Special Mid Cap Value Fund
Fund overview
Pursuing alpha with a CPA-based approach
The Allspring Special Mid Cap Value Fund seeks long-term capital appreciation by using a disciplined, consistent valuation process that evaluates each stock’s upside reward relative to its downside risk.

Accounting expertise and processes guide decision-making.

Key differentiators 

  • Employs rigorous qualitative research and a risk-aware portfolio construction process to allow security selection to determine the portfolio's outcome
  • Seeks to own companies that possess the following three criteria: a durable asset base, flexible balance sheet, and strong and sustainable free cash flow
  • Invests when target company’s price has relatively meaningful upside potential versus downside risk

Q2 Recap and Q3 Outlook

Bryant VanCronkhite, senior portfolio manager and co-head of the Special Global Equity team, discusses an eventful Q2 and what to watch in Q3.

Transcript

Katie Schmidt: Bryant, it was a wild second quarter. With that in mind, what is your biggest takeaway?

Bryant: It was indeed wild and the biggest takeaway is the macro is still in charge. Investors had to deal with tariffs being on and then paused. Dealing with the Fed (Federal Reserve) policy. Is there going to be a cut? Is there not going to be? Immigration policy and the macro drove the narrative for the entire quarter. That typically is reflected through style factor changes. In Q1, when there was fear, beta was the worst-performing factor. In Q2, beta was the best-performing factor. It was almost the only thing that mattered. So, the macro is still in charge is the biggest takeaway for Q1.

Katie: Great. With all of that behind us, what are we watching for as we enter the third quarter?

Bryant: Well, Q3 is the transition. Do companies now transition to more of a micro economic narrative? How are they going to talk to investors about the impact of tariffs? How are they going to deal with the potential slowdown from tariffs or the potential stimulation of the economy through the new reconciliation bill? And so, how are investors going to interpret the comments from companies, and how are they going to lay out future guidance is what we're looking for in Q3. And does the market then transition back to stock selection from style factors?

Katie: OK. As we enter into the second half of the year, what is one unintended but potential risk investors should be thinking about?

Bryant: Well, right now, it seems like most investors think the Fed is going to cut rates. We're pricing in two cuts coming up in the back half of this year. That probably is the base case assumption, assuming inflation stays stable and employment stays where it is. But there's a chance—a decent chance—that the new reconciliation bill proves very stimulative and GDP (gross domestic product) grows. There's a chance that through immigration policy and demand, unemployment levels go down, so labor is strong. And the Fed's in a situation where they have to raise interest rates. I don't think anyone is looking for that. So, it's not my base case, but investors should be more balanced in considering the Fed's next move isn't down but maybe up in interest rates.

Katie: Great. Those are great insights. Thanks, Bryant.

Bryant: It's a pleasure.

Performance

Average annual returns

Average annual returns

(as of 6/30/2025)
12/31/1998
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Fund
2.52
3.09
1.09
6.24
10.55
14.10
9.08
11.41
Russell Midcap® Value Index
3.51
5.35
3.12
11.53
11.34
13.71
8.39
9.24
Lipper Mid-Cap Value Funds
3.41
3.94
1.74
9.08
10.52
14.39
7.88
-
Expenses (as of 2/1/2025)
Gross Expense Ratio
0.70 %
Net Expense Ratio
0.70 %

One-month, three-month and year-to-date returns are not annualized.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return, principal value, and yields of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. 

Net asset value (NAV) is the value of one share of the fund excluding any sales charges.

R6 Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Calendar year

Calendar year

(as of 12/31/2024)
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Fund
12.06
9.62
-4.50
28.80
3.36
35.68
-13.02
11.27
21.68
-2.65
Benchmark
13.07
12.71
-12.03
28.34
4.96
27.06
-12.29
13.34
20.00
-4.78
Morningstar
11.43
13.94
-8.02
29.32
2.63
25.18
-12.86
13.22
18.06
-5.41
Growth of $10,000

Growth of a $10,000 investment

(as of 6/30/2025)

This chart shows the value of a hypothetical $10,000 investment in the fund over the specified time period up to 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.

Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower.

Performance and volatility metrics

Performance and volatility metrics

(as of 6/30/2025)
3 Year 5 Year 10 Year
Alpha 0.55 1.75 1.22
Beta 0.87 0.88 0.92
Excess Return -0.78 0.39 0.69
Information Ratio -0.21 0.10 0.20
Sharpe Ratio 0.36 0.69 0.42
R2 0.97 0.96 0.97
Tracking Error 3.69 3.82 3.46
Standard Deviation 16.25 16.23 16.87
Upside Market Capture Ratio 82.52 85.17 83.94
Downside Market Capture Ratio 89.79 91.24 95.92
Morningstar ratings and rankings

Morningstar ratings and rankings

(as of 6/30/2025)
Overall
Mid-Cap Value (Out of 383 funds)
Three Year
56th percentile (201 out of 383)
Five Year
50th percentile (150 out of 358)
Ten Year
24th percentile (51 out of 283)

The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) ratings.

Morningstar rankings represent a fund's total return rank relative to all funds that have the same category. The percentile ranking is based on the fund's total return percentile rank relative to all funds that have the same category for the same time period. The highest (most favorable) percentile rank is 1% and the lowest (least favorable) percentile rank is 100%. Morningstar rankings do not include the effect of sales charges. The absolute ranking is based on the fund’s total return rank relative to all funds that have the same category for the same time period. Past performance is no guarantee of future results.

Prices and distributions

Historical prices
YTD high $49.89 7/10/2025
YTD low $41.89 4/8/2025
52-week high $55.27 12/1/2024
52-week low $41.89 4/8/2025
2024 high $55.27 12/1/2024
2024 low $44.72 1/17/2024
Best quarterly return 19.92% 12/31/2020
Worst quarterly return -31.71% 3/31/2020
Best annual return 35.68% 12/31/2019
Worst annual return -13.02% 12/31/2018

Distribution summary
Dividends Annually
Capital gains Annually

Distribution history

Distribution history Type Per share amount Reinvestment price
2024-12-20 Dividend $0.67913 $47.82
2024-12-12 Long-term capital gain $2.93497 $50.35
2024-12-12 Short-term capital gain $0.25252 $50.35
2023-12-15 Dividend $0.62948 $45.30
2023-12-11 Long-term capital gain $1.7935 $44.64
2023-12-11 Short-term capital gain $0.15301 $44.64
2022-12-15 Dividend $0.50147 $44.44
2022-12-09 Long-term capital gain $3.13277 $44.89
2022-12-09 Short-term capital gain $0.27696 $44.89
2021-12-16 Dividend $0.30488 $49.16
2021-12-09 Long-term capital gain $3.75956 $49.49
2021-12-09 Short-term capital gain $0.97181 $49.49
2020-12-16 Dividend $0.3238 $42.45
2019-12-17 Dividend $0.39055 $41.84
2019-12-10 Long-term capital gain $1.07213 $41.38
2019-12-10 Short-term capital gain $0.32827 $41.38
2018-12-14 Dividend $0.34143 $33.61
2018-12-10 Long-term capital gain $0.58494 $34.56
2017-12-15 Dividend $0.39752 $37.94
2017-12-13 Long-term capital gain $0.84262 $38.29
2017-12-13 Short-term capital gain $0.48155 $38.29
2016-12-14 Dividend $0.34792 $36.13
2016-12-09 Long-term capital gain $0.12903 $36.93
2016-12-09 Short-term capital gain $0.06298 $36.93
2015-12-16 Dividend $0.22804 $30.25
2015-12-11 Long-term capital gain $0.86103 $30.06
2015-12-11 Short-term capital gain $0.26885 $30.06
2014-12-16 Dividend $0.23021 $30.87
2014-12-11 Long-term capital gain $1.84021 $31.80
2014-12-11 Short-term capital gain $1.07068 $31.80
2013-12-16 Dividend $0.17438 $30.64
2013-12-09 Long-term capital gain $1.55753 $31.05
2013-12-09 Short-term capital gain $0.61776 $31.05
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Composition

Portfolio statistics

Portfolio statistics

(as of 6/30/2025)
Fund Benchmark
Number of Holdings 71 722
Median Market Cap 16.00 11.12
Dividend Yield 1.94 2.00
P/E (1-year EPS forecast) 15.35 16.32
P/B Ratio 2.18 2.43
EPS Growth 10.16 9.83
Return on Equity 14.35 14.65
Portfolio Turnover 30.29 -

Equity style box

(as of 6/30/2025) Overview chart

Placement within the Morningstar Equity Style Box is based on two variables: relative median market capitalization and relative price valuations (price/book and price/earnings) of the fund’s portfolio holdings. These numbers are drawn from the fund’s portfolio holdings figures most recently entered into Morningstar’s database and the corresponding market conditions. The Ownership Zone is represented by a shaded area surrounding the centroid. This zone encompasses 75% of a portfolio’s holdings on an asset-weighted basis and is designed to be a visual measure of how wide-ranging the portfolio is.

Holdings

Top 10 holdings

(as of 6/30/2025)
Security
Fund
Keurig Dr Pepper Inc.
2.93%
AerCap Holdings NV
2.91%
American Electric Power Company, Inc.
2.88%
CBRE Group, Inc. Class A
2.85%
Labcorp Holdings Inc.
2.73%
Carlisle Companies Incorporated
2.57%
Arch Capital Group Ltd.
2.49%
Vulcan Materials Company
2.42%
Jefferies Financial Group Inc.
2.38%
Brown & Brown, Inc.
2.37%
View All Holdings
Top 10 represents 26.52% of total net assets
Sector allocation

Sector allocation

(as of 6/30/2025)
Type
Fund
Benchmark
Other
 0.00% -
Cash & equivalents
 0.00% -
Communication services
 0.00% 3.45%
Consumer discretionary
 6.36% 8.30%
Consumer staples
 5.66% 6.45%
Energy
 5.98% 7.02%
Financials
 16.56% 17.00%
Health care
 9.83% 7.77%
Industrials
 24.80% 17.26%
Information technology
 5.25% 9.57%
Materials
 9.34% 6.72%
Real estate
 9.01% 9.45%
Utilities
 7.20% 7.00%

Sector diversification is a breakdown of the fund's investments based on the S&P Global Industry Classification Standard (GICS), a breakdown of market sectors used by Standard & Poor's. Sector weights are subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Documents

Literature Details Frequency
Fact Sheet R6, Administrator, C, A, Institutional Quarterly Download
Regulatory Document Details Date
Annual Long Form Financial Statements R6, Institutional, Administrator, C, A 9/30/2024 Download
Annual Report R6 9/30/2024 Download
Full Prospectus R6, Institutional, Administrator, C, A 2/1/2025 Download
Quarterly Holdings R6, Administrator, C, A, Institutional 6/30/2024 Download
Quarterly Holdings R6, Administrator, C, A, Institutional 12/31/2024 Download
Semi-annual Long Form Financial Statements R6, Institutional, Administrator, C, A 3/31/2025 Download
Semi-annual Report R6 3/31/2025 Download
Statement of Additional Information R6, Administrator, C, A, Institutional 2/1/2025 Download
Summary Prospectus R6, Institutional, Administrator, C, A 2/1/2025 Download
Our team
Meet the investment team

The team follows a fundamental approach of identifying companies with competitive advantages, sustainable free cash flow, and flexible balance sheets, helping deliver long-term capital appreciation.

View Team
James

James Tringas

Co-Head of Special Global Equity
Bryant

Bryant VanCronkhite

Co-Head of Special Global Equity
Shane

Shane Zweck

Portfolio Manager

Key risks

Investing involves risk, including the possible loss of principal. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller company stocks tend to be more volatile and less liquid than those of larger companies. Consult the fund’s prospectus for additional information on these and other risks.

Contact Us

We look forward to helping you with your investment needs

 

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The Morningstar Rating™ for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

Some of Morningstar’s proprietary calculations, including the Morningstar Rating™, are not customarily calculated based on adjusted historical returns. However, for new share classes/channels, Morningstar may calculate an extended-performance Morningstar Rating. The extended performance is calculated by adjusting the historical total returns of the oldest share class of a fund to reflect the fee structure of the younger share class/channel, attaching this data to the younger share class’s performance record, and then compounding the adjusted plus actual monthly returns into the extended-performance Morningstar risk-adjusted return for the 3-, 5-, and 10-year time periods. The Morningstar risk-adjusted returns are used to determine the extended-performance Morningstar Rating. The extended-performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share funds is based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only. The Overall Morningstar Rating for multi-share variable annuities is based on a weighted average of any ratings that are available.

While the inclusion of pre-inception data in the form of extended performance can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can provide only an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string likely will vary from the underlying investments held in the fund after inception. Calculation methodologies used by Morningstar may differ from those applied by other entities, including the fund itself.

The manager has contractually committed to certain fee waivers and/or expense reimbursements. Without these reductions, the fund’s returns would have been lower and rankings may have been lower. These reductions may be discontinued.

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Performance for the fund or the class shown may reflect a predecessor fund's or class' performance and may be adjusted to reflect the fund's or class' expenses as applicable.