Voya Multi-Manager International Small Cap Fund | Voya Investment Management

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

Broker/Dealer Services


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Average Annual Total Returns %

As of December 31, 2021

As of December 31, 2021

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+15.51+15.51+18.31+11.74+10.471.66%1.53%
With Sales Charge+8.87+8.87+16.00+10.42+9.82
Net Asset Value+15.51+15.51+18.31+11.74+10.471.66%1.53%
With Sales Charge+8.87+8.87+16.00+10.42+9.82
S&P Developed Ex-U.S. SmallCap Index+9.56+9.56+15.99+11.01+10.34
S&P Developed Ex-U.S. SmallCap Index+9.56+9.56+15.99+11.01+10.34

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 December 31, 2021

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 01/31/2012 through 12/31/2021

Ending Value: $27,074.00

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, 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.

Acadian Asset Management, LLC

Investment Sub-Adviser

Acadian Asset Management LLC (“Acadian” or “Sub-Adviser”), is a registered investment adviser and a subsidiary of Acadian OMAM Affiliate Holdings LLC, which is an indirectly wholly-owned subsidiary of Old Mutual plc, 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. As of December 31, 2015, Acadian had assets under management of approximately $66 billion.

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. The principal address of Victory Capital is 4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio 44144. As of December 31, 2015, Victory Capital had approximately $33.1 billion in assets under management.
Halvard Kvaale

Halvard Kvaale

Head of Manager Research and Selection

Years of Experience: 34

Years with Voya: 10

Halvard Kvaale is a portfolio manager, member of the Investment Committee, and head of manager research and selection for Multi-Asset Strategies and Solutions (MASS) at Voya Investment Management. He is responsible for manager selection and oversight of Voya mutual funds and manager selection and portfolio construction for MASS multi-asset portfolios. Prior to joining Voya, Halvard was managing director and head of the Morgan Stanley Smith Barney Consulting Group’s portfolio advisory services group, where he was responsible for the management of the firm’s discretionary programs, overseeing more than $26 billion in client assets. Upon joining Morgan Stanley, he served as the head of global advisor research in the consulting services group overseeing the research and due diligence of third party investment managers globally. Previously, he served as the head of global manager research and fee-based advisory solutions at Deutsche Bank, and at Prudential Investments he managed the third party consulting programs, ran the investment management analysis unit and the senior consulting group. Halvard earned an MS in investing summa cum laude from San Francisco State University and a Master of General Business from the Norwegian School of Management. Halvard held a Certified Investment Management Analyst (CIMA) certification from the Wharton School of Business from 1993 to 2020.
Paul Zemsky

Paul Zemsky, CFA

Chief Investment Officer, Multi-Asset Strategies and Solutions

Years of Experience: 38

Years with Voya: 17

Paul Zemsky is chief investment officer and founder of the Multi-Asset Strategies and Solutions Team (MASS) at Voya Investment Management. He is responsible for Voya’s suite of value-added, customized and off-the-shelf products and solutions supported by the team’s asset allocation, manager research, quantitative research, portfolio implementation and multi-manager capabilities. Prior to joining Voya, Paul co-founded CaliberOne Private Funds Management, a macro hedge fund. He began his career at JPMorgan Investment Management, where he held several key positions, including head of investments for over $300 billion of fixed income assets. Paul is a member of Voya’s management committee and a board member of Pomona Capital. He earned dual BS degrees in economics 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.

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.

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.


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.

On March 23, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued an order providing registered funds with temporary flexibility with respect to borrowing. In connection with this order, on March 30, 2020, the Fund’s Board of Trustees (the “Board”) approved a policy permitting the Fund to deviate from its fundamental policy with respect to borrowing (as set forth in the Fund’s Statement of Additional Information under the section titled “Fundamental and Non‐Fundamental Investment Restrictions”) for the period from March 30, 2020 until June 30, 2020 (unless extended by the Board upon any extension of the order by the SEC).

During this time, the Fund may borrow money in an amount of up to 33 1/3% of the Fund’s total assets to meet short‐term needs, such as in connection with redemptions. The Fund incurs interest and other expenses when it borrows money. Borrowing creates leverage, which may increase expenses and increase the impact of the Fund’s other risks. The use of leverage may exaggerate any increase or decrease in the Fund’s net asset value causing the Fund to be more volatile than a fund that does not borrow.