VAPPX Performance — Capital Appreciation Fund
Data updated: 2026-09-28
VAPPX returned +7.44% year to date and +25.20% over one year to May 2026. Annualised returns are +24.90% over 3 years and +14.10% over 5 years. The fund beat its US Large Growth category average: $100 invested three years ago grew to $195, against $187 for the category, and to $125 over one year, against $125. Volatility over the past three years was 16.39% a year. In the 12 months to May 2026 the fund took in a net $61.5M, and assets reached $458.60M.
VAPPX Growth of $100
What $100 invested in Capital Appreciation Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Large Growth category average over the same months.
| Period | VAPPX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $125 | $125 |
| 3 years (Jun 2023 – May 2026) | $195 | $187 |
| 5 years (Jun 2021 – May 2026) | $193 | $176 |
| Since data start (Mar 2021 – May 2026) | $211 | $186 |
VAPPX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +7.44% |
| 1 year | +25.20% |
| 3 years (annualised) | +24.90% |
| 5 years (annualised) | +14.10% |
VAPPX Annual Returns
Calendar-year total returns of Capital Appreciation Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +7.44% |
| 2025 | +14.18% |
| 2024 | +31.81% |
| 2023 | +41.17% |
| 2022 | −25.84% |
| 2021 (Mar–Dec) | +24.55% |
VAPPX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −1.8% | −4.1% | −5.2% | +12.5% | +7.1% | — | — | — | — | — | — | — |
| 2025 | +2.1% | −4.1% | −8.9% | +2.1% | +7.6% | +6.0% | +2.3% | +1.1% | +4.3% | +4.2% | −2.1% | 0.0% |
| 2024 | +3.3% | +6.1% | +2.3% | −4.3% | +5.1% | +6.0% | −1.7% | +2.1% | +2.5% | 0.0% | +6.9% | +0.4% |
| 2023 | +8.5% | −2.1% | +6.0% | +1.1% | +2.9% | +6.5% | +3.8% | −1.1% | −4.6% | −1.3% | +11.0% | +5.4% |
| 2022 | −7.5% | −3.3% | +3.9% | −10.4% | −1.6% | −7.2% | +9.9% | −4.9% | −9.7% | +4.5% | +5.5% | −6.3% |
| 2021 | — | — | +2.3% | +6.2% | +0.4% | +5.0% | +3.1% | +3.2% | −6.0% | +6.0% | −1.2% | +3.8% |
VAPPX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 16.39%
- 3-year Sharpe ratio: 1.24 (vs 4.5% risk-free rate)
- Best month: +12.48% (Apr 2026)
- Worst month: −8.86% (Mar 2025)
VAPPX Fund Flows
Monthly money in and out of Capital Appreciation Fund, from SEC Form N-PORT.
- 12-month net flow: $61.5M
- 12-month gross sales (incl. reinvestments): $115.5M
- Sales ÷ redemptions: 2.14×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $2.5M | $6.9M | −$4.5M |
| Apr 2026 | $6.8M | $3.7M | $3.1M |
| Mar 2026 | $54.3M | $412K | $53.9M |
| Feb 2026 | $15.2M | $2.0M | $13.3M |
| Jan 2026 | $23.2M | $1.1M | $22.1M |
| Dec 2025 | $446K | $5.2M | −$4.7M |
| Nov 2025 | $834K | $5.0M | −$4.1M |
| Oct 2025 | $424K | $6.2M | −$5.7M |
| Sep 2025 | $205K | $7.9M | −$7.7M |
| Aug 2025 | $109K | $4.5M | −$4.3M |
| Jul 2025 | $2.2M | $9.1M | −$6.9M |
| Jun 2025 | $9.3M | $2.2M | $7.1M |
VAPPX Assets Under Management
Net assets of Capital Appreciation Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $458.60M |
| 2026-02-28 | $367.11M |
| 2025-11-30 | $358.73M |
| 2025-08-31 | $353.92M |
| 2025-05-31 | $326.29M |
| 2025-02-28 | $222.20M |
| 2024-11-30 | $235.32M |
| 2024-08-31 | $222.38M |
| 2024-05-31 | $213.18M |
| 2024-02-29 | $140.30M |
| 2023-11-30 | $67.99M |
| 2023-08-31 | $65.90M |
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.