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    BNY Mellon Variable Investment Fund, Opportunistic Small Cap Portfolio

    Why invest in this Fund?

    The fund seeks capital growth.

    To pursue this goal, the fund normally invests at least 80% of its net assets in the stocks of small-cap companies with market capitalizations within the range of companies in the Russell 2000 Index at the time of purchase. The fund's stock investments may include common stocks, preferred stocks and convertible securities of both U.S. and foreign issuers. Stocks are selected for the fund's portfolio based primarily on bottom-up fundamental analysis.

    Min. class investment
    Class Inception Date
    Fund Assets
    $259,902,578  As of  10/02/23
    Class Assets
    $243,305,597  As of  10/02/23
    Portfolio Turnover Rate
    37.56% As of fiscal year end  12/31/22
    Morningstar Category
    Small Blend
    Russell 2000® Index
    Fund Holdings
    75 As of 08/31/23

    Morningstar Rating™ as of August 31, 2023 for the Initial Shares class shares; other classes may have different performance characteristics. Overall rating for the Small Blend category. Fund ratings are out of 5 Stars: Overall 1 Stars (593 funds rated); 3 Yrs. 2 Stars (593 funds rated); 5 Yrs. 1 Stars (553 funds rated); 10 Yrs. 1 Stars (385 funds rated). The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. © Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.


    This fund is only offered as an underlying investment option for variable annuity contracts and variable life insurance policies and is not sold directly to the general public. Please refer investors to the applicable variable annuity or variable life insurance prospectus as well as the underlying fund prospectus for more detailed information and other important considerations, which should be read carefully before investing.

    Portfolio Managers

    • Patrick  Kent

      Patrick Kent, CFA

      Deputy Head of Equity Opportunities, Portfolio Manager, Newton Investment Management North America, LLC

      4 yr(s). on fund

    • Andrew Leger

      Andrew Leger

      Portfolio Manager, Newton Investment Management North America, LLC

      2 yr(s). on fund

    Fees & Expenses

    Variable insurance products have additional fees, charges and expenses. Please consult the applicable variable contract prospectus for more detailed information.

    Portfolio Manager/Sub-Investment Adviser

    The fund's investment adviser is BNY Mellon Investment Adviser, Inc. (BNYM Investment Adviser). BNYM Investment Adviser has engaged its affiliate, Newton Investment Management North America, LLC (NIMNA), to serve as the fund's sub-adviser. NIMNA has entered into a sub-sub-investment advisory agreement with its affiliate, Newton Investment Management Limited (NIM), to enable NIM to provide certain advisory services to NIMNA for the benefit of the fund.The fund is managed by a team of investment professionals employed by NIMNA. The team members who are jointly and primarily responsible for managing the fund's portfolio are Patrick Kent, CFA, CMT and Andrew Leger. Mr. Kent has served as lead portfolio manager of the fund since March 2019. Mr. Leger has been a portfolio manager of the fund since September 2021. Mr. Kent is Deputy Head of Equity Opportunities and a portfolio manager at NIMNA. Mr. Leger is a portfolio manager at NIMNA.

    Top Holdings

    As of 08/31/23

    Asset Allocation

        Main Risks

        An investment in the fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. It is not a complete investment program.
        While stocks have historically been a leading choice of long-term investors, they do fluctuate in price. The value of a shareholder's investment in the fund will go up and down, sometimes dramatically, which means that shareholders could lose money.
        Small companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. Some of the fund's investments are made in anticipation of future products and services that if delayed or cancelled could cause the company's stock price to drop. The fund may purchase securities of companies in initial public offerings (IPOs). The prices of securities purchased in IPOs can be very volatile.
        Please refer to the prospectus for a more complete discussion of the fund's main risks.

        Risk Metrics

        As of  08/31/23  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        22.11 -3.13 1.05 71.34 0.32

        All risk metrics are provided by Morningstar. The index used in the calculations are determined by Morningstar which may not be the funds primary benchmark. The index Morningstar used for this analysis is S&P 500® Index.


        Factsheet, Prospectus and Reports

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