Fund Evaluator:

Transamerica Small/Mid Cap Value A Overview

Transamerica Small/Mid Cap Value A (IIVAX) is an actively managed U.S. Equity Mid-Cap Value fund. Transamerica launched the fund in 2001.

The investment seeks maximum total return. The fund normally invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in small- and mid-cap equity securities (U.S. equity securities, ADRs and foreign securities trading on U.S. markets). In the small-cap sleeve, the sub-adviser generally will invest in common stocks of companies with small capitalizations that are attractively valued and possess low price cash flow ratios or, in the case of certain financial stocks, low price/earnings ratios and/or low price/book ratios. The fund may invest up to 10% of its total assets in the securities of foreign issuers.

About Transamerica Small/Mid Cap Value A (IIVAX)

There are 5 members of the management team with an average tenure of 7.62 years: Brett Hawkins (2016), R. Michael Creager (2019), W. Ryan Wick,CFA (2022), Kenneth Burgess (2011), Rick Plummer, CFA (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2500 Value TR USD index with a weighting of 100%. Transamerica Small/Mid Cap Value A has 223 securities in its portfolio. The top 10 holdings constitute 13.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Transamerica Small/Mid Cap Value A is part of the Equity global asset class and is within the U.S. Equity fund group. Transamerica Small/Mid Cap Value A has 2.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 93.5%. There is 2.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Transamerica Small/Mid Cap Value A has 3.6% of the portfolio in cash.

Assets Under Management

The fund has $327 million in total assets, which is below the $642 million average for the Mid-Cap Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

IIVAX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Transamerica Small/Mid Cap Value A expense ratio is high compared to funds in the Mid-Cap Value category. Transamerica Small/Mid Cap Value A has an expense ratio of 1.20%, which is 16% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Transamerica Small/Mid Cap Value A has a portfolio turnover rate of 48%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Value category.

Recently, in the month of July 2026, Transamerica Small/Mid Cap Value A returned 2.3%, which earned it a grade of B, as the Mid-Cap Value category had an average return of 1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Transamerica Small/Mid Cap Value A has a trailing yield of 0.90%, which is above the 0.87% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Transamerica Small/Mid Cap Value A Grades

Year to date, the fund has returned 15.5%, 0.0 percentage points worse than the category, which translates into a grade of C. The fund has returned 24.7% over the past year (grade of B), 12.0% over the past three years (grade of D) and 8.4% per year over the past five years (grade of D) and 10.1% per year over the past 10 years (grade of C).

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