ACIZX Fees and Costs — Alger Capital Appreciation Institutional Fund, Class Z-2
Data updated: 2026-09-25
The net expense ratio is 0.88%: a 0.78% management fee plus 0.15% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.4M in broker commissions, 0.0578% of average net assets, and portfolio turnover was 77%.
ACIZX Fees and Expenses
Annual operating expenses and sales charges of ACIZX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.78% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.15% |
| Gross expense ratio | 0.93% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.88% |
| 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 |
ACIZX Costs Over Time
On $10,000 invested in ACIZX, assuming 5% a year before costs, total costs come to $587 over 5 years, cutting the return by 0.98% 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 0.88%) | $92 | $288 | $501 |
| Trading costs (broker commissions) | $6 | $19 | $33 |
| Lost growth on money paid in costs | $0 | $15 | $54 |
| Total costs | $98 | $323 | $587 |
| Value after costs | $10,402 | $11,254 | $12,175 |
| Impact on return, per year | 0.98% | 0.98% | 0.98% |
ACIZX 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): 0.0578%
- Total broker commissions: $1.4M
- Bought from dealers (principal trades, not a cost): $65.4M
- Portfolio turnover (prospectus): 77%
- Securities lending: none during the year
ACIZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $351K | 28.90% |
| Fred Alger & Company, LLC | $235K | 19.34% |
| Pershing LLC | $234K | 19.32% |
| DINOSAUR FINANCIAL GROUP, L.L.C | $117K | 9.61% |
| NATIONAL FINANCIAL SERVICES LLC | $87K | 7.19% |
| MORGAN STANLEY & CO. LLC | $48K | 4.00% |
| WELLS FARGO SECURITIES, LLC | $39K | 3.24% |
| CITIGROUP GLOBAL MARKETS INC. | $36K | 2.96% |
| J.P. Morgan Securities LLC | $35K | 2.87% |
| Stifel, Nicolaus & Company, Incorporated | $31K | 2.58% |
ACIZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $35.8M | 54.77% |
| Databricks, Inc. | $22.8M | 34.92% |
| PIPER SANDLER & CO. | $3.6M | 5.43% |
| Fred Alger & Company, LLC | $1.9M | 2.92% |
| MORGAN STANLEY & CO. LLC | $815K | 1.25% |
| LPS Capital LLC | $423K | 0.65% |
| CitiGroup Global Markets Inc. | $46K | 0.07% |
Alger Capital Appreciation Institutional Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| ACAYX | Class Y | 0.87% | — |
| ACIZX | Class Z-2 | 0.88% | — |
| ALARX | Class I | 1.25% | — |
| ACARX | Class R | 1.70% | — |
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.