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

Daily pricing as of 09/17/2020

NAV
NAV 1-day net change
Max offer price
$11.52

Total net assets as of 08/31/2020

All share classes
$48.6 million

Overview

Series information
Inception date10/29/1992
Dividends paid (if any)Annually
Capital gains paid (if any)Annually
Series identifiers
CUSIP246493761

Benchmark

MSCI EAFE (Europe, Australasia, Far East) 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 (08/31/2020)

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.

Performance shown prior to Oct. 4, 2019, are as of the predecessor fund and investment team. Please see the Updated Significant Fund Event and prospectus for more information.

Average annual total return as of quarter-end (06/30/2020)

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.

Performance shown prior to Oct. 4, 2019, are as of the predecessor series and investment team. Please see the Updated Significant Series Event and prospectus for more information.

Expense ratio

Gross
1.15%
Net
1.04%

Net expense ratio reflects contractual fee waivers from April 29, 2020 to April 30, 2021. 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
2019
19.31%
2018
-17.64%
2017
22.51%
2016
4.19%
2015
0.49%
2014
-8.67%
2013
22.78%
2012
15.20%
2011
-14.43%
2010
10.92%

Portfolio

Portfolio characteristics as of 08/31/2020

Number of holdings
28
Market cap (median) Source: FactSet
$21.6 billion
Market cap (weighted average) Source: FactSet
$73.4 billion
Portfolio turnover (last fiscal year)
137%
Beta (relative to MSCI EAFE Index (Net)) (view definition)
0.83
Annualized standard deviation, 3 years (view definition)
13.39

Portfolio composition as of 08/31/2020
Total may not equal 100% due to rounding.

International equities & depositary receipts
97.9%
Domestic equities
1.3%
Cash and cash equivalents
0.8%

Top 10 holdings as of 08/31/2020

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

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.

Holdings based by issuer.

Holding
% of portfolio
Holding
% of portfolio
Koninklijke Ahold Delhaize NV
7.50
Roche Holding AG
6.92
LAIR LIQUIDE SA POUR LETUDE ET LEXPLO DE
6.83
Nestle S.A.
6.58
Novo Nordisk A S
6.56
Fresenius Medical Care AG & Co. KGaA
5.94
Danone S.A.
5.40
Seven & i Holdings Co. Ltd.
4.46
KDDI CORP
4.15
Diageo PLC
3.95

Total % Portfolio in Top 10 holdings - 58.29%

List of monthly holdingsList of quarterly holdings

Top 10 countries as of 08/31/2020

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

Country
% of portfolio
Country
% of portfolio
France
21.9%
Japan
20.7%
Switzerland
15.8%
Germany
9.5%
United Kingdom
9.1%
Netherlands
7.5%
Denmark
6.6%
Sweden
5.3%
Ireland
1.6%
United States
1.3%

Management

Chris Gowlland

Chris Gowlland, CFA

  • Senior Vice President, Head of Equity Quantitative Research
  • Start date on the Fund: July 2019
  • Years of industry experience: 23
  • Read bio
Jens Hansen

Jens Hansen 

  • Chief Investment Officer — Global Equity Team
  • Start date on the Fund: March 2019
  • Years of industry experience: 30
  • Read bio
Klaus Petersen

Klaus Petersen, CFA

  • Portfolio Manager — Global Equity Team
  • Start date on the Fund: March 2019
  • Years of industry experience: 23
  • Read bio
Claus Juul

Claus Juul 

  • Portfolio Manager — Global Equity Team
  • Start date on the Fund: March 2019
  • Years of industry experience: 22
  • Read bio
Asa Annerstedt

Åsa Annerstedt 

  • Portfolio Manager — Global Equity Team
  • Start date on the Fund: March 2019
  • Years of industry experience: 24
  • Read bio
Allan Saustrup Jensen

Allan Saustrup Jensen, CFA, CAIA®

  • Portfolio Manager — Global Equity Team
  • Start date on the Fund: May 2020
  • Years of industry experience: 23
  • Read bio

Fees

Annual series operating expenses
Management fees0.85%
Distribution and service (12b-1) feesnone
Other expenses0.30%
Total annual Series operating expenses1.15%
Fee waivers and expense reimbursements1(0.11%)
Total annual series operating expenses after fee waivers and expense reimbursements1.04%

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 29, 2020 through April 30, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series.

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.

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.

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.

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.

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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