AVPIX Fees and Costs — VP Value Fund, Class I
Data updated: 2024-05-29
The net expense ratio is 0.71%: a 0.83% management fee plus 0.02% other expenses, less a 0.14% fee waiver. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $205K in broker commissions, 0.0228% of average net assets, and portfolio turnover was 49%.
AVPIX Fees and Expenses
Annual operating expenses and sales charges of AVPIX. Prospectus, as of April 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.83% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.85% |
| Fee waiver | −0.14% |
| Net expense ratio | 0.71% |
| 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 |
AVPIX Costs Over Time
On $10,000 invested in AVPIX, assuming 5% a year before costs, total costs come to $461 over 5 years, cutting the return by 0.77% 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 0.71%) | $75 | $233 | $406 |
| Trading costs (broker commissions) | $2 | $7 | $13 |
| Lost growth on money paid in costs | $0 | $12 | $42 |
| Total costs | $77 | $253 | $461 |
| Value after costs | $10,423 | $11,324 | $12,302 |
| Impact on return, per year | 0.77% | 0.77% | 0.77% |
AVPIX 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): 0.0228%
- Total broker commissions: $205K
- Bought from dealers (principal trades, not a cost): $5.2B
- Portfolio turnover (prospectus): 49%
- Securities on loan, average value: $3.2M
- Net income from securities lending: $37K (0.004% of average net assets)
AVPIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $23K | 15.01% |
| Sanford C. Bernstein | $22K | 14.23% |
| Bank of America Merrill Lynch | $21K | 13.74% |
| J.P. Morgan Securities | $16K | 10.62% |
| Goldman Sachs | $15K | 9.78% |
| Morgan Stanley | $14K | 9.13% |
| Evercore ISI Investment Group | $13K | 8.64% |
| Citigroup Capital Markets Inc | $13K | 8.19% |
| Wells Fargo Securities | $8K | 5.42% |
| UBS Warburg | $8K | 5.24% |
AVPIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets | $3.6B | 68.09% |
| BMO Capital Markets | $732.9M | 13.98% |
| J.P. Morgan Securities | $356.4M | 6.80% |
| Bank of America Merrill Lynch | $267.5M | 5.10% |
| Morgan Stanley | $207.8M | 3.96% |
| Goldman Sachs | $78.8M | 1.50% |
| Toronto-Dominion Corp | $20.5M | 0.39% |
| UBS Warburg | $9.3M | 0.18% |
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.