AVCIX Fees and Costs — VP Capital Appreciation Fund, Class I
Data updated: 2024-05-29
The net expense ratio is 0.92% (1.00% before fee waivers). There are no sales loads or redemption fees. In fiscal 2023 the fund paid $119K in broker commissions, 0.0270% of average net assets, and portfolio turnover was 52%.
AVCIX Fees and Expenses
Annual operating expenses and sales charges of AVCIX. Prospectus, as of April 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.00% |
| Fee waiver | −0.08% |
| Net expense ratio | 0.92% |
| 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 | No |
AVCIX Costs Over Time
On $10,000 invested in AVCIX, assuming 5% a year before costs, total costs come to $593 over 5 years, cutting the return by 0.99% 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 0.92%) | $97 | $302 | $523 |
| Trading costs (broker commissions) | $3 | $9 | $15 |
| Lost growth on money paid in costs | $0 | $15 | $54 |
| Total costs | $99 | $326 | $593 |
| Value after costs | $10,401 | $11,250 | $12,170 |
| Impact on return, per year | 0.99% | 0.99% | 0.99% |
AVCIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0270%
- Total broker commissions: $119K
- Bought from dealers (principal trades, not a cost): $1.9B
- Portfolio turnover (prospectus): 52%
- Securities on loan, average value: $1.6M
- Net income from securities lending: $9K (0.002% of average net assets)
AVCIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Warburg | $16K | 16.60% |
| Sanford C. Bernstein | $14K | 14.42% |
| Morgan Stanley | $13K | 13.94% |
| Jefferies LLC | $13K | 13.43% |
| Bank of America Merrill Lynch | $10K | 10.86% |
| Evercore ISI Investment Group | $7K | 7.49% |
| Robert W Baird | $6K | 6.59% |
| Goldman Sachs | $6K | 6.10% |
| J.P. Morgan Securities | $6K | 5.95% |
| Citigroup Capital Markets Inc | $4K | 4.63% |
AVCIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets | $1.6B | 80.58% |
| BMO Capital Markets | $309.8M | 15.92% |
| Goldman Sachs | $36.2M | 1.86% |
| J.P. Morgan Securities | $16.0M | 0.82% |
| Toronto-Dominion Corp | $6.8M | 0.35% |
| Bank of America Merrill Lynch | $4.6M | 0.24% |
| Morgan Stanley | $3.5M | 0.18% |
| Scotia Capital (USA) Inc. | $867K | 0.04% |
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.