VCSMX Fees and Costs — Small Cap Fund
Data updated: 2021-04-29
The net expense ratio is 0.93%: a 0.89% management fee plus 0.14% other expenses, less a 0.10% fee waiver. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $171K in broker commissions, 0.0608% of average net assets, and portfolio turnover was 25%.
VCSMX Fees and Expenses
Annual operating expenses and sales charges of VCSMX. Prospectus, as of May 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.89% |
| 12b-1 fee | — |
| Other expenses | 0.14% |
| Gross expense ratio | 1.03% |
| Fee waiver | −0.10% |
| Net expense ratio | 0.93% |
| 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 |
VCSMX Costs Over Time
On $10,000 invested in VCSMX, assuming 5% a year before costs, total costs come to $620 over 5 years, cutting the return by 1.04% 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 0.93%) | $98 | $305 | $528 |
| Trading costs (broker commissions) | $6 | $20 | $35 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $104 | $341 | $620 |
| Value after costs | $10,396 | $11,236 | $12,143 |
| Impact on return, per year | 1.04% | 1.04% | 1.04% |
VCSMX 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): 0.0608%
- Total broker commissions: $171K
- Bought from dealers (principal trades, not a cost): $1.5B
- Portfolio turnover (prospectus): 25%
- Securities on loan, average value: $31.5M
- Net income from securities lending: $331K (0.118% of average net assets)
VCSMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BTIG, LLC | $62K | 45.02% |
| JonesTrading Institutional Services LLC | $22K | 15.82% |
| Cowen and Company, LLC | $14K | 10.16% |
| Piper Sandler & Co. | $8K | 5.73% |
| Virtu Itg LLC | $8K | 5.59% |
| Jefferies LLC | $7K | 4.98% |
| SunTrust Robinson Humphrey, Inc. | $6K | 4.50% |
| Cantor Fitzgerald & Co. | $4K | 3.11% |
| Morgan Stanley & Co. LLC | $4K | 2.73% |
| Bofa Securities, Inc. | $3K | 2.37% |
VCSMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $1.4B | 98.57% |
| T. Rowe Price Investment Services, Inc. | $17.4M | 1.20% |
| J.P. Morgan Securities LLC | $846K | 0.06% |
| Goldman Sachs & Co. LLC | $672K | 0.05% |
| Citigroup Global Markets Inc. | $526K | 0.04% |
| Morgan Stanley & Co. LLC | $493K | 0.03% |
| Credit Suisse Securities (USA) LLC | $429K | 0.03% |
| Barclays Capital Inc. | $131K | 0.01% |
| Bofa Securities, Inc. | $80K | 0.01% |
| Cowen and Company, LLC | $67K | 0.00% |
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.