Small Cap Growth
Data updated: 2026-08-24
C000017167 — Small Cap Growth. United States Small Cap Growth Equity · $229.56M AUM · 1.15% expense ratio. Holdings, fees, performance and SEC filings.
C000017167 Fund Overview
Small Cap Growth is a US mutual fund managed by Ivy Variable Insurance Portfolios, categorised as United States Small Cap Growth Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Ivy Variable Insurance Portfolios
- Category: United States Small Cap Growth Equity
- Assets under management: $229.56M
- 1-year return: 32.9%
- SEC CIK: 0000810016
- SEC series ID: S000006233
- Share class ID: C000017167
C000017167 Investment Objective and Strategy
Small Cap Growth describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ivy Variable Insurance Portfolios.
Investment objective
Nomura VIP Small Cap Growth Series seeks to provide growth of capital.
Principal investment strategy
Nomura VIP Small Cap Growth Series seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in common stocks of small-capitalization companies. For purposes of this Series, small-capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell 2000 Growth Index over the last 13 months at the time of acquisition. As of June 30, 2025 , this range of market capitalizations was between approximately $ 59 million and $ 15.8 billion. The Series emphasizes smaller companies positioned in new or emerging industries where the Manager believes there is opportunity for higher growth than in established companies or industries. The Series investments in equity securities may include common stocks that are offered in initial public offerings (IPOs).
The Manager utilizes a bottom-up (researching individual issuers) stock-picking process that considers quality of management and superior financial characteristics (e.g., return on assets, return on equity, operating margin) in its search for companies, thereby focusing on what it believes are higher-quality companies with sustainable growth prospects. The Manager seeks companies that it believes exhibit successful and scalable business models by having one or more of the following characteristics: serving markets that are growing at rates substantially in excess of the average industry and/or the general economy; a company that is a leader in its industry and that possesses an identifiable competitive advantage; that features strong and effective management; that demonstrates a strong commitment to shareholders; that is serving a large and/or fast-growing market opportunity; that is experiencing upward margin momentum, a growth in earnings, growth in revenue and sales and/or positive cash flows; that is increasing market share and/or creating increasing barriers to entry either through technological advancement, marketing, distribution or some other innovative means; or that emphasizes organic growth.
The Manager believes that such companies generally have a replicable business model that allows for sustained growth. Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities. For example, the Manager may sell a security if it believes that the stock no longer offers significant growth potential, which may be due to a change in the business or management of the company or a change in the industry or sector of the company. The Manager also may sell a security to reduce the Series holding in that security, if its analysis reveals evidence of a meaningful deterioration in operating trends, if it anticipates a decrease in the companys ability to grow, if it loses confidence in the management of the company and/or the companys founder departs, to take advantage of what it believes are more attractive investment opportunities or to raise cash.
C000017167 Holdings
Top 10 holdings of Small Cap Growth by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Mirum Pharmaceuticals, Inc. | 2.34% |
| Pricesmart, Inc. | 2.18% |
| Digitalocean Holdings, Inc. | 2.17% |
| Firstcash Holdings, Inc. | 2.08% |
| Kontoor Brands, Inc. | 2.07% |
| Agilysys, Inc. | 1.98% |
| Adaptive Biotechnologies Corp. | 1.98% |
| Advanced Energy Industries, Inc. | 1.96% |
| Encompass Health Corp. | 1.95% |
| A10 Networks, Inc. | 1.92% |
C000017167 Portfolio Allocation
Asset-class allocation of Small Cap Growth by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 98.5% |
| Cash & Equivalents | 1.7% |
C000017167 Performance
Total returns for C000017167 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 21.9% |
| 1 year | 32.9% |
| 3 years (annualised) | 16.8% |
| 5 years (annualised) | 5.5% |
C000017167 Risk Information
Risk metrics for C000017167, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 16.1%
C000017167 Costs and Fees
C000017167 costs about $115 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.15%
- Gross expense ratio: 1.21%
- Portfolio turnover: 74%
- Brokerage commissions: 6.94 bps of average net assets (SEC N-CEN)
C000017167 Cashflows
Over the 12 months to 2026-06, Small Cap Growth had net outflows of $5.10M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$1.28M |
| 2026-05 | $13.48M |
| 2026-04 | −$607.48K |
| 2026-03 | −$671.97K |
| 2026-02 | −$1.19M |
| 2026-01 | −$1.41M |
C000017167 Debt Constituents
No individual debt constituents are reported in Small Cap Growth's latest SEC N-PORT filing.
C000017167 Prospectus and SEC Filings
Official Small Cap Growth filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-29
- Prospectus (485BPOS) — filed 2025-04-29
- Prospectus (485BPOS) — filed 2024-04-29
- Portfolio holdings (N-PORT) — filed 2026-08-24
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-03-16
- Annual census (N-CEN) — filed 2025-03-14
Related Funds
Other United States Small Cap Growth 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.