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Ivy VIP Securian Real Estate Securities

  • $6.99 NAV as of 7/16/2018
  • ($-0.04) / -0.53% Daily NAV Change
  • 0.05% YTD (NAV)

Summary

Building a foundation for financial goals

Wide exposure
Seeks to provide total return through capital appreciation and current income via publicly traded real estate securities in North America; does not directly invest in real estate.
Investment focus
Investments are diversified by region, property sector and security with a focus on what portfolio managers consider high-quality, well-managed companies.
Disciplined process
A disciplined, bottom-up, fundamental process covers the spectrum of commercial real estate with a focus on risk management using proprietary systems and research.

Morningstar Style Box

Blend
Medium
Source: Morningstar

Portfolio Management

Lowell R. Bolken, CFA

  • Securian Asset Management, Inc. (Sub-Adviser)
  • 12 Years with Fund
  • 27 Years in Industry
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Lowell Bolken co-manages the Securian Real Estate Securities portfolios. His experience in the real estate market includes property management, leasing, negotiating sales and placement of financed debt. Mr. Bolken received a BA in Computer Science from the University of North Dakota in 1985. He earned an MBA in Real Estate and Financial Markets from Columbia University in 1989. He is a CFA charterholder and a member of the National Association of Real Estate Investment Trusts (NAREIT).

Matthew K. Richmond

  • Securian Asset Management, Inc. (Sub-Adviser)
  • 4 Years with Fund
  • 24 Years in Industry
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Matthew Richmond leads the Securian Real Estate Equity team and oversees the management of Securian real estate securities and passive equity portfolios. He is the lead portfolio manager for the Securian Real Estate Securities portfolios. He joined Securian in 2013. Mr. Richmond has been active in the industry since 1994, with a focus on real estate investment trusts (REITs) and private real estate equities throughout his career. Mr. Richmond received a BS in Business Administration, Finance from the University of Nebraska and an MBA in Finance from the University of Iowa. He is a member of the National Association of Real Estate Investment Trusts (NAREIT) and serves on the Advisory Board of the University of Wisconsin Applied Real Estate Securities Program.

Josh Klaetsch

  • Securian Asset Management, Inc. (Sub-Adviser)
  • <1 Year with Fund
  • 12 Years in Industry
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Josh Klaetsch provides fundamental and qualitative research on publicly traded real estate companies and related entities for the purpose of recommending purchase and sale of securities. As a member of the Real Estate Securities team, he is responsible for the investment performance of portfolios within the strategy. Mr. Klaetsch received a BA in Economics and Business Management from Luther College. He earned his MBA in Real Estate from the University of Wisconsin. He is a CFA charterholder, a member of the CFA Institute, the CFA Society of Minnesota and the University of Wisconsin Real Estate Alumni Association.

Growth of a $10,000 Investment
through 6/30/2018

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Documents

Perspectives

Quarterly Fund Commentary

Daily Prices as of 7/16/2018

Net Asset Value (NAV) $6.99
Daily NAV Change ($) ($-0.04) -0.53%
Weekly NAV Change ($) $-0.04 -0.54%
Public Offering Price (POP) $6.99

Fund Facts

CUSIP 46600H810
Fund Code 866
Fund Type Specialty Funds
Fund Inception 5/27/2004
Class Inception 5/27/2004
Fiscal Year End December
Dividends Paid May
Fund Assets (as of 6/30/2018) $41.4 mil
Total Equity Holdings (as of 6/30/2018) 48
Total Holdings (as of 6/30/2018) 49
Portfolio Turnover Rate (as of 12/31/2017) 73%
Lipper Category Real Estate Funds
Morningstar Category Real Estate
Benchmark FTSE NAREIT Equity REITs Index
Benchmark Wilshire US Real Estate Securities Index

Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Monthly Rates of Return

Average Annual Total Returns as of 6/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV -0.28% 1.99% 6.76% 7.72% 7.01% 8.23%
Lipper Real Estate Funds 0.71% 3.58% 7.01% 7.66% 7.44%
FTSE NAREIT Equity REITs Index 1.02% 3.50% 8.06% 8.31% 7.94%
Wilshire US Real Estate Securities Index 1.60% 4.00% 8.27% 8.80% 7.91%

Quarterly Rates of Return

Average Annual Total Returns as of 6/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund at NAV -0.28% 1.99% 6.76% 7.72% 7.01% 8.23%
Lipper Real Estate Funds 0.71% 3.58% 7.01% 7.66% 7.44%
FTSE NAREIT Equity REITs Index 1.02% 3.50% 8.06% 8.31% 7.94%
Wilshire US Real Estate Securities Index 1.60% 4.00% 8.27% 8.80% 7.91%

Calendar Year Return

  2013
Class II 1.13 30.17 4.78 4.26 5.39
Wilshire US Real Estate Securities Index 2.14 31.53 4.81

Morningstar Ratings as of 6/30/2018 Morningstar Logo

Category: Real Estate
Ratings are based on risk-adjusted returns
Overall out of 230
3 Year out of 230
5 Year out of 199
10 Year out of 143

Lipper Ranking through 6/30/2018 Lipper Logo

Category: Real Estate Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 40/44 89
3 Year 27/44 60
5 Year 21/43 48
10 Year 30/40 74

Expense Ratios as of 4/30/2018

Net 1.22%
Gross 1.31%

3-Year Standard Deviation as of 6/30/2018

Wilshire US Real Estate Securities Index 13.78
FTSE NAREIT Equity REITs Index 13.81

3-Year MPT* Statistics as of 6/30/2018

*Modern Portfolio Theory
Alpha -1.10
Beta 0.98
R-Squared 97.66
Sharpe Ratio 0.45
Capture Ratio Upside: 94.93%
Downside: 100.74%

Distributions

Historical Prices Inception 5/27/2004

7/2/2018 $6.93 NO NO
7/3/2018 $6.98 NO NO
7/5/2018 $7.05 NO NO
7/6/2018 $7.08 NO NO
7/9/2018 $7.03 NO NO
7/10/2018 $7.05 NO NO
7/11/2018 $7.04 NO NO
7/12/2018 $7.05 NO NO
7/13/2018 $7.03 NO NO
7/16/2018 $6.99 NO NO

Historical Distributions Inception 5/27/2004

5/16/2018 $0.1149 Long: $0.387 Short: $0.104 $6.51 5/16/2018
5/17/2017 $0.1106 Long: $1.018 Short: $0.016 $7.25 5/17/2017
5/18/2016 $0.1 Long: $0.845 Short: $0.000 $8.21 5/18/2016
5/20/2015 $0.0968 Long: $0.705 Short: $0.219 $8.61 5/20/2015
12/16/2014 $0 Long: $0.018 Short: $0.000 $9.32 12/16/2014
5/21/2014 $0.0919 Long: $0.506 Short: $0.000 $8.43 5/21/2014

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

12-Month Trailing Dist. Yield as of 6/30/2018

NAV 1.54%
With Sales Charge 1.54%

Portfolio

Top 10 Equity Holdings as a % of net assets 6/30/2018

Simon Property Group, Inc. Simon Property Group, Inc. (Simon) is a United States real estate company. 6.11%
Equinix, Inc. Equinix, Inc. is an American public corporation that provides carrier-neutral data centers and internet exchanges to enable interconnection. 4.46%
AvalonBay Communities, Inc. AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. 4.43%
Public Storage, Inc. Public Storage (the Trust) is a real estate investment trust (REIT). The TrustÆs principal business activities include the acquisition, development, ownership and operation of self-storage facilities. 4.23%
ProLogis, Inc. Prologis, Inc., is a real estate investment trust (REIT) company. The company is engaged in logistics real estate business. The company's segments include Real Estate Operations and Strategic Capital with a focus on markets across the United States, the Americas, Europe and Asia. 3.85%
Digital Realty Trust, Inc. Digital Realty Trust, Inc., a real estate investment trust (REIT), through its controlling interest in Digital Realty Trust, L.P., engages in the ownership, acquisition, development, redevelopment, and management of technology-related real estate. 3.67%
Host Hotels & Resorts, Inc. Host Hotels & Resorts, Inc. is a publicly owned real estate investment trust (REIT). The firm primarily engages in the ownership and operation of hotel properties. 3.43%
Alexandria Real Estate Equities, Inc. Alexandria is the largest and leading office REIT uniquely focused on collaborative science and technology campuses in urban innovation clusters. 3.36%
SL Green Realty Corp. SL Green Realty Corp. is a real estate investment trust (REIT). The firm engages in the property management, acquisitions, financing, development, construction, and leasing. 3.14%
Sun Communities, Inc. Sun Communities, Inc. is a real estate investment trust that currently owns and operates a portfolio of manufactured housing communities primarily in the midwest and southeast U.S. 2.86%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 6/30/2018

Large ( > $10 bil) 64.5%
Medium ($2 - $10 bil) 33.4%
Small ( < $2 bil) 2.1%
Median Market Cap (as of 6/30/2018) $9.7 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 6/30/2018

Residential REITs 24.5%
Specialized REITs 17.3%
Retail REITs 16.9%
Office REITs 13.1%
Health Care REITs 7.9%
Hotel & Resort REITs 7.7%
Industrial REITs 7.3%
Diversified REITs 4.1%
Wireless Telecommunication Service 1.3%

Sector Allocation
as a % of equity assets as of 6/30/2018

Real Estate 98.74%
Telecommunication Services 1.26%

Portfolio Composition
as a % of net assets as of 6/30/2018

Domestic Common Stock 98.17%
Cash and Cash Equivalents 1.83%

Equity Country Allocation
as a % of equity assets as of 6/30/2018

United States 100.0%

Total Portfolio Holdings

Updated quarterly, upon availability.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Risk Factors: The value of the Portfolio's shares will change, and you could lose money on your investment. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value change and differences in real estate market values. Because the Portfolio invests more than 25% of its total assets in the real estate industry, the Portfolio may be more susceptible to a single economic, regulatory, or technical occurrence than a Portfolio that does not concentrate its investments in this industry. These and other risks are more fully described in the Portfolio's prospectus. Not all portfolios may be offered at all broker/ dealers. The IVY VARIABLE INSURANCE PORTFOLIOSSM, are only available as investment options in variable life insurance policies and variable annuity contracts issued by participating insurance companies. They are not offered or made available directly to the general public.

Effective, April 30, 2018, the Fund's benchmark changed from the Wilshire U.S. Real Estate Securities Index to the FTSE NAREIT Equity REITs Index. Both the prior and current benchmark indexes will be shown for a period of one year for comparison purposes.

Index Description: The FTSE NAREIT Equity REITs Index is designed to present investors with a comprehensive family of REIT performance indexes that spans the commercial real estate space across the U.S. economy. The FTSE NAREIT Equity REITs index contains all Equity REITs not designated as Timber REITs or Infrastructure REITs. It is not possible to invest directly in an index.

Annuities are long-term financial products designed for retirement purposes. Annuity and life insurance guarantees are based on the financial strength and claims-paying ability of the issuing insurance company. The guarantees have no bearing on the performance of a variable investment option. Variable investment options are subject to market risk, including loss of principal. There are charges and expenses associated with annuities and variable life insurance products, including mortality and expense risk charges, management fees, administrative fees, expenses for optional riders and deferred sales charges for early withdrawals. Withdrawals before age 59 1/2 may be subject to a 10% IRS tax penalty and surrender charges may apply.

Fee Waiver and/or Expense Reimbursement: Through April 30, 2018, Ivy Investment Management Company (IICO), the Fund's investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.09% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees.

Effective April 30, 2018, the name of the VIP IvyAdvantus Real Estate Securities Fund changed to Ivy VIP Securian Real Estate Securities Fund.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

12-Month Trailing Distribution Yield: at NAV refers to the 12-month historical cash flow paid over the past 12 months in dividends, divided by the past months ending NAV.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Information is subject to change and is not intended to represent any past or future investment recommendations.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.