Mid-Cap Equity Portfolio
Data updated: 2026-08-11
C000098972 — Mid-Cap Equity Portfolio. Short Corporate Bond · $824.51M AUM · 0.46% expense ratio. Holdings, fees, performance and SEC filings.
C000098972 Fund Overview
Mid-Cap Equity Portfolio is a US mutual fund managed by Pacific Select Fund, categorised as Short Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Pacific Select Fund
- Category: Short Corporate Bond
- Assets under management: $824.51M
- 1-year return: 19.4%
- SEC CIK: 0000813900
- SEC series ID: S000026044
- Share class ID: C000098972
C000098972 Investment Objective and Strategy
Mid-Cap Equity Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Pacific Select Fund.
Investment objective
This Fund seeks capital appreciation.
Principal investment strategy
Under normal circumstances, this Fund invests at least 80% of its assets in a combination of? (1) derivatives that provide exposure to the U.S. mid-capitalization equity market and (2) bonds. Pacific Life Fund Advisors LLC (PLFA), the investment adviser of the Fund, manages the mid-cap portion of the Fund while Fidelity Diversifying Solutions LLC (FDS) manages the bond portion of the Fund as sub-adviser to that portion of the Fund. Mid-Cap portion The term mid-cap in the Funds name refers to derivative investments used to gain exposure to the U.S. mid-capitalization equity market. For the mid-cap portion of the Fund, PLFA seeks to gain exposure to the U.S. mid-capitalization equity market using derivatives in a notional amount approximately equal to the Funds net assets. Because fewer assets are generally required to gain investment exposure using derivatives than with securities directly, PLFA allocates the remaining assets to the bond portion of the Fund.
These derivatives are total return swap agreements and futures contracts. PLFA seeks to achieve the Funds investment goal in this portion of the Fund by gaining exposure to the U.S. mid-capitalization equity market through total return swap agreements and futures contracts on the Russell Midcap Index (the Index), an equity securities index that represents the U.S. mid-capitalization equity market. PLFA generally considers a company to have a medium market capitalization or to be a mid-cap company if the company has a market capitalization within the range of companies included in the Index, or a comparable index which is generally considered in the financial services industry as representing the mid-capitalization segment of the U.S. equity universe. As of December 31, 2025, the market capitalization range of the Index was approximately $1.3 billion to $100.8 billion.
This portion of the Fund will not concentrate, except to the same approximate extent as the Index may concentrate, in the securities of a particular industry or group of industries (also known as a sector). This portion of the Fund may become non-diversified, as defined under the Investment Company Act of 1940, as amended (the 1940 Act), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. This portion of the Fund may also invest in futures contracts on other U.S. mid-cap indices to gain exposure to the U.S. mid-capitalization equity market. Using derivatives such as total return swaps and futures contracts is a way to obtain investment exposure to the U.S. mid-capitalization equity market, as represented by the particular index, and seek the returns of that index without purchasing all of the securities in the index.
PLFA will also seek to achieve additional gains above the Index by making specific investment decisions for the Fund as it sees investment opportunities (incremental alpha). To seek incremental alpha, PLFA may use total return swap agreements and/or futures contracts to implement its investment views on sub-asset classes within the overall U.S. mid-capitalization equity market, such as mid-cap growth or mid-cap value. This could involve, for example, buying total return swap agreements on a mid-cap growth index to express a positive view on mid-cap growth as a sub-asset class. Another example could be hedging out part of the mid-cap growth portion of the Index using derivatives, resulting in an overweight to the mid-cap value portion, or doing the opposite. Bond portion The term bond in the Funds name refers to debt securities and derivatives that provide exposure to debt securities.
The bond portion of the Fund will be managed by FDS to seek to contribute to returns in excess of the Index returns (or alpha), to earn income to offset the cost of the Funds derivatives investments, and to maintain collateral for the Funds derivatives exposure. This portion of the Fund will be invested primarily in investment grade debt securities, including U.S. debt and U.S. dollar-denominated debt issued by foreign entities in developed markets, and repurchase agreements for those securities. Under normal circumstances, this portion of the Fund is expected to maintain an average credit quality of A- or higher and a weighted average duration that is between 0 and 2.75 years. Duration is often used to measure a bonds sensitivity to interest rates. The longer this portion of the Funds duration, the more sensitive it is to interest rate risk.
The shorter this portion of the Funds duration, the less sensitive it is to interest rate risk. When selecting investments for this portion of the Fund, FDS evaluates sectors of the bond market and individual securities within these sectors. FDS selects U.S. dollar-denominated bonds from several sectors including: U.S. and foreign developed market government securities (including agencies); investment grade corporate bonds; mortgage-related securities and asset-backed securities; and cash equivalents. In addition, FDS may use derivatives, including buying or selling options or futures contracts on a debt security or an index of debt securities, or entering into credit default swaps and interest rate swaps, including options thereon ( i.e. , swaptions), primarily to manage risks of the debt security investments by increasing or decreasing the exposure to risk factors associated with those investments or as a substitute for investing in the debt securities directly.
For example, FDS could use U.S. Treasury futures contracts to manage interest rate risk or credit default swaps to manage credit risk of corporate bonds or gain exposure to debt security investments in a certain sector. This portion of the Fund may also invest in debt securities issued pursuant to Rule 144A under the Securities Act of 1933 (Rule 144A securities). FDS may purchase or sell investments for this portion of the Fund for a variety of reasons, such as to adjust the Funds average maturity, duration, or credit quality or to shift assets into and out of higher yielding or lower yielding securities or different sectors. As of December 31, 2025, a significant part of the bond portion of the Fund was represented by securities of companies in the Financial sector. This portion of the Fund may lend its portfolio holdings to certain financial institutions.
C000098972 Holdings
Top 10 holdings of Mid-Cap Equity Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| United States Treasury | 6.95% |
| United States Treasury | 6.23% |
| United States Treasury | 4.79% |
| United States Treasury | 4.72% |
| United States Treasury | 3.59% |
| Clear Street | 1.67% |
| Pacific Life U.S. Government Fund Direct | 1.35% |
| Swib | 0.77% |
| Morgan Stanley Capital Services LLC | 0.39% |
| Bain Capital Credit CLO, Limited | 0.37% |
C000098972 Portfolio Allocation
Asset-class allocation of Mid-Cap Equity Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 54.8% |
| Securitized | 22.1% |
| Cash & Equivalents | 20.6% |
| Derivatives | 0.9% |
C000098972 Performance
Total returns for C000098972 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 14.4% |
| 1 year | 19.4% |
| 3 years (annualised) | 15.7% |
| 5 years (annualised) | 7.4% |
C000098972 Risk Information
Risk metrics for C000098972, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 10.8%
C000098972 Costs and Fees
C000098972 costs about $46 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.46%
- Gross expense ratio: 0.51%
- Portfolio turnover: 31%
- Brokerage commissions: 0.28 bps of average net assets (SEC N-CEN)
C000098972 Cashflows
Over the 12 months to 2026-06, Mid-Cap Equity Portfolio had net outflows of $81.20M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$9.44M |
| 2026-05 | −$2.91M |
| 2026-04 | −$5.14M |
| 2026-03 | −$17.69M |
| 2026-02 | −$5.49M |
| 2026-01 | −$5.74M |
C000098972 Debt Constituents
Largest debt holdings of Mid-Cap Equity Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| United States Treasury | 4.79% |
| United States Treasury | 4.72% |
| Bank Of America Corp. | 0.36% |
| Cnh Industrial Cap LLC | 0.36% |
| Capital One Financial Co. | 0.36% |
| Morgan Stanley | 0.35% |
| Firstenergy Corp. | 0.35% |
| Avolon Holdings Fndg Ltd. | 0.33% |
| Ares Strategic Income Fu | 0.33% |
| Citizens Bank Na/ri | 0.33% |
C000098972 Prospectus and SEC Filings
Official Mid-Cap Equity Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-29
- Prospectus (485BPOS) — filed 2025-04-29
- Prospectus supplement (497) — filed 2024-07-01
- Portfolio holdings (N-PORT) — filed 2026-08-11
- Portfolio holdings (N-PORT) — filed 2026-05-27
- Portfolio holdings (N-PORT) — filed 2026-02-18
- Annual census (N-CEN) — filed 2026-03-12
- Annual census (N-CEN) — filed 2025-03-10
Related Funds
Other Short Corporate Bond 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.