Investor Shares:
Minimum Initial Investment $5,000 for all accounts except:$1,000 for tax deferred accounts.
Advisor Shares
Available to clients of registered investment advisors and participants in certain employee benefit plans. No minimum initial investment for qualifying investors.
Institutional Shares:
$5 million for institutions and individuals. Also available to clients of registered investment advisors and participants in certain employee benefit plans with collective investments of at least $5 million.
Minimum Additional Investment $1,000 for all accounts except: $200 for tax deferred accounts. No subsequent minimum. No subsequent minimum.
Comments
Whitebox Tactical Opp Mutual Fund - Q2 Commentary:
http://www.whiteboxmutualfunds.com/content/assets/docs/newsletters/Whitebox-Tactical-Op-Newsletter_Q2_2012.pdf
Q2 Conference Call - Transcript:
http://www.whiteboxmutualfunds.com/content/assets/docs/Whitebox-tac-op-fund-Q2-2012-call.pdf
Also, WBMAX has a 4.5% load per the prospectus.
Here is link to prospectus:
http://www.whiteboxmutualfunds.com/content/assets/docs/Whitebox_Prospectus.pdf
From the prospectus:
Shareholder Fees (fees paid directly from your investment): Invstr Advisor Institutional
Maximum Sales Charge (Load) Imposed on Purchases (as a
percentage of offering price) ............................................. 4.50% None None
Maximum Deferred Sales Charge (Load) (as a percentage
of offering price or redemption proceeds, whichever is
lower) ................................................................................ 1.00% None None
Redemption Fee (as a percentage of amount redeemed
within 60 days of purchase) ............................................... 2.00% 2.00% 2.00%
Annual Fund Operating Expenses (expenses that you pay
each year as a percentage of the value of your investment):
Management Fee ................................................................ 1.00% 1.00% 1.00%
Service (12b-1) Fee ............................................................ 0.25% 0.25% None
Other Expenses1 ................................................................ 0.46% 0.46% 0.46%
Total annual fund operating expenses ............................... 1.71% 1.71% 1.46%
Less: Contractual fee and expense waivers2 ...................... 0.11% 0.11% 0.11%
Net annual fund operating expenses ............................... . 1.60% 1.60% 1.35%
1
Whitebox Tactical Opportunities Adv CL (WBMRX)
Minimum to Invest $2,500.00 ($2,500.00 for IRA)
Transaction Fee (online) None
Minimum Initial Investment $100,000
Minimum Retirement $2,500
Minimum Additional Investment $250
Minimum Automatic Account Builder $100
Simple IRA No
I tried to purchase ASFYX in my non-taxable Fido account, one order was less than $2,500 and the other for more than $2,500. Both orders was cancelled for no reason. Best thing is to run a test trade to see it the order is cancelled. I don't always believe what is posted for minimums.
TDA has WBMIX with no initial minimum plus T/F in non-taxable accounts, so far.
Minimums for Whitebox Tactical Opportunities fund:
Investor Shares:
Minimum Initial
Investment
$5,000 for all accounts
except:$1,000 for tax deferred
accounts.
Advisor Shares
Available to clients of
registered investment
advisors and participants in
certain employee benefit
plans. No minimum initial
investment for qualifying
investors.
Institutional Shares:
$5 million for institutions
and individuals. Also
available to clients of
registered investment
advisors and participants in
certain employee benefit
plans with collective
investments of at least $5
million.
Minimum Additional
Investment
$1,000 for all accounts
except:
$200 for tax deferred
accounts.
No subsequent minimum. No subsequent minimum.