Invesco V.I. Small Cap Equity Fund

Data updated: 2026-08-25

C000000423 — Invesco V.I. Small Cap Equity Fund. United States Mid Cap Blend / Core Equity · $195.18M AUM. Holdings, fees, performance and SEC filings.

C000000423 Fund Overview

Invesco V.I. Small Cap Equity Fund is a US mutual fund managed by AIM Variable Insurance Funds (Invesco Variable Insurance Funds), categorised as United States Mid Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

C000000423 Investment Objective and Strategy

Invesco V.I. Small Cap Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by AIM Variable Insurance Funds (Invesco Variable Insurance Funds).

Investment objective

The Fund's investment objective is long-term growth of capital.

Principal investment strategy

The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-capitalization issuers. The principal type of equity securities in which the Fund invests is common stock. The Fund considers a small-capitalization issuer to be one that has a market capitalization no larger than the market capitalization of the largest capitalized issuer included in the Russell 2000 Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. An issuers market capitalization is the value of its outstanding stock. The Fund may invest up to 15% of its net assets in real estate investment trusts (REITs). The Fund may also invest up to 25% of its net assets in foreign securities.

In selecting investments, the portfolio managers utilize a disciplined portfolio construction process that calibrates the Funds sector related exposure relative to the Russell 2000 Index, which the portfolio managers believe generally represents the small cap core asset class. The Fund uses this index as a guide in structuring and reviewing the portfolio, but the Fund is not an index fund that seeks to replicate the performance of the index. The security selection process is based on a three-step process that includes fundamental, valuation and timeliness analysis. ? Fundamental analysis involves building a series of financial models, as well as conducting in-depth interviews with management. The goal is to find high quality, fundamentally sound issuers operating in an attractive industry.

? Valuation analysis focuses on identifying attractively valued securities given their growth potential over a one- to two-year horizon. ? Timeliness analysis is used to help identify the timeliness of a purchase. In this step, relative price strength, trading volume characteristics, and trend analysis are reviewed for signs of deterioration. If a security shows signs of deterioration, it will not be considered as a candidate for the portfolio. The portfolio managers consider selling a security if the investment thesis for owning the security is no longer valid, the stock reaches its price target or timeliness factors indicate that the risk/return characteristics of the stock as viewed in the market are no longer attractive.

C000000423 Holdings

Top 10 holdings of Invesco V.I. Small Cap Equity Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

Holding% of net assets
Invesco Private Prime Fund16.92%
Invesco Private Government Fund5.61%
MKS Inc.2.64%
Allegro Microsystems, Inc.2.64%
Forgent Power Solutions, Inc.2.15%
Sanmina Corp.2.08%
BrightSpring Health Services, Inc.2.08%
Entegris, Inc.2.07%
IES Holdings, Inc.2.00%
ITT Inc.1.92%

View all C000000423 holdings

C000000423 Portfolio Allocation

Asset-class allocation of Invesco V.I. Small Cap Equity Fund by percentage of net assets, from the latest SEC N-PORT filing.

Asset classAllocation
Equity98.2%
Cash & Equivalents24.4%

C000000423 Performance

Total returns for C000000423 (as of 2026-10-01), from SEC filings.

PeriodTotal return
YTD25.4%
1 year31.0%
3 years (annualised)19.0%
5 years (annualised)8.4%

C000000423 Risk Information

Risk metrics for C000000423, derived from monthly returns in SEC filings.

  • 1-year volatility (annualised): 17.8%

C000000423 Costs and Fees

C000000423 costs about $121 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 1.21%
  • Gross expense ratio: 1.21%
  • Portfolio turnover: 58%
  • Brokerage commissions: 7.91 bps of average net assets (SEC N-CEN)

C000000423 Cashflows

Over the 12 months to 2026-06, Invesco V.I. Small Cap Equity Fund had net outflows of $79.55M, from monthly SEC N-PORT filings.

MonthNet flow
2026-06−$1.55M
2026-05−$1.82M
2026-04−$679.93K
2026-03−$1.67M
2026-02−$2.29M
2026-01−$2.02M

C000000423 Debt Constituents

No individual debt constituents are reported in Invesco V.I. Small Cap Equity Fund's latest SEC N-PORT filing.

C000000423 Prospectus and SEC Filings

Official Invesco V.I. Small Cap Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other United States Mid Cap Blend / Core Equity funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.