VGPMX Fees and Costs — Vanguard Global Capital Cycles Fund, Investor Shares
Data updated: 2026-09-28
The net expense ratio is 0.42%: a 0.40% management fee plus 0.02% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1.5M in broker commissions, 0.0686% of average net assets, and portfolio turnover was 50%.
VGPMX Fees and Expenses
Annual operating expenses and sales charges of VGPMX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.42% |
| Fee waiver | — |
| Net expense ratio | 0.42% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VGPMX Costs Over Time
On $10,000 invested in VGPMX, assuming 5% a year before costs, total costs come to $309 over 5 years, cutting the return by 0.51% 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 0.42%) | $44 | $138 | $241 |
| Trading costs (broker commissions) | $7 | $23 | $39 |
| Lost growth on money paid in costs | $0 | $8 | $28 |
| Total costs | $51 | $169 | $309 |
| Value after costs | $10,449 | $11,407 | $12,454 |
| Impact on return, per year | 0.51% | 0.51% | 0.51% |
VGPMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending January 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0686%
- Total broker commissions: $1.5M
- Bought from dealers (principal trades, not a cost): $2.0B
- Portfolio turnover (prospectus): 50%
- Securities on loan, average value: $30.8M
- Net income from securities lending: $331K (0.015% of average net assets)
VGPMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA CORPORATION | $198K | 16.21% |
| Royal Bank of Canada | $190K | 15.57% |
| THE GOLDMAN SACHS GROUP, INC. | $186K | 15.25% |
| MORGAN STANLEY | $172K | 14.05% |
| JPMORGAN CHASE & CO. | $113K | 9.22% |
| UBS GROUP AG | $105K | 8.62% |
| JEFFERIES FINANCIAL GROUP INC. | $77K | 6.29% |
| CITIGROUP INC. | $73K | 5.99% |
| BARCLAYS PLC | $67K | 5.46% |
| Liberum Capital Inc | $41K | 3.36% |
VGPMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $2.0B | 99.32% |
| THE GOLDMAN SACHS GROUP, INC. | $13.3M | 0.68% |
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.