# Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/vtcix for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Vanguard · Asset class: Large Cap Equity - Strategy: Passive Index · Inception: 1999-02-24 This Vanguard offering is part of their collection of tax-advantaged investment products, granting shareholders exposure to companies of both medium and large market capitalizations within the United States. It employs an index-replication strategy, aiming to mirror its benchmark while strategically reducing investors' potential tax liability from capital gains and dividends by prioritizing index components that distribute lower dividends. A key risk associated with this fund is its allocation to mid-cap stocks, which inherently tend to experience greater price volatility compared to larger... ## Key Facts | Metric | Value | |---|---| | Price | $197.28 | | Expense Ratio | 0.03% | | AUM (All Share Classes) | $30.20B | | NAV | $197.28 | | Holdings Count | 838 | | Distribution Yield (TTM) | 0.92% | | Annual Distribution (TTM) | $1.82 /share | | Distribution Frequency | Quarterly | | 52-Week Range | $162.46 – $199.41 | | Beta | 1.01 | ## Latest Distribution - Amount: $0.4535 /share - Ex-date: 2026-09-23 - Pay date: 2026-09-24 ## Frequently Asked Questions ### What does VTCIX invest in? This Vanguard offering is part of their collection of tax-advantaged investment products, granting shareholders exposure to companies of both medium and large market capitalizations within the United States. It employs an index-replication strategy, aiming to mirror its benchmark while strategically reducing investors' potential tax liability from capital gains and dividends by prioritizing index components that distribute lower dividends. A key risk associated with this fund is its allocation to mid-cap stocks, which inherently tend to experience greater price volatility compared to larger, more established companies. Individuals in higher tax brackets who possess a long-term investment horizon, typically five years or more, and a substantial tolerance for risk, may find this fund to be a valuable complement to a well-diversified portfolio. However, it's crucial to understand that the fund's objective of achieving tax efficiency is not guaranteed. Regarding 75% of its total assets, the fund is subject to specific limitations: it is prohibited from acquiring more than 10% of the outstanding voting shares of any single issuer, and it cannot invest more than 5% of its overall assets in the securities of any one issuer. These rules may be waived only when essential for aligning the fund's composition with its target index. Importantly, these restrictions do not extend to investments in obligations issued by the U.S. government or its various agencies and instrumentalities. ### What is the expense ratio of VTCIX? Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) charges an expense ratio of 0.03%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is VTCIX? Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) is one share class of a fund that manages $30.20B across all of its share classes (VTCLX reports the same total). Our data does not carry the assets of this share class alone. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is VTCIX actively managed or an index fund? VTCIX is a passive index fund. It tracks a published benchmark by holding the constituents in their published weights. Index funds typically charge low expense ratios (VTCIX's is 0.03%) because there's no security selection cost. ### When was VTCIX launched? Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) launched in February 1999 and is managed by Vanguard. ### How has VTCIX performed? VTCIX's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon. ### Does VTCIX pay a dividend? Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) currently distributes little or no income. Trailing-twelve-month yield is 0.92%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does VTCIX pay dividends? Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares pays dividends Quarterly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is VTCIX's dividend yield? VTCIX's trailing-twelve-month yield is 0.92%, calculated from the sum of dividends over the past year divided by the current price. ### When is VTCIX's next ex-dividend date? The most recently announced ex-dividend date for VTCIX was 2026-09-23. The next ex-date typically follows Quarterly; once announced it appears at the top of the dividend history table on this page. ### How much will VTCIX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.03% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does VTCIX charge its expense ratio? The expense ratio is deducted in tiny daily slices from VTCIX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does VTCIX cost more than a fund like VOO? VTCIX is a passive index fund (current expense ratio 0.03%). Differences from broad-market ETFs like VOO usually come from index licensing fees, asset class (bond funds typically run cheaper than equity), or fund scale (smaller funds spread fixed operating costs across less AUM). ### Are there cheaper alternatives to VTCIX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as VTCIX (0.03%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/vtcix - Distribution history: https://www.dividenddata.com/funds/vtcix/dividend - Holdings & diversification: https://www.dividenddata.com/funds/vtcix/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/vtcix/expenses - Peer comparison: https://www.dividenddata.com/funds/vtcix/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.