PZHEX Fees and Costs — T. Rowe Price Hedged Equity Fund, Z Class
Data updated: 2026-08-27
The net expense ratio is 0.00%: a 0.44% management fee plus 0.02% other expenses, less a 0.46% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $741K in broker commissions, 0.0195% of average net assets, and portfolio turnover was 55%.
PZHEX Fees and Expenses
Annual operating expenses and sales charges of PZHEX. Prospectus, as of February 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.44% |
| 12b-1 fee | — |
| Other expenses | 0.02% |
| Gross expense ratio | 0.46% |
| Fee waiver | −0.46% |
| Net expense ratio | 0.00% |
| 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 |
PZHEX Costs Over Time
On $10,000 invested in PZHEX, assuming 5% a year before costs, total costs come to $12 over 5 years, cutting the return by 0.02% 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 0.00%) | $0 | $0 | $0 |
| Trading costs (broker commissions) | $2 | $6 | $11 |
| Lost growth on money paid in costs | $0 | $0 | $1 |
| Total costs | $2 | $7 | $12 |
| Value after costs | $10,498 | $11,569 | $12,750 |
| Impact on return, per year | 0.02% | 0.02% | 0.02% |
PZHEX 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): 0.0195%
- Total broker commissions: $741K
- Bought from dealers (principal trades, not a cost): $174.6M
- Portfolio turnover (prospectus): 55%
- Securities on loan, average value: $1.0M
- Net income from securities lending: $262 (0.000% of average net assets)
PZHEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $88K | 17.54% |
| MORGAN STANLEY & CO. LLC | $81K | 16.29% |
| Citigroup Inc. | $80K | 16.03% |
| BOFA SECURITIES, INC. | $69K | 13.75% |
| RBC Capital Markets, LLC | $43K | 8.68% |
| JEFFERIES LLC | $32K | 6.33% |
| GOLDMAN SACHS & CO. LLC | $30K | 5.96% |
| BARCLAYS CAPITAL INC. | $28K | 5.66% |
| UBS AG | $25K | 5.02% |
| EVERCORE GROUP L.L.C. | $24K | 4.74% |
PZHEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $37.0M | 21.99% |
| Nomura International PLC | $32.3M | 19.19% |
| Citigroup Inc. | $31.0M | 18.40% |
| J.P. MORGAN SECURITIES LLC | $22.4M | 13.30% |
| BARCLAYS CAPITAL INC. | $11.1M | 6.61% |
| Deutsche Bank Securities Inc. | $7.6M | 4.50% |
| BMO Capital Markets Corp. | $7.1M | 4.22% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $6.8M | 4.03% |
| ASL CAPITAL MARKETS INC. | $6.6M | 3.89% |
| CITADEL SECURITIES INSTITUTIONAL LLC | $6.5M | 3.87% |
T. Rowe Price Hedged Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PZHEX | Z Class | 0.00% | — |
| PHEIX | I Class | 0.49% | — |
| PHEFX | T. Rowe Price Hedged Equity Fund | 0.75% | — |
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.