TRAIX Fees and Costs — T. Rowe Price Capital Appreciation Fund, I Class
Data updated: 2026-08-27
The net expense ratio is 0.58%: a 0.58% management fee plus 0.02% other expenses, less a 0.03% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $11.5M in broker commissions, 0.0170% of average net assets, and portfolio turnover was 125%.
TRAIX Fees and Expenses
Annual operating expenses and sales charges of TRAIX. Prospectus, as of February 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.58% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.61% |
| Fee waiver | −0.03% |
| Net expense ratio | 0.58% |
| 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 |
TRAIX Costs Over Time
On $10,000 invested in TRAIX, assuming 5% a year before costs, total costs come to $376 over 5 years, cutting the return by 0.63% 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 0.58%) | $61 | $191 | $332 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $0 | $10 | $34 |
| Total costs | $63 | $206 | $376 |
| Value after costs | $10,437 | $11,370 | $12,386 |
| Impact on return, per year | 0.63% | 0.63% | 0.63% |
TRAIX 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): 0.0170%
- Total broker commissions: $11.5M
- Bought from dealers (principal trades, not a cost): $68.1B
- Portfolio turnover (prospectus): 125%
- Securities lending: none during the year
TRAIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $1.6M | 18.49% |
| J.P. MORGAN SECURITIES LLC | $1.4M | 16.82% |
| JEFFERIES LLC | $1.1M | 12.42% |
| BMO Capital Markets Corp. | $1.0M | 12.04% |
| UBS AG | $876K | 10.19% |
| RBC Capital Markets, LLC | $682K | 7.93% |
| GOLDMAN SACHS & CO. LLC | $653K | 7.60% |
| BARCLAYS CAPITAL INC. | $438K | 5.10% |
| BOFA SECURITIES, INC. | $422K | 4.91% |
| STIFEL NICOLAUS EUROPE LIMITED | $387K | 4.51% |
TRAIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Citigroup Inc. | $16.3B | 24.37% |
| J.P. MORGAN SECURITIES LLC | $13.1B | 19.60% |
| MORGAN STANLEY & CO. LLC | $12.8B | 19.19% |
| BARCLAYS CAPITAL INC. | $10.3B | 15.43% |
| BOFA SECURITIES, INC. | $8.3B | 12.41% |
| BNP PARIBAS | $2.5B | 3.74% |
| GOLDMAN SACHS & CO. LLC | $1.9B | 2.84% |
| WELLS FARGO SECURITIES, LLC | $835.7M | 1.25% |
| RBC Capital Markets, LLC | $414.6M | 0.62% |
| Nomura International PLC | $367.2M | 0.55% |
T. Rowe Price Capital Appreciation Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TRAIX | I Class | 0.58% | — |
| PRWCX | T. Rowe Price Capital Appreciation Fund | 0.71% | — |
| PACLX | Advisor Class | 0.98% | — |
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.