Milliman - Capital Group Hedged U.S. Growth Fund

C000237468 Fund Overview

Milliman - Capital Group Hedged U.S. Growth Fund is a US mutual fund managed by Milliman Variable Insurance Trust, categorised as United States Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Milliman Variable Insurance Trust
• Category: United States Large Cap Blend / Core Equity
• Assets under management: $3.62M
• 1-year return: 4.5%
• SEC CIK: 0001844255
• SEC series ID: S000077239
• Share class ID: C000237468

C000237468 Investment Objective and Strategy

Milliman - Capital Group Hedged U.S. Growth Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Milliman Variable Insurance Trust.

Investment objective

The Funds investment objective is to provide long-term growth of capital, while also seeking to provide a hedge against downside equity exposure.

Principal investment strategy

The Fund seeks to achieve its investment objective by primarily investing its assets in a combination of common stocks (to gain additional long equity exposure and to provide long equity exposure) and derivatives (to create a hedge against the Funds downside equity exposure). Milliman Financial Risk Management LLC, the Funds investment adviser ( Milliman ), will prepare a weighted list of those common stocks of companies that it believes can provide long-term growth of capital (the Investable Universe ). The Investable Universe may include common stocks of smaller capitalization companies. The Fund will invest in some or all of the common stocks contained in the Investable Universe. The Fund may also gain exposure to the Investable Universe by purchasing over-the-counter ( OTC ) options and/or exchange-traded options on the common stocks contained in the Investable Universe and/or the indices or exchange-traded funds ( ETFs ) representing those common stocks.

The Investable Universe may also include cash or cash equivalents, such as money market instruments, which may be included in the Funds portfolio if Milliman believes those investments will help achieve the Funds investment objective. The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities that are tied economically to the U.S. and in derivatives that have economic characteristics similar to those securities. Securities that are tied economically to the U.S. include those whose issuers (i) are organized under the laws of the U.S. or maintain their principal place of business in the U.S.; (ii) issue securities that are principally traded in the U.S.; or (iii) derived at least 50% of their revenues or profits from goods produced or sold, investments made, or services performed in the U.S.

or had at least 50% of their assets in the U.S. during their most recent fiscal year. In seeking to create a hedge against the Funds downside equity exposure, Milliman primarily intends to purchase and sell either OTC options and/or exchange-traded options on some or all of the common stocks contained in the Investable Universe and/or indices or ETFs representing those common stocks (the Buffer Hedging Strategy ). The Buffer Hedging Strategy is currently anticipated to provide a hedge against any losses that the Fund incurs that are greater than 5% but less than 20% of the Funds equity exposure (the Buffer Range ). The magnitude of the Buffer Range will depend upon prevailing market conditions and other factors on the day Milliman transacts in the options contracts. While the Buffer Hedging Strategy is intended to provide a hedge as described above, there is no guarantee that the Buffer Hedging Strategy will be successful.

In addition, implementation of the Buffer Hedging Strategy could result in the Fund foregoing some of the upside returns on its long equity exposure because the options contracts used to effect the Buffer Hedging Strategy will limit the Funds potential upside returns. In general, an options contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy (for a call option) or sell (for a put option) a particular asset at a specified future date at an agreed upon price, commonly known as the strike price. OTC options are two-party contracts with negotiated strike prices and expiration dates and differ from exchange-traded options in that OTC options are transacted with dealers directly and not through a clearing corporation. Milliman will make determinations on which common stocks to purchase and options contracts to transact based upon industry weightings, market capitalizations, and other financial characteristics of the common stocks contained in the Investable Universe.

Milliman will also make determinations on which common stocks to purchase and options contracts to transact based on Millimans evaluation of the market liquidity of those common stocks and options contracts. From time to time the Fund may focus its investments (i.e ., invest more than 15% of its total assets) in one or more particular sectors. Fund Classification. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the 1940 Act ).

C000237468 Holdings

Top 10 holdings of Milliman - Capital Group Hedged U.S. Growth Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000237468 holdings

C000237468 Portfolio Allocation

Asset-class allocation of Milliman - Capital Group Hedged U.S. Growth Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000237468 Performance

Total returns for C000237468 (as of 2026-10-01), from SEC filings.

C000237468 Risk Information

Risk metrics for C000237468, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 6.1%

C000237468 Costs and Fees

C000237468 costs about $109 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.09%
• Gross expense ratio: 9.45%
• Portfolio turnover: 33%
• Brokerage commissions: 0.29 bps of average net assets (SEC N-CEN)

C000237468 Cashflows

Over the 12 months to 2025-06, Milliman - Capital Group Hedged U.S. Growth Fund had net inflows of $0, from monthly SEC N-PORT filings.

C000237468 Debt Constituents

No individual debt constituents are reported in Milliman - Capital Group Hedged U.S. Growth Fund's latest SEC N-PORT filing.

C000237468 Prospectus and SEC Filings

Official Milliman - Capital Group Hedged U.S. Growth Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-04-28
• Prospectus (485BPOS) — filed 2025-04-28
• Prospectus (485BPOS) — filed 2024-04-19
• Portfolio holdings (N-PORT) — filed 2025-08-28
• Portfolio holdings (N-PORT) — filed 2025-05-27
• Portfolio holdings (N-PORT) — filed 2025-02-25
• Annual census (N-CEN) — filed 2025-03-11
• Annual census (N-CEN) — filed 2024-03-13

Related Funds

Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:

• Vanguard Total Stock Market Index Fund (VTSMX)
• Vanguard 500 Index Fund (VFINX)
• iShares Core S&P 500 ETF (IVV)
• Fidelity 500 Index Fund (FXAIX)
• Vanguard Institutional Index Fund (VINIX)

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.