# Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/vtclx 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: Thematic · Inception: 1994-09-06 This offering from Vanguard's suite of tax-optimized funds provides investors with exposure to U.S. equities, specifically targeting mid- and large-capitalization companies. It employs an index-replication strategy, striving to mirror its benchmark while actively seeking to suppress taxable capital gains and dividend payouts by selectively acquiring lower-dividend-paying stocks within the index. A notable risk for investors is the fund's allocation to mid-cap stocks, a segment typically prone to higher volatility than large-capitalization securities. This fund is generally suited for sophis... ## Key Facts | Metric | Value | |---|---| | Price | $391.16 | | Expense Ratio | 0.05% | | Assets Under Management | $30.20B | | NAV | $391.16 | | Holdings Count | 0 | | Distribution Yield (TTM) | 0.91% | | Annual Distribution (TTM) | $3.58 /share | | Distribution Frequency | Quarterly | | 52-Week Range | $327.00 – $401.36 | | Beta | 1.01 | ## Latest Distribution - Amount: $0.8928 /share - Ex-date: 2026-09-23 - Pay date: 2026-09-24 ## Frequently Asked Questions ### What does VTCLX invest in? This offering from Vanguard's suite of tax-optimized funds provides investors with exposure to U.S. equities, specifically targeting mid- and large-capitalization companies. It employs an index-replication strategy, striving to mirror its benchmark while actively seeking to suppress taxable capital gains and dividend payouts by selectively acquiring lower-dividend-paying stocks within the index. A notable risk for investors is the fund's allocation to mid-cap stocks, a segment typically prone to higher volatility than large-capitalization securities. This fund is generally suited for sophisticated investors in elevated tax brackets who possess a long-term investment horizon of at least five years and a robust appetite for risk, serving as a potential enhancement to a diversified investment strategy. However, it is crucial to recognize that the fund might not always achieve its intended tax-efficiency objective. Furthermore, specific investment limitations apply to three-quarters of its assets: it cannot acquire over 10% of any single issuer's outstanding voting shares, nor can more than 5% of the fund's total assets be allocated to one issuer's securities. These restrictions are waived if necessary to accurately track its target index and do not apply to investments in U.S. government debt instruments. ### What is the expense ratio of VTCLX? Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) charges an expense ratio of 0.05%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is VTCLX? Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) manages $30.20B in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is VTCLX actively managed or an index fund? VTCLX's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy. ### When was VTCLX launched? Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) launched in September 1994 and is managed by Vanguard. ### How has VTCLX performed? VTCLX'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 VTCLX pay a dividend? Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) currently distributes little or no income. Trailing-twelve-month yield is 0.91%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does VTCLX pay dividends? Vanguard Tax-Managed Capital Appreciation Fund Admiral 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 VTCLX's dividend yield? VTCLX's trailing-twelve-month yield is 0.91%, calculated from the sum of dividends over the past year divided by the current price. ### When is VTCLX's next ex-dividend date? The most recently announced ex-dividend date for VTCLX 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 VTCLX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.05% 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 VTCLX charge its expense ratio? The expense ratio is deducted in tiny daily slices from VTCLX'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 VTCLX cost more than a fund like VOO? VTCLX's strategy (current expense ratio 0.05%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where VTCLX sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to VTCLX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as VTCLX (0.05%) 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/vtclx - Distribution history: https://www.dividenddata.com/funds/vtclx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/vtclx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/vtclx/expenses - Peer comparison: https://www.dividenddata.com/funds/vtclx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.