Delaware VIP® International Value Equity Series

Key features

  • Short term bias in the market leads to potential mispricing
  • Disciplined process seeks to identify underappreciated businesses
  • Balancing valuation and quality can reduce downside risk
Series information
Inception date05/01/2000
Dividends paid (if any)Annually
Capital gains paid (if any)Annually
Series identifier
CUSIP246493779

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)15.94%10.27%5.26%3.05%4.52%4.57%05/01/2000
MSCI EAFE Index (Net)16.86%11.04%8.48%4.31%5.41%n/a
MSCI EAFE Index (Gross)17.43%11.63%9.02%4.81%5.90%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-0.25%-0.66%4.32%2.10%4.18%4.50%05/01/2000
MSCI EAFE Index (Net)-1.07%-1.34%6.48%3.27%4.90%n/a
MSCI EAFE Index (Gross)-1.00%-0.82%7.01%3.77%5.39%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
Gross1.40%
Net1.34%

Net expense ratio reflects a contractual distribution fee waiver from April 30, 2019 to April 30, 2020. Please see the fee table in the Series' prospectus for more information.

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
201910.94%3.12%-0.25%n/an/a
2018-2.17%-4.23%0.66%-12.94%-17.90%
20176.31%7.01%5.39%1.91%22.18%
2016-2.22%0.15%6.99%-0.81%3.92%
20155.56%0.66%-8.72%3.34%0.24%
2014-0.66%5.50%-6.50%-6.96%-8.82%
20136.45%-2.38%11.43%5.74%22.45%
201210.81%-7.62%6.57%5.22%14.79%
20117.36%2.31%-25.22%3.94%-14.62%
20102.02%-12.47%17.54%5.47%10.71%
2009-12.09%21.91%20.41%4.32%34.61%
Portfolio characteristics - as of 10/31/2019
Number of holdings26
Market cap (median) Source: FactSet$24.1 billion
Market cap (weighted average) Source: FactSet$63.7 billion
Portfolio turnover (last fiscal year)13%
Beta, 3 years (relative to MSCI EAFE Index (Net)) (view definition)0.95
Annualized standard deviation, 3 years (view definition)11.12
Portfolio composition as of 10/31/2019Total may not equal 100% due to rounding.
International equities & depositary receipts97.7%
Domestic equities1.8%
Cash and cash equivalents0.5%
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
Koninklijke Ahold Delhaize NV7.27%
Danone S.A.6.72%
Novo Nordisk A S6.48%
Roche Holding AG6.27%
Nestle S.A.5.77%
Air Liquide S.A.5.39%
Seven & i Holdings Co. Ltd.5.15%
Fresenius Medical Care AG & Co. KGaA5.00%
Publicis Groupe S.A.4.75%
KDDI CORP4.31%
Total % Portfolio in Top 10 holdings57.11%

Top 10 countries as of 10/31/2019

List may exclude cash, cash equivalents, and exchanged-traded funds (ETFs) that are used for cash management purposes.

Country% of portfolio
France25.3%
Japan22.1%
Switzerland15.1%
United Kingdom9.7%
Netherlands7.3%
Germany6.6%
Denmark6.5%
Sweden3.7%
United States1.8%
Ireland1.4%
Christopher Gowlland

Chris Gowlland, CFA

Vice President, Senior Quantitative Analyst

Start date on the Fund: July 2019

Years of industry experience: 22

(View bio)


Jens Hansen

Jens Hansen 

Managing Director, Chief Investment Officer — Global Equity Team

Start date on the Fund: March 2019

Years of industry experience: 29

(View bio)


Klaus Petersen

Klaus Petersen, CFA 

Portfolio Manager — Global Equity Team

Start date on the Fund: March 2019

Years of industry experience: 22

(View bio)


Claus Juul

Claus Juul 

Portfolio Manager — Global Equity Team

Start date on the Fund: March 2019

Years of industry experience: 21

(View bio)


Asa Annerstedt

Åsa Annerstedt 

Portfolio Manager — Global Equity Team

Start date on the Fund: March 2019

Years of industry experience: 23

(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 fees0.85%
Distribution and service (12b-1) fees0.30%
Other expenses0.25%
Total annual series operating expenses1.40%
Fee waivers(0.06%)
Total annual series operating expenses after fee waivers1.34%

1The Series' investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducing shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 1.04% of the Series' average daily net assets from April 30, 2019 through April 30, 2020. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series.

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.

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.

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

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 11/15/2019)

Service ClassPriceNet change
NAV$12.130.09
Max offer price$12.13n/a

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

$50.2 million all share classes

Benchmark, peer group

MSCI EAFE (Europe, Australasia, Far East) Index (view definition)

Additional information