Delaware VIP® Smid Cap Core Series

Key features

A core solution focused on uncovering opportunities across the traditionally under-researched small- and mid-cap stock universe

The team reviews portfolio-level risk exposures on a daily basis to ensure performance results are driven by stock selection

Securities are selected by a highly experienced investment team of five portfolio managers, averaging over 25 years of industry experience

Daily pricing as of 10/27/2020

NAV
NAV 1-day net change
Max offer price
$20.74

Total net assets as of 09/30/2020

All share classes
$532.2 million

Overview

Series information
Inception date07/12/1991
Dividends paid (if any)Annually
Capital gains paid (if any)Annually
Series identifiers
CUSIP246493837

Benchmark

Russell 2500 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 (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 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
0.81%
Net
0.81%

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
29.63%
2018
-12.12%
2017
18.65%
2016
8.29%
2015
7.54%
2014
3.15%
2013
41.32%
2012
11.02%
2011
8.13%
2010
36.32%

Portfolio

Portfolio characteristics as of 09/30/2020

Number of holdings
140
Market cap (median) Source: FactSet
$3.4 billion
Market cap (weighted average) Source: FactSet
$5.4 billion
Portfolio turnover (last fiscal year)
14%
Beta (relative to Russell 2500 Index) (view definition)
1.01
Annualized standard deviation, 3 years (view definition)
22.98

Portfolio composition as of 09/30/2020
Total may not equal 100% due to rounding.

Domestic equities
97.3%
International equities & depositary receipts
2.2%
Cash and cash equivalents
0.5%

Top 10 holdings as of 09/30/2020

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
CASEYS GENERAL STORES INC
1.48
CATALENT INC
1.39
Reliance Steel & Aluminum Co.
1.37
Proofpoint Inc.
1.37
Knight-Swift Transportation Holdings Inc
1.31
Huntsman Corp.
1.31
Five Below Inc.
1.24
REPLIGEN CORP
1.23
NORTHWESTERN CORP
1.22
TECHNE CORP
1.18

Total % Portfolio in Top 10 holdings - 13.10%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 09/30/2020

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
Technology
17.0%
Healthcare
15.9%
Finance
13.5%
Capital goods
12.5%
Basic materials
9.1%
REIT
7.2%
Consumer discretionary
4.3%
Business services
4.1%
Utilities
3.9%
Consumer staples
2.9%
Credit cyclicals
2.8%
Consumer services
2.7%
Transportation
2.0%
Media
0.8%
Energy
0.8%

Management

Francis X Morris

Francis X. Morris 

  • Executive Director, Chief Investment Officer — US Core Equity
  • Start date on the Fund: April 2017
  • Years of industry experience: 37
  • Read bio
Christopher Adams

Christopher S. Adams, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: April 2017
  • Years of industry experience: 32
  • Read bio
Michael Morris

Michael S. Morris, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: April 2017
  • Years of industry experience: 27
  • Read bio
Donald Padilla

Donald G. Padilla, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: April 2017
  • Years of industry experience: 33
  • Read bio
David Reidinger

David E. Reidinger 

  • Senior Portfolio Manager
  • Start date on the Fund: April 2017
  • Years of industry experience: 27
  • Read bio

Fees

Annual series operating expenses
Management fees0.74%
Distribution and service (12b-1) feesnone
Other expenses0.07%
Total annual Series operating expenses0.81%
Fee waivers and expense reimbursements1none
Total annual series operating expenses after fee waivers and expense reimbursements0.81%

Resources

Effective April 28, 2017, the investment strategies for Delaware VIP Smid Cap Growth Series changed and the Series was repositioned as a diversified small- and mid-capitalization core style fund. In connection with the repositioning, the Series name changed to Delaware VIP Smid Cap Core Series. These changes may result in a higher portfolio turnover in the near future. For more complete information, please request a prospectus by calling 800 523-1918 or by visiting delawarefunds.com/vip/literature

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

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

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.

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.

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.

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.

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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