UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file Number 811-02277
Value Line Capital Appreciation Fund, Inc.
(Exact name of registrant as specified in charter)
1605 Main Street, Sarasota, FL 34236
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 212-907-1900
Date of fiscal year end: December 31, 2025
Date of reporting period: December 31, 2025
Item I. Reports to Stockholders.
| (a) | A copy of the Tailored Shareholder Report to Stockholders for the period ended 12/31/25 is included with this Form. |
Value Line Capital Appreciation Fund, Inc.
Institutional Class VLIIX
What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$ |
How did the Fund perform last year?
The Fund's Institutional Class generated a total return of 21.07% during the 12 months ended December 31, 2025.
• The Fund outperformed its blended benchmark. Asset Allocation, i.e., being overweight equities and underweight fixed income, helped. The Fund’s equity portfolio outperformed the S&P 500® Index, due to stock selection, sector allocation decisions and growth stocks’ strong performance. The Fund’s fixed income portfolio modestly outperformed the Bloomberg Index.
• The Fund’s equity portfolio was boosted most by stock selection in financials, health care and information technology and by an overweight to information technology. The only sector that detracted was energy, wherein stock selection was weak.
• Stocks contributing most positively were Micron Technology and Advanced Micro Devices, each a semiconductor company, and Robinhood Markets, a financial services platform operator. Micron Technology benefited from AI-driven demand for its memory chips. Advanced Micro Devices gained on its AI partnerships and demand for its AI accelerators. Robinhood Markets rose on product diversification, market expansion and inclusion in the S&P 500® Index in September 2025
• Detracting most were out-of-Index positions in Strategy and Coinbase Global and an overweight in Chipotle Mexican Grill. Strategy, an enterprise analytics software provider that invests in Bitcoin, was hurt by Bitcoin’s price volatility and investor concerns about financing Bitcoin purchases. Coinbase Global, a crypto exchange and technology company, was affected by broader crypto market declines. Chipotle Mexican Grill, a fast-casual restaurant chain operator, saw increasing costs, margin pressures and weaker traffic trends. We sold the Fund’s position in Chipotle Mexican Grill.
• The fixed income portion of the Fund was helped most by sector allocation decisions. Overweights in corporate bonds, particularly BBB-rated bonds, and an underweight to U.S. Treasuries contributed most positively. Yield curve positioning also added value. An underweight to securitized debt and duration positioning modestly detracted.
Total Return based on a $10,000 Investment
12/15 |
$ |
$ |
$ |
|---|---|---|---|
01/16 |
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02/16 |
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03/16 |
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04/16 |
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05/16 |
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06/16 |
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07/16 |
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08/16 |
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09/16 |
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10/16 |
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11/16 |
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12/16 |
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01/17 |
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02/17 |
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03/17 |
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04/17 |
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05/17 |
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06/17 |
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07/17 |
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08/17 |
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09/17 |
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10/17 |
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11/17 |
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12/17 |
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01/18 |
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02/18 |
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03/18 |
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04/18 |
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05/18 |
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06/18 |
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07/18 |
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08/18 |
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09/18 |
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10/18 |
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11/18 |
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12/18 |
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01/19 |
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02/19 |
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03/19 |
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04/19 |
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05/19 |
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06/19 |
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07/19 |
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08/19 |
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09/19 |
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10/19 |
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11/19 |
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12/19 |
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01/20 |
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02/20 |
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03/20 |
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04/20 |
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05/20 |
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07/20 |
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08/20 |
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09/20 |
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10/20 |
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11/20 |
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12/20 |
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01/21 |
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02/21 |
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03/21 |
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04/21 |
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05/21 |
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06/21 |
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07/21 |
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08/21 |
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09/21 |
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10/21 |
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11/21 |
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12/21 |
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01/22 |
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02/22 |
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03/22 |
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04/22 |
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05/22 |
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06/22 |
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07/22 |
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08/22 |
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09/22 |
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10/22 |
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11/22 |
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12/22 |
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01/23 |
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02/23 |
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03/23 |
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04/23 |
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05/23 |
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06/23 |
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07/23 |
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08/23 |
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09/23 |
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10/23 |
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11/23 |
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12/23 |
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01/24 |
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02/24 |
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03/24 |
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04/24 |
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05/24 |
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06/24 |
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07/24 |
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08/24 |
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09/24 |
$ |
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10/24 |
$ |
$ |
$ |
11/24 |
$ |
$ |
$ |
12/24 |
$ |
$ |
$ |
01/25 |
$ |
$ |
$ |
02/25 |
$ |
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03/25 |
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04/25 |
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05/25 |
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06/25 |
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07/25 |
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08/25 |
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$ |
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09/25 |
$ |
$ |
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10/25 |
$ |
$ |
$ |
11/25 |
$ |
$ |
$ |
12/25 |
$ |
$ |
$ |
The S&P 500® Index is an unmanaged index that is representative of the larger-capitalization stocks traded in the United States.
The 60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index is an unmanaged blended index which consists of a 60% weighting of the S&P 500® Index representative of the larger capitalization stocks traded in the United States and a 40% weighting of the Bloomberg US Aggregate Bond Index which is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage Backed Securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), Asset Backed Securities (ABS), and Commercial Mortgage Backed Securities (CMBS).
Average Annual Total Returns (%)
AATR |
1 Year |
5 Years |
10 Years |
|---|---|---|---|
Institutional Class |
|||
S&P 500® Index |
|||
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index |
The performance data quoted represent past performance and are no guarantee of future performance. The investment return and principal value of an investment will fluctuate so that an investment, when redeemed, may be worth more or less than its original cost. The performance data includes reinvestments of all dividends and distributions but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Value Line Capital Appreciation Fund, Inc.
Key Fund Statistics
Total Net Assets |
$ |
|---|---|
# of Portfolio Holdings |
|
Portfolio Turnover Rate |
|
Total Advisory Fees Paid |
$ |
Fund Holdings
Ten Largest Holdings (% of Net Assets)*
NVIDIA Corp. |
|
|---|---|
Alphabet, Inc. |
|
Meta Platforms, Inc. |
|
Advanced Micro Devices, Inc. |
|
Amazon.com, Inc. |
|
Micron Technology, Inc. |
|
Broadcom, Inc. |
|
Microsoft Corp. |
|
Uber Technologies, Inc. |
|
AppLovin Corp. |
Asset Allocation (% of Net Assets)
Value |
Value |
|---|---|
Common Stocks |
|
Bonds & Notes |
|
Cash & Other Assets - Net |
Common Stock Sectors (% of Common Stocks)*
Information Technology |
|
|---|---|
Communication Services |
|
Financials |
|
Consumer Discretionary |
|
Healthcare |
|
Industrials |
|
Energy |
* Excludes Short-term Investments, if any.
Bonds & Notes Sectors (% of Bonds & Notes)*
Government |
|
|---|---|
Residential Mortgage-Backed Securities |
|
Financial |
|
Consumer, Non-cyclical |
|
Energy |
|
Communications |
|
Technology |
|
Basic Materials |
|
Consumer, Cyclical |
|
Utilities |
|
Industrial |
|
Commercial Mortgage-Backed Securities |
|
Collateralized Mortgage Obligations |
* Excludes Short-term Investments, if any.
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please scan the QR code, visit www.vlfunds.com, email
Value Line Capital Appreciation Fund, Inc.
Annual Shareholder Report
December 31, 2025
Value Line Capital Appreciation Fund, Inc.
Investor Class VALIX
What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)
Class Name |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Class |
$ |
How did the Fund perform last year?
The Fund's Investor Class generated a total return of 20.87% during the 12 months ended December 31, 2025.
• The Fund outperformed its blended benchmark. Asset Allocation, i.e., being overweight equities and underweight fixed income, helped. The Fund’s equity portfolio outperformed the S&P 500® Index, due to stock selection, sector allocation decisions and growth stocks’ strong performance. The Fund’s fixed income portfolio modestly outperformed the Bloomberg Index.
• The Fund’s equity portfolio was boosted most by stock selection in financials, health care and information technology and by an overweight to information technology. The only sector that detracted was energy, wherein stock selection was weak.
• Stocks contributing most positively were Micron Technology and Advanced Micro Devices, each a semiconductor company, and Robinhood Markets, a financial services platform operator. Micron Technology benefited from AI-driven demand for its memory chips. Advanced Micro Devices gained on its AI partnerships and demand for its AI accelerators. Robinhood Markets rose on product diversification, market expansion and inclusion in the S&P 500® Index in September 2025
• Detracting most were out-of-Index positions in Strategy and Coinbase Global and an overweight in Chipotle Mexican Grill. Strategy, an enterprise analytics software provider that invests in Bitcoin, was hurt by Bitcoin’s price volatility and investor concerns about financing Bitcoin purchases. Coinbase Global, a crypto exchange and technology company, was affected by broader crypto market declines. Chipotle Mexican Grill, a fast-casual restaurant chain operator, saw increasing costs, margin pressures and weaker traffic trends. We sold the Fund’s position in Chipotle Mexican Grill.
• The fixed income portion of the Fund was helped most by sector allocation decisions. Overweights in corporate bonds, particularly BBB-rated bonds, and an underweight to U.S. Treasuries contributed most positively. Yield curve positioning also added value. An underweight to securitized debt and duration positioning modestly detracted.
Total Return based on a $10,000 Investment
12/15 |
$ |
$ |
$ |
|---|---|---|---|
01/16 |
$ |
$ |
$ |
02/16 |
$ |
$ |
$ |
03/16 |
$ |
$ |
$ |
04/16 |
$ |
$ |
$ |
05/16 |
$ |
$ |
$ |
06/16 |
$ |
$ |
$ |
07/16 |
$ |
$ |
$ |
08/16 |
$ |
$ |
$ |
09/16 |
$ |
$ |
$ |
10/16 |
$ |
$ |
$ |
11/16 |
$ |
$ |
$ |
12/16 |
$ |
$ |
$ |
01/17 |
$ |
$ |
$ |
02/17 |
$ |
$ |
$ |
03/17 |
$ |
$ |
$ |
04/17 |
$ |
$ |
$ |
05/17 |
$ |
$ |
$ |
06/17 |
$ |
$ |
$ |
07/17 |
$ |
$ |
$ |
08/17 |
$ |
$ |
$ |
09/17 |
$ |
$ |
$ |
10/17 |
$ |
$ |
$ |
11/17 |
$ |
$ |
$ |
12/17 |
$ |
$ |
$ |
01/18 |
$ |
$ |
$ |
02/18 |
$ |
$ |
$ |
03/18 |
$ |
$ |
$ |
04/18 |
$ |
$ |
$ |
05/18 |
$ |
$ |
$ |
06/18 |
$ |
$ |
$ |
07/18 |
$ |
$ |
$ |
08/18 |
$ |
$ |
$ |
09/18 |
$ |
$ |
$ |
10/18 |
$ |
$ |
$ |
11/18 |
$ |
$ |
$ |
12/18 |
$ |
$ |
$ |
01/19 |
$ |
$ |
$ |
02/19 |
$ |
$ |
$ |
03/19 |
$ |
$ |
$ |
04/19 |
$ |
$ |
$ |
05/19 |
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$ |
$ |
06/19 |
$ |
$ |
$ |
07/19 |
$ |
$ |
$ |
08/19 |
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$ |
$ |
09/19 |
$ |
$ |
$ |
10/19 |
$ |
$ |
$ |
11/19 |
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$ |
$ |
12/19 |
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$ |
$ |
01/20 |
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$ |
$ |
02/20 |
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$ |
$ |
03/20 |
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$ |
$ |
04/20 |
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$ |
$ |
05/20 |
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$ |
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06/20 |
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07/20 |
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08/20 |
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$ |
$ |
09/20 |
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10/20 |
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11/20 |
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$ |
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12/20 |
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01/21 |
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02/21 |
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$ |
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03/21 |
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04/21 |
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$ |
$ |
05/21 |
$ |
$ |
$ |
06/21 |
$ |
$ |
$ |
07/21 |
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$ |
$ |
08/21 |
$ |
$ |
$ |
09/21 |
$ |
$ |
$ |
10/21 |
$ |
$ |
$ |
11/21 |
$ |
$ |
$ |
12/21 |
$ |
$ |
$ |
01/22 |
$ |
$ |
$ |
02/22 |
$ |
$ |
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03/22 |
$ |
$ |
$ |
04/22 |
$ |
$ |
$ |
05/22 |
$ |
$ |
$ |
06/22 |
$ |
$ |
$ |
07/22 |
$ |
$ |
$ |
08/22 |
$ |
$ |
$ |
09/22 |
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$ |
$ |
10/22 |
$ |
$ |
$ |
11/22 |
$ |
$ |
$ |
12/22 |
$ |
$ |
$ |
01/23 |
$ |
$ |
$ |
02/23 |
$ |
$ |
$ |
03/23 |
$ |
$ |
$ |
04/23 |
$ |
$ |
$ |
05/23 |
$ |
$ |
$ |
06/23 |
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$ |
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07/23 |
$ |
$ |
$ |
08/23 |
$ |
$ |
$ |
09/23 |
$ |
$ |
$ |
10/23 |
$ |
$ |
$ |
11/23 |
$ |
$ |
$ |
12/23 |
$ |
$ |
$ |
01/24 |
$ |
$ |
$ |
02/24 |
$ |
$ |
$ |
03/24 |
$ |
$ |
$ |
04/24 |
$ |
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05/24 |
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06/24 |
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07/24 |
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08/24 |
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09/24 |
$ |
$ |
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10/24 |
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$ |
$ |
11/24 |
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$ |
$ |
12/24 |
$ |
$ |
$ |
01/25 |
$ |
$ |
$ |
02/25 |
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$ |
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03/25 |
$ |
$ |
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04/25 |
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$ |
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05/25 |
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$ |
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06/25 |
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$ |
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07/25 |
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$ |
$ |
08/25 |
$ |
$ |
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09/25 |
$ |
$ |
$ |
10/25 |
$ |
$ |
$ |
11/25 |
$ |
$ |
$ |
12/25 |
$ |
$ |
$ |
The S&P 500® Index is an unmanaged index that is representative of the larger-capitalization stocks traded in the United States.
The 60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index is an unmanaged blended index which consists of a 60% weighting of the S&P 500® Index representative of the larger capitalization stocks traded in the United States and a 40% weighting of the Bloomberg US Aggregate Bond Index which is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage Backed Securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), Asset Backed Securities (ABS), and Commercial Mortgage Backed Securities (CMBS).
Average Annual Total Returns (%)
AATR |
1 Year |
5 Years |
10 Years |
|---|---|---|---|
Investor Class |
|||
S&P 500® Index |
|||
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index |
The performance data quoted represent past performance and are no guarantee of future performance. The investment return and principal value of an investment will fluctuate so that an investment, when redeemed, may be worth more or less than its original cost. The performance data includes reinvestments of all dividends and distributions but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Value Line Capital Appreciation Fund, Inc.
Key Fund Statistics
Total Net Assets |
$ |
|---|---|
# of Portfolio Holdings |
|
Portfolio Turnover Rate |
|
Total Advisory Fees Paid |
$ |
Fund Holdings
Ten Largest Holdings (% of Net Assets)*
NVIDIA Corp. |
|
|---|---|
Alphabet, Inc. |
|
Meta Platforms, Inc. |
|
Advanced Micro Devices, Inc. |
|
Amazon.com, Inc. |
|
Micron Technology, Inc. |
|
Broadcom, Inc. |
|
Microsoft Corp. |
|
Uber Technologies, Inc. |
|
AppLovin Corp. |
Asset Allocation (% of Net Assets)
Value |
Value |
|---|---|
Common Stocks |
|
Bonds & Notes |
|
Cash & Other Assets - Net |
Common Stock Sectors (% of Common Stocks)*
Information Technology |
|
|---|---|
Communication Services |
|
Financials |
|
Consumer Discretionary |
|
Healthcare |
|
Industrials |
|
Energy |
* Excludes Short-term Investments, if any.
Bonds & Notes Sectors (% of Bonds & Notes)*
Government |
|
|---|---|
Residential Mortgage-Backed Securities |
|
Financial |
|
Consumer, Non-cyclical |
|
Energy |
|
Communications |
|
Technology |
|
Basic Materials |
|
Consumer, Cyclical |
|
Utilities |
|
Industrial |
|
Commercial Mortgage-Backed Securities |
|
Collateralized Mortgage Obligations |
* Excludes Short-term Investments, if any.
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please scan the QR code, visit www.vlfunds.com, email
Value Line Capital Appreciation Fund, Inc.
Annual Shareholder Report
December 31, 2025
