Opportunistic Small Cap Portfolio
BNY MELLON VARIABLE INVESTMENT FUND
Expense ratio
Net assets1
$311.10M
Holdings1
100
Category
US Equity
Return

Investment objective & strategy

As of April 25, 2025 · prospectus

Objective. The fund seeks capital growth.

Strategy. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in the stocks of small cap companies. The fund currently considers small cap companies to be those companies with market capitalizations that fall within the market capitalization range of companies comprising the Russell 2000 Index, the fund's benchmark index. As of February 28, 2025, the market capitalizations of the smallest and largest companies in the index were approximately $1.2 million and $15.258 billion, respectively, and the weighted average and median market capitalizations of the index were approximately $3.713 billion and $897.0 million, respectively. The fund's sub-adviser, Newton Investment Management North America, LLC, an affiliate of BNY Mellon Investment Adviser, … To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in the stocks of small cap companies. The fund currently considers small cap companies to be those companies with market capitalizations that fall within the market capitalization range of companies comprising the Russell 2000 Index, the fund's benchmark index. As of February 28, 2025, the market capitalizations of the smallest and largest companies in the index were approximately $1.2 million and $15.258 billion, respectively, and the weighted average and median market capitalizations of the index were approximately $3.713 billion and $897.0 million, respectively. The fund's sub-adviser, Newton Investment Management North America, LLC, an affiliate of BNY Mellon Investment Adviser, Inc., selects stocks for the fund's portfolio based primarily on bottom-up fundamental analysis. The sub-adviser uses a disciplined investment process that relies, in general, on proprietary fundamental research and valuation. Generally, elements of the process include analysis of a company's business prospects, estimation of the company's value and the identification of events or a catalyst that could cause the estimated value of the company to change. In general, the fund seeks exposure to stocks and sectors that the fund's sub-adviser perceives to be attractive from a valuation and fundamental standpoint. The fund typically sells a stock when, in the sub-adviser's view, it approaches intrinsic value, a significant deterioration of fundamental expectations develops, the revaluation catalyst becomes impaired based on subsequent events or a better risk/reward opportunity is presented in the marketplace.

Top holdings

As of March 31, 2026 · N-PORT
SecurityTickerValue% of fund
iShares Trust RUSSELL 2000 VALUE ETF IWN $15.50M 4.98%
Russell 2000 ETF IWM $8.67M 2.79%
Dreyfus Institutional Preferred Government Plus Money Market Fund $7.01M 2.25%
DREYFUS INSTITUTIONAL PREFERRED GOVERNMENT PLUS MONEY MARKET FUND DRF03 $6.05M 1.94%
CALIFORNIA RESOU $6.04M 1.94%
CRESCENT ENERGY INC A $5.67M 1.82%
VIAVI SOLUTIONS INC $5.20M 1.67%
MAREX GROUP PLC MRX $5.13M 1.65%
FLOWSERVE CORP $4.84M 1.56%
FIRST MERCHANTS CORP $4.60M 1.48%
View all holdings →

Allocation by sector

As of March 31, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Dec 31, 2025 → Mar 31, 2026
Opened
22
Exited
24
Increased
21
Decreased
17
Unchanged
40

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

View portfolio moves →

Similar funds

Funds whose portfolios most overlap this one, by weight
FundOverlapNet exp.
BNY Mellon Small Cap Value Fund · STSVX, RUDAX, BOSCX, BOSYX 89% 1.04%
BNY Mellon Opportunistic Small Cap Fund · DSCVX, DSCYX, DOPIX 61% 0.78%
BNY Mellon Small Cap Multi-Strategy Fund · MPSSX, MISCX 49% 1.09%
View all similar funds →

Advisers

As of December 31, 2025 · N-CEN
FirmRole
BNY Mellon Investment Adviser, Inc. Adviser
Newton Investment Management North America, LLC Sub-adviser
Newton Investment Management Limited Sub-adviser

Footnotes

  1. Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.

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