Delaware VIP® Special Situations Series

Delaware VIP® Special Situations Series

Key features

Stocks are selected by a highly experienced, value-focused investment team of five sector specialists, averaging over 20 years of industry experience

Focus on a company's ability to effectively deploy and generate sustainable free-cash flow

A disciplined investment process with a focus on risk mitigation that has been consistently applied for over 20 years

Daily pricing as of 02/03/2023

NAV
NAV 1-day net change
Max offer price
$33.70

Total net assets as of 12/31/2022

All share classes
$211.3 million

Overview

Series information
Inception date 11/09/1987
Dividends paid (if any) Annual
Capital gains paid (if any) Annually
Series identifiers
CUSIP 246493449

Benchmark

Russell 2000® Value 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 (01/31/2023)

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 (12/31/2022)

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
0.82%
Net
0.80%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from April 29, 2022 through April 29, 2023. 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
2022
-12.13%
2021
34.28%
2020
-1.85%
2019
20.36%
2018
-16.60%
2017
18.26%
2016
16.10%
2015
-0.52%
2014
6.30%
2013
30.88%

Portfolio

Portfolio characteristics as of 12/31/2022

Number of holdings
99
Market cap (median) Source: FactSet
$3.9 billion
Market cap (weighted average) Source: FactSet
$4.8 billion
Portfolio turnover (last fiscal year)
13%
Beta (relative to Russell 2000 Value Index) (view definition)
1.00
SEC 30-day yield with waiver (view definition)
1.07%
SEC 30-day yield without waiver (view definition)
0.98%
Annualized standard deviation, 3 years (view definition)
28.38

Portfolio composition as of 01/31/2023
Total may not equal 100% due to rounding.

Domestic equities
97.0%
Cash, cash equivalents and other assets
1.7%
International equities & depositary receipts
1.3%

Top 10 holdings as of 12/31/2022

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
Mastec Inc.
2.31
Hancock Whitney Corp.
2.30
Webster Finl Corp.
2.22
East West Bancorp Inc.
2.07
F.N.B Corp.
2.06
Wesco International Inc.
2.03
Stifel Finl Corp.
1.86
Atkore Inc.
1.78
MAGNOLIA OIL & GAS CORP
1.68
Berry Global Group Inc.
1.67

Total % Portfolio in Top 10 holdings - 19.98%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 12/31/2022

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
Financial services
27.8%
Industrials
14.0%
Consumer discretionary
11.1%
Technology
9.8%
Basic industry
8.0%
REITs
7.3%
Energy
6.9%
Utilities
4.0%
Healthcare
3.8%
Consumer staples
2.9%
Transportation
2.2%

Management

Kelley McKee

Kelley M. Carabasi, CFA

  • Co-Chief Investment Officer — US Small-Mid Cap Value Equity
  • Start date on the Fund: October 2019
  • Years of industry experience: 19
  • Read bio
Kent P Madden

Kent P. Madden, CFA

  • Co-Chief Investment Officer — US Small-Mid Cap Value Equity
  • Start date on the Fund: October 2019
  • Years of industry experience: 26
  • Read bio
Steven Catricks

Steven G. Catricks, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: October 2019
  • Years of industry experience: 24
  • Read bio
Michael Foley

Michael Foley, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: October 2019
  • Years of industry experience: 13
  • Read bio

Fees

Annual series operating expenses
Management fees 0.75%
Distribution and service (12b-1) fees none
Other expenses 0.07%
Total annual Series operating expenses 0.82%
Fee waivers and expense reimbursements1 (0.02%)
Total annual series operating expenses after fee waivers and expense reimbursements 0.80%

Please see the prospectus and SAI for additional information.

1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from April 29, 2022 through April 29, 2023. Please see the fee table in the Series' prospectus for more information.

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 0.80% of the Series’ average daily net assets from April 30, 2021 through April 30, 2022. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series.

Resources

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

The Series' investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (MFMHKL), to execute Series security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

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.

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

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

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.

The risks of investing in an exchange-traded fund (ETF) typically reflect the risks of the types of instruments in which the ETFs invest. Because ETFs are investment companies, a fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, a fund’s expenses may be higher and performance may be lower.

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.

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