PNAIX Fees and Costs — T. Rowe Price All-Cap Opportunities Fund, I Class
Data updated: 2026-08-27
The net expense ratio is 0.66%: a 0.63% management fee plus 0.03% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3.5M in broker commissions, 0.0216% of average net assets, and portfolio turnover was 104%.
PNAIX Fees and Expenses
Annual operating expenses and sales charges of PNAIX. Prospectus, as of December 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.63% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.03% |
| Gross expense ratio | 0.66% |
| Fee waiver | — |
| Net expense ratio | 0.66% |
| 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 |
PNAIX Costs Over Time
On $10,000 invested in PNAIX, assuming 5% a year before costs, total costs come to $429 over 5 years, cutting the return by 0.72% 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 0.66%) | $69 | $217 | $377 |
| Trading costs (broker commissions) | $2 | $7 | $12 |
| Lost growth on money paid in costs | $0 | $11 | $39 |
| Total costs | $72 | $235 | $429 |
| Value after costs | $10,428 | $11,341 | $12,334 |
| Impact on return, per year | 0.72% | 0.72% | 0.72% |
PNAIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0216%
- Total broker commissions: $3.5M
- Bought from dealers (principal trades, not a cost): $233.9M
- Portfolio turnover (prospectus): 104%
- Securities lending: none during the year
PNAIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $488K | 19.14% |
| MORGAN STANLEY & CO. LLC | $337K | 13.22% |
| JEFFERIES LLC | $281K | 11.02% |
| TD Securities Ltd. | $259K | 10.17% |
| J.P. MORGAN SECURITIES LLC | $226K | 8.89% |
| GOLDMAN SACHS & CO. LLC | $216K | 8.49% |
| RBC Capital Markets, LLC | $212K | 8.32% |
| EVERCORE GROUP L.L.C. | $181K | 7.09% |
| Virtu ITG Hong Kong Limited | $180K | 7.05% |
| UBS AG | $168K | 6.60% |
PNAIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $139.5M | 62.57% |
| TD Securities Ltd. | $22.7M | 10.17% |
| GOLDMAN SACHS & CO. LLC | $17.9M | 8.03% |
| BOFA SECURITIES, INC. | $13.4M | 6.00% |
| MORGAN STANLEY & CO. LLC | $9.7M | 4.37% |
| JEFFERIES LLC | $7.2M | 3.22% |
| WELLS FARGO SECURITIES, LLC | $4.0M | 1.77% |
| Guggenheim Securities, LLC | $3.6M | 1.63% |
| LEERINK PARTNERS LLC | $2.7M | 1.20% |
| CANTOR FITZGERALD & CO. | $2.3M | 1.03% |
T. Rowe Price All-Cap Opportunities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PNZAX | Z Class | 0.00% | — |
| PNAIX | I Class | 0.66% | — |
| PRWAX | T. Rowe Price All-Cap Opportunities Fund | 0.79% | — |
| PAWAX | Advisor Class | 1.05% | — |
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.