VHCOX Fees and Costs — Vanguard Capital Opportunity Fund, Investor Shares
Data updated: 2026-08-28
The net expense ratio is 0.40%: a 0.39% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3.1M in broker commissions, 0.0138% of average net assets, and portfolio turnover was 11%.
VHCOX Fees and Expenses
Annual operating expenses and sales charges of VHCOX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.39% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.40% |
| Fee waiver | — |
| Net expense ratio | 0.40% |
| 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 |
VHCOX Costs Over Time
On $10,000 invested in VHCOX, assuming 5% a year before costs, total costs come to $262 over 5 years, cutting the return by 0.43% 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 0.40%) | $42 | $132 | $230 |
| Trading costs (broker commissions) | $1 | $5 | $8 |
| Lost growth on money paid in costs | $0 | $7 | $24 |
| Total costs | $43 | $143 | $262 |
| Value after costs | $10,457 | $11,433 | $12,501 |
| Impact on return, per year | 0.43% | 0.43% | 0.43% |
VHCOX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0138%
- Total broker commissions: $3.1M
- Bought from dealers (principal trades, not a cost): $8.5B
- Portfolio turnover (prospectus): 11%
- Securities on loan, average value: $216.2M
- Net income from securities lending: $2.9M (0.013% of average net assets)
VHCOX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA CORPORATION | $748K | 28.67% |
| MORGAN STANLEY | $373K | 14.30% |
| JPMORGAN CHASE & CO. | $263K | 10.10% |
| CITIGROUP INC. | $253K | 9.72% |
| BARCLAYS PLC | $249K | 9.55% |
| THE BANK OF NEW YORK MELLON CORPORATION | $222K | 8.52% |
| Cowen and Company, LLC | $156K | 5.99% |
| EVERCORE GROUP L.L.C. | $130K | 4.99% |
| Luminex Trading & Analytics LLC | $112K | 4.29% |
| JEFFERIES FINANCIAL GROUP INC. | $101K | 3.87% |
VHCOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $8.4B | 99.32% |
| Cowen and Company, LLC | $51.0M | 0.60% |
| MORGAN STANLEY | $6.2M | 0.07% |
Vanguard Capital Opportunity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VHCAX | Admiral Shares | 0.32% | none |
| VHCOX | Investor Shares | 0.40% | none |
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.