VFPIX Fees and Costs — Private Capital Management Value Fund, Class I
Data updated: 2026-09-22
The net expense ratio is 1.21%: a 0.90% management fee plus 0.46% other expenses, less a 0.16% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $63K in broker commissions, 0.0913% of average net assets, and portfolio turnover was 14%.
VFPIX Fees and Expenses
Annual operating expenses and sales charges of VFPIX. Prospectus, as of August 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | — |
| Other expenses | 0.46% |
| Gross expense ratio | 1.37% |
| Fee waiver | −0.16% |
| Net expense ratio | 1.21% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
VFPIX Costs Over Time
On $10,000 invested in VFPIX, assuming 5% a year before costs, total costs come to $809 over 5 years, cutting the return by 1.37% 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 1.21%) | $127 | $395 | $683 |
| Trading costs (broker commissions) | $10 | $30 | $52 |
| Lost growth on money paid in costs | $0 | $21 | $74 |
| Total costs | $137 | $446 | $809 |
| Value after costs | $10,363 | $11,130 | $11,954 |
| Impact on return, per year | 1.37% | 1.37% | 1.37% |
VFPIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0913%
- Total broker commissions: $63K
- Bought from dealers (principal trades, not a cost): $25.2M
- Portfolio turnover (prospectus): 14%
- Securities lending: none during the year
VFPIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NATIONAL FINANCIAL SERVICES LLC | $61K | 97.37% |
| CARNES CAPITAL CORPORATION | $2K | 2.63% |
Private Capital Management Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VFPIX | Class I | 1.21% | — |
| VFPAX | Class A | 1.45% | 5.00% |
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.