MetLife Multi-Index Targeted Risk Portfolio
Actively managed U.S. stock fund
As of its 2026 Q2 report, MetLife Multi-Index Targeted Risk Portfolio held 23 positions with $5.42B in net assets. Its ten largest holdings made up 94.2% of the fund. The fund costs 0.62% a year. Over the 12 months to May 2026, it returned 16.2%, with dividends reinvested. In 2026 Q2 it added 15 new positions and exited 14.
Seeks a balance between growth of capital and current income, with a greater emphasis on growth of capital.
The fund invests approximately 75% of assets in passively managed index portfolios tracking equity and fixed income indexes, and approximately 25% in fixed income securities that serve as collateral for equity derivative instruments, primarily stock index futures, which are managed by a subadviser to adjust overall equity exposure between roughly 10% and 70% based on market volatility. The subadviser targets an annualized equity contribution to portfolio volatility of 10%, allowing it to vary between 8% and 12%, and will decrease equity exposure during periods of increased volatility and increase it during periods of reduced volatility. The fund also employs an interest rate overlay with a notional value of approximately 30% of net assets under normal conditions. Because equity derivative instruments require only a fraction of the assets needed to purchase equity securities directly, the fund may be exposed to leverage when total equity exposure exceeds 60%.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
BRIGHTHOUSE FDS TR II | 39.74% | $2.16B | 229.1M | $9.41 |
BRIGHTHOUSE FDS TR II | 16.69% | $905.57M | 12.5M | $72.50 |
BRIGHTHOUSE FDS TR II | 11.08% | $601.00M | 32.9M | $18.28 |
BRIGHTHOUSE FDS TR II | 4.71% | $255.47M | 13.7M | $18.70 |
United States Treasury | 4.00% | $217.03M | — | — |
United States Treasury | 3.90% | $211.34M | — | — |
United States Treasury | 3.60% | $195.23M | — | — |
United States Treasury | 3.53% | $191.31M | — | — |
United States Treasury | 3.51% | $190.55M | — | — |
United States Treasury | 3.45% | $187.40M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 23 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 34.64% |
| Cash & short-term | 30.22% |
| Bonds | 29.62% |
| Securitized | 10.05% |
| Other | 0.00% |
| Derivatives | -0.17% |
Look-through blends 5 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
How it has done
C000119619 share class · total returns with dividends reinvested
Volatility over the last 12 months: 9.23%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
MetLife Multi-Index Targeted Risk Portfolio is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Fund of funds
- Expense ratio, by class
- 0.62%
- Portfolio turnover
- 4.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
15 new· the largest 2
14 exited· the largest 3
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Zero-coupon or unclassified | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 100% |
| Credit spreads | 0% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 5 yr | 0.23 yr | 10% |
| 10 yr | 2.10 yr | 89% |
| 30 yr | 0.01 yr | 0% |
1 yr is NEGATIVE (-0.06 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.00 yr | 100% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.00 | +0.00 | $0 | $4 |
| 1 yr | -0.06 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.23 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +2.10 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.01 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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