Delaware VIP Real Estate Securities

Delaware VIP Real Estate Securities

Key features

Seeks to provide total return through capital appreciation and current income via North America publicly traded real estate securities

Provides a diversified exposure to high-quality North American real estate securities

A proprietary, bottom-up fundamental process which considers Quality, Risk and Valuation

Daily pricing as of 02/23/2024

NAV
NAV 1-day net change
Max offer price
$5.98

Total net assets as of 01/31/2024

All share classes
$27.1 million

Overview

Series information
Inception date 05/27/2004
Dividends paid (if any) Annual
Series identifiers
CUSIP 46600H810

Benchmark

FTSE NAREIT Equity REITs 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 (01/31/2024)

Returns for less than one year are not annualized.

The returns shown for periods prior to August 1, 2022, reflect that of the Fund prior to its repositioning, which included changes to the Fund’s investment objective, strategy, benchmark, and/or investment team.

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 (12/31/2023)

Returns for less than one year are not annualized.

The returns shown for periods prior to August 1, 2022, reflect that of the Fund prior to its repositioning, which included changes to the Fund’s investment objective, strategy, benchmark, and/or investment team.

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
1.38%
Net
1.21%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from May 1, 2023 through April 30, 2024. 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
2023
9.42%
2022
-24.87%
2021
43.69%
2020
-3.13%
2019
24.43%
2018
-5.57%
2017
5.39%
2016
4.27%
2015
4.78%
2014
30.16%

Portfolio

Portfolio characteristics as of 01/31/2024

Number of holdings
28
Market cap (median) Source: FactSet
$14.1 billion
Market cap (weighted average) Source: FactSet
$40.3 billion
Portfolio turnover (last fiscal year)
59%
Beta (relative to FTSE Nareit Equity REITs Index) (view definition)
0.96
Annualized standard deviation, 3 years (view definition)
20.62

Portfolio composition as of 01/31/2024
Total may not equal 100% due to rounding.

Domestic equities
94.8%
International equities & depositary receipts
4.1%
Cash, cash equivalents and other assets
1.2%

Top 10 holdings as of 01/31/2024

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
EQUINIX INC
10.37
PROLOGIS INC
8.66
WELLTOWER OP LLC
8.24
PUBLIC STORAGE OPERATING CO
5.22
REALTY INCOME CORPORATION
4.93
DIGITAL REALTY TRUST INC
4.89
VICI PROPERTIES INC
4.41
AVALONBAY COMMUNITIES INC
4.37
SUN COMMUNITIES INC
3.85
AGREE REALTY CORPORATION
3.75

Total % Portfolio in Top 10 holdings - 58.69%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 01/31/2024

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
Specialized REITs
27.4%
Residential REITs
22.7%
Retail REITs
18.2%
Industrial REITs
11.7%
Health Care REITs
10.6%
Office REITs
3.2%
Hotel & Resort REITs
2.3%
Real Estate Operating Companies
0.7%

Management

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)

Matthew Hodgkins

Matthew Hodgkins 

  • Head of Americas Listed Real Estate
  • Read bio

Sub-advisors

Macquarie Investment Management Global Limited

James Maydew - Only for Delaware Global Real Estate Fund

James Maydew* 

  • Head of Global Listed Real Estate
  • Read bio
Jessica Koh

Jessica Koh 

  • Head of Asian Listed Real Estate
  • Read bio

*James Maydew is the lead portfolio manager responsible for the day-to-day management of the Fund.

Macquarie Investment Management Europe Limited

Ryan Watson

Ryan Watson 

  • Head of European Listed Real Estate
  • Read bio

Fees

Annual portfolio operating expenses
Management fees 0.90%
Distribution and service (12b-1) fees 0.25%
Other expenses 0.23%
Total annual portfolio operating expenses 1.38%
Fee waivers and expense reimbursements1 (0.17%)
Total annual portfolio operating expenses after fee waivers and expense reimbursements 1.21%

Please see the prospectus and SAI for additional information.

1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from May 1, 2023 through April 30, 2024. Please see the fee table in the Portfolios' prospectus for more information.

Resources

Significant Fund Event

On January 16, 2024, the Board of Trustees unanimously voted to approve a proposal to liquidate and dissolve the Series. The liquidation and dissolution are expected to take effect on or about April 30, 2024 (“Liquidation Date”). The Series closed to new investors on January 30, 2024. However, the Series will continue to accept purchases from existing shareholders (including reinvested dividends and capital gains) until one (1) business day before the Liquidation Date.

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.

Fixed income securities and bond funds can lose value, and investors can lose principal as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy 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.

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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