Fund Evaluator:
MassMutual Small Cap Opps R5 (MSCDX)
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Best Performing in Small Blend Over the Last Year
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Fund Details
MassMutual Small Cap Opps R5 Overview
MassMutual Small Cap Opps R5 (MSCDX) is an actively managed U.S. Equity Small Blend fund. MassMutual launched the fund in 2004.
The investment seeks capital appreciation. The fund invests primarily in common stocks of small-capitalization U.S. companies that the fund's subadviser believes have favorable business trends or prospects based on fundamental analysis. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of small-cap companies. The subadviser currently considers "small-cap" companies to be those whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000® Index.
About MassMutual Small Cap Opps R5 (MSCDX)
There are 5 members of the management team with an average tenure of 14.83 years: Magnus Krantz (2013), Joy Budzinski (2013), Raman Vardharaj (2009), Adam Weiner (2013), Matthew Ziehl (2009). 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 2000 TR USD index with a weighting of 100%. MassMutual Small Cap Opps R5 has 103 securities in its portfolio. The top 10 holdings constitute 17.5% 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.
MassMutual Small Cap Opps R5 is part of the Equity global asset class and is within the U.S. Equity fund group. MassMutual Small Cap Opps R5 has 1.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.0%. There is 1.0% 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). MassMutual Small Cap Opps R5 has 2.9% of the portfolio in cash.
Assets Under Management
The fund has $114 million in total assets, which is below the $685 million average for the Small 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.
MSCDX 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 MassMutual Small Cap Opps R5 expense ratio is above average compared to funds in the Small Blend category. MassMutual Small Cap Opps R5 has an expense ratio of 0.75%, which is 28% lower than its category average, making the fund expense ratio grade a B. 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. MassMutual Small Cap Opps R5 has a portfolio turnover rate of 40%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.
Recently, in the month of July 2026, MassMutual Small Cap Opps R5 returned -2.2%, which earned it a grade of B, as the Small Blend category had an average return of -2.8%. 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.
MassMutual Small Cap Opps R5 has a trailing yield of 0.47%, which is above the 0.42% 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.
MassMutual Small Cap Opps R5 Grades
Year to date, the fund has returned 16.9%, 1.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 25.4% over the past year (grade of D), 13.8% over the past three years (grade of C) and 8.4% per year over the past five years (grade of B) and 11.4% per year over the past 10 years (grade of A).
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MSCDX 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 |
|
| MSCDX Return (NAV) | -2.2% | 6.1% | 25.4% | 13.8% | 8.4% | 11.4% |
| MSCDX Grade | B | B | D | C | B | A |
| +/- Category | 0.6% | 0.9% | -2.9% | 0.4% | 0.8% | 1.1% |
| Small Blend Avg | -2.8% | 5.2% | 28.3% | 13.5% | 7.6% | 10.3% |
| MSCDX Tax Cost Ratio | na | na | 2.3% | 1.9% | 1.7% | 1.8% |
MSCDX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MSCDX Return (NAV) | 16.9% | 8.7% | 12.8% | 17.9% | -15.8% | 22.3% | 20.3% | 26.3% | -10.6% | 14.2% | 18.3% |
| MSCDX Grade | D | C | B | B | B | C | A | B | B | C | D |
| +/- Category | -1.2% | 0.8% | 1.3% | 1.4% | 0.7% | -1.0% | 5.9% | 0.8% | 1.2% | 0.1% | -1.9% |
| Small Blend Avg | 18.2% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 18.9% |
| Total Risk Index: | 1.54 - High |
| Category Risk Index: | 1.02 - Above Average |
| Category Risk Grade: | D (62% Rank) |
| Beta: | 1.12 |
| R-Squared: | 60% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $592 Mil |
| Fund Total Assets: | $ 115 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 40% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 17.2 years | |||
| Average Tenure: 14.8 years | |||
| Managers (Year): Vardharaj Raman (2009), Ziehl Matthew (2009), Weiner Adam (2013), Krantz Magnus (2013), Budzinski Joy (2013) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 103 |
| % in Top 10 Holdings: | 17.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.0% |
Portfolio Allocation |
|
| Domestic Stock: | 96.0% |
| Foreign Stock: | 1.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.9% |
Purchase Information
| Fund Family: | MassMutual |
| Phone Number: | 888-309-3539 |
| Website: | www.massmutual.com |
| Status: | Open |
| Inception Date: | November 1, 2004 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.75% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | MassMutual Small Cap Opps A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
