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1.22.21
2021 Global Outlook
Ivy Investments believes the path forward requires a disciplined approach that combines resilience and a reliance on the fundamentals of active investing.
CIO Insights / 2.05.20
The beginning of a new cycle
We assess the current environment and offer 2021 market observations and the possible implications for investors.
11.18.20
Ivy Investments Forum
We recently gathered a number of thought-provoking experts who shared their latest views on an array of critical issues impacting today’s investing landscape. Watch the session replays to get our panelists’ insights.
Webcasts / 02.05.21
The Pandemic Time Capsule
How Covid-19 Impacts Every Generation and What This Means for a Plan Forward
Genlink
Raising financially smart kids
Passing on life lessons from generation to generation is important, especially when it comes to topics like money. Discover strategies to raising financially smart kids.
Genlink
Three plans every Gen Xer needs to consider before they turn 50
Xers - hitting the big 5-0 is a big milestone. Uncover the three essential plans you may want to consider to protect your family and yourself.
Our Company
Ivy Investments
We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.
Quarterly Commentary
Ivy VIP Dividend Opportunities
12.31.17
Market Sector Update
A combination of robust economic data and the passage of a domestic corporate tax cut plan fueled a surge in equity
markets during the final quarter of 2017. Global economic data continued to point to a broad improvement in the pace
of growth over the past few months. The breadth of the expansion appears to have made investors comfortable to the
point that even if one area or region were to decelerate, the overall growth rate would remain reasonably robust.
Europe and Japan, regions that were laggards in the current decade-long expansion, showed signs of life during
the quarter, giving investors hope that the current economic expansion can persist for longer than previously
anticipated.
Finally, investors seem to have developed an increasing comfort –or potentially over-confidence– with the view that
the economic expansion will progress in such a way that wage growth will be at a sufficient level to drive improving
levels of consumption, but will not accelerate to a point where margin pressure or increases in interest rates put
pressure on corporate earnings or valuation.
Portfolio Strategy
The Portfolio posted a positive return for the quarter, but underperformed the benchmark.
The Portfolio’s underweight position in consumer discretionary and information technology sectors were a drag on
relative performance, while our underweight positions in health care and telecommunication services aided
performance.
Sectors that were the largest contributors relative to performance were real estate and utilities. Additionally, strong
performing individual holdings for the quarter included JPMorgan Chase & Co., Wells Fargo Home Depot, Microsoft
and United Technologies.
Conversely, not owning or being underweight shares in Apple, Amazon, Bank of America and Intel were the largest
detractors on performance. The Portfolio’s ownership in Nokia was also negative for the period.
As a reminder, several of these companies are not in the Portfolio’s investible universe due to their non-dividend
paying or low yields profiles.
Outlook
Our outlook on economic expansion and corporate earnings remains positive. Global growth remains favorable with
the U.S. economy generating solid growth and overseas economies showing continued signs of expansion.
The recently passed tax overhaul law should provide a one-time lift in the level of earnings, which we believe is now
mostly reflected in stock prices. We are already seeing companies announce wage increases and “bonus” payments
to employees, as well as corporate investments as a result from their reduced tax burden. We believe the tax overhaul
could effectively act as a stimulus package for many working Americans, whose increased wages will drive
consumption and help economics growth.
Additionally, the lower corporate tax rate improves the after-tax returns of many projects and investments, which
could allow for additional capital expenditures by businesses. Equally important, this boost of optimism has the
potential to spur the virtuous cycle of increased investment, which in turn leads to greater confidence, thereby fueling
even more investment.
We do not believe this would have a substantial impact on growth in any given period, but could serve to extend
the duration of the expansion to the extent investors are willing to attach a higher multiple to current earnings, thus
pushing up appreciation from current levels.
The opinions expressed are those of the Portfolio’s manager and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through
December 31, 2017, are subject to change at any time based on market and other current conditions, and no forecasts can be guaranteed. This commentary is being provided as a general source of information and
is not intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy. Investment decisions should always be made based on an investor’s specific objectives,
financial needs, risk tolerance and time horizon. Past performance is not a guarantee of future results.
Top 10 holdings (%) as of 12/31/2017: Wells Fargo Company, 5.3, Pfizer, Inc. 4.9, Chevron Corp. 4.3, Microsoft 4.1, JPMorgan Chase & Co. 4.0, Exelon Corp. 3.8, Suncor Energy Inc. 3.8, United Technologies Corp. 3.7,
Home Depot, Inc. 3.7, DowDuPont Inc. 3.6.
The Russell 1000 Value Index 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.
Risk factors: The value of the Portfolio 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 Portfolio’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform non-dividend paying
stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which the Portfolio invests will declare dividends in the future or that dividends, if declared, will
remain at current levels or increase over time. The amount of any dividend the company may pay may fluctuate significantly. In addition, the value of dividend-paying common stocks can decline when interest rates
rise as fixed-income investments become more attractive to investors. This risk may be greater due to the current period of historically low interest rates. The Portfolio typically holds a limited number of stocks
(generally 40 to 60). As a result, the appreciation or depreciation of any one security held by the Portfolio will have a greater impact on the Portfolio’s net asset value than it would if the Portfolio invested in a large
number of securities. These and other risks are more fully described in the Portfolio’s prospectus. Not all funds or fund classes may be offered at all broker/dealers.
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.
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Ivy offers model delivery for nine equity strategies
Nine strategies are available in a model-delivery format, to be available in SMA and UMA accounts, providing advisors and investors a new way to access Ivy’s strategies.
Ivy InvestEdSM 529 Plan
A flexible, tax-advantaged 529 plan that allows you to invest for future education goals.
2021 Global Outlook
Ivy Investments believes the path forward requires a disciplined approach that combines resilience and a reliance on the fundamentals of active investing.
The beginning of a new cycle
We assess the current environment and offer 2021 market observations and the possible implications for investors.
Ivy Investments Forum
We recently gathered a number of thought-provoking experts who shared their latest views on an array of critical issues impacting today’s investing landscape. Watch the session replays to get our panelists’ insights.
The Pandemic Time Capsule
How Covid-19 Impacts Every Generation and What This Means for a Plan Forward
Raising financially smart kids
Passing on life lessons from generation to generation is important, especially when it comes to topics like money. Discover strategies to raising financially smart kids.
Three plans every Gen Xer needs to consider before they turn 50
Xers - hitting the big 5-0 is a big milestone. Uncover the three essential plans you may want to consider to protect your family and yourself.
Ivy Investments
We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.
Quarterly Commentary
Ivy VIP Dividend Opportunities
Market Sector Update
Portfolio Strategy
Outlook
The opinions expressed are those of the Portfolio’s manager and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through December 31, 2017, are subject to change at any time based on market and other current conditions, and no forecasts can be guaranteed. This commentary is being provided as a general source of information and is not intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy. Investment decisions should always be made based on an investor’s specific objectives, financial needs, risk tolerance and time horizon. Past performance is not a guarantee of future results.
Top 10 holdings (%) as of 12/31/2017: Wells Fargo Company, 5.3, Pfizer, Inc. 4.9, Chevron Corp. 4.3, Microsoft 4.1, JPMorgan Chase & Co. 4.0, Exelon Corp. 3.8, Suncor Energy Inc. 3.8, United Technologies Corp. 3.7, Home Depot, Inc. 3.7, DowDuPont Inc. 3.6.
The Russell 1000 Value Index 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.
Risk factors: The value of the Portfolio 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 Portfolio’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform non-dividend paying stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which the Portfolio invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. The amount of any dividend the company may pay may fluctuate significantly. In addition, the value of dividend-paying common stocks can decline when interest rates rise as fixed-income investments become more attractive to investors. This risk may be greater due to the current period of historically low interest rates. The Portfolio typically holds a limited number of stocks (generally 40 to 60). As a result, the appreciation or depreciation of any one security held by the Portfolio will have a greater impact on the Portfolio’s net asset value than it would if the Portfolio invested in a large number of securities. These and other risks are more fully described in the Portfolio’s prospectus. Not all funds or fund classes may be offered at all broker/dealers.
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.