Fund Detail

Ivy VIP Energy

Track Fund
$1.58 NAV as of 3/27/2020
($0.10) / -5.73% Daily NAV Change
-60.75% YTD (NAV) as of 3/27/2020 i

Fund Summary

Take a long-term, diversified approach to energy investing
Experience that counts
Co-portfolio manager David Ginther, CPA, has more than two decades of industry experience and has managed the Portfolio since inception. He also has 10 years of international experience in the oil industry.
Disciplined process
Portfolio focuses on long-term fundamentals and investment in secular change. It seeks to take advantage of global opportunities and manage risk through diversification.
Long-term view
Portfolio seeks potential opportunities around the world, including from demand in developing markets such as China and India. Current themes include a focus on U.S. shale oil and supporting companies.
Morningstar Style Box
Value Blend Growth
Portfolio Management
  • David P. Ginther, CPA

    • — Ivy Investment Management Company
    • — 13 Years with Fund
    • — 25 Years in Industry
  • Michael T. Wolverton, CFA

    • — Ivy Investment Management Company
    • — 3 Years with Fund
    • — 15 Years in Industry
Fact Sheet
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
Daily Prices as of 3/27/2020
Net Asset Value (NAV) $1.58  
Daily NAV Change ($0.10) -5.73%
Weekly NAV Change $0.10 6.98%
Public Offering Price (POP) $1.58
Fund Facts
Ticker Symbol -
CUSIP 46600H638
Fund Code 955
Fund Type Specialty Funds
Fund Inception 5/1/2006
Class Inception 4/28/2017
Fiscal Year End December
Dividends Paid May
Fund Assets
(as of 2/29/2020)
$29.2 mil
Total Equity Holdings
(as of 2/29/2020)
Total Holdings
(as of 2/29/2020)
Portfolio Turnover Rate
(as of 12/31/2019)
Morningstar Category Equity Energy
Lipper Category Natural Resources Funds
BenchmarkS&P 1500 Energy TR

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.

Performance data quoted does not reflect any expenses or charges associated with owning a variable life insurance policy or variable annuity contract that invests in the Portfolio's shares. When such charges are deducted, actual investment performance will be lower.

Monthly Rates of Return Average Annual Total Returns as of 2/29/2020

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV -27.33% -33.90% N/A N/A N/A -21.36%
S&P 1500 Energy TR -24.85% -27.55% -11.42% -8.16% -0.08% -
Morningstar Equity Energy -24.55% -29.27% -17.61% -14.37% -5.43% -

Quarterly Rates of Return Average Annual Total Returns as of 12/31/2019

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 3.74% 3.74% N/A N/A N/A -12.68%
S&P 1500 Energy TR 10.05% 10.05% -4.54% -2.90% 2.61% -
Morningstar Equity Energy 7.25% 7.25% -10.21% -8.78% -2.58% -

Calendar Year Return

Class I- - - -33.96 3.74 - - - - - - - - - - - -
S&P 1500 Energy TR-22.07 27.31 -2.05 -19.31 10.05 21.37 3.92 4.34 25.39 -9.16 33.76 22.10 34.56 -35.82 16.41 25.02 32.39

Morningstar Ratings as of 2/29/2020

Category: Equity Energy

Overall out of 84 ★★★
3 Year out of 84 ★★
5 Year out of 77 ★★★
10 Year out of 54 ★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 2/29/2020

Category: Equity Energy

  Rank Percentile
1 Year 9 /11 67

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 4/30/2019

Net 0.94%
Gross 0.94%

Fund Distributions

Historical Prices Inception 4/28/2017

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 4/28/2017

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.

12-Month Trailing Dist. Yield as of 2/29/2020

NAV 0.00%
With Sales Charge 0.00%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 2/29/2020

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. 4.95%
Concho Resources, Inc. Concho Resources Inc., an independent oil and natural gas company, acquires, develops, and explores for oil and natural gas properties in the U.S. 4.70%
Phillips 66 Phillips 66 is an independent downstream energy company that operates in refining & marketing, midstream and chemicals 4.46%
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. 4.45%
Marathon Petroleum Corp. Marathon Petroleum Corporation (MPC) is a petroleum product refiner, transporter and marketer in the United States. The Company operates in three segments: Refining & Marketing, Speedway and Pipeline Transportation. 4.41%
Wright Express Corp. Wright Express Corp. is a provider of payment processing and information management services to the U.S. commercial and government vehicle fleet industry. 4.12%
Cactus, Inc., Class A 3.95%
WPX Energy, Inc. WPX Energy Inc. operates as an independent natural gas and oil exploration and production company. The Company focuses on its natural gas reserve base and related NGLs in the Piceance Basin of the Rocky Mountain region, the Bakken Shale oil play in North Dakota, and the Marcellus Shale natural gas play in Pennsylvania. 3.57%
Parsley Energy, Inc., Class A Parsley Energy is an independent oil and natural gas company with operations in the Permian Basin that develops unconventional oil and natural gas reserves.  3.45%
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. 3.23%
Total Portfolio Holdings DOWNLOAD (as of 12/31/2019)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 2/29/2020
Large ( > $10 bil) 51.4%
Medium ($2 - $10 bil) 28.3%
Small ( < $2 bil) 20.3%
Median Market Cap (as of 2/29/2020) $7.6 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 2/29/2020)
Oil & Gas Exploration & Production 34.4%
Oil & Gas Equipment & Services 24.2%
Oil & Gas Refining & Marketing 16.9%
Integrated Oil & Gas 7.9%
Oil & Gas Storage & Transportation 5.6%
Data Processing & Outsourced Services 4.3%
Oil & Gas Drilling 2.9%
Industrial Machinery 2.0%
Application Software 1.8%
Sector Allocation as a % of equity assets as of 2/29/2020
Energy 91.90%
Information Technology 6.06%
Industrials 2.04%
Portfolio Composition as a % of net assets as of 2/29/2020
Domestic Common Stock 87.88%
Foreign Common Stock 7.81%
Cash and Cash Equivalents 4.31%
Equity Country Allocation as a % of equity assets as of 2/29/2020
United States 91.9%
Canada 5.0%
United Kingdom 1.6%
Switzerland 1.6%
Total Portfolio Holdings
DOWNLOAD (as of 12/31/2019)

Fund Documents


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

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: 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. Because the Portfolio invests more than 25% of its total assets in the energy related industry, the Portfolio may be more susceptible to a single economic, regulatory, or technological occurrence than a portfolio that does not concentrate its investments in this industry. 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. The Portfolio may use a range of derivative instruments in seeking to hedge market risk on equity securities, increase exposure to specific sectors or companies, and manage exposure to various foreign currencies and precious metals. Such hedging involves additional risks, as the fluctuations in the values of the derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative’s value is derived. These and other risks are more fully described in the prospectus.

Index Description: S&P 1500 Energy Sector is an unmanaged index comprised of securities that represent the energy 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.

The Portfolio began offering Class I shares on April 28, 2017. Class I shares may be purchased only through fund of funds, advisory or trust accounts, wrap accounts or other asset allocation or fee-based investment arrangements

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 3 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).

Fee Waiver and/or Expense Reimbursement: Through April 30, 2020, Ivy Distributors, Inc. (IDI), the Portfolio’s distributor, and/or Waddell & Reed Services Company (doing business as WI Services Company (WISC)), the Portfolio’s transfer agent, have contractually agreed to reimburse sufficient fees to ensure that the total annual ordinary portfolio operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of the Class I shares are at all times equal to the total annual ordinary portfolio operating expenses of the Class II shares less 0.25%, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

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.

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. © 2019 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.