Delaware VIP® Smid Cap Core Series

Key features

  • A core solution focused on uncovering opportunities across the traditionally under-researched small- and mid-cap stock universe
  • The team reviews portfolio-level risk exposures on a daily basis to ensure performance results are driven by stock selection
  • Securities are selected by a highly experienced investment team of five portfolio managers, averaging over 25 years of industry experience
Series information
Inception date05/01/2000
Dividends paid (if any)Annually
Capital gains paid (if any)Annually
Series identifier
CUSIP246493845

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return

as of month-end (10/31/2019)

as of quarter-end (09/30/2019)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)21.96%8.80%10.08%8.73%14.30%6.41%05/01/2000
Russell 2500 Index19.97%8.84%11.74%8.04%13.10%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-0.70%-5.32%7.54%9.58%13.79%6.35%05/01/2000
Russell 2500 Index-1.28%-4.04%9.51%8.57%12.22%n/a

Returns for less than one year are not annualized.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Expense ratio
Gross1.11%
Net1.11%

The performance and expense ratio information shown represent the performance and fees as they relate to actual shares of the Series. These examples do not include any fees or sales charges imposed by the variable insurance contract for which the Series is an investment option. If they were included, your costs would be higher and performance would be lower. Investors should consult the contract prospectus or disclosure documents for more information.

Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
201915.13%4.99%-0.70%n/an/a
2018-0.03%4.18%6.63%-21.12%-12.40%
20173.93%3.22%4.84%5.26%18.38%
20161.09%0.38%6.53%-0.08%8.02%
20155.89%2.30%-6.56%6.02%7.31%
2014-4.31%0.14%-1.96%9.50%2.87%
201310.39%4.02%10.58%11.02%40.98%
201217.37%-6.27%2.55%-1.87%10.71%
201114.27%3.33%-16.11%8.93%7.90%
20104.96%-1.50%14.76%14.61%35.99%
20090.82%14.74%17.18%7.06%45.12%
Portfolio characteristics - as of 10/31/2019
Number of holdings130
Market cap (median) Source: FactSet$4.1 billion
Market cap (weighted average) Source: FactSet$5.4 billion
Portfolio turnover (last fiscal year)18%
Beta, 3 years (relative to Russell 2500 Index) (view definition)1.00
Annualized standard deviation, 3 years (view definition)15.85
Portfolio composition as of 10/31/2019Total may not equal 100% due to rounding.
Domestic equities95.0%
International equities & depositary receipts2.9%
Cash and cash equivalents2.0%
Top 10 holdings as of 10/31/2019

Holdings are as of the date indicated and subject to change.

List may exclude cash, cash equivalents, and exchanged-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.

Holdings based by issuer.

Holding% of portfolio
Spire Inc.1.68%
NORTHWESTERN CORP1.64%
Steven Madden Ltd.1.62%
Reliance Steel & Aluminum Co.1.50%
Tyler Technologies Inc.1.46%
REINSURANCE GROUP OF AMERICA IN1.33%
Paycom Software Inc.1.31%
DexCom Inc.1.31%
Proofpoint Inc.1.28%
Guidewire Software Inc.1.26%
Total % Portfolio in Top 10 holdings14.39%
Top sectors as of 10/31/2019

List may exclude cash, cash equivalents, and exchanged-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.

Sector% of portfolio
Technology16.4%
Finance14.4%
Healthcare13.4%
Capital goods11.9%
REIT10.0%
Basic materials9.1%
Utilities4.5%
Consumer discretionary3.8%
Business services3.8%
Consumer staples2.0%
Consumer services1.9%
Transportation1.9%
Credit cyclicals1.6%
Energy1.3%
Media1.1%
Communications services0.9%
Francis X. Morris

Francis X. Morris 

Executive Director, Chief Investment Officer — US Core Equity

Start date on the Fund: April 2017

Years of industry experience: 36

(View bio)


Chris Adams

Christopher S. Adams, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: April 2017

Years of industry experience: 31

(View bio)


Mike Morris

Michael S. Morris, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: April 2017

Years of industry experience: 26

(View bio)


Donald Padilla

Donald G. Padilla, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: April 2017

Years of industry experience: 32

(View bio)


David Reidinger

David E. Reidinger 

Vice President, Senior Portfolio Manager

Start date on the Fund: April 2017

Years of industry experience: 26

(View bio)


The following table describes the fees and expenses that you may pay if you buy and hold shares of the Series. The fee table does not reflect any fees or sales charges imposed by variable insurance contracts. If it did, the expenses would be higher.

Annual series operating expenses
Management fees0.74%
Distribution and service (12b-1) fees0.30%
Other expenses0.07%
Total annual series operating expenses1.11%

Effective April 28, 2017, the investment strategies for Delaware VIP Smid Cap Growth Series changed and the Series was repositioned as a diversified small- and mid-capitalization core style fund. In connection with the repositioning, the Series name changed to Delaware VIP Smid Cap Core Series. These changes may result in a higher portfolio turnover in the near future. For more complete information, please request a prospectus by calling 800 523-1918 or by visiting delawarefunds.com/vip/literature

All third-party marks cited are the property of their respective owners.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

Carefully consider the Series' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series' prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.

Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

Delaware VIP Series refers to Delaware VIP Funds. Delaware VIP Funds are not available for direct investment except for issuers of variable insurance product contracts. They are available only through the purchase of certain variable insurance products.

Fund Finder

Daily pricing (as of 11/21/2019)

Service ClassPriceNet change
NAV$20.67-0.11
Max offer price$20.67n/a

Total net assets (as of 10/31/2019)

$603.4 million all share classes

Benchmark and peer group

Russell 2500 Index (view definition)

Additional information