ACAAX Fees and Costs — Alger Capital Appreciation Fund, Class A
Data updated: 2026-09-25
The net expense ratio is 1.28%: a 0.80% management fee, a 0.25% 12b-1 fee plus 0.23% other expenses. This share class carries a maximum front-end sales load of 5.25%. In fiscal 2025 the fund paid $1.2M in broker commissions, 0.0549% of average net assets, and portfolio turnover was 76%.
ACAAX Fees and Expenses
Annual operating expenses and sales charges of ACAAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.23% |
| Gross expense ratio | 1.28% |
| Fee waiver | — |
| Net expense ratio | 1.28% |
| Sales charges | |
|---|---|
| Max front load | 5.25% |
| 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 |
ACAAX Costs Over Time
On $10,000 invested in ACAAX, assuming 5% a year before costs, total costs come to $1,456 over 5 years, cutting the return by 2.51% 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 |
| Sales charges | $525 | $525 | $525 |
| Fund expenses (net expense ratio 1.28%) | $127 | $396 | $684 |
| Trading costs (broker commissions) | $5 | $17 | $29 |
| Lost growth on money paid in costs | $26 | $103 | $217 |
| Total costs | $684 | $1,041 | $1,456 |
| Value after costs | $9,816 | $10,535 | $11,307 |
| Impact on return, per year | 6.84% | 3.25% | 2.51% |
ACAAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0549%
- Total broker commissions: $1.2M
- Bought from dealers (principal trades, not a cost): $133.7M
- Portfolio turnover (prospectus): 76%
- Securities lending: none during the year
ACAAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $299K | 29.43% |
| Pershing LLC | $208K | 20.47% |
| Fred Alger & Company, LLC | $179K | 17.61% |
| DINOSAUR FINANCIAL GROUP, L.L.C | $105K | 10.37% |
| NATIONAL FINANCIAL SERVICES LLC | $68K | 6.72% |
| MORGAN STANLEY & CO. LLC | $43K | 4.25% |
| WELLS FARGO SECURITIES, LLC | $33K | 3.24% |
| J.P. Morgan Securities LLC | $30K | 2.99% |
| Stifel, Nicolaus & Co., Inc. | $28K | 2.73% |
| UBS Securities LLC | $22K | 2.20% |
ACAAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $29.7M | 53.10% |
| Databricks, Inc. | $20.1M | 35.96% |
| PIPER SANDLER & CO. | $3.0M | 5.41% |
| Fred Alger & Company, LLC | $2.0M | 3.50% |
| MORGAN STANLEY & CO. LLC | $734K | 1.31% |
| LPS Capital LLC | $356K | 0.64% |
| CitiGroup Global Markets Inc. | $41K | 0.07% |
Alger Capital Appreciation Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| ACAZX | Class Z | 0.91% | — |
| ACAAX | Class A | 1.28% | 5.25% |
| ALCCX | Class C | 2.05% | none |
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.