Fund Detail

Delaware Ivy VIP Natural Resources

(Formerly, Ivy VIP Natural Resources)
Track Fund
$3.77 NAV as of 7/30/2021
($0.04) / -0.94% Daily NAV Change
16.09% YTD (NAV) as of 7/30/2021 i

Fund Summary

Tap the potential of natural resources companies worldwide
Investment universe
Portfolio can invest in international and domestic resource-related stocks, including energy, alternative energy, industrial products, forest products, base metals, precious metals and minerals, and agricultural products.
Disciplined process
Portfolio managers use a top-down analysis of macroeconomic and global market factors plus bottom-up research on company fundamentals to make stock selections in seeking long-term returns.
Potential benefits
Commodities as an asset class historically have not moved in tandem with stocks, offering potential diversification and inflation protection by investing in life’s essential elements.
Morningstar Style Box
Value Blend Growth
Portfolio Management
  • David P. Ginther, CPA

    • — Delaware Management Company
    • — 8 Years with Fund
    • — 26 Years in Industry
  • Michael T. Wolverton, CFA

    • — Delaware Management Company
    • — 4 Years with Fund
    • — 17 Years in Industry
Growth of a $10,000 Investment through 7/31/2021

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. If it had, performance shown would have been lower.

Fact Sheet
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
Q1 Holdings
Q3 Holdings
Daily Prices as of 7/30/2021
Net Asset Value (NAV) $3.77  
Daily NAV Change ($0.04) -0.94%
Weekly NAV Change $0.09 2.35%
Public Offering Price (POP) $3.77
Fund Facts
Ticker Symbol -
CUSIP 46600H703
Fund Code 868
Fund Type Specialty Funds
Fund Inception 4/28/2005
Class Inception 4/28/2005
Fiscal Year End December
Dividends Paid May
Fund Assets
(as of 6/30/2021)
$88.3 mil
Total Equity Holdings
(as of 6/30/2021)
Total Holdings
(as of 6/30/2021)
Portfolio Turnover Rate
(as of 12/31/2020)
Morningstar Category Natural Resources
BenchmarkS&P North American Natural Resources Sector Index

Fund 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 7/31/2021

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 16.09% 26.71% -4.88% -0.31% -4.93% 0.77%

Quarterly Rates of Return Average Annual Total Returns as of 6/30/2021

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 18.55% 35.03% -3.60% 0.09% -4.27% 0.91%
S&P North American Natural Resources Sector Index 32.72% 45.92% -1.77% 2.03% -0.58% -
Morningstar Natural Resources 20.74% 63.77% 9.96% 11.51% 3.43% -

Calendar Year Return

Class II23.81 2.97 -23.23 9.46 -11.99 -21.45 1.89 7.80 -13.04 -22.39 25.49 43.50 -61.46 73.64 17.06
S&P North American Natural Resources Sector Index30.87 1.23 -21.07 17.63 -19.01 -7.35 2.20 16.49 -9.77 -24.28 - - - - 23.88

Morningstar Ratings as of 6/30/2021

Category: Natural Resources

Overall out of 105 ★★
3 Year out of 105 ★★
5 Year out of 98
10 Year out of 86 ★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 6/30/2021

Category: Natural Resources

  Rank Percentile
1 Year 15 /15 98
3 Year 15 /15 94
5 Year 15 /15 94
10 Year 12 /12 87

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.

Expense Ratios as of 4/30/2021

Net 1.32%
Gross 1.32%

5-Year Standard Deviation as of 6/30/2021

Fund 21.84
S&P North American Natural Resources Sector Index 27.26

5-Year MPT* Statistics as of 6/30/2021

Alpha -2.19
Beta 0.77
R-Squared 92.27
Sharpe Ratio -0.05
Capture Ratio

Upside: 79.71%

Downside: 85.51%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 7/31/2021

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.

Fund Distributions

Historical Prices Inception 4/28/2005

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 4/28/2005

Ex-date Income Capital Gains Reinvest Gains Payment Date

*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.

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 6/30/2021

Phillips 66 Phillips 66 is an independent downstream energy company that operates in refining & marketing, midstream and chemicals 4.10%
EOG Resources, Inc. EOG Resources, Inc., explores, develops, produces and markets natural gas and crude oil primarily in producing basins in the United States, Canada, The Republic of Trinidad and Tobago, the United Kingdom, and The People's Republic of China. 3.69%
ConocoPhillips ConocoPhillips operates as an integrated energy company worldwide. 3.12%
Rio Tinto plc Rio Tinto Plc is an international business involved in each stage of metal and mineral production. The company produces aluminum, copper, diamonds, coal, iron ore, uranium, gold and industrial minerals (borates, titanium dioxide, salt, talc and zircon). 3.10%
Diamondback Energy, Inc. Diamondback Energy Inc. is an independent oil and natural gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. 3.02%
BHP Group plc BHP, formerly known as BHP Billiton, is the trading entity of BHP Group Limited and BHP Group plc, an Anglo-Australian multinational mining, metals and petroleum dual-listed public company headquartered in Melbourne, Victoria, Australia. 3.00%
Valero Energy Corp. Valero Energy Corp. engages in the manufacture and marketing of transportation fuels and other petrochemical products through Refining and Ethanol segments. The company was founded in 1980 and is headquartered in San Antonio, TX. 2.85%
Pioneer Natural Resources Co. Pioneer Natural Resources Company (Pioneer) is an independent oil and gas exploration and production company with operations in the United States and South Africa. 2.68%
Canadian Pacific Railway Ltd. Canadian Pacific Railway Limited, through its subsidiaries, operates as a transcontinental railway providing freight transportation services, logistics solutions, and supply chain expertise in Canada and the United States. 2.65%
TotalEnergies SE ADR 2.65%
Total Portfolio Holdings DOWNLOAD (as of 6/30/2021)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 6/30/2021
Large ( > $10 bil) 92.0%
Medium ($2 - $10 bil) 8.0%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 6/30/2021) $27.7 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 6/30/2021)
Oil & Gas Exploration & Production 16.3%
Oil & Gas Refining & Marketing 12.1%
Integrated Oil & Gas 8.8%
Diversified Metals & Mining 8.2%
Specialty Chemicals 7.3%
Railroads 5.4%
Gold 5.4%
Industrial Gases 3.9%
Oil & Gas Storage & Transportation 3.3%
Fertilizers & Agricultural Chemicals 3.3%
Sector Allocation as a % of equity assets as of 6/30/2021
Energy 43.64%
Materials 41.36%
Industrials 9.10%
Consumer Staples 3.90%
Information Technology 1.48%
Utilities 0.52%
Portfolio Composition as a % of net assets as of 6/30/2021
Domestic Common Stock 62.35%
Foreign Common Stock 35.16%
Cash and Cash Equivalents 2.49%
Equity Country Allocation as a % of equity assets as of 6/30/2021
United States 63.9%
Canada 10.9%
United Kingdom 7.9%
France 3.8%
Australia 3.1%
India 2.4%
Brazil 2.2%
Peru 2.0%
South Africa 1.8%
Portugal 1.3%
Chile 0.8%
Hong Kong 0.0%
Total Portfolio Holdings
DOWNLOAD (as of 6/30/2021)

Fund Documents


Fact Sheet
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
Q1 Holdings
Q3 Holdings

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.



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: Investing involves risk, including the possible loss of principal. The value of the Portfolio's share will change, and you could lose money on your investment. Investing in companies involved in one specified sector may be more risky and volatile than an investment with greater diversification. 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. Investing in natural resources can be riskier than other types of investment activities because of a range of factors, including price fluctuation caused by real and perceived inflationary trends and political developments; and the cost assumed by natural resource companies in complying with environmental and safety regulations. Investing in physical commodities, such as gold, exposes the portfolio to other risk considerations such as potentially severe price fluctuations over short periods of time. 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 Portfolio’s 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 Portfolio from executing advantageous investment decisions in a timely manner and could negatively impact the Portfolio’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Portfolio. These and other risks are more fully described in the portfolio's prospectus. Not all portfolios may be offered at all broker/dealers. The DELAWARE 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 Portfolio's benchmark changed from the MSCI ACWI (All Country World Index) 55% Energy and 45% Materials to the S&P North American Natural Resources Sector Index. Both the prior and current benchmark indexes will be shown for a period of one year for comparison purposes.

Index Description: The S&P North American Natural Resources Sector Index represents U.S.-traded securities in the energy and materials sectors, excluding the chemicals industry, and steel sub-industry. 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.

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

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 product will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

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.

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