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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Voya MI Dynamic Small Cap Fund underperformed the Russell 2000 Index in Q3 2025 due to stock selection headwinds in tech and industrials, but the managers remain constructive on U.S. small caps as Fed rate cuts support equity markets."
During the third quarter of 2025, the Voya MI Dynamic Small Cap Fund (formerly the Voya Small Company Fund) underperformed its Russell 2000 Index benchmark on a NAV basis. Underperformance was primarily driven by negative stock selection in the industrials, information technology, and communication services sectors. Conversely, allocation to consumer staples and stock selection in energy contributed positively. Individual detractors included not owning Bloom Energy, alongside overweight holdings in AvePoint and Grindr. Key positive contributors included Primoris Services, Uranium Energy, and Cleveland-Cliffs. Broadly, the U.S. market rallied strongly in Q3 (S&P 500 +8.12%, Nasdaq +11.24%) supported by robust corporate earnings and the start of a Fed rate-cutting cycle. Voya's machine learning model continues to construct the portfolio dynamically to remain nimble as market leadership broadens beyond mega-cap stocks.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Voya MI Dynamic Small Cap Fund underperformed the Russell 2000 Index in Q3 2025 due to stock selection headwinds in tech and industrials, but the managers remain constructive o...
Growth Outlook
Market outlook remains above average conviction: The Voya MI Dynamic Small Cap Fund underperformed the Russell 2000 Index in Q3 2025 due to stock selection headwinds in tech and industrials, but the managers remain constructive o...
Risk Appetite
Risk appetite posture is above average conviction: The Voya MI Dynamic Small Cap Fund underperformed the Russell 2000 Index in Q3 2025 due to stock selection headwinds in tech and industrials, but the managers remain constructive o...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Voya MI Dynamic Small Cap Fund underperformed the Russell 2000 Index in Q3 2025 due to stock selection headwinds in tech and industrials, but the managers remain constructive o...
Forward Guidance
Forward guidance signal: The Voya MI Dynamic Small Cap Fund underperformed the Russell 2000 Index in Q3 2025 due to stock selection headwinds in tech and industrials, but the managers remain constructive o...
Language Signal
Tone analysis indicates above average conviction language: The Voya MI Dynamic Small Cap Fund underperformed the Russell 2000 Index in Q3 2025 due to stock selection headwinds in tech and industrials, but the managers remain constructive o...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Voya MI Dynamic Small Cap Fund underperformed the Russell 2000 Index in Q3 2025 due to stock selection headwinds in tech and industrials, but the managers remain constructive o...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Voya MI Dynamic Small Cap Fund underperformed the Russell 2000 Index in Q3 2025 due to stock selection headwinds in tech and industrials, but the managers remain constructive o...
Time Horizon
Investment time horizon reflects a above average conviction orientation. The Voya MI Dynamic Small Cap Fund underperformed the Russell 2000 Index in Q3 2025 due to stock selection headwinds in tech and industrials, but the managers remain constructive o...
