We have qualitatively reviewed Voya American Century Small-Mid Cap Value and reaffirmed its Process and People ratings. The strategy employs two subadvisors whose strong teams and processes are intact. One-year returns (through Sept. 30, 2023), while disappointing, were driven by the mid-cap sleeve and were not out of character, as growth gains left its more defensive strategy out of favor. The small-cap sleeve topped its benchmark by more than 4 percentage points yet still trailed its typical small-value Morningstar Category peer for the trailing year. The following text is from Nov. 7, 2022.