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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 Global Growth
12.31.21
Market Sector Update
The quarter saw a continuation of strength in global equity markets with the MSCI World Index posting a 14% return
in the period. Equity markets were hit hard in the first quarter of the year as a result of the uncertainty of the COVID-
19 pandemic and pressure it put on global economies. However, global equities recovered each of the subsequent
three quarters of the year despite economic pressures.
The fourth quarter was particularly positive as vaccines posted efficacy of greater than 90% in clinical studies. As a
result, investors accelerated their anticipation of a return to a normal environment, driving up equities across the
board.
Cyclical sectors outperformed in the quarter with energy and financials both up more than 20%. Consumer
discretionary, industrials, materials and communication services were also strong performers in the quarter. On the
other hand, consumer staples, health care, utilities and real estate all underperformed as investors favored cyclicality
over stable growth.
Value finally outperformed growth for the quarter after growth dominating most of the year. Emerging markets
outperformed developed markets for the quarter as the largest developed market, the U.S., modestly underperformed.
Japan did well along with Australia, France and southern Europe.
Portfolio Strategy
The Portfolio posted positive performance and performed in line with the benchmark for the quarter. Positive stock
selection in financials and information technology was offset by weaker selection in consumer discretionary, consumer
staples and energy.
Strong individual stock performers included Discover Financial Services and Airbus SE, both benefiting from an
anticipation of return to normal. Discover’s performance was driven by investors anticipation of increased consumer
spending with lower default risk. In the case of Airbus, a return to air travel benefited the company. In addition,
Ambarella, Inc. and Baidu.com, Inc. ADR were both strong performers and beneficiaries of a push towards electric
vehicles and autonomous driving. Detractors to performance included Alibaba Group Holding Ltd. ADR, Reliance
Industries Ltd. and Alimentation Couche-Tard, Inc.
We remain overweight information technology stocks, focusing on sustainable growth trends such as a move toward
electric vehicles, the need for technology that allows for workforce flexibility, and an increase in electronic payments.
We also remain overweight industrials, benefiting from robust gross domestic product (GDP) growth rate recovery and
increased infrastructure spending.
We are overweight emerging markets given perceived attractive valuations and positive earnings outlooks. We are
underweight consumer stables as we are finding less compelling opportunities in that sector. We remain underweight
the U.S. and Japan, while overweight Europe and emerging markets given the relative attractiveness of opportunities
we see around the world.
Outlook
We expect a strong consumer response globally when social activities become safer in the back half of 2021.
Consumer stimulus in the U.S. has been robust, and we expect the consumer sector to rebound more quickly with local
entertainment (restaurants in particular) benefiting first and then travel-related industries recovering.
The opinions expressed are those of the Fund’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, 2020, 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 a percent of net assets as of 12/31/2020 include: Amazon.com, Inc. 4.7%, Microsoft Corp. 3.7%, Apple, Inc. 3.7%, Ferrari N.V. 3.3%, Discover Financial Services 3.2%, PayPal Inc. 3.0%, Airbus SE 2.6%,
Schneider Electric S.A. 2.6%, Taiwan Semiconductor Manufacturing Co. Ltd. ADR 2.5% and Ferguson plc 2.4%.
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets
in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises
caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined
with certainty.
MSCI World is an unmanaged index comprised of securities that represent the securities markets around the world. It is not possible to invest directly in an index.
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. Prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may be more volatile
or not perform as well as value stocks or the stock market in general. International investing involves additional risks including currency fluctuations, political or economic conditions affecting the foreign country, and
differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. The Portfolio typically holds a limited number of stocks (generally 50 to 70). As a result, the appreciation
or depreciation of any one security held by the Portfolio may have a greater impact on the Portfolio’s net asset value than it would if the Portfolio invested in a larger number of securities. These and other risks are
more fully described in the Portfolio's prospectus.
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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 Global Growth
Market Sector Update
Portfolio Strategy
Outlook
The opinions expressed are those of the Fund’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, 2020, 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 a percent of net assets as of 12/31/2020 include: Amazon.com, Inc. 4.7%, Microsoft Corp. 3.7%, Apple, Inc. 3.7%, Ferrari N.V. 3.3%, Discover Financial Services 3.2%, PayPal Inc. 3.0%, Airbus SE 2.6%, Schneider Electric S.A. 2.6%, Taiwan Semiconductor Manufacturing Co. Ltd. ADR 2.5% and Ferguson plc 2.4%.
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.
MSCI World is an unmanaged index comprised of securities that represent the securities markets around the world. It is not possible to invest directly in an index.
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. Prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may be more volatile or not perform as well as value stocks or the stock market in general. International investing involves additional risks including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. The Portfolio typically holds a limited number of stocks (generally 50 to 70). As a result, the appreciation or depreciation of any one security held by the Portfolio may have a greater impact on the Portfolio’s net asset value than it would if the Portfolio invested in a larger number of securities. These and other risks are more fully described in the Portfolio's prospectus.