Delaware Ivy VIP Smid Cap Core

Delaware Ivy VIP Smid Cap Core

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Key features

Stocks are selected by a highly experienced focused investment team, averaging over 25 years of industry experience

Focused on uncovering the best opportunities across the traditionally under-researched US small- and mid-cap company market

A daily review of the portfolio's risk exposures ensures alpha is driven by stock selection

Daily pricing as of 02/03/2023

NAV
NAV 1-day net change
Max offer price
$12.35

Total net assets as of 12/31/2022

All share classes
$158.2 million

Overview

Series information
Inception date 10/01/1997
Dividends paid (if any) Annual
Series identifiers
CUSIP 46600H778

Benchmark

Russell 2500™ Index (view definition)

Russell 2000® Index (view definition)

Performance

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 (01/31/2023)

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.

Average annual total return as of quarter-end (12/31/2022)

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

Gross
1.17%
Net
1.17%

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.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2022
-14.84%
2021
20.78%
2020
7.03%
2019
24.33%
2018
-10.49%
2017
13.73%
2016
28.88%
2015
-5.58%
2014
7.05%
2013
33.53%

Portfolio

Portfolio characteristics as of 12/31/2022

Number of holdings
135
Market cap (median) Source: FactSet
$4.8 billion
Market cap (weighted average) Source: FactSet
$7.2 billion
Portfolio turnover (last fiscal year)
79%
Beta (relative to Russell 2500 Index) (view definition)
0.94
Annualized standard deviation, 3 years (view definition)
24.52

Top 10 holdings as of 12/31/2022

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

List may exclude cash and cash equivalents. Please see the Series' complete list of holdings for more information.

Holdings based by issuer.

Holding
% of portfolio
Holding
% of portfolio
Liberty Energy Inc.
2.23
Chesapeake Energy Corp.
1.77
Reliance Steel & Aluminum Co.
1.67
Willscot Mobile Mini Holdings Corp.
1.48
Exlservice Holdings Inc.
1.46
Quanta Serv Inc.
1.44
Huntsman
1.43
Caseys General Stores Inc.
1.38
Primerica Inc.
1.38
Reinsurance Group of America IN
1.36

Total % Portfolio in Top 10 holdings - 15.60%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 12/31/2022

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

Sector
% of portfolio
Sector
% of portfolio
Finance
15.5%
Healthcare
13.0%
Technology
12.8%
Capital goods
10.8%
Basic materials
7.9%
REIT
6.4%
Consumer discretionary
5.8%
Business services
5.4%
Energy
5.3%
Consumer staples
3.2%
Credit cyclicals
3.1%
Transportation
2.8%
Consumer services
2.5%
Utilities
1.9%
Media
1.8%

Management

Francis X Morris

Francis X. Morris 

  • Senior Managing Director, Chief Investment Officer — US Core Equity
  • Start date on the Fund: November 2021
  • Years of industry experience: 39
  • Read bio
Christopher Adams

Christopher S. Adams, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 34
  • Read bio
Michael Morris

Michael S. Morris, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 30
  • Read bio
Donald Padilla

Donald G. Padilla, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 36
  • Read bio
David Reidinger

David E. Reidinger 

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 29
  • Read bio

Fees

Annual series operating expenses
Management fees 0.85%
Distribution and service (12b-1) fees 0.25%
Other expenses 0.07%
Total annual Series operating expenses 1.17%
Fee waivers and expense reimbursements1 none
Total annual series operating expenses after fee waivers and expense reimbursements 1.17%

Please see the prospectus and SAI for additional information.

1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from April 29, 2022 through April 29, 2023. Please see the fee table in the Series' prospectus for more information.

Resources

Significant Fund Event

On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the Fund name change to “Delaware Ivy Smid Cap Core Fund” (formerly, Delaware Ivy Small Cap Core Fund, and before that, Ivy Small Cap Core Fund) and the appointment of the portfolio manager team of Francis X. Morris, Christopher S. Adams, CFA, Michael S. Morris, CFA, Donald G. Padilla, CFA, and David E. Reidinger of Delaware Management Company (DMC) as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies and benchmark. All changes took effect on or about November 15, 2021.

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.

The Portfolio’s investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

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.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Portfolio’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Portfolio from executing advantageous investment decisions in a timely manner and could negatively impact the Portfolio’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Portfolio.

Delaware Ivy 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.

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

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

Not FDIC Insured • No Bank Guarantee • May Lose Value

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

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