DWS Small Mid Cap Value VIP
Data updated: 2026-08-27
C000017231 — DWS Small Mid Cap Value VIP. United States Mid Cap Value Equity · $96.35M AUM · 0.80% expense ratio. Holdings, fees, performance and SEC filings.
C000017231 Fund Overview
DWS Small Mid Cap Value VIP is a US mutual fund managed by Deutsche Dws Variable Series II, categorised as United States Mid Cap Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Deutsche Dws Variable Series II
- Category: United States Mid Cap Value Equity
- Assets under management: $96.35M
- 1-year return: 43.5%
- SEC CIK: 0000810573
- SEC series ID: S000006269
- Share class ID: C000017231
C000017231 Investment Objective and Strategy
DWS Small Mid Cap Value VIP describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Deutsche Dws Variable Series II.
Investment objective
The fund seeks long-term capital appreciation.
Principal investment strategy
Main investments. Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in undervalued common stocks of small and mid-size US companies. The fund defines small companies as those that are similar in market capitalization to those in the Russell 2000 Value Index. While the market capitalization of the Russell 2000 Value Index changes throughout the year, as of February 28, 2026, the market capitalization range of the Russell 2000 Value Index was between $8.28 million and $33.26 billion. Under normal circumstances, the Russell 2000 Value Index is reconstituted annually every June. The fund defines mid-size companies as those that are similar in market capitalization to those in the Russell Midcap Value Index. While the market capitalization range of the Russell Midcap Value Index changes throughout the year, as of February 28, 2026, the market capitalization range of the Russell Midcap Value Index was between $1.13 billion and $129.02 billion.
Under normal circumstances, the Russell Midcap Value Index is reconstituted annually every June. The fund intends to invest primarily in companies whose market capitalizations fall within the normal range of each index at the time of investment. Due to regulatory changes, effective June 11, 2026, the fund will replace the 80% investment policy and related disclosures set forth in this prospectus. Specifically, effective June 11, 2026, under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks of small and mid-size US value companies. For purposes of the 80% investment policy, value companies and small and mid-sized companies are those companies included in the Russell 2500 Value Index. While the market capitalization range of the Russell 2500 Value Index changes throughout the year, as of February 28, 2026, the market capitalization range of the Russell 2500 Value Index was between $8.28 million and $93.78 billion.
Derivative instruments that provide exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the funds 80% investment policy, consistent with the funds investment policies and limitations with respect to investments in derivatives. While the fund invests mainly in US stocks, it could invest up to 20% of net assets in foreign securities. The funds equity investments are mainly common stocks but may also include other types of equities such as preferred or convertible stocks. The fund may also invest in initial public offerings and real estate investment trusts (REITs). Management process. In choosing stocks, portfolio management uses proprietary quantitative models to identify and acquire holdings for the fund. The quantitative models are research based and seek to identify primarily fundamental factors, including valuation, momentum, profitability, earnings and sales growth, which have been effective sources of return historically.
These are dynamic models with different factor weights for different industry groupings. The funds portfolio is constructed based on this quantitative process that strives to maximize returns while maintaining a risk profile similar to the funds benchmark index. Portfolio management may sell a security when its quantitative model indicates that other investments are more attractive, when the company no longer meets performance or risk expectations, or to maintain portfolio characteristics similar to the funds benchmark. All investment decisions are made within risk parameters set by portfolio management. The factors considered and models used by portfolio management may be adjusted from time to time and may favor different types of securities from different industries and companies at different times.
Portfolio management generally considers environmental, social and governance (ESG) factors that it believes to be financially material. Because small cap companies tend to be relatively early on in their operating histories, external rating companies may be unable to find ESG data for such companies. Derivatives. The fund may invest in derivatives, which are financial instruments whose performance is derived, at least in part, from the performance of an underlying asset, security or index. In particular, portfolio management may use put options for hedging and volatility management purposes. The fund may also use other types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.
Securities lending. The fund may lend securities (up to one-third of total assets) to approved institutions, such as registered broker-dealers, pooled investment vehicles, banks and other financial institutions. In connection with such loans, the fund receives liquid collateral in an amount that is based on the type and value of the securities being lent, with riskier securities generally requiring higher levels of collateral.
C000017231 Holdings
Top 10 holdings of DWS Small Mid Cap Value VIP by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Ciena Corp | 2.69% |
| UMB Financial Corp | 2.08% |
| Avnet Inc | 2.01% |
| First BanCorp/Puerto Rico | 1.95% |
| Jazz Pharmaceuticals PLC | 1.92% |
| EnerSys | 1.85% |
| Hancock Whitney Corp | 1.78% |
| Revolution Medicines Inc | 1.78% |
| Sensata Technologies Holding PLC | 1.76% |
| Affiliated Managers Group Inc | 1.60% |
C000017231 Portfolio Allocation
Asset-class allocation of DWS Small Mid Cap Value VIP by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.0% |
| Cash & Equivalents | 2.5% |
| Other | 0.1% |
C000017231 Performance
Total returns for C000017231 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 23.2% |
| 1 year | 43.5% |
| 3 years (annualised) | 18.6% |
| 5 years (annualised) | 9.4% |
C000017231 Risk Information
Risk metrics for C000017231, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 13.3%
C000017231 Costs and Fees
C000017231 costs about $80 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.80%
- Gross expense ratio: 0.87%
- Portfolio turnover: 53%
- Brokerage commissions: 13.60 bps of average net assets (SEC N-CEN)
C000017231 Cashflows
Over the 12 months to 2026-06, DWS Small Mid Cap Value VIP had net outflows of $7.55M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$681.61K |
| 2026-05 | −$1.05M |
| 2026-04 | $3.06M |
| 2026-03 | −$998.50K |
| 2026-02 | −$1.84M |
| 2026-01 | −$507.08K |
C000017231 Debt Constituents
No individual debt constituents are reported in DWS Small Mid Cap Value VIP's latest SEC N-PORT filing.
C000017231 Prospectus and SEC Filings
Official DWS Small Mid Cap Value VIP filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-24
- Prospectus (485BPOS) — filed 2025-04-24
- Prospectus (485BPOS) — filed 2024-04-24
- Portfolio holdings (N-PORT) — filed 2026-08-27
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-03-11
- Annual census (N-CEN) — filed 2025-03-03
Related Funds
Other United States Mid Cap Value 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.