Registry rank 261 · Portfolio as of 2026-03-31

VANGUARD TAX-MANAGED CAPITAL APPRECIATION FUND

VTCIX · VTCLX

Best-fit active share8.5%vs IWB · fund as of 2026-03-31 · proxy as of 2026-03-31

Declared-benchmark active shareNot filed yetNo mapped declared benchmark

VTCIX expense ratio0.03%SEC expense filing · as of 2025-12-31

VTCIX fee per active unit0.35%expense as of 2025-12-31; fund as of 2026-03-31; proxy as of 2026-03-31

Filed fees in dollars

Assumptions for each dollar figure: $100,000 starting amount · 5.0% annual return · annual compounding · fees deducted annually · 0.00% computed index-control baseline. Methodology.

Illustrated difference between each class’s filed expense ratio and the computed index-control baseline.
Share class and filing	10 years	20 years	30 years
VTCIX0.03% · SEC expense filing · as of 2025-12-31	$465	$1,512	$3,689
VTCLX0.05% · SEC expense filing · as of 2025-12-31	$774	$2,516	$6,132

These figures are illustrations, not predictions or personalized advice. Returns and fees can differ. Read the research disclaimer.

Change the illustration

Share classStarting amount ($)YearsAnnual return (%)

Assumptions for the dollar figures below: $100,000 starting amount; 5.0% annual return; 20 years; annual compounding; fees deducted annually; 0.00% computed index-control baseline. VTCIX SEC expense filing, as of 2025-12-31. Methodology.

Illustration for VTCIX; expense ratio filed as of 2025-12-31.
Result	Amount
Ending value at baseline	$265,330
Ending value at filed expense ratio	$263,818
Difference attributed to fee drag	$1,512

This is an illustration, not a prediction or personalized advice. Returns and fees can differ. Read the research disclaimer.

Largest active differences vs IWB

The bars are labeled and repeated in the table; color is not the only signal. Linked company names open Buy Like Buffett’s company record; Sensible Investor does not score stocks.

THE PROGRESSIVE CORPORATION+0.18%

BERKSHIRE HATHAWAY INC.+0.16%

MORGAN STANLEY+0.16%

BLACKSTONE INC.-0.14%

LAM RESEARCH CORPORATION+0.13%

KLA CORPORATION+0.13%

Altria Group, Inc.-0.12%

PFIZER INC.-0.11%

CRH PUBLIC LIMITED COMPANY-0.11%

KINDER MORGAN, INC.-0.10%

Holding	Fund	IWB	Difference
THE PROGRESSIVE CORPORATION	0.37%	0.19%	+0.18%
BERKSHIRE HATHAWAY INC.	1.64%	1.48%	+0.16%
MORGAN STANLEY	0.47%	0.31%	+0.16%
BLACKSTONE INC.	0.00%	0.14%	-0.14%
LAM RESEARCH CORPORATION	0.58%	0.45%	+0.13%
KLA CORPORATION	0.45%	0.32%	+0.13%
Altria Group, Inc.	0.06%	0.19%	-0.12%
PFIZER INC.	0.15%	0.27%	-0.11%
CRH PUBLIC LIMITED COMPANY	0.01%	0.12%	-0.11%
KINDER MORGAN, INC.	0.00%	0.11%	-0.10%

Source and verification

SEC N-PORT filing · filed 2026-05-28 · period 2026-03-31

SEC expense filing · period 2025-12-31

Immutable verification record · Active-share method