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Overview

VP Mid Cap Value Fund seeks to consistently deliver higher returns and lower volatility through investments in high-quality, mid-sized companies temporarily selling at a discount.

Key Facts
Investment Objective
Seeks long-term capital growth; income is a secondary objective
Inception Date
12/01/2004
Morningstar Category
Mid-Cap Value
Benchmark
Russell Midcap Value IndexA
Total Assets
$643,028,106
As of 01/31/2024
Total Holdings
92
As of 12/31/2023
Distribution Frequency
Quarterly
Morningstar Overall Rating
Based on risk-adjusted return
Out of 383 funds. Mid-Cap Value category
As of 01/31/2024
Fees
Gross Expense Ratio
0.86%
Trading Information
Ticker
AVIPX
CUSIP
024936742

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance.

Performance

AVIPX
Russell Midcap Value IndexA

Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Returns less than one year are not annualized.

Average annual total returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized. For periods prior to the inception of a class, performance is for the oldest class, restated with applicable fees, if any.

VP Mid Cap Value Fund

Russell Midcap Value Index

Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Returns less than one year are not annualized.

Data is not available at this time

Past performance is no guarantee of future results. Investment returns will fluctuate and it is possible to lose money.

Total Paid
Ordinary Dividends
Reinvest Price
12/21/2023
$0.1135
$0.1135
$19.28
09/26/2023
$0.0584
$0.0584
$17.72
06/27/2023
$0.1092
$0.1092
$18.83
03/28/2023
$2.5135
$0.1738
$18.27

Historical Distribution (CSV)

Ratings and Risk

As of 01/31/2024
Overall
Out of 383 funds. Mid-Cap Value category
3 Year
Out of 383 funds
5 Year
Out of 363 funds
10 Year
Out of 274 funds

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Portfolio

As of 01/31/2024
% Portfolio
Due to rounding, these values may exceed 100%Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
As of 12/31/202392 Equity Issues
As of 01/31/2024
Sectors
% Portfolio
Financials
16%
Health Care
15%
Industrials
15%
Utilities
12%
Consumer Staples
11%
Real Estate
7%
Information Technology
6%
Energy
6%
Materials
5%
Communication Services
4%
Consumer Discretionary
3%
Due to rounding, these values may exceed 100%
As of 01/31/2024
Company
% Portfolio
Zimmer Biomet Holdings Inc
3.04%
Conagra Brands Inc
2.47%
Bank of New York Mellon Corp/The
2.25%
Henry Schein Inc
2.19%
Enterprise Products Partners LP
1.99%
Northern Trust Corp
1.95%
Quest Diagnostics Inc
1.91%
Allstate Corp/The
1.89%
Kimberly-Clark Corp
1.85%
Koninklijke Ahold Delhaize NV
1.83%
% of Top Portfolio Holdings
21.37%
Due to rounding, these values may exceed 100%Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
As of 01/31/2024
Countries
Regions
Countries
% Portfolio
United States
90%
Netherlands
4%
France
3%
United Kingdom
1%
Canada
1%
Germany
1%
Due to rounding, these values may exceed 100%

Team

Kevin Toney, CFA avatar
Kevin Toney, CFA

Chief Investment Officer

Global Value Equity

Firm Start

1999


Industry Start

1993

Michael Liss, CFA, CPA avatar
Michael Liss, CFA, CPA

Vice President

Senior Portfolio Manager

Firm Start

1998


Industry Start

1991

Brian Woglom, CFA avatar
Brian Woglom, CFA

Vice President

Senior Portfolio Manager

Firm Start

2005


Industry Start

1998

Nathan Rawlins, CFA avatar
Nathan Rawlins, CFA

Portfolio Manager

Senior Investment Analyst

Firm Start

2015


Industry Start

2007

Resources

Fund Literature
Fact Sheet

The management fee has been restated to reflect the decrease in the management fee schedule effective August 1, 2021. Returns or yields for the fund would have been lower if a portion of the management fee had not been waived. Review the annual or semiannual report for the most current information.

The VP Funds are managed by the same management team using the same objectives, approach, and philosophy as the retail fund. The VP portfolios are managed in a manner that under normal circumstances should produce similar performance. However, it is important to note that there are additional fees and charges assessed with investments in variable insurance products, those charges are disclosed in the separate account prospectus. The fees and charges will reduce returns when compared to that of the retail fund. There is no guarantee that the management team will achieve the same or similar performance in the future.

The value and/or returns of a portfolio will fluctuate with market and economic conditions.

Historically, small- and/or mid-cap stocks have been more volatile than the stock of larger, more-established companies. Smaller companies may have limited resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies.

International investing involves special risks, such as political instability and currency fluctuations.

Please see the prospectus for details about sales charges.

The gross expense ratio is the fund's total annual operating costs, expressed as a percentage of the fund's average net assets for a given time period. It is gross of any fee waivers or expense reimbursement. The net expense ratio is the expense ratio after the application of any waivers or reimbursement. This is the actual ratio that investors paid during the fund's most recent fiscal year. Please see the prospectus for more information.

Russell Midcap® Value Index

Measures the performance of those Russell Midcap Index companies (the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

Investment Blend: Reflects the blend of securities owned by a fund. For example, the percentage of foreign or domestic stocks held by an equity fund or the percentage of corporate and government securities owned by a bond fund. The U.S./Foreign Convertibles grouping includes Convertible Bonds, Equity Linked Securities and Convertible Preferred securities.

Sector Weights: This value represents the sectors included in the portfolio on a percent of assets basis.

Top Holdings: This value represents the top holdings included in the portfolio on a percent of assets basis. Equity holdings are grouped to include common shares, depository receipts, rights and warrants issued by the same company. Holdings are rounded to the nearest whole number, which may result in the display of less than ten holdings.

Countries: This value represents the countries included in the portfolio on a percent of assets basis.

Regions: This value represents the regions of the country represented by the securities included in the portfolio on a percent of assets basis.

For detailed descriptions of indices or investing terms referenced above, refer to our glossary.

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