PRCHX Fees and Costs — T. Rowe Price Capital Appreciation and Income Fund, I Class
Data updated: 2026-08-27
The net expense ratio is 0.49%: a 0.44% management fee plus 0.16% other expenses, less a 0.11% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $16K in broker commissions, 0.0052% of average net assets, and portfolio turnover was 36%.
PRCHX Fees and Expenses
Annual operating expenses and sales charges of PRCHX. Prospectus, as of February 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.44% |
| 12b-1 fee | — |
| Other expenses | 0.16% |
| Gross expense ratio | 0.60% |
| Fee waiver | −0.11% |
| Net expense ratio | 0.49% |
| 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 |
PRCHX Costs Over Time
On $10,000 invested in PRCHX, assuming 5% a year before costs, total costs come to $313 over 5 years, cutting the return by 0.52% 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 0.49%) | $51 | $161 | $281 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $52 | $171 | $313 |
| Value after costs | $10,448 | $11,405 | $12,450 |
| Impact on return, per year | 0.52% | 0.52% | 0.52% |
PRCHX 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): 0.0052%
- Total broker commissions: $16K
- Bought from dealers (principal trades, not a cost): $153.6M
- Portfolio turnover (prospectus): 36%
- Securities lending: none during the year
PRCHX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $3K | 23.56% |
| BMO Capital Markets Corp. | $2K | 16.99% |
| RBC Capital Markets, LLC | $2K | 16.72% |
| J.P. MORGAN SECURITIES LLC | $1K | 8.48% |
| MORGAN STANLEY & CO. LLC | $1K | 7.63% |
| GOLDMAN SACHS & CO. LLC | $864 | 6.54% |
| EVERCORE GROUP L.L.C. | $788 | 5.97% |
| BARCLAYS CAPITAL INC. | $694 | 5.26% |
| BERNSTEIN INSTITUTIONAL SERVICES LLC | $599 | 4.54% |
| TD Securities Ltd. | $569 | 4.31% |
PRCHX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $29.7M | 20.35% |
| BOFA SECURITIES, INC. | $28.0M | 19.15% |
| GOLDMAN SACHS & CO. LLC | $22.6M | 15.51% |
| BARCLAYS CAPITAL INC. | $21.1M | 14.48% |
| J.P. MORGAN SECURITIES LLC | $17.4M | 11.92% |
| Citigroup Inc. | $15.8M | 10.84% |
| Nomura International PLC | $3.8M | 2.57% |
| WELLS FARGO SECURITIES, LLC | $3.1M | 2.14% |
| Deutsche Bank Securities Inc. | $2.3M | 1.57% |
| RBC Capital Markets, LLC | $2.2M | 1.48% |
T. Rowe Price Capital Appreciation and Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PRCHX | I Class | 0.49% | — |
| PRCFX | T. Rowe Price Capital Appreciation and Income Fund | 0.65% | — |
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.