AZL MVP DFA Multi-Strategy Fund

Data updated: 2026-08-25

C000154558 — AZL MVP DFA Multi-Strategy Fund. Hedge-Fund Replication · $1.17B AUM · 0.87% expense ratio. Holdings, fees, performance and SEC filings.

C000154558 Fund Overview

AZL MVP DFA Multi-Strategy Fund is a US mutual fund managed by Allianz Variable Insurance Products Fund Of Funds Trust, categorised as Hedge-Fund Replication. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

C000154558 Investment Objective and Strategy

AZL MVP DFA Multi-Strategy 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.

Principal investment strategy

The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing approximately 95% of its assets in a combination of three underlying funds: Fund Target Allocation AZL Enhanced Bond Index Fund 38% AZL DFA U.S. Core Equity Fund 40.5% AZL DFA International Core Equity Fund 16.5% In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. The AZL Enhanced Bond Index Fund is a bond index fund, and the other two underlying funds are equity funds. Under normal market conditions, the Fund will allocate approximately 60% of its underlying fund assets in the underlying equity funds and approximately 40% of its underlying fund assets in the underlying bond index fund.

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 actual fund allocations to target 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 Funds actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets.

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 (the Index). Under normal market conditions, it 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, it 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.

AZL DFA U.S. Core Equity Fund, which is subadvised by Dimensional Fund Advisors LP (DFA), seeks long-term capital appreciation. The fund purchases a broad and diverse group of equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of U.S. companies (the U.S. Universe). The fund invests in companies of all sizes, with moderately increased exposure to smaller capitalization, lower relative price and/or higher profitability companies as compared to their representation in the U.S. Universe. Under normal circumstances, the fund will invest at least 80% of its net assets in equity securities of U.S. companies. AZL DFA International Core Equity Fund, which is subadvised by DFA, seeks long-term capital appreciation.

The fund purchases a broad and diverse group of equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of non-U.S. companies associated with developed markets that have been authorized for investment by the Subadvisers Investment Committee (the International Universe). The fund invests in companies of all sizes, with meaningfully increased exposure to smaller capitalization, lower relative price and/or higher profitability companies as compared to their representation in the International Universe. Under normal circumstances, the fund will invest at least 80% of its net assets in equity securities. 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.

C000154558 Holdings

Top 5 holdings of AZL MVP DFA Multi-Strategy Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

Holding% of net assets
AZL DFA US Core Equity Fund41.03%
AZL Enhanced Bond Index Fund37.36%
Azl Dfa International Core Equity Fund Class 216.68%
S P 500 Emini Future Sep260.02%
United States of America0.00%

View all C000154558 holdings

C000154558 Portfolio Allocation

Asset-class allocation of AZL MVP DFA Multi-Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.

Asset classAllocation
Other95.1%

C000154558 Performance

Total returns for C000154558 (as of 2026-10-01), from SEC filings.

PeriodTotal return
YTD6.5%
1 year14.5%
3 years (annualised)11.2%
5 years (annualised)6.1%

C000154558 Risk Information

Risk metrics for C000154558, derived from monthly returns in SEC filings.

  • 1-year volatility (annualised): 7.4%

C000154558 Costs and Fees

C000154558 costs about $87 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 0.87%
  • Gross expense ratio: 0.97%
  • Portfolio turnover: 9%
  • Brokerage commissions: 0.01 bps of average net assets (SEC N-CEN)

C000154558 Cashflows

Over the 12 months to 2026-06, AZL MVP DFA Multi-Strategy Fund had net outflows of $86.42M, from monthly SEC N-PORT filings.

MonthNet flow
2026-06−$18.65M
2026-05−$17.83M
2026-04−$15.66M
2026-03−$22.28M
2026-02−$18.20M
2026-01−$18.36M

C000154558 Debt Constituents

No individual debt constituents are reported in AZL MVP DFA Multi-Strategy Fund's latest SEC N-PORT filing.

C000154558 Prospectus and SEC Filings

Official AZL MVP DFA Multi-Strategy Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Hedge-Fund Replication 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.