Investment Management

Voya Multi-Manager International Equity Fund

Fund Description

Overview

  • The Fund normally invests at least 65% of its total assets in common stocks and convertible securities of companies organized under the laws of, or with principal offices located in, a number of different countries outside of the United States, including companies in countries in emerging markets
  • The Fund does not focus its investments in a particular industry or country. The Fund may invest in companies of any market capitalization. The Fund may also invest in foreign issuers through depositary receipts or similar investment vehicles and may hold cash in U.S. dollars or foreign currencies
  • Baillie Gifford Overseas Limited, Lazard Asset Management, LLC, Polaris Capital Management, LLC, and Wellington Management Company, LLP provide day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodologies for selecting investments.

Investment Objectives

The Fund seeks long-term growth of capital.

Daily Prices as of 12/13/2017

Net Asset Value (NAV) $12.47
% Change +0.32
$ Change +0.04
Public Offering Price (POP) $12.47
YTD Return +23.71%

Fund Facts

Ticker Symbol IIGIX
CUSIP 92914A596
Inception Date Jan 06, 2011
Dividends Paid Annually
Min. Initial Investment $250,000.00

Management Team

Gerard Callahan

Portfolio Manager

Managed Fund since 2011

Sophie Earnshaw

Portfolio Manager

Managed Fund since 2014

Iain Campbell

Portfolio Manager

Managed Fund since 2010

Joe Faraday, CFA

Portfolio Manager

Managed Fund since 2011

Moritz Sitte

Portfolio Manager

Managed Fund since 2014

Tom Walsh

Portfolio Manager

Managed Fund since 2014

Michael G. Fry

Portfolio Manager

Managed Fund since 2005

Kevin Matthews

Portfolio Manager

Managed Fund since 2001

Michael A. Bennett

Portfolio Manager

Managed Fund since 1992

Michael Powers

Portfolio Manager

Managed Fund since 1990

John R. Reinsberg

Portfolio Manager

Managed Fund since 2013

Bernard R. Horn

Portfolio Manager

Managed Fund since 2017

Bing Xiao

Portfolio Manager

Managed Fund since 2017

Sumanta Biswas

Portfolio Manager

Managed Fund since 2017

Nicolas M. Choumenkovitch

Portfolio Manager

Managed Fund since 2017

Tara C. Stilwell, CFA

Portfolio Manager

Managed Fund since 2017

Jody Hrazanek

Portfolio Manager

Halvard Kvaale, CIMA

Portfolio Manager

Portfolio Statistics as of 11/30/2017

Net Assets millions $519.3
Number of Holdings 253
nModifiedDurationToWorst Modified Duration to Worst - is a mathematically adjusted form of Macaulay Duration measuring the sensitivity of a bond's price to small, instantaneous changes in yield. This calculates the rate sensitivity of a security assuming that cash flows do not change as interest rates change.
nWtdAvgMarketCapWilshire Weighted Average Market Capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock.
nEndingActiveShare Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index.
nPriceToCashFlow 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
nROA 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.
nPEG PEG Ratio
nPriceToEarningsWilshire P/E (next 12 months) calculates the price of a stock divided by its earnings per share.
nEPSGrowth 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.
nDividendYield A financial ratio that shows how much a company pays out in dividends relative to its share price
nPriceToBookWilshire Price to book ratio (trailing 12 month) calculates the ratio of a stock’s price to its book value.
nHoldings Number of Holdings in the investment
nNetAssets 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.
nAlpha Measures the difference between a fund's actual return and its level of risk as measured by beta. An alpha of 0.5 implies the fund performed 0.5% better than the market would predict. The figure is calculated on a three-year basis relative to the benchmark.
nR2 The way in which a percentage of a portfolio's total returns represents the portfolio's beta measure.
nBeta3Year Measures the Fund's volatility relative to the overall market. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile.
nSharpeRatio 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 fund's historical risk-adjusted performance.
nStandardDeviation3Year A measure of the degree to which an individual probability value varies from the distribution mean. The higher the number, the greater the risk.
nMedianMktCap Market Cap is the value of a corporation as determined by the market price of its issued and outstanding common stock.
nWeightedAvgMaturityDays 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.
nWeightedAvgMaturityYears 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.
nWeightedAvgLife 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.
nPriceToEarnings P/E is the price of a stock divided by its earnings per share.
nPriceToBook P/BV is the ratio of a stock's price to its Book Value.
nExpenseRatio Operating costs, including management fees, expressed as a percentage of the fund's average net assets for a given time period.
nMktWeightedAvgCoupon The interest rate on a fixed income security, determined upon issuance, and expressed as a percentage of par.
nPriceToFFORealEstate Price to Funds From Operations (P/FFO), the REIT equivalent of a security’s Price to Earnings ratio (P/E), is used to measure operating performance which encompasses a REIT’s net income, excluding gains or losses from sales of property, and adding back real estate depreciation.
nWeightedAvgResetDays Reset is the number of days that the current interest rate contract is in effect.

Portfolio Composition as of 10/31/2017

Stocks 98.20
Short Terms 1.79
Other 0.00
Total: 100.00%

Top Holdings % of Total Investments as of 11/30/2017

Novartis AG 2.07
Cie Generale des Etablissements Michelin 1.41
British American Tobacco PLC 1.31
Vinci SA 1.30
Nestle SA 1.21
Samsung Electronics Co., Ltd. 1.17
United Overseas Bank Ltd. 1.04
Prudential PLC 0.96
Sumitomo Mitsui Financial Group, Inc. 0.95
Daiwa House Industry Co., Ltd. 0.93
Total: 12.36%

Sector Weightings % of Total Investments as of 11/30/2017

Financials 20.59
Industrials 16.03
Consumer Discretionary 14.50
Information Technology 11.23
Consumer Staples 10.67
Materials 8.74
Health Care 6.27
Telecommunication Services 4.49
Energy 4.14
Utilities 1.79
Real Estate 1.55
Total: 100.00%

Top Country Weightings % of Total Investments as of 11/30/2017

Japan 16.27
United Kingdom 12.92
Germany 8.44
France 8.37
Switzerland 6.62
Canada 4.55
China 4.34
Sweden 3.24
Netherlands 3.09
South Korea 2.83
Total: 70.66%
Sources Include: Voya Investment Management, Wilshire, Morningstar
Information provided is not a recommendation to buy or sell a security.  Portfolio data is subject to change daily.

Growth of a $10,000 Investment

For the period 01/05/2011 through 11/30/2017

Ending Value: $14,589.00

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.

Growth of a $10k Investment (Print Version Only)

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.

Calendar Year Returns % (Print Version Only)

Average Annual Total Returns %

  As of Nov 30, 2017 As of Sep 30, 2017 Expense Ratios
  YTD 1 YR 3 YR 5 YR 10 YR Inception (01/06/11) Gross Net 1, 2, 3
Net Asset Value +23.61 +25.76 +5.79 +7.29 +5.62 0.96% 0.96%
MSCI EAFE Index +23.06 +27.27 +5.97 +8.24 +5.97
Net Asset Value +19.94 +15.61 +5.00 +7.18 +5.29 0.96% 0.96%
MSCI EAFE Index +19.96 +19.10 +5.04 +8.38 +5.72

Inception Date - Class I: 01/06/11

1The Adviser has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses and may be subject to possible recoupment. Please see the Fund's prospectus for more information.

2The Adviser has contractually agreed to waive a portion of the management fee through March 1, 2018.

3The expense limits will continue through at least March 1, 2018. The Fund is operating under the contractual expense limits.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

For more complete information, or to obtain a prospectus on any Voya Fund, please contact your investment professional or Voya Investments Distributor, LLC at (800) 992-0180 for a prospectus. The prospectus should be read carefully before investing. Consider the investment objectives, risks, and charges and expenses carefully before investing. The prospectus contains this information and other information about the funds. Check with your Investment Professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.

Benchmark Disclosures

MSCI EAFE Index

The MSCI Europe, Australasia and Far East (EAFE) Index is an unmanaged index that measures the performance of securities listed on exchanges in markets in Europe, Australasia and the Far East. The Index does not reflect fees, brokerage commissions, taxes or other expenses of investing. Investors cannot invest directly in an index.

Principal Risks

You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund 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.

Convertible Securities

Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.

Currency

To the extent that the Fund 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 Fund and reduce its returns.

Foreign Investments/Developing and Emerging Markets

Investing in foreign (non-U.S.) securities may result in the Fund 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 political changes or diplomatic developments. Foreign investment risks typically are greater in developing and emerging markets than in developed markets.

Growth Investing

Prices of growth stocks typically reflect high expectations for future company growth, and may fall quickly and significantly if investors suspect that actual growth may be less than expected. Growth companies typically lack any dividends that might cushion price declines. Growth stocks tend to be more volatile than value stocks, and may underperform the market as a whole over any given time period.

Investment Model

The manager’s proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.

Liquidity

If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund’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 Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.

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 Fund 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.

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 Fund 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 Fund.

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.

An investment in the Fund 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.
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