SA Invesco VCP Equity-Income Portfolio
Data updated: 2021-06-29
C000125867 — SA Invesco VCP Equity-Income Portfolio. United States Value Equity · $1.56B AUM. Holdings, fees, performance and SEC filings.
C000125867 Fund Overview
SA Invesco VCP Equity-Income Portfolio is a US mutual fund managed by Sunamerica Series Trust, categorised as United States 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: Sunamerica Series Trust
- Category: United States Value Equity
- Assets under management: $1.56B
- 1-year return: 20.0%
- SEC CIK: 0000892538
- SEC series ID: S000040592
- Share class ID: C000125867
C000125867 Investment Objective and Strategy
SA Invesco VCP Equity-Income Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Sunamerica Series Trust.
Investment objective
The Portfolios investment goal is to seek current income and moderate capital appreciation while managing portfolio volatility.
Principal investment strategy
The Portfolio invests primarily in equity and fixed income securities, derivatives and other instruments that have economic characteristics similar to such securities that it believes will decrease the volatility level of the Portfolios annual returns. Under normal circumstances, the Portfolio invests at least 65% of its net assets in income-producing equity investments, such as dividend paying common or preferred stocks. For purposes of this policy, the Portfolio considers income-producing equity securities to include securities such as dividend paying common stocks and preferred stocks, interest paying convertible securities and zero coupon convertible securities (on which the Portfolio accrues income for tax and accounting purposes but receives no cash). Although the Portfolio invests in the securities of issuers of all capitalization sizes, a substantial number of the issuers in which the Portfolio invests are expected to be large-cap companies.
The subadviser also employs a VCP (Volatility Control Portfolio) risk management process intended to manage the volatility level of the Portfolios annual returns. In selecting securities for the Portfolio, the subadviser emphasizes a value style of investing; seeking well-established, undervalued companies that the subadviser believes offer the potential for income with safety of principal and long-term growth of capital. The subadviser focuses on undervalued companies with catalysts for improved valuation. Internal and external factors considered by the subadviser as catalysts for improved valuation include new management, operational enhancements, restructurings or reorganizations, improvements in industry conditions or favorable regulatory developments. The subadviser believes a companys relative attractiveness is a function of its upside potential relative to downside risk.
The subadviser may dispose of a security when it has reached the subadvisers estimate of fair value or when the subadviser identifies a more attractive investment opportunity. The Portfolio incorporates a volatility control process that seeks to target a maximum annual volatility level for the Portfolios returns of approximately 10%. Volatility is a statistical measure of the magnitude of changes in the Portfolios returns without regard to the direction of those changes. To implement this volatility management strategy, the subadviser will monitor the forecasted annualized volatility of the Portfolios returns, placing a greater weight on recent historical data. The Portfolio may make significant investments in exchange-traded equity index and exchange-traded interest rate futures or other derivative instruments designed to reduce the Portfolios exposure to portfolio volatility.
In addition, the subadviser will seek to reduce exposure to certain downside risks by purchasing equity index put options that aim to reduce the Portfolios exposure to certain severe and unanticipated market events that could significantly detract from returns. There can be no assurance that investment decisions made in seeking to manage the Portfolios volatility will achieve the desired results. Volatility is not a measure of investment performance. Volatility may result from rapid or dramatic price swings. Higher volatility generally indicates higher risk and is often reflected by frequent and sometimes significant movements up and down in value. The Portfolio could experience high levels of volatility in both rising and falling markets. Due to market conditions or other factors, the actual or realized volatility of the Portfolio for any particular period of time may be materially higher or lower than the target maximum annual level.
The Portfolios target maximum annual volatility level of 10% is not a total return performance target. The Portfolio does not expect its total return performance to be within any specified targeted range. It is possible for the Portfolio to maintain its volatility at or under its target maximum annual volatility level while having negative performance returns. Efforts to manage the Portfolios volatility could limit the Portfolios gains in rising markets, may expose the Portfolio to costs to which it would otherwise not have been exposed, and if unsuccessful may result in substantial losses.
C000125867 Holdings
Top 10 holdings of SA Invesco VCP Equity-Income Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| US Treasury N/b | 4.80% |
| US Treasury N/b | 3.02% |
| Johnson & Johnson | 2.24% |
| Bank of America Corp | 2.05% |
| Philip Morris International Inc | 2.05% |
| Citigroup Inc | 1.88% |
| Morgan Stanley | 1.82% |
| General Motors Co | 1.81% |
| Charter Communications Inc | 1.75% |
| Oracle Corp | 1.72% |
C000125867 Portfolio Allocation
Asset-class allocation of SA Invesco VCP Equity-Income Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 61.5% |
| Fixed Income | 30.9% |
| Other | 1.8% |
| Derivatives | 0.2% |
C000125867 Performance
Total returns for C000125867 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 20.0% |
C000125867 Risk Information
Risk metrics for C000125867, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 9.1%
C000125867 Costs and Fees
C000125867 costs about $113 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.13%
- Gross expense ratio: 1.13%
- Portfolio turnover: 158%
- Brokerage commissions: 5.01 bps of average net assets (SEC N-CEN)
C000125867 Cashflows
Over the 12 months to 2021-04, SA Invesco VCP Equity-Income Portfolio had net inflows of $117.48M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2021-04 | $190.52M |
| 2021-03 | −$16.60M |
| 2021-02 | −$15.75M |
| 2021-01 | −$37.39M |
| 2020-12 | −$16.66M |
| 2020-11 | $15.26M |
C000125867 Debt Constituents
Largest debt holdings of SA Invesco VCP Equity-Income Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| US Treasury N/b | 4.80% |
| US Treasury N/b | 3.02% |
| US Treasury N/b | 1.24% |
| United States Treasury | 0.95% |
| United States Treasury | 0.87% |
| US Treasury N/b | 0.74% |
| US Treasury N/b | 0.64% |
| Liberty Media Corp | 0.53% |
| Convertible Trust - Healthcare Series 2018-1 | 0.42% |
| GS Finance Corp | 0.35% |
C000125867 Prospectus and SEC Filings
Official SA Invesco VCP Equity-Income Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-05-15
- Prospectus (485BPOS) — filed 2019-05-17
- Prospectus (485BPOS) — filed 2018-05-18
- Portfolio holdings (N-PORT) — filed 2021-06-29
- Portfolio holdings (N-PORT) — filed 2021-03-24
- Portfolio holdings (N-PORT) — filed 2020-12-29
- Annual census (N-CEN) — filed 2021-04-16
- Annual census (N-CEN) — filed 2020-04-14
Related Funds
Other United States 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.