Macquarie VIP Emerging Markets Series(formerly, Delaware VIP® Emerging Markets)

Key features

Investment approach geared towards long-term structural growth opportunities – focus on companies versus countries

Emphasis on companies with franchise sustainability and attractive valuations

Dedicated emerging markets team has managed the Series since 2006

Daily pricing as of 05/07/2025

NAV
$23.37
NAV 1-day net change
-0.09
Max offer price
$23.37

Total net assets as of 03/31/2025

All share classes
$595.4 million

Overview

Series information
Inception date 05/01/1997
Dividends paid (if any) Annually
Capital gains paid (if any) Annually
Series identifiers
CUSIP 246493878

Benchmark

MSCI Emerging Markets 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 (as applicable) 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 (04/30/2025)

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 (03/31/2025)

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
1.34%
Net
1.16%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from May 1, 2025 through April 30, 2026. 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.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2024
5.09%
2023
13.79%
2022
-27.58%
2021
-2.84%
2020
25.09%
2019
22.63%
2018
-15.81%
2017
40.55%
2016
13.93%
2015
-14.51%

Portfolio

Portfolio characteristics as of 03/31/2025

Number of holdings
99
Market cap (median) Source: FactSet
$6.0 billion
Market cap (weighted average) Source: FactSet
$194.7 billion
Portfolio turnover (last fiscal year)
11%
Beta (relative to MSCI Emerging Markets Index (Net)) (view definition)
1.08
Annualized standard deviation, 3 years (view definition)
20.06

Portfolio composition as of 04/30/2025
Total may not equal 100% due to rounding.

International equities & depositary receipts
100.4%
Cash, cash equivalents and other assets
-0.4%

Values in excess of 100% and negative values may appear as the result of certain assets and liabilities. See the Series' prospectus for securities in which the Series would typically invest.

Top 10 holdings as of 04/30/2025

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
TAIWAN SEMICONDUCTOR MANUFACTURING CO LT
17.78
RELIANCE INDUSTRIES LTD
9.40
SK HYNIX INC
7.60
SK SQUARE CO LTD
7.55
SAMSUNG ELECTRONICS CO LTD
7.21
ALIBABA GROUP HOLDING LTD
5.36
MEDIATEK INC
3.57
TENCENT HOLDINGS LTD
3.39
HDFC BANK LTD
2.56
PDD HOLDINGS INC
1.78

Total % Portfolio in Top 10 holdings - 66.20%

List of monthly holdingsList of quarterly holdings

Management

Liu-Er Chen

Liu-Er Chen, CFA

  • Head of Emerging Markets Equity
  • Start date on the Fund: September 2006
  • Years of industry experience: 29
  • Read bio

Fees

Annual portfolio operating expenses
Management fees 1.24%
Distribution and service (12b-1) fees none
Other expenses 0.10%
Total annual series operating expenses 1.34%
Fee waivers and expense reimbursements1 (0.18%)
Total annual series operating expenses after fee waivers and expense reimbursements 1.16%

1Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from May 1, 2025 through April 30, 2026. Please see the fee table in the Series' prospectus for more information.

Please see the prospectus and SAI for additional information.

Resources

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 Series' investment manager, Delaware Management Company (Manager), may permit its affiliate, Macquarie Investment Management Global Limited (MIMGL), to execute Series 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.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

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

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

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 Series' 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 Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series' ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Series.

Macquarie 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.

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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