CVS Health Corp., Woonsocket, R.I., added a customized white-label active domestic smidcap core equity fund to the investment options lineup of its 401(k) plan.
The plan added the Small Mid Cap Core Fund investment option effective July 3, 2021, according to the company's 11-K filing with the SEC on June 23.
The underlying active domestic equity managers, each of which manage 20% of the assets of the white-label fund, are small-cap growth manager Baron Funds, midcap growth manager D.F. Dent & Co., midcap value manager MFS Investment Management, small-cap value manager Sapience Investments and smidcap value manager Snyder Capital Management.
As of Dec. 31, the Small Mid Cap Core Fund had $800 million in assets in the plan, according to the new 11-K filing.
The new Small Mid Cap Core Fund replaced the Small Cap Value Fund, which was removed July 3, 2021. The fund was co-managed by Dimensional Fund Advisors (50% of assets), Sapience (25%) and Vanguard Group.
As of Dec. 31, 2020, the Small Cap Value Fund had $423 million in assets in the plan, according to the company's previous 11-K filing.
The new 11-K filing did not provide a specific reason for the change.
As of Dec. 31, the CVS Health Future Fund 401(k) Plan had $28.6 billion in assets, according to the new 11-K filing.
Company spokesman Ethan Slavin said in an email the company would not comment beyond the contents of the filings.