Voya MidCap Opportunities Fund - Class A

Class A: NMCAX
Class C: NMCCX
Class I: NMCIX
Class R: IMORX
Class R6: IMOZX
Class W: IMOWX
For more information call 1 (800) 334-3444
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Voya MidCap Opportunities Fund

Seeking a More Favorable Risk/Return Trade-off

Mid-Caps have historically delivered stronger returns than both large- and small caps but remain an under-utilized asset class

Daily Prices

as of December 12, 2018

Net Asset Value (NAV)$21.82
% Change+1.02
$ Change+0.22
YTD Return-2.37%
Morningstar™ Overall RatingClass I as of 11/30/18Out of 537 FundsCategory: Fund Mid-Cap Growth

The Voya MidCap Opportunities Fund Offers

Identifying underappreciated companies

Research-intensive process

Historically strong risk-adjusted returns

The Voya MidCap Opportunities Fund Has Outperformed Across Various Market Cycles

The Voya MidCap Opportunities Fund Has Outperformed Across Various Market Cycles

Source: Morningstar®, Inc., as of 12/31/17.
Excludes sales charges. If sales charges and taxes had been included, the value would have been lower. An index does not reflect fees, brokerage commissions, taxes or other expenses of investing.
Investors cannot directly invest in an index.
The performance quoted represents past performance and does not guarantee future results.

The Voya Difference

  • Identifying underappreciated growth companies
    A focus on finding companies in the sweet spot of growth investing where business momentum, valuation, and market recognition intersect.
  • Research-intensive process
    Company-by-company fundamental research aims to identify underappreciated growth stocks through in-depth financial analysis.
  • Historically strong risk-adjusted returns
    Intensive fundamental research has generated strong returns while disciplined risk management has provided historically low relative volatility.

Product Facts

Ticker SymbolNMCAX
Inception DateAugust 20, 1998
Dividends PaidAnnually
Min. Initial Investment$1,000.00

About this Product

  • Invests primarily in stocks of mid-sized U.S. companies with above average prospects for growth and which fall within the range of companies in the Russell Midcap® Growth Index
  • Fundamentals-based stock selection seeks companies with positive business momentum, market recognition, and valuations with upside potential
  • Provides investors with access to the underutilized MidCap asset class

Investment Objective

The Fund seeks long-term capital appreciation.

Management Team

View Fund Advisor/Sub Advisor

Portfolio Management Team

Voya Investments, LLC

Investment Adviser

Voya Investments, LLC., serves as the investment adviser to each of the Funds. Voya Investments has overall responsibility for the management of the Funds. Voya Investments provides or oversees all investment advisory and portfolio management services for each Fund, and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. The Investment Adviser may, from time to time, directly manage a portion of the Fund’s assets to seek to manage the Fund’s overall risk exposure to achieve the Fund’s desired risk/return profile and to effect the Fund’s investment strategies. The Investment Adviser may invest in futures and exchange-traded funds to implement its investment process.

Voya Investment Management Co. LLC

Investment Sub-Adviser

Voya Investment Management Co. LLC (“Voya IM” or “Sub-Adviser”), a Delaware limited liability company, was founded in 1972 and is registered with the SEC as an investment adviser. Voya IM is an indirect, wholly-owned subsidiary of Voya Financial, Inc. and is an affiliate of the Adviser. Voya IM has acted as adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972. The principal office of Voya IM is located at 230 Park Avenue, New York, New York 10169. As of December 31, 2016, Voya IM managed approximately $86.4 billion in assets.
Jeffrey Bianchi

Jeffrey R Bianchi, CFA

Portfolio Manager

Managed Fund since 2005

More Info
Jeffrey Bianchi is the head of the growth team and serves as a portfolio manager at Voya Investment Management for the large cap growth and mid cap growth strategies. When Jeff joined the firm he spent a year as a quantitative analyst before moving to the fundamental equity team where he then worked as an analyst covering the health care, technology and industrials sectors for the large cap growth strategies. He joined the large cap growth portfolio management team in 2000, was named a portfolio manager on the strategy in 2008, and was named a portfolio manager on the mid cap growth strategy in 2005. Jeff received a BA in economics, a BS in finance, and an MA in economics from the University of Connecticut and holds the Chartered Financial Analyst® designation.
Michael Pytosh

Michael Pytosh

Portfolio Manager

Managed Fund since 2012

More Info
Michael Pytosh is chief investment officer, equities at Voya Investment Management. Mike also serves as a portfolio manager on the growth team responsible for the large cap growth and mid cap growth strategies. Previously at the firm, Mike covered the technology sector as an analyst. Prior to joining the firm, he was president of Lincoln Equity Management, LLC and a technology analyst. Mike also served as a technology analyst at JPMorgan Investment Management and an analyst at Lehman Brothers. Mike started his career at American Express. He has a BS degree in accounting from Arizona State University and is a member of the Institute of Electrical and Electronic Engineers.

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Average Annual Total Returns %

As of November 30, 2018

As of September 30, 2018

Most Recent Month EndMost Recent Quarter EndMost Recent Month EndMost Recent Quarter End
Most Recent Month EndYTD1 YR3 YR5 YR10 YRExpense Ratios
Net Asset Value+1.92+3.08+9.91+8.48+15.051.26%1.26%
With Sales Charge-3.92-2.84+7.77+7.20+14.38
Net Asset Value+10.43+18.87+15.30+11.08+12.651.26%1.26%
With Sales Charge+4.09+12.02+13.05+9.77+11.99
Russell Midcap Growth Index+4.75+5.32+11.24+10.17+16.64
Russell Midcap Growth Index+13.38+21.10+16.65+13.00+13.46

Inception Date - Class A:August 20, 1998

Current Maximum Sales Charge: 5.75%

The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.


As of November 30, 2018

SEC 30-Day Yield (Unsubsidized)
SEC 30-Day Yield (Unsubsidized):

A standardized yield calculation created by the SEC, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days.

SEC 30-Day Yield (Subsidized)
SEC 30-Day Yield (Subsidized):

A standardized yield calculation created by the SEC, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).


Returns Based Statistics

As of November 30, 2018

3 Year5 Year10 Year
Standard Deviation
Standard Deviation:

A measure of the degree to which an individual probability value varies from the distribution mean. The higher the number, the greater the risk.


The sensitivity of a portfolio's returns to changes in the return of the market as measured by the index or benchmark that represents the market. A portfolio with a beta of 1.0 behaves exactly like the index. A beta less than 1.0 suggests lower risk than the index, while a beta greater than 1.0 indicates a risk level higher than the index.


The proportion of the variation in a portfolio's returns that can be explained by the variability of the returns of an index. High R-squared (close to 1.0) is usually consistent with broad diversification.


A measure of risk-adjusted performance; alpha reflects the difference between a portfolio's actual return and the return that could be expected give its risk as measured by beta.

Sharpe Ratio
Sharpe Ratio:

A risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance.

Tracking Error
Tracking Error:

A measure of how closely the returns of a portfolio tend to follow the returns of the index to which it is benchmarked; specifically, the variability of excess returns around the average.

Information Ratio
Information Ratio:

The ratio of portfolio returns in excess of a market index to the variability of those excess returns; in effect, information ratio describes the value added by active management in relation to the risk taken to achieve those returns.


Calendar Year Returns %

Past performance is no guarantee of future results. Returns are shown in %. These figures are for the year ended December 31 of each year. They do not reflect sales charges and would be lower if they did. The bar chart above shows the Fund's annual returns and long-term performance, and illustrates the variability of the Fund’s returns.

Growth of a $10,000 Investment

For the period 12/31/2008 through 11/30/2018

Ending Value: $40,652.00

The performance quoted in the "Growth of a $10,000 Investment" chart represents past performance. Performance shown is without sales charges; had sales charges been deducted, performance would have been less. Ending value includes reinvestment of distributions.


Portfolio Statistics

As of November 30, 2018

Net Assets millions
Net Assets:

The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding.

Number of Holdings
Number of Holdings:

Number of Holdings in the investment.

P/E next 12 months

P/E (next 12 months) calculates the price of a stock divided by its earnings per share.

P/B trailing 12 months

Price to book ratio (trailing 12 month) calculates the ratio of a stock’s price to its book value.

Weighted Average Market Cap millions
Weighted Average Market Cap:

Weighted Average Market Capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock.

EPS Growth (3-5 Year Estimate)
EPS Growth (3-5 Year Estimate):

The portion of a company's profit allocated to each outstanding share of common stock. EPS growth serves as an indicator of a company's profitability.

Active Share
Active Share:

Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index.

PEG Ratio1.41
Price to Cash Flow
Price to Cash Flow:

The ratio of a stock’s price to its cash flow per share. The price-to-cash flow ratio is an indicator of a stock’s valuation


ROA is an indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings.


Top Holdings

% of Total Investments as of November 30, 2018

Fiserv, Inc.2.82
Hilton Worldwide Holdings, Inc.2.75
O'Reilly Automotive, Inc.2.68
Moodys Corp.2.52
Centene Corp.2.51
Fidelity National Information Services, Inc.2.50
Ingersoll-Rand Plc2.46
Fortinet, Inc.2.22
Motorola Solutions, Inc.2.17
WW Grainger, Inc.2.16

Portfolio Composition

as of November 30, 2018

Short Terms2.19

Sector Weightings

% of Total Investments as of November 30, 2018

Information Technology31.65
Consumer Discretionary17.19
Health Care15.08
Communication Services3.39
Consumer Staples2.20
Real Estate1.49

Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.



Payment Frequency: Annually


Date on which a stock begins trading without the benefit of the dividend. Typically, a stock’s price moves up by the dollar amount of the dividend as the ex-dividend date approaches, then falls by the amount of the dividend after that date.

Payable Date
Payable Date:

Date on which a declared stock dividend or a bond interest payment is scheduled to be paid.

Record Date
Record Date:

Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the date of record, the stock is said to be ex-dividend.

Short-Term Capital Gain12/15/201712/18/201712/14/2017$1.457700
Long-Term Capital Gain12/15/201712/18/201712/14/2017$2.036100
Totals: $3.493800


Morningstar™ Ratings

As of November 30, 2018

Overall3 Year5 Year10 Year
537 Funds537 Funds487 Funds341 Funds

Category: Fund Mid-Cap Growth


Principal Risks

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Foreign Investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Investing in stocks of Mid-Sized Companies may entail greater volatility and less liquidity than larger companies. The Fund may use Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance. Other risks of the Fund include but are not limited to: Growth Investing Risks; Market Trends Risks; Other Investment Companies Risks; Price Volatility Risks; Inability to Sell Securities Risks; Securities Lending Risks; and Portfolio Turnover Risks. Investors should consult the Fund's Prospectus and Statement of Additional Information for a more detailed discussion of the Fund's risks.

The Russell Midcap Growth Index is an unmanaged index that measures the performance of those companies included in the Russell Midcap Index with relatively higher price-to- book ratios and higher forecasted growth values. The Index does not reflect fees, brokerage commissions, taxes or other expenses of investing. Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of the market cap and current index membership. Russell 2000 Index measures the performance of the smallcap segment of the U.S. equity universe. The Russell 2000 Index is a a subset of the Russell 3000 Index. It includes approximately 2,000 of the smallest securities based on a combination of the market cap and current index membership. Investors cannot invest directly in an index.