VAVAX Fees and Costs — Value Fund
Data updated: 2021-04-29
The net expense ratio is 0.85%: a 0.78% management fee plus 0.17% other expenses, less a 0.10% fee waiver. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $46K in broker commissions, 0.0392% of average net assets, and portfolio turnover was 44%.
VAVAX Fees and Expenses
Annual operating expenses and sales charges of VAVAX. Prospectus, as of May 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.78% |
| 12b-1 fee | — |
| Other expenses | 0.17% |
| Gross expense ratio | 0.95% |
| Fee waiver | −0.10% |
| Net expense ratio | 0.85% |
| 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 |
VAVAX Costs Over Time
On $10,000 invested in VAVAX, assuming 5% a year before costs, total costs come to $557 over 5 years, cutting the return by 0.93% 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 0.85%) | $89 | $279 | $484 |
| Trading costs (broker commissions) | $4 | $13 | $22 |
| Lost growth on money paid in costs | $0 | $14 | $51 |
| Total costs | $93 | $306 | $557 |
| Value after costs | $10,407 | $11,270 | $12,205 |
| Impact on return, per year | 0.93% | 0.93% | 0.93% |
VAVAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0392%
- Total broker commissions: $46K
- Bought from dealers (principal trades, not a cost): $456.6M
- Portfolio turnover (prospectus): 44%
- Securities on loan, average value: $438K
- Net income from securities lending: $4K (0.004% of average net assets)
VAVAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Bofa Securities, Inc. | $10K | 25.70% |
| Goldman Sachs & Co. LLC | $7K | 17.11% |
| Credit Suisse Securities (USA) LLC | $6K | 15.81% |
| UBS Securities LLC | $3K | 8.98% |
| Cowen and Company, LLC | $3K | 7.88% |
| Morgan Stanley & Co. LLC | $2K | 5.94% |
| Citigroup Global Markets Inc. | $2K | 5.59% |
| J.P. Morgan Securities LLC | $2K | 5.57% |
| Robert W. Baird & Co. Incorporated | $2K | 4.07% |
| Wells Fargo Securities, LLC | $1K | 3.35% |
VAVAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $456.3M | 99.94% |
| Morgan Stanley & Co. LLC | $281K | 0.06% |
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.