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Ivy VIP Value

  • $6.38 NAV as of 10/17/2018
  • ($0.00) / 0.04% Daily NAV Change
  • 4.00% YTD (NAV)


Finding opportunity in value

Focused approach
Focuses on long-term appreciation by seeking out companies that are undervalued relative to their perceived longer-term potential.
Experienced management
Manager has more than 20 years of industry experience and a keen insight into the value segment of the equities market.
Potential benefits
Offers portfolio diversification with exposure to the value sector of the market. Diversification cannot ensure a profit or protect against loss in a declining market.

Morningstar Style Box

Source: Morningstar

Portfolio Management

Matthew T. Norris, CFA

  • Ivy Investment Management Company
  • 15 Years with Fund
  • 27 Years in Industry
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Matthew Norris is portfolio manager of the large cap value product suite of mutual funds and institutional accounts. He has been portfolio manager of the product suite since 2003. He is portfolio manager of Ivy Focused Value NextShares, an exchange-traded managed fund, since the fund's inception in 2016. Mr. Norris joined Waddell & Reed in 2003 as senior vice president and portfolio manager. He served as Director of Equity Research from 2005 to 2010. He was portfolio manager of Ivy Small Cap Value Fund and Ivy VIP Small Cap Value from 2010 to 2011. Prior to joining Waddell & Reed, Mr. Norris was affiliated with Advantus Capital Management, Inc. in St. Paul, MN from 1997 to 2003. He joined Advantus as an equity analyst and was appointed a large cap value portfolio manager in 2000. Prior to joining Advantus, he was an equity analyst and portfolio manager for Norwest Investment Management, Inc. from 1994 to 1997. Mr. Norris received a BS in Cellular Biology in 1986 from the University of Kansas. He earned an MBA from the University of Nebraska in 1992. Mr. Norris is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City. He serves as a member of the Finance Advisory Board for the University of Kansas School of Business.

Growth of a $10,000 Investment
through 9/30/2018

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.



Quarterly Fund Commentary

Daily Prices as of 10/17/2018

Net Asset Value (NAV) $6.38
Daily NAV Change ($) ($0.00) 0.04%
Weekly NAV Change ($) $-0.02 -0.27%
Public Offering Price (POP) $6.38

Fund Facts

CUSIP 46600H760
Fund Code 850
Fund Type Domestic Equity
Fund Inception 5/1/2001
Class Inception 5/1/2001
Fiscal Year End December
Dividends Paid May
Fund Assets (as of 9/30/2018) $527.1 mil
Total Equity Holdings (as of 9/30/2018) 36
Total Holdings (as of 9/30/2018) 41
Portfolio Turnover Rate (as of 6/30/2018) 22%
Morningstar Category Large Value
Lipper Category Large-Cap Value Funds
Benchmark Russell 1000 Value TR USD


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 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
Russell 1000 Value TR USD 3.92% 9.45% 13.55% 10.72% 9.79%
Morningstar Large Value 4.50% 10.84% 13.45% 10.19% 9.69%
Fund at NAV 7.42% 12.73% 11.96% 9.66% 10.13% 7.24%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
Russell 1000 Value TR USD 3.92% 9.45% 13.55% 10.72% 9.79%
Morningstar Large Value 4.50% 10.84% 13.45% 10.19% 9.69%
Fund at NAV 7.42% 12.73% 11.96% 9.66% 10.13% 7.24%

Calendar Year Return

Indexes 2013
Russell 1000 Value TR USD 13.66 17.34 -3.83 13.45 32.53
Class II 12.49 11.14 -3.91 10.94 35.34

Morningstar Ratings as of 9/30/2018 Morningstar Logo

Category: Large Value
Ratings are based on risk-adjusted returns
Overall out of 1109
3 Year out of 1109
5 Year out of 948
10 Year out of 696

Morningstar Ranking as of 9/30/2018 Morningstar Logo

Category: Large Value
Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.
1 Year 34/175 31
3 Year 131/171 80
5 Year 101/166 67
10 Year 45/141 39

Expense Ratios as of 4/30/2018

Net 1.00%
Gross 1.00%

3-Year Standard Deviation as of 9/30/2018

Russell 1000 Value TR USD 9.61

3-Year MPT* Statistics as of 9/30/2018

*Modern Portfolio Theory
Alpha -2.24
Beta 1.08
R-Squared 88.84
Sharpe Ratio 1.04
Capture Ratio Upside: 102.37%
Downside: 129.76%


Historical Prices Inception 5/1/2001

10/1/2018 $6.63 NO NO
10/2/2018 $6.62 NO NO
10/3/2018 $6.63 NO NO
10/4/2018 $6.60 NO NO
10/5/2018 $6.56 NO NO
10/8/2018 $6.58 NO NO
10/9/2018 $6.56 NO NO
10/10/2018 $6.39 NO NO
10/11/2018 $6.24 NO NO
10/12/2018 $6.29 NO NO
10/15/2018 $6.26 NO NO
10/16/2018 $6.37 NO NO
10/17/2018 $6.38 NO NO

Historical Distributions Inception 5/1/2001

5/16/2018 $0.1203 Long: $0.193 Short: $0.000 $6.24 5/16/2018
5/17/2017 $0.0873 Long: $0.103 Short: $0.015 $5.81 5/17/2017
5/18/2016 $0.0744 Long: $0.595 Short: $0.125 $5.17 5/18/2016
5/20/2015 $0.0565 Long: $0.738 Short: $0.205 $6.5 5/20/2015
12/16/2014 $0.0045 Long: $0.000 Short: $0.000 $7.02 12/16/2014
5/21/2014 $0.0834 Long: $0.843 Short: $0.254 $6.82 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 9/30/2018

NAV 1.77%
With Sales Charge 1.77%


Top 10 Equity Holdings as a % of net assets 9/30/2018

Citigroup, Inc. Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services. 4.85%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 4.46%
Wal-Mart Stores, Inc. One of the largest discount retail stores in the world, providing consumer staples and recreational products in 27 countries. 3.95%
CVS Caremark Corp. CVS Caremark Corp (CVS Caremark) is a health care provider in the United States. It is a pharmacy services company, providing value for its customers by managing pharmaceutical costs and improving health care outcomes through its pharmacy benefit management, mail order, specialty pharmacy division. 3.81%
Energy Transfer Partners L.P. Energy Transfer Partners, L.P. (ETP) owns and operates a diversified portfolio of energy assets. The Company offers natural gas, natural gas liquids, crude oil, and refined products transportation and storage services. ETP serves customers in the United States. 3.48%
Dow Chemical Co. (The) The Dow Chemical Co. provides chemical, plastic and agricultural products and services to various consumer markets. It serves customers in countries around the world in markets such as food, transportation, health and medicine, personal care and construction. 3.42%
Capital One Financial Corp. Capital One Financial Corporation operates as the bank holding company, provides various financial products and services to consumers, small businesses, and commercial clients in the United States, Canada, and the United Kingdom. 3.19%
Pfizer, Inc. Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition. 3.15%
Broadcom Corp., Class A 3.02%
Target Corp. Target Corporation operates general merchandise stores in the United States. 2.99%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 9/30/2018

Large ( > $10 bil) 94.1%
Medium ($2 - $10 bil) 6.0%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 9/30/2018) $41.5 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 9/30/2018

Other Diversified Financial Services 9.6%
Consumer Finance 5.9%
Semiconductors 5.8%
Asset Management & Custody Banks 5.5%
General Merchandise Stores 5.4%
Oil & Gas Storage & Transportation 4.6%
Oil & Gas Refining & Marketing 4.5%
Hypermarkets & Super Centers 4.1%
Drug Retail 3.9%
Diversified Chemicals 3.5%

Sector Allocation
as a % of equity assets as of 9/30/2018

Financials 32.26%
Consumer Discretionary 13.39%
Health Care 11.63%
Information Technology 10.42%
Energy 9.10%
Consumer Staples 7.98%
Industrials 6.89%
Materials 3.52%
Utilities 2.53%
Real Estate 2.28%

Portfolio Composition
as a % of net assets as of 9/30/2018

Domestic Common Stock 97.31%
Cash and Cash Equivalents 2.69%

Equity Country Allocation
as a % of equity assets as of 9/30/2018

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. The value of a security believed by the Portfolio's manager to be undervalued may never reach what the manager believes to be its full value, or such security's value may decrease. 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.

Index Description: Russell 1000 Value is an unmanaged index comprised of securities that represent the large cap sector of the stock market. 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.

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.