Fund Detail

Ivy VIP Mid Cap Growth

Track Fund
$10.30 NAV as of 3/27/2020
($0.37) / -3.42% Daily NAV Change
-19.29% YTD (NAV) as of 3/27/2020 i

Fund Summary

Quality growth, seeking it in the middle
Progressive but prudent
Building a progressive portfolio of leading mid-cap growth companies while following a prudent approach.
Sustainable business models
Investing in U.S. mid-cap companies demonstrating profitability, balance sheet strength and attractive valuations.
All growth is not equal
Evaluating valuations and growth to identify Greenfield Growth, Stable Growth and Unrecognized Growth.
Morningstar Style Box
Value Blend Growth
Portfolio Management
  • Kimberly A. Scott, CFA

    • — Waddell & Reed Investment Management Company
    • — 15 Years with Fund
    • — 33 Years in Industry
  • Nathan A. Brown, CFA

    • — Waddell & Reed Investment Management Company
    • — 4 Years with Fund
    • — 21 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) $10.30  
Daily NAV Change ($0.37) -3.42%
Weekly NAV Change $1.19 13.09%
Public Offering Price (POP) $10.30
Fund Facts
Ticker Symbol -
CUSIP 46600H596
Fund Code 989
Fund Type Domestic Equity
Fund Inception 4/28/2005
Class Inception 4/28/2017
Fiscal Year End December
Dividends Paid May
Fund Assets
(as of 2/29/2020)
$503.8 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 Mid-Cap Growth
Lipper Category Mid-Cap Growth Funds
BenchmarkRussell Mid Cap Growth TR USD

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 -5.08% 9.91% N/A N/A N/A 16.20%
Russell Mid Cap Growth TR USD -6.02% 7.86% 12.63% 9.14% 13.44% -
Morningstar Mid-Cap Growth -5.50% 6.80% 11.18% 8.22% 12.14% -

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 38.28% 38.28% N/A N/A N/A 19.57%
Russell Mid Cap Growth TR USD 35.47% 35.47% 17.36% 11.60% 14.24% -
Morningstar Mid-Cap Growth 32.52% 32.52% 15.57% 10.45% 12.79% -

Calendar Year Return

Class I- - - 0.20 38.28 - - - - - - - - - - - -
Russell Mid Cap Growth TR USD-0.20 7.33 25.27 -4.75 35.47 26.38 -1.65 15.81 35.74 11.90 12.10 10.66 11.43 -44.32 46.29 42.71 15.48

Morningstar Ratings as of 2/29/2020

Category: Mid-Cap Growth

Overall out of 568 ★★★★
3 Year out of 568 ★★★★
5 Year out of 498 ★★★★
10 Year out of 385 ★★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 2/29/2020

Category: Mid-Cap Growth

  Rank Percentile
1 Year 38 /95 28

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 0.85%
Gross 0.90%

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

CoStar Group, Inc. CoStar Group, Inc. provides information, analytics, and online marketplaces services to the commercial real estate industry in the U.S., Canada, the U.K., and France.  4.08%
Electronic Arts, Inc. Electronic Arts Inc. develops, markets, publishes, and distributes game software content and services for video game consoles, personal computers, mobile phones, and tablets. 3.08%
Chipotle Mexican Grill, Inc., Class A Chipotle Mexican Grill, Inc. is a chain of restaurants in the United States, United Kingdom, Canada, Germany, and France, specializing in Mission burritos and tacos. 2.91%
TransUnion TransUnion is an American consumer credit reporting agency. TransUnion collects and aggregates information on over one billion individual consumers in over thirty countries including "200 million files profiling nearly every credit-active consumer in the United States". Its customers include over 65,000 businesses. 2.79%
DexCom, Inc. DexCom, Inc. is a medical device company focused on the design, development and commercialization of continuous glucose monitoring systems for ambulatory use by people with diabetes and for use by healthcare providers in the hospital for the treatment of both diabetic and non-diabetic patients. 2.65%
Tractor Supply Co. Tractor Supply Company operates a retail farm store chain in the United States. The company provides farm maintenance products, animal products, general maintenance products, lawn and garden products, light truck equipment, work clothing, and other products. 2.63%
MarketAxess Holdings, Inc. MarketAxess Holdings Inc. is an international financial technology company that operates an electronic trading platform for the institutional credit markets, and also provides market data and post-trade services. 2.36%
Fastenal Co. Fastenal Company operates as a wholesaler and retailer of industrial and construction supplies. 2.32%
Square, Inc., Class A 2.30%
Teradyne, Inc. Teradyne, Inc. provides automatic test equipment worldwide. The company operates in three segments: Semiconductor Test, Systems Test Group, and Wireless Test. 2.29%
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) 68.1%
Medium ($2 - $10 bil) 30.9%
Small ( < $2 bil) 1.0%
Median Market Cap (as of 2/29/2020) $12.3 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 2/29/2020)
Health Care Equipment 8.4%
Semiconductors 7.0%
Research & Consulting Services 6.9%
Application Software 5.6%
Specialty Stores 4.8%
Industrial Machinery 4.7%
Restaurants 4.1%
Electronic Equipment & Instruments 4.0%
Financial Exchanges & Data 3.3%
Regional Banks 3.2%
Sector Allocation as a % of equity assets as of 2/29/2020
Information Technology 28.52%
Industrials 18.83%
Health Care 18.83%
Consumer Discretionary 15.93%
Financials 6.54%
Materials 4.47%
Communication Services 4.28%
Consumer Staples 1.57%
Energy 1.03%
Portfolio Composition as a % of net assets as of 2/29/2020
Domestic Common Stock 94.88%
Foreign Common Stock 4.05%
Cash and Cash Equivalents 1.07%
Equity Country Allocation as a % of equity assets as of 2/29/2020
United States 95.9%
Brazil 1.9%
Canada 1.2%
Denmark 0.6%
United Kingdom 0.4%
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. Investing in mid-cap companies may carry more risk than investing in stocks of larger more well-established companies. Investing in mid-cap companies may carry more risk than investing in larger, more established companies. 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 Midcap Growth is an unmanaged index comprised of securities that represent the mid-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.

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 Investment Management Company (IICO), the Portfolio’s investment manager, 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 management fees, Rule 12b-1 fees (Class II only) and/or shareholder servicing fees to cap the total annual ordinary portfolio operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class I Shares at 0.85% and Class II Shares at 1.10%. 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.