Fund Evaluator:
Voya Index Plus MidCap Port S (IPMSX)
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Best Performing in Mid-Cap Blend Over the Last Year
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Fund Details
Voya Index Plus MidCap Port S Overview
Voya Index Plus MidCap Port S (IPMSX) is an actively managed U.S. Equity Mid-Cap Blend fund. Voya launched the fund in 2001.
The investment seeks to outperform the total return performance of the S&P MidCap 400® Index ("index") while maintaining a market level of risk. Under normal circumstances, the portfolio invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments tied to mid-capitalization companies included in the index.
About Voya Index Plus MidCap Port S (IPMSX)
There are 3 members of the management team with an average tenure of 3.92 years: Russell Shtern, CFA (2025), Steve Gao (2025), Kai Wong (2016). 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 S&P MidCap 400 TR index with a weighting of 100%. Voya Index Plus MidCap Port S has 323 securities in its portfolio. The top 10 holdings constitute 11.8% 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.
Voya Index Plus MidCap Port S is part of the Equity global asset class and is within the U.S. Equity fund group. Voya Index Plus MidCap Port S has 2.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.7%. There is 2.3% 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). Voya Index Plus MidCap Port S has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $21 million in total assets, which is below the $1 billion average for the Mid-Cap Blend 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.
IPMSX 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 Voya Index Plus MidCap Port S expense ratio is high compared to funds in the Mid-Cap Blend category. Voya Index Plus MidCap Port S has an expense ratio of 0.85%, which is 13% lower than its category average, making the fund expense ratio grade a C. 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. Voya Index Plus MidCap Port S has a portfolio turnover rate of 71%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Blend category.
Recently, in the month of July 2026, Voya Index Plus MidCap Port S returned -1.4%, which earned it a grade of C, as the Mid-Cap Blend category had an average return of -1.8%. 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.
Voya Index Plus MidCap Port S has a trailing yield of 0.19%, which is below the 0.48% 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.
Voya Index Plus MidCap Port S Grades
Year to date, the fund has returned 15.8%, 2.7 percentage points better than the category, which translates into a grade of B. The fund has returned 23.4% over the past year (grade of A), 14.0% over the past three years (grade of B) and 8.7% per year over the past five years (grade of B) and 10.0% per year over the past 10 years (grade of D).
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IPMSX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| IPMSX Return (NAV) | -1.4% | 5.1% | 23.4% | 14.0% | 8.7% | 10.0% |
| IPMSX Grade | C | B | A | B | B | D |
| +/- Category | 0.4% | 1.2% | 5.6% | 1.3% | 1.1% | -0.3% |
| Mid-Cap Blend Avg | -1.8% | 3.9% | 17.8% | 12.7% | 7.6% | 10.3% |
| IPMSX Tax Cost Ratio | na | na | 1.5% | 1.7% | 2.7% | 2.3% |
IPMSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IPMSX Return (NAV) | 15.8% | 7.9% | 14.9% | 17.2% | -14.5% | 27.5% | 8.0% | 26.7% | -14.5% | 13.3% | 17.8% |
| IPMSX Grade | B | C | B | B | C | B | F | C | F | D | B |
| +/- Category | 2.7% | -0.1% | 1.4% | 0.8% | 0.6% | 3.2% | -5.3% | -1.7% | -4.2% | -2.8% | 3.3% |
| Mid-Cap Blend Avg | 13.0% | 7.9% | 13.5% | 16.4% | -15.1% | 24.3% | 13.3% | 28.5% | -10.3% | 16.1% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 15.8% |
| Total Risk Index: | 1.29 - Above Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (52% Rank) |
| Beta: | 1.00 |
| R-Squared: | 68% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $817 Mil |
| Fund Total Assets: | $ 21 Mil |
| Share Class Type: | S |
| Portfolio Turnover: | 71% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.3 years | |||
| Average Tenure: 3.9 years | |||
| Managers (Year): Wong Kai (2016), Shtern, CFA Russell (2025), Gao Steve (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 323 |
| % in Top 10 Holdings: | 11.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.3% |
Portfolio Allocation |
|
| Domestic Stock: | 97.7% |
| Foreign Stock: | 2.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Voya |
| Phone Number: | 800-992-0180 |
| Website: | www.voyainvestments.com |
| Status: | Open |
| Inception Date: | July 16, 2001 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.85% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Voya Index Plus MidCap Port I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
