JCAVX Fees and Costs — Capital Appreciation Value Fund, Class NAV
Data updated: 2026-07-27
The net expense ratio is 0.87%: a 0.83% management fee plus 0.05% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $185K in broker commissions, 0.0161% of average net assets, and portfolio turnover was 74%.
JCAVX Fees and Expenses
Annual operating expenses and sales charges of JCAVX. Prospectus, as of December 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.83% |
| 12b-1 fee | — |
| Other expenses | 0.05% |
| Gross expense ratio | 0.88% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.87% |
| Sales charges | |
|---|---|
| Max front load | — |
| 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 | No |
JCAVX Costs Over Time
On $10,000 invested in JCAVX, assuming 5% a year before costs, total costs come to $556 over 5 years, cutting the return by 0.93% 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 0.87%) | $91 | $285 | $495 |
| Trading costs (broker commissions) | $2 | $5 | $9 |
| Lost growth on money paid in costs | $0 | $14 | $51 |
| Total costs | $93 | $305 | $556 |
| Value after costs | $10,407 | $11,271 | $12,207 |
| Impact on return, per year | 0.93% | 0.93% | 0.93% |
JCAVX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0161%
- Total broker commissions: $185K
- Bought from dealers (principal trades, not a cost): $2.7B
- Portfolio turnover (prospectus): 74%
- Securities on loan, average value: $1.3M
- Net income from securities lending: $2K (0.000% of average net assets)
JCAVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $24K | 18.10% |
| Bank of Montreal | $19K | 14.24% |
| J.P. Morgan Securities LLC | $18K | 13.48% |
| Jefferies LLC | $17K | 13.14% |
| UBS AG | $11K | 8.30% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $10K | 7.37% |
| Pershing LLC | $10K | 7.36% |
| Citigroup Global Markets Holdings Inc. | $8K | 6.49% |
| Royal Bank of Canada | $8K | 5.99% |
| Goldman Sachs & Co. LLC | $7K | 5.52% |
JCAVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| T. Rowe Price Investment Services, Inc. | $939.6M | 34.83% |
| State Street Global Markets, LLC | $506.3M | 18.77% |
| Citigroup Global Markets Holdings Inc. | $303.0M | 11.23% |
| Barclays Bank PLC | $245.2M | 9.09% |
| Morgan Stanley & Co. LLC | $216.7M | 8.03% |
| J.P. Morgan Securities LLC | $207.4M | 7.69% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $205.3M | 7.61% |
| Goldman Sachs & Co. LLC | $41.0M | 1.52% |
| BNP Paribas | $20.2M | 0.75% |
| Wells Fargo Securities, LLC | $13.0M | 0.48% |
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.