Voya Multi-Manager International Small Cap Fund - Class A

Class A: NTKLX
Class C: NARCX
Class I: NAPIX
Class W: ISCWX
For more information call 1 (800) 334-3444
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Voya Multi-Manager International Small Cap Fund

A disciplined approach to discovering long-term growth opportunities among small cap companies outside of the U.S.

About this Product

  • Invests primarily in securities of small market capitalization companies located outside the U.S., including emerging markets
  • Acadian Asset Management LLC and Victory Capital Management Inc. provide the day-to-day management of the Fund. The sub-advisors act independently of each other and use their own complementary methodology for selecting investments.

Investment Objective

The Fund seeks maximum long-term capital appreciation.

My Representatives

Contact your Voya Representative to gain access to program materials.


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Average Annual Total Returns %

As of February 28, 2023

As of December 31, 2022

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+5.64-7.18+8.93+1.91+6.261.57%1.53%
With Sales Charge-0.43-12.52+6.81+0.71+5.64
Net Asset Value-18.67-18.67+2.72+0.98+6.241.60%1.53%
With Sales Charge-23.35-23.35+0.71-0.21+5.61
S&P Developed Ex-U.S. SmallCap Index+6.29-8.80+6.22+1.15+5.98
S&P Developed Ex-U.S. SmallCap Index-21.41-21.41-0.54+0.01+5.89

Inception Date - Class A:August 31, 1994

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.

Returns-Based Characteristics

As of February 28, 2023

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.

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.


Growth of a $10,000 Investment

For the period 03/31/2013 through 02/28/2023

Ending Value: $18,363.00

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.

Investment Team

View Fund Adviser/Sub Adviser

Portfolio Management Team

Voya Investments, LLC

Investment Adviser

Voya Investments, an Arizona limited liability company, serves as the investment adviser to the Fund. Voya Investments has overall responsibility for the management of the Fund. Voya Investments oversees all investment advisory and portfolio management services and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Voya Investments is registered with the SEC as an investment adviser. Voya Investments' principal office is located at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258.

Acadian Asset Management, LLC

Investment Sub-Adviser

Acadian Asset Management LLC (“Acadian” or “Sub-Adviser”), is a registered investment adviser and a subsidiary of BrightSphere Affiliate Holdings LLC, which is an indirect wholly-owned subsidiary of BrightSphere Investment Group Inc., a publicly listed company on the NYSE. Acadian is a U.S. Securities and Exchange Commission-registered investment adviser and Boston-headquartered investment management firm that, along with its wholly-owned Australia, Singapore, Japan, and U.K. affiliates, specializes in the active investment management of global and international equity strategies. The principal address of Acadian is 260 Franklin Street, Boston, MA 02110.

Victory Capital

Investment Sub-Adviser

Victory Capital Management Inc. (“Victory Capital” or “Sub-Adviser”) is a New York corporation registered as an investment adviser with the SEC. Victory Capital manages its portion of the Fund through its investment franchise, Trivalent Investments. The principal address of Victory Capital is 15935 La Cantera Pkwy, San Antonio, TX 78256
Paul Zemsky

Paul Zemsky, CFA

Chief Investment Officer, Multi-Asset Strategies and Solutions

Years of Experience: 39

Years with Voya: 18

Paul Zemsky is the chief investment officer and founder of the Multi-Asset Strategies and Solutions Team (MASS) at Voya Investment Management. He is responsible for the firm’s suite of value-added, customized and off-the-shelf products and solutions that are supported by the team’s asset allocation, manager research, quantitative research, portfolio implementation and multi-manager capabilities. Paul also oversees two independent platforms that joined the firm as part of Voya’s acquisition of Allianz Global Investors U.S., the Income and Growth platform based in San Diego and the Equity platform based in San Francisco. Prior to joining Voya, he co-founded CaliberOne Private Funds Management, a macro hedge fund. Paul began his career at JPMorgan Investment Management, where he held a number of key positions, including head of investments for over $300 Billion of fixed income assets. Paul is a member of the firm’s Management Committee and a board member of Pomona Capital. He holds a dual degree in finance and electrical engineering from the Management and Technology Program at the University of Pennsylvania and is a CFA® Charterholder.

Brendan O Bradley, PhD

Brendan O. Bradley, Ph.D., Executive Vice President, and Chief Investment Officer, joined Acadian in 2004. He has served as the firm’s Director of Portfolio Management, overseeing portfolio management policy, and was previously the Director of Acadian’s Managed Volatility strategies. He is a member of the Acadian Executive Committee.

Ryan D Taliaferro

Ryan D. Taliaferro, Ph.D., Senior Vice President, Director, Equity Strategies, joined Acadian in 2011. Previously, he was the lead portfolio manager for Acadian’s Managed Volatility Strategies.

John W Evers, CFA

John W. Evers, CFA, Senior Portfolio Manager has been with Victory Capital’s Trivalent Investments since 2014. From 2007-2014, Mr. Evers was a Senior Portfolio Manager of Munder Capital Management, which was acquired by Victory Capital in 2014.

Daniel B LeVan, CFA

Daniel B. LeVan, CFA, Lead Portfolio Manager, Chief Investment Officer of Victory Capital’s Trivalent Investments has been with Victory Capital since 2014. From 2007-2014, Mr. LeVan was a Senior Portfolio Manager of Munder Capital Management, which was acquired by Victory Capital in 2014.


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. Emerging Market stocks may be especially volatile. In exchange for higher growth potential, investing in stocks of Smaller Companies may entail greater price volatility and less liquidity than investing in stocks of 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. Growth Stocks may be more volatile than value stocks due to their relatively high valuations, and growth investing may fall out of favor with investors. Prices of Value-Oriented Securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions. Other risks of the Fund include but are not limited to: Convertible Securities Risks; Market Trends Risks; Other Investment Companies' Risks; Price Volatility Risks; Inability to Sell Securities Risks; and Securities Lending Risks. Investors should consult the Fund's Prospectus and Statement of Additional Information for a more detailed discussion of the Fund's risks.