VMNFX Fees and Costs — Vanguard Market Neutral Fund, Investor Shares
Data updated: 2026-08-28
The net expense ratio is 1.95%: a 0.16% management fee plus 1.79% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $400K in broker commissions, 0.1037% of average net assets, and portfolio turnover was 108%.
VMNFX Fees and Expenses
Annual operating expenses and sales charges of VMNFX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.16% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.79% |
| Gross expense ratio | 1.95% |
| Fee waiver | — |
| Net expense ratio | 1.95% |
| 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 |
VMNFX Costs Over Time
On $10,000 invested in VMNFX, assuming 5% a year before costs, total costs come to $1,258 over 5 years, cutting the return by 2.16% 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 1.95%) | $205 | $632 | $1,084 |
| Trading costs (broker commissions) | $11 | $34 | $58 |
| Lost growth on money paid in costs | $0 | $33 | $117 |
| Total costs | $216 | $699 | $1,258 |
| Value after costs | $10,284 | $10,878 | $11,505 |
| Impact on return, per year | 2.16% | 2.16% | 2.16% |
VMNFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1037%
- Total broker commissions: $400K
- Bought from dealers (principal trades, not a cost): $583.3M
- Portfolio turnover (prospectus): 108%
- Securities on loan, average value: $33K
- Net income from securities lending: $188 (0.000% of average net assets)
VMNFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES FINANCIAL GROUP INC. | $90K | 25.47% |
| BANK OF AMERICA CORPORATION | $48K | 13.52% |
| GUZMAN & COMPANY | $43K | 12.02% |
| ROSENBLATT SECURITIES INC. | $39K | 11.00% |
| Robert W. Baird & Co. Incorporated | $28K | 7.95% |
| WELLS FARGO & COMPANY | $26K | 7.46% |
| MORGAN STANLEY | $25K | 7.04% |
| Nomura Holdings, Inc. | $20K | 5.54% |
| Royal Bank of Canada | $18K | 5.02% |
| Piper Sandler & Co. | $18K | 4.97% |
VMNFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $583.3M | 100.00% |
Vanguard Market Neutral Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VMNIX | Institutional Shares | 1.89% | none |
| VMNFX | Investor Shares | 1.95% | 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.