AZL MVP T. Rowe Price Capital Appreciation Plus Fund

Data updated: 2026-08-25

C000135433 — AZL MVP T. Rowe Price Capital Appreciation Plus Fund. Alternative · $898.91M AUM. Holdings, fees, performance and SEC filings.

C000135433 Fund Overview

AZL MVP T. Rowe Price Capital Appreciation Plus Fund is a US mutual fund managed by Allianz Variable Insurance Products Fund Of Funds Trust, categorised as Alternative. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

C000135433 Investment Objective and Strategy

AZL MVP T. Rowe Price Capital Appreciation Plus Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Allianz Variable Insurance Products Fund Of Funds Trust.

Investment objective

The Fund seeks long term capital appreciation with preservation of capital as an important intermediate-term objective.

Principal investment strategy

The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective primarily by investing approximately 95% of its assets in a combination of three underlying funds: Fund Target Allocation AZL T. Rowe Price Capital Appreciation Fund 50% AZL S&P 500 Index Fund 27% AZL Enhanced Bond Index Fund 18% In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. These target allocations represent the Funds long-term strategic asset allocation, which is not expected to change under normal market conditions. The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation.

Generally, the Manager will seek to maintain the underlying fund target allocations using the cash flows that result from shareholders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund to the target allocations. Generally, the actual allocations will not be more than 10% above or below the targets. The Plus within the Funds name refers to the combination of the underlying AZL T. Rowe Price Capital Appreciation Fund with complementary exposure to the two underlying index funds that seeks to provide the Fund with a broad and diverse exposure across both equity and fixed income markets. The AZL T. Rowe Price Capital Appreciation Fund, which is subadvised by T.

Rowe Price Associates, Inc., and sub-subadvised by T. Rowe Price Investment Management, Inc. (together, the Subadviser), seeks long term capital appreciation with preservation of capital as an important intermediate-term objective. The underlying fund normally invests at least 50% of its total assets in stocks. The remaining assets are generally invested in corporate and government debt, mortgage- and asset-backed securities, and bank loans (which represent an interest in amounts owed by a borrower to a syndicate of lenders). The fund may invest up to 25% of its total assets in foreign securities. The AZL S&P 500 Index Fund, which is subadvised by BlackRock Investment Management, LLC, seeks to match the total return of the Standard & Poors 500 Index. Under normal circumstances, it invests at least 80% of the value of its net assets in the securities of or in a statistically selected sampling of the securities of companies included in the S&P 500 Index or in derivative instruments linked to that Index.

The AZL Enhanced Bond Index Fund, which is subadvised by BlackRock Financial Management, Inc., seeks to exceed the total return of the Bloomberg U.S. Aggregate Bond Index. Under normal market conditions, the Fund invests at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Further, under normal circumstances, the Fund invests at least 80% of the value of its net assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the Index. The subadviser of the AZL Enhanced Bond Index Fund uses the Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar overall interest rate risk to the Index, with the investment objective of seeking to exceed the total return of the Index.

Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described above, and approximately 5% of the Funds assets will be available for the MVP risk management process, which utilizes investment strategies involving equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid and will target equity and bond exposure similar to the underlying funds. This MVP risk management process involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time.

Generally, higher volatility is considered to be more risky. The goal of the MVP process is to achieve Fund volatility at or below 12% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds. As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%.

Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Funds threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns.

C000135433 Holdings

Top 5 holdings of AZL MVP T. Rowe Price Capital Appreciation Plus Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

Holding% of net assets
AZL T Rowe Price Capital Appreciation Fund;250.33%
AZL S&P 500 Index Fund;227.14%
AZL Enhanced Bond Index Fund17.63%
S P 500 Emini Future Sep260.02%
United States of America0.00%

View all C000135433 holdings

C000135433 Portfolio Allocation

Asset-class allocation of AZL MVP T. Rowe Price Capital Appreciation Plus Fund by percentage of net assets, from the latest SEC N-PORT filing.

Asset classAllocation
Other95.1%

C000135433 Performance

Total returns for C000135433 (as of 2026-10-01), from SEC filings.

PeriodTotal return
YTD5.5%
1 year12.2%
3 years (annualised)11.2%
5 years (annualised)7.1%

C000135433 Risk Information

Risk metrics for C000135433, derived from monthly returns in SEC filings.

  • 1-year volatility (annualised): 8.4%

C000135433 Costs and Fees

C000135433 costs about $88 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 0.88%
  • Gross expense ratio: 0.88%
  • Portfolio turnover: 14%
  • Brokerage commissions: 0.02 bps of average net assets (SEC N-CEN)

C000135433 Cashflows

Over the 12 months to 2026-06, AZL MVP T. Rowe Price Capital Appreciation Plus Fund had net outflows of $140.78M, from monthly SEC N-PORT filings.

MonthNet flow
2026-06−$20.73M
2026-05−$19.23M
2026-04−$17.07M
2026-03−$14.58M
2026-02−$19.36M
2026-01−$15.64M

C000135433 Debt Constituents

No individual debt constituents are reported in AZL MVP T. Rowe Price Capital Appreciation Plus Fund's latest SEC N-PORT filing.

C000135433 Prospectus and SEC Filings

Official AZL MVP T. Rowe Price Capital Appreciation Plus Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

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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.