Delaware VIP® REIT Series

Key features

  • Focus on both real estate-specific and capital markets factors in our research
  • Portfolio can provide both income and diversification among commercial property sectors, as well as possible inflation protection
  • Experienced investment team with established, consistently applied investment process
Series information
Inception date05/01/2000
Dividends paid (if any)Annually
Capital gains paid (if any)Annually
Series identifier
CUSIP246493738

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)29.35%22.60%7.44%6.58%12.42%10.14%05/01/2000
FTSE Nareit Equity REITs Index28.69%23.70%9.96%8.48%13.71%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)7.46%16.50%4.95%8.18%11.71%10.07%05/01/2000
FTSE Nareit Equity REITs Index7.80%18.42%7.36%10.26%13.04%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
Gross1.13%
Net1.13%

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
201915.23%2.44%7.46%n/an/a
2018-8.17%8.47%1.10%-8.16%-7.52%
2017-0.71%1.84%-1.34%1.51%1.27%
20164.48%5.64%-1.66%-2.69%5.62%
20154.59%-10.38%3.06%7.16%3.52%
20149.82%6.56%-3.28%14.09%29.12%
20136.89%-1.35%-3.11%-0.25%1.92%
201210.61%3.32%-0.34%2.38%16.61%
20116.78%3.99%-13.52%15.20%10.62%
20108.38%-2.57%13.02%6.09%26.61%
2009-30.82%26.03%30.42%8.38%23.24%
Portfolio characteristics - as of 10/31/2019
Number of holdings44
Market cap (median) Source: FactSet$10.7 billion
Market cap (weighted average) Source: FactSet$20.0 billion
Portfolio turnover (last fiscal year)111%
P/FFO ratio (view definition)16.62x
Beta (relative to FTSE Nareit Equity REITs Index) (view definition)0.99
Annualized standard deviation, 3 years (view definition)12.42
Portfolio composition as of 10/31/2019Total may not equal 100% due to rounding.
Domestic equities96.4%
Cash and cash equivalents2.9%
International equities & depositary receipts0.7%
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
Prologis Inc.7.27%
Brookdale Senior Living Inc.5.90%
Welltower Inc.4.86%
Sun Communities Inc.4.30%
Equinix Inc.4.19%
STORE Capital Corp.4.19%
Equity Residential3.62%
Simon Property Group Inc.3.44%
UDR Inc.3.30%
Camden Property Trust3.28%
Total % Portfolio in Top 10 holdings44.35%
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
Apartments17.6%
Healthcare14.0%
Industrial11.0%
Tech7.3%
Freestanding6.2%
Office6.1%
Shopping centers5.9%
Manufactured homes5.9%
Self storage4.3%
Specialty4.3%
Lodging3.7%
Regional malls3.4%
Diversified2.0%
Mixed1.5%
Bob Zenouzi

Bob Zenouzi 

Senior Vice President, Chief Investment Officer — Real Estate Securities and Income Solutions (RESIS)

Start date on the Fund: May 2006

Years of industry experience: 33

(View bio)


Damon Andres

Damon J. Andres, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: May 1998

Years of industry experience: 28

(View bio)


Scott Hastings

Scott P. Hastings, CFA, CPA

Vice President, Portfolio Manager

Start date on the Fund: July 2016

Years of industry experience: 16

(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 fees0.75%
Distribution and service (12b-1) fees0.30%
Other expenses0.08%
Total annual series operating expenses1.13%
Fee waiversnone
Total annual series operating expenses after fee waivers1.13%

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, conducting shareholder meetings, and liquidations) in order to prevent annual series operating expenses from exceeding 0.83% 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.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

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.

A REIT series' tax status as a regulated investment company could be jeopardized if it holds real estate directly, as a result of defaults, or receives rental income from real estate holdings.

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 11/20/2019)

Service ClassPriceNet change
NAV$14.83-0.02
Max offer price$14.83n/a

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

$449.2 million all share classes

Benchmark and peer group

FTSE Nareit Equity REITs Index (view definition)

Additional information