Delaware VIP® REIT Series

Key features

Focus on both real estate-specific and capital markets factors in our research

Portfolio can provide both income and diversification among commercial property sectors, as well as possible inflation protection

Experienced investment team with established, consistently applied investment process

Daily pricing as of 12/01/2020

NAV
NAV 1-day net change
Max offer price
$11.81

Total net assets as of 10/31/2020

All share classes
$348.5 million

Overview

Series information
Inception date05/04/1998
Dividends paid (if any)Annually
Capital gains paid (if any)Annually
Series identifiers
CUSIP246493720

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 (10/31/2020)

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 (09/30/2020)

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
0.83%
Net
0.83%

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
26.81%
2018
-7.22%
2017
1.54%
2016
5.87%
2015
3.75%
2014
29.46%
2013
2.14%
2012
16.94%
2011
10.96%
2010
26.98%

Portfolio

Portfolio characteristics as of 10/31/2020

Number of holdings
56
Market cap (median) Source: FactSet
$7.3 billion
Market cap (weighted average) Source: FactSet
$23.9 billion
Portfolio turnover (last fiscal year)
98%
P/FFO ratio (view definition)
19.19x
Annualized standard deviation, 3 years (view definition)
18.39

Portfolio composition as of 10/31/2020
Total may not equal 100% due to rounding.

Domestic equities
99.4%
Cash and cash equivalents
0.6%

Top 10 holdings as of 10/31/2020

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
Prologis Inc.
10.30
Equinix Inc.
8.11
Public Storage
4.31
Digital Realty Trust Inc.
3.90
Welltower Inc.
3.12
Simon Property Group Inc.
3.11
REALTY INCOME CORP
3.02
INVITATION HOMES INC
2.90
Alexandria Real Estate Equities Inc.
2.85
Extra Space Storage Inc.
2.85

Total % Portfolio in Top 10 holdings - 44.47%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 10/31/2020

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
Healthcare
16.0%
Tech
13.9%
Industrial
13.7%
Apartments
11.3%
Self storage
9.8%
Freestanding
6.9%
Shopping centers
5.0%
Manufactured homes
5.0%
Office
4.3%
Lodging
4.2%
Specialty
3.5%
Regional malls
3.1%
Diversified
2.6%

Management

Investment manager

Delaware Management Company (DMC)

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL)

Scot Thompson

Scot Thompson 

  • Managing Director, Co-Head of Systematic Investments, Portfolio Manager
  • Start date on the Fund: June 2020
  • Years of industry experience: 22
  • Read bio
Benjamin Leung

Benjamin Leung, CFA

  • Managing Director, Co-Head of Systematic Investments, Head of Research
  • Start date on the Fund: June 2020
  • Years of industry experience: 18
  • Read bio

Fees

Annual series operating expenses
Management fees0.75%
Distribution and service (12b-1) feesnone
Other expenses0.08%
Total annual Series operating expenses0.83%
Fee waivers and expense reimbursements1none
Total annual series operating expenses after fee waivers and expense reimbursements0.83%

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 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, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 0.83% 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

On June 10, 2020, the Board of Trustees of the Series approved the appointment of Macquarie Investment Management Global Limited (“MIMGL”) as a sub-advisor to the Series with primary day to day responsibility for the Series. In connection with this appointment, the Board of Trustees voted to approve changes to the Series’ investment strategies to take effect on or about August 11, 2020. Please read the latest prospectus, and supplement dated June 11, 2020 for more information concerning this event. Please request a prospectus by calling 800 523-1918 or visiting delawarefunds.com.

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 Funds Management Hong Kong Limited (MFMHKL), to execute Series security trades on behalf of the Manager.

Investing involves risk, including the possible loss of principal.

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.

A REIT series' tax status as a regulated investment company could be jeopardized if it holds real estate directly, as a result of defaults, or receives rental income from real estate holdings.

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.

You can check the background of your investment professional on FINRA's BrokerCheck.