Voya Limited Maturity Bond Portfolio
The Portfolio seeks highest current income consistent with low risk to principal and liquidity.
Product Facts
| Ticker Symbol | ILBPX |
| CUSIP | 92914F793 |
| Inception Date | April 29, 2005 |
| Dividends Paid | Monthly |
About this Product
Principle Investment Strategies
- Under normal market conditions, the Portfolio invests at least 80% of its net assets in a diversified portfolio of bonds that are limited maturity debt securities.
- Under normal market conditions, the Portfolio maintains significant exposure to government securities.
- The Portfolio also invests in investment-grade non-government securities, issued by companies of all sizes.
Investment Objective
The Portfolio seeks highest current income consistent with low risk to principal and liquidity. As a secondary objective, the Portfolio seeks to enhance its total return through capital appreciation when market factors, such as falling interest rates and rising bond prices, indicate that capital appreciation may be available without significant risk to principal.
Management Team
View Portfolio Advisor/Sub AdvisorPortfolio Management Team
Voya Investments, LLC
Investment Adviser
Voya Investment Management Co. LLC
Investment Sub-Adviser
Dave S Goodson
Portfolio Manager
Managed Portfolio since 2017
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Randy Parrish, CFA
Portfolio Manager
Managed Portfolio since 2017
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Matt Toms, CFA
Portfolio Manager
Managed Portfolio since 2010
More InfoPerformance
Average Annual Total Returns %
As of November 30, 2018
As of September 30, 2018
| Most Recent Month End | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Expense Ratios | |
|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||
| Net Asset Value | +0.77 | +0.81 | +1.21 | +1.07 | +2.14 | 0.29% | 0.29% |
| Net Asset Value | +0.58 | +0.51 | +1.12 | +1.11 | +2.08 | 0.29% | 0.29% |
| Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index | +0.81 | +0.85 | +0.94 | +0.85 | +1.57 | — | — |
| Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index | +0.41 | +0.20 | +0.73 | +0.83 | +1.67 | — | — |
Inception Date - Class I:April 29, 2005
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 for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.
Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.
The Barclays 1-3 Year Government/Credit Index covers treasuries, agencies, publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. For comparison purposes, the index is fully invested, which includes the reinvestment of income. The returns for the index do not include any transaction costs, management fees or other costs. Investors cannot invest directly in an index.
Yields
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. | 3.05 |
| 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). | 3.05 |
| Distribution Yield @ NAV Distribution Yield @ NAV: Current annualized distribution rate based upon NAV is the latest dividend shown as an annualized percentage of net asset value. | 1.72 |
| Distribution Yield @ MOP Distribution Yield @ MOP: Current annualized distribution rate, based upon maximum offering price which is adjusted for sales changes (MOP), where applicable, is the latest dividend shown as an annualized percentage of maximum offering price. | 1.72 |
Returns Based Statistics
As of November 30, 2018
| 3 Year | 5 Year | 10 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. | 0.69 | 0.64 | 1.12 |
| Beta Beta: 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. | 0.86 | 0.85 | 1.12 |
| R2 R2: 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. | 81.26 | 83.74 | 77.77 |
| Alpha Alpha: 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. | 0.28 | 0.27 | 0.41 |
| 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. | 0.44 | 0.80 | 1.60 |
| 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. | 0.33 | 0.29 | 0.55 |
| 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. | 0.85 | 0.78 | 1.03 |
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: $12,358.00
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
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. | $292.9 |
| Number of Holdings Number of Holdings: Number of Holdings in the investment. | 369 |
| Duration years | 1.86 |
| Weighted Average Life years Weighted Average Life: The length of time until the average security in a fund will mature or be redeemed by its issuer. It indicates a fund's sensitivity to interest rate changes: longer average weighted maturity implies greater volatility in response to interest rate changes. | 2.26 |
| Total |
Top Holdings
% of Total Investments as of November 30, 2018
| JPMCC_11-C5 5.5858 08/2046 | 0.96 |
| CVS HEALTH CORP 3.35 03/2021 | 0.67 |
| GOLDMAN SACHS GROUP INC/THE 2.55 10/2019 | 0.66 |
| CARMX_18-1 2.64 06/2023 | 0.57 |
| MORGAN STANLEY 5.5 07/2021 | 0.57 |
| BSP_16-10A 3.9263 01/2029 | 0.57 |
| AT&T INC 2.8 02/2021 | 0.53 |
| EVGRN_18-1 2.95 03/2023 | 0.53 |
| JPMORGAN CHASE & CO 2.55 03/2021 | 0.52 |
| CABMT_15-1A-A1 2.26 03/2023 | 0.51 |
| Total | #,###.2 |
Portfolio Composition
as of November 30, 2018
| Agency Mortgages | 0.03 |
| Asset-Backed Securities | 17.62 |
| Commercial Mortgage-Backed Securities | 7.97 |
| Emerging Markets | 0.34 |
| Government Related | 0.06 |
| IG Corporates | 46.39 |
| Non-Agency RMBS and SF CRT | 1.01 |
| US Treasury & Cash | 26.57 |
| Total | #,###.2 |
Top Issuers
as of November 30, 2018
| GOVERNMENT NATIONAL MORTGAGE A | 1.76 |
| CARMAX AUTO OWNER TRUST CARMX_ | 1.29 |
| JP MORGAN CHASE COMMERCIAL MOR | 1.27 |
| JPMORGAN CHASE & CO | 0.87 |
| MORGAN STANLEY | 0.85 |
| BANK OF AMERICA CORP | 0.78 |
| WELLS FARGO BANK NA | 0.76 |
| TOYOTA AUTO RECEIVABLES OWNER | 0.69 |
| OSCAR US FUNDING TRUST OSCAR_1 | 0.68 |
| CVS HEALTH CORP | 0.67 |
| Total | #,###.2 |
Credit Quality
% of Total Investments as of November 30, 2014
| AAA | 45.05 |
| AA | 8.97 |
| A | 25.85 |
| BBB | 19.69 |
| BB | 0.43 |
| Total | #,###.2 |
AAA is the highest grade (best) to D which is the lowest (worst) is calculated based on S&P, Moody’s, and Fitch agency ratings. If the ratings from all 3 rating agencies are available, securities will be assigned the Median rating. If the ratings are available from only two of the agencies, the more conservative of the ratings will be assigned to the security. If the rating is available from only one agency, then that rating will be used. Any security that is not rated is placed in the NR (Not Rated) category. Ratings do not apply to the Fund itself or to the Fund shares. Ratings are subject to change.
Top Country Weightings
% of Total Investments as of November 30, 2018
| United States | 82.64 |
| United Kingdom | 3.80 |
| Canada | 3.16 |
| Japan | 1.64 |
| Australia | 1.53 |
| Switzerland | 1.42 |
| France | 1.11 |
| Netherlands | 1.08 |
| Belgium | 0.59 |
| Germany | 0.58 |
| Total | #,###.2 |
Maturity Details
% of Total Investments as of November 30, 2018
| Cash | 1.03 |
| <1 Year | 24.17 |
| 1-3 Years | 55.69 |
| 3-5 Years | 11.52 |
| 5-7 Years | 7.04 |
| 7-10 Years | 0.46 |
| 10-20 Years | 0.08 |
| >20 Years | 0.00 |
| Total | #,###.2 |
Maturity allocations are based on securities’ Average Life, which incorporates pre-payment assumptions and can thus be much different than a bond’s maturity date, particularly in the case of mortgage-backed securities.
Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.
Distributions
Distributions
Payment Frequency: Monthly
| Ex-Date
Ex-Date: 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. | Amount | |
|---|---|---|---|---|
| Income Dividend | 11/30/2018 | $0.013800 | ||
| Income Dividend | 10/31/2018 | $0.014300 | ||
| Income Dividend | 09/30/2018 | $0.013800 | ||
| Income Dividend | 08/31/2018 | $0.014300 | ||
| Income Dividend | 07/31/2018 | $0.014300 | ||
| Income Dividend | 06/30/2018 | $0.013900 | ||
| Income Dividend | 05/31/2018 | $0.014300 | ||
| Income Dividend | 04/30/2018 | $0.013900 | ||
| Income Dividend | 03/31/2018 | $0.014300 | ||
| Income Dividend | 02/28/2018 | $0.013000 | ||
| Income Dividend | 01/31/2018 | $0.014400 | ||
| Income Dividend | 12/31/2017 | $0.014400 | ||
| Income Dividend | 11/30/2017 | $0.014000 | ||
| Totals: $0.182700 | ||||
Income Dividend: Payout to shareholders of interest, dividends, or other income received by the Fund, net of operating expenses. By law, all such income must be distributed to shareholders, who may choose to take the money in cash or reinvest it in more shares of the Fund.
Short-Term Capital Gain: The profit realized from the sale of securities held for less than one year.
Long-Term Capital Gain: Gain on the sale of a security where the holding period was 12 months or more and the profit was subject to the long-term capital gains tax.
Ratings
Disclosures
Principal Risks
You could lose money on an investment in the Portfolio. Any of the following risks, among others, could affect Portfolio performance or cause the Portfolio to lose money or to underperform market averages of other funds.
Company
The price of a given company’s stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.
Credit
Prices of bonds and other debt securities can fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.
Credit Default Swaps
The Portfolio may enter into credit default swaps, either as a buyer or a seller of the swap. As a buyer of the swap, the Portfolio pays a fee to protect against the risk that a security held by the Portfolio will default. As a seller of the swap, the Portfolio receives payment(s) in return for its obligation to pay the counterparty an agreed upon value of a security in the event of a default of the security issuer. Credit default swaps are largely unregulated and susceptible to liquidity, credit, and counterparty risks.
Currency
To the extent that the Portfolio invests directly in foreign currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.
Deritive Instruments
Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Portfolio and reduce its returns.
Foreign Investments
Investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to smaller markets, differing reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, foreign currency fluctuations, currency blockage or replacement, potential for default on sovereign debt, or political changes or diplomatic developments.
Interest Rate
With bonds and other fixed rate debt securities, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the security, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk.
Leverage
Certain transactions and investment strategies may give rise to leverage. Such transactions and investment strategies, include, but are not limited to: borrowing, dollar rolls, reverse repurchase agreements, loans of portfolio securities and the use of when-issued, delayed-delivery or forward-commitment transactions. The use of certain derivatives may also increase leveraging risk. The use of leverage may increase the Portfolio’s expenses and increase the impact of the Portfolio’s other risks.
Liquidity
If a security is illiquid, the Portfolio might be unable to sell the security at a time when the Portfolio’s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Portfolio’s liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Portfolio could realize upon disposition. The Portfolio may make investments that become less liquid in response to market developments or adverse investor perception. The Portfolio could lose money if it cannot sell a security at the time and price that would be most beneficial to the Portfolio.
Market
Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. The stock market tends to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods.
Market Capitalization
Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Portfolio that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.
Mortgage- and/or Asset-Backed Securities
Defaults on or the low credit quality or liquidity of the underlying assets of the asset-backed (including mortgage-backed) securities held by the Portfolio may impair the value of the securities. There may be limitations on the enforceability of any security interest granted with respect to those underlying assets. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of fixed-income securities.
Municiple Obligations
The municipal market in which the Portfolio invests is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.
Other Investment Companies
The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Portfolio may invest in other investment companies, you will pay a proportionate share of the expenses of that other investment company (including management fees, administration fees, and custodial fees) in addition to the expenses of the Portfolio.
Prepayment and Extension
Prepayment risk is the risk that principal on mortgages or other loan obligations underlying a security may be repaid prior to the stated maturity date, which may reduce the market value of the security and the anticipated yield-to-maturity. Extension risk is the risk that an issuer will exercise its right to repay principal on an obligation held by the Portfolio later than expected, which may decrease the value of the obligation and prevent the Portfolio from investing expected repayment proceeds in securities paying yields higher than the yields paid by the securities that were expected to be repaid.
Securities Lending
Securities lending involves two primary risks: “investment risk” and “borrower default risk.” Investment risk is the risk that the Portfolio will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Portfolio will lose money due to the failure of a borrower to return a borrowed security in a timely manner.
Sovereign Debt
These securities are issued or guaranteed by foreign government entities. Investments in sovereign debt are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal on its sovereign debt. Some of these reasons may include cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of its debt position to its economy or its failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a government entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay or bankruptcy proceeding by which all or part of sovereign debt that a government entity has not repaid may be collected.
U.S. Government Securities and Obligations
U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies or government-sponsored enterprises. U.S. government securities are subject to market and interest rate risk, and may be subject to varying degrees of credit risk.
An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.