Delaware VIP® Small Cap Value Series

Key features

  • Stocks are selected by a highly experienced, value-focused investment team of five sector specialists, averaging over 20 years of industry experience
  • Focus on a company's ability to effectively deploy and generate sustainable free cash flow
  • A disciplined investment process with a focus on risk mitigation that has been consistently applied for over 20 years
Series information
Inception date05/01/2000
Dividends paid (if any)Annually
Capital gains paid (if any)Annually
Series identifier
CUSIP246493688

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)19.60%8.15%8.63%6.58%12.17%10.13%05/01/2000
Russell 2000 Value Index15.55%3.22%8.60%6.24%11.08%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)0.35%-4.77%7.37%6.90%11.46%10.08%05/01/2000
Russell 2000 Value Index-0.57%-8.24%6.54%7.17%10.06%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
Gross1.07%
Net1.07%

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
201913.23%3.37%0.35%n/an/a
2018-2.99%4.66%0.88%-18.92%-16.95%
20172.50%0.32%3.40%5.12%11.76%
20163.69%4.01%7.05%13.54%31.09%
20153.09%-1.08%-10.05%1.97%-6.46%
20143.03%3.74%-5.40%4.46%5.62%
201312.20%1.02%7.52%9.28%33.17%
201211.25%-4.31%3.97%2.67%13.63%
20117.37%-2.02%-19.55%16.27%-1.59%
20109.51%-7.27%13.03%14.92%31.92%
2009-13.61%16.29%22.71%6.73%31.56%
Portfolio characteristics - as of 10/31/2019
Number of holdings105
Market cap (median) Source: FactSet$3.0 billion
Market cap (weighted average) Source: FactSet$3.7 billion
Portfolio turnover (last fiscal year)18%
Beta, 3 years (relative to Russell 2000 Value Index) (view definition)0.99
Annualized standard deviation, 3 years (view definition)17.71
Portfolio composition as of 10/31/2019Total may not equal 100% due to rounding.
Domestic equities95.9%
Cash and cash equivalents2.7%
International equities & depositary receipts1.4%
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
MasTec Inc.2.78%
East West Bancorp Inc.2.39%
ITT Inc.1.93%
Hancock Whitney Corp.1.85%
Teradyne Inc.1.63%
Stifel Financial Corp.1.62%
HANOVER INSURANCE GROUP INC1.60%
WEBSTER FINL CORP1.55%
Selective Insurance Group Inc.1.54%
Outfront Media Inc.1.53%
Total % Portfolio in Top 10 holdings18.42%
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
Financial services28.5%
Technology11.9%
REITs9.4%
Capital spending9.2%
Consumer services9.0%
Utilities5.6%
Basic industry5.1%
Energy4.8%
Consumer cyclical4.1%
Consumer staples3.5%
Healthcare3.1%
Transportation2.2%
Business services0.9%
Chris Beck

Christopher S. Beck, CFA

Executive Director, Chief Investment Officer — US Small-Mid Cap Value Equity

Start date on the Fund: May 1997

Years of industry experience: 38

(View bio)


Steve Catricks

Steven G. Catricks, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: July 2012

Years of industry experience: 20

(View bio)


Kent Madden

Kent P. Madden, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: July 2012

Years of industry experience: 23

(View bio)


Kelly McKee

Kelley McKee Carabasi, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: July 2012

Years of industry experience: 17

(View bio)


Michael Foley

Michael Foley, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: July 2019

Years of industry experience: 10

(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 fees0.71%
Distribution and service (12b-1) fees0.30%
Other expenses0.06%
Total annual series operating expenses1.07%

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

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.

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.

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

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.

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 11/14/2019)

Service ClassPriceNet change
NAV$36.66-0.02
Max offer price$36.66n/a

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

$1.2 billion all share classes

Benchmark, peer group

Russell 2000® Value Index (view definition)

Additional information