NPORT-EX 2 NPORT_64VS_65173892_0323.htm HTML

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio

Portfolio of Investments

March 31, 2023 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 97.7%

 

Information Technology – 24.3%

 

Electronic Equipment, Instruments & Components – 5.0%

 

Allegro MicroSystems, Inc.(a)

      9,241        $ 443,476  

Littelfuse, Inc.

      2,573          689,796  

Novanta, Inc.(a)

      5,726          910,949  

Shoals Technologies Group, Inc. - Class A(a)

      28,722          654,574  
       

 

 

  
          2,698,795  
       

 

 

  

IT Services – 0.9%

 

DigitalOcean Holdings, Inc.(a)

      11,881          465,379  
       

 

 

  

Semiconductors & Semiconductor Equipment – 6.9%

 

Lattice Semiconductor Corp.(a)

      7,729          738,119  

MACOM Technology Solutions Holdings, Inc.(a)

      10,509          744,458  

Onto Innovation, Inc.(a)

      7,084          622,542  

Silicon Laboratories, Inc.(a)

      4,599          805,239  

Universal Display Corp.

      5,181          803,728  
       

 

 

  
          3,714,086  
       

 

 

  

Software – 11.5%

 

Altair Engineering, Inc. - Class A(a)

      11,363          819,386  

Blackline, Inc.(a)

      10,319          692,921  

Braze, Inc. - Class A(a)

      16,375          566,084  

Five9, Inc.(a)

      8,527          616,417  

Instructure Holdings, Inc.(a)

      16,444          425,899  

Manhattan Associates, Inc.(a)

      5,453          844,397  

Monday.com Ltd.(a)

      4,165          594,554  

Smartsheet, Inc. - Class A(a)

      14,909          712,650  

SPS Commerce, Inc.(a)

      6,330          964,059  
       

 

 

  
          6,236,367  
       

 

 

  
              13,114,627  
       

 

 

  

Health Care – 18.9%

 

Biotechnology – 8.3%

 

Ascendis Pharma A/S (ADR)(a)

      2,482          266,120  

Blueprint Medicines Corp.(a)

      8,495          382,190  

Coherus Biosciences, Inc.(a)

      29,773          203,647  

Insmed, Inc.(a)

      16,132          275,051  

Intellia Therapeutics, Inc.(a)

      8,325          310,273  

IVERIC bio, Inc.(a)

      18,800          457,404  

Karuna Therapeutics, Inc.(a)

      3,056          555,092  

Legend Biotech Corp. (ADR)(a)

      6,668          321,531  

Natera, Inc.(a)

      10,730          595,729  

Relay Therapeutics, Inc.(a)

      11,001          181,186  

Ultragenyx Pharmaceutical, Inc.(a)

      5,787          232,059  

Vir Biotechnology, Inc.(a)

      11,622          270,444  

Viridian Therapeutics, Inc.(a)

      9,209          234,277  

Zentalis Pharmaceuticals, Inc.(a)

      10,209          175,595  
       

 

 

  
          4,460,598  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Health Care Equipment & Supplies – 6.4%

 

AtriCure, Inc.(a)

      14,648        $ 607,159  

iRhythm Technologies, Inc.(a)

      5,259          652,274  

Lantheus Holdings, Inc.(a)

      12,926          1,067,170  

Silk Road Medical, Inc.(a)

      11,659          456,217  

Treace Medical Concepts, Inc.(a)

      26,914          677,964  
       

 

 

  
          3,460,784  
       

 

 

  

Health Care Providers & Services – 1.7%

 

Guardant Health, Inc.(a)

      13,799          323,448  

Inari Medical, Inc.(a)

      9,563          590,420  
       

 

 

  
          913,868  
       

 

 

  

Life Sciences Tools & Services – 1.0%

 

Repligen Corp.(a)

      3,119          525,115  
       

 

 

  

Pharmaceuticals – 1.5%

 

Intra-Cellular Therapies, Inc.(a)

      9,685          524,443  

Revance Therapeutics, Inc.(a)

      9,800          315,658  
       

 

 

  
          840,101  
       

 

 

  
              10,200,466  
       

 

 

  

Industrials – 17.4%

 

Aerospace & Defense – 3.8%

 

Axon Enterprise, Inc.(a)

      2,789          627,107  

Curtiss-Wright Corp.

      3,887          685,122  

Hexcel Corp.

      10,977          749,180  
       

 

 

  
          2,061,409  
       

 

 

  

Building Products – 0.7%

 

Armstrong World Industries, Inc.

      5,486          390,823  
       

 

 

  

Commercial Services & Supplies – 1.5%

 

Tetra Tech, Inc.

      5,342          784,793  
       

 

 

  

Construction & Engineering – 1.6%

 

Comfort Systems USA, Inc.

      6,053          883,496  
       

 

 

  

Ground Transportation – 1.9%

 

Saia, Inc.(a)

      3,699          1,006,424  
       

 

 

  

Machinery – 3.4%

 

Esab Corp.

      11,267          665,542  

ITT, Inc.

      7,106          613,248  

Middleby Corp. (The)(a)

      3,812          558,877  
       

 

 

  
          1,837,667  
       

 

 

  

Professional Services – 3.0%

 

FTI Consulting, Inc.(a)

      4,367          861,827  

Insperity, Inc.

      6,454          784,484  
       

 

 

  
          1,646,311  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Trading Companies & Distributors – 1.5%

 

Herc Holdings, Inc.

      1,871        $ 213,107  

SiteOne Landscape Supply, Inc.(a)

      4,314          590,457  
       

 

 

  
          803,564  
       

 

 

  
                9,414,487  
       

 

 

  

Consumer Discretionary – 15.3%

 

Automobile Components – 1.6%

 

Fox Factory Holding Corp.(a)

      7,289          884,666  
       

 

 

  

Broadline Retail – 1.4%

 

Driven Brands Holdings, Inc.(a)

      24,612          745,990  
       

 

 

  

Diversified Consumer Services – 0.7%

 

European Wax Center, Inc. - Class A

      21,152          401,888  
       

 

 

  

Hotels, Restaurants & Leisure – 7.6%

 

Hilton Grand Vacations, Inc.(a)

      18,882          838,927  

Life Time Group Holdings, Inc.(a)

      34,526          551,035  

Planet Fitness, Inc. - Class A(a)

      9,544          741,282  

Texas Roadhouse, Inc.

      9,451          1,021,275  

Wingstop, Inc.

      5,051          927,263  
       

 

 

  
          4,079,782  
       

 

 

  

Household Durables – 1.4%

 

Skyline Champion Corp.(a)

      9,906          745,228  
       

 

 

  

Specialty Retail – 2.6%

 

Five Below, Inc.(a)

      3,643          750,349  

Floor & Decor Holdings, Inc. - Class A(a) (b)

      311          30,546  

Lithia Motors, Inc.

      2,240          512,803  

National Vision Holdings, Inc.(a)

      7,247          136,534  
       

 

 

  
          1,430,232  
       

 

 

  
          8,287,786  
       

 

 

  

Financials – 9.7%

 

Capital Markets – 3.9%

 

Houlihan Lokey, Inc.

      9,452          826,955  

P10, Inc. - Class A

      22,353          225,989  

StepStone Group, Inc. - Class A

      20,539          498,482  

Stifel Financial Corp.

      8,909          526,433  
       

 

 

  
          2,077,859  
       

 

 

  

Financial Services – 2.7%

 

Flywire Corp.(a)

      26,187          768,850  

Shift4 Payments, Inc. - Class A(a)

      9,364          709,791  
       

 

 

  
          1,478,641  
       

 

 

  

Insurance – 3.1%

 

RLI Corp.

      6,590          875,877  

Ryan Specialty Holdings, Inc.(a)

      14,791          595,190  

Trupanion, Inc.(a)

      5,286          226,716  
       

 

 

  
          1,697,783  
       

 

 

  
          5,254,283  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Energy – 7.2%

 

Energy Equipment & Services – 3.2%

 

ChampionX Corp.

      27,138        $ 736,254  

Helmerich & Payne, Inc.

      10,448          373,516  

TechnipFMC PLC(a)

      45,290          618,209  
       

 

 

  
       1,727,979  
       

 

 

  

Oil, Gas & Consumable Fuels – 4.0%

 

DTE Midstream LLC(a)

      8,291          409,327  

Matador Resources Co.

      16,696          795,564  

Permian Resources Corp.

      52,180          547,890  

Southwestern Energy Co.(a)

      77,538          387,690  
       

 

 

  
       2,140,471  
       

 

 

  
       3,868,450  
       

 

 

  

Consumer Staples – 4.0%

 

Consumer Staples Distribution & Retail – 2.6%

 

Chefs’ Warehouse, Inc. (The)(a)

      19,687          670,342  

Grocery Outlet Holding Corp.(a)

      24,977          705,850  
       

 

 

  
       1,376,192  
       

 

 

  

Food Products – 1.4%

 

Freshpet, Inc.(a)

      7,010          463,992  

Vital Farms, Inc.(a)

      20,077          307,178  
       

 

 

  
       771,170  
       

 

 

  
       2,147,362  
       

 

 

  

Materials – 0.9%

 

Chemicals – 0.9%

 

Element Solutions, Inc.

      24,689          476,745  
       

 

 

  

Total Common Stocks
(cost $45,360,555)

           52,764,206  
       

 

 

  

SHORT-TERM INVESTMENTS – 2.6%

 

Investment Companies – 2.6%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(c) (d) (e)
(cost $1,417,097)

      1,417,097          1,417,097  
       

 

 

  

Total Investments – 100.3%
(cost $46,777,652)(f)

 

            54,181,303  

Other assets less liabilities – (0.3)%

 

        (150,467 ) 
       

 

 

  

Net Assets – 100.0%

 

      $ 54,030,836  
       

 

 

  

 

(a)

Non-income producing security.

(b)

Represents entire or partial securities out on loan.

(c)

Affiliated investments.

(d)

The rate shown represents the 7-day yield as of period end.

(e)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

 

4

(f)

As of March 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $10,454,292 and gross unrealized depreciation of investments was $(3,050,641), resulting in net unrealized appreciation of $7,403,651.

 

  

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Glossary:

ADR – American Depositary Receipt

 

5

AB Variable Products Series Fund, Inc.

AB Small Cap Growth Portfolio    

March 31, 2023 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

  •  

Level 1 - quoted prices in active markets for identical investments

  •  

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  •  

Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2023:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:

 

Common Stocks(a)    $     52,764,206      $                 —      $ —      $ 52,764,206  
Short-Term Investments      1,417,097        —        —        1,417,097  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      54,181,303        —        —        54,181,303  
Other Financial Instruments(b)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $ 54,181,303      $ —      $                 —      $     54,181,303  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) 

See Portfolio of Investments for sector classifications.

 

(b) 

Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

 

6

A summary of the Portfolio’s transactions in AB mutual funds for the three months ended March 31, 2023 is as follows:

 

Portfolio    Market Value
12/31/2022
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
03/31/2023
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $ 707      $ 3,333      $ 2,623      $ 1,417      $ 15  

 

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