Fund Detail

Ivy VIP Securian Real Estate Securities

Track Fund
$7.51 NAV as of 3/22/2019
($0.03) / -0.39% Daily NAV Change
YTD (NAV) as of 3/22/2019 i

Morningstar Tools


Fund Summary

Building a foundation for financial goals
Wide exposure
Seeks to provide total return through capital appreciation and current income via publicly traded real estate securities in North America; does not directly invest in real estate.
Investment focus
Investments are diversified by region, property sector and security with a focus on what portfolio managers consider high-quality, well-managed companies.
Disciplined process
A disciplined, bottom-up, fundamental process covers the spectrum of commercial real estate with a focus on risk management using proprietary systems and research.
Morningstar Style Box
Value Blend Growth
Portfolio Management
  • Lowell R. Bolken, CFA

    • — Securian Asset Management, Inc. (Sub-Adviser)
    • — 12 Years with Fund
    • — 28 Years in Industry
  • Matthew K. Richmond

    • — Securian Asset Management, Inc. (Sub-Adviser)
    • — 5 Years with Fund
    • — 24 Years in Industry
  • Josh Klaetsch

    • — Securian Asset Management, Inc. (Sub-Adviser)
    • — <1 Years with Fund
    • — 12 Years in Industry
Fact Sheet
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
Daily Prices as of 3/22/2019
Net Asset Value (NAV) $7.51  
Daily NAV Change ($0.03) -0.39%
Weekly NAV Change $0.04 0.60%
Public Offering Price (POP) $7.51
Fund Facts
Ticker Symbol -
CUSIP 46600H810
Fund Code 866
Fund Type Specialty Funds
Fund Inception 5/27/2004
Class Inception 5/27/2004
Fiscal Year End December
Dividends Paid May
Fund Assets
(as of 2/28/2019)
$36.8 mil
Total Equity Holdings
(as of 2/28/2019)
Total Holdings
(as of 2/28/2019)
Portfolio Turnover Rate
(as of 12/31/2018)
Morningstar Category Real Estate
Lipper Category Real Estate Funds
BenchmarkFTSE NAREIT Equity REITs Index
BenchmarkWilshire US Real Estate Securities 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.

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 2/28/2019

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 11.21% 17.48% 6.85% 7.77% 16.65% 8.22%
FTSE NAREIT Equity REITs Index 12.56% 21.40% 8.40% 8.53% 18.36% -
Wilshire US Real Estate Securities Index 12.42% 20.33% 8.19% 8.84% 18.91% -
Morningstar Real Estate 12.23% 17.30% 8.12% 7.65% 17.31% -

Quarterly Rates of Return Average Annual Total Returns as of 12/31/2018

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV -5.57% -5.57% 1.24% 7.19% 10.89% 7.53%
FTSE NAREIT Equity REITs Index -4.62% -4.62% 2.89% 7.90% 12.12% -
Wilshire US Real Estate Securities Index -4.80% -4.80% 2.41% 8.17% 12.41% -
Morningstar Real Estate -5.97% -5.97% 2.45% 6.92% 11.50% -

Calendar Year Return

Class II30.17 4.78 4.26 5.39 -5.57 23.62 28.51 5.01 17.72 1.13 10.83 30.08 -16.07 -36.04
FTSE NAREIT Equity REITs Index- - - - -4.62 - - - - - - - - -
Wilshire US Real Estate Securities Index31.53 4.81 - - -4.80 - - - - 2.14 - - - -

Morningstar Ratings as of 2/28/2019

Category: Real Estate

Overall out of 224 ★★
3 Year out of 224 ★★
5 Year out of 195 ★★★
10 Year out of 139 ★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 2/28/2019

Category: Real Estate

  Rank Percentile
1 Year 30 /39 60
3 Year 31 /39 76
5 Year 19 /39 54
10 Year 28 /36 80

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 4/30/2018

Net 1.22%
Gross 1.31%

5-Year Standard Deviation as of 2/28/2019

Fund 14.09
Wilshire US Real Estate Securities Index 14.54
FTSE NAREIT Equity REITs Index 14.55

5-Year MPT* Statistics as of 2/28/2019

Alpha -1.06
Beta 0.94
R-Squared 98.19
Sharpe Ratio 0.41
Capture Ratio

Upside: 90.88%

Downside: 95.75%

*Modern Portfolio Theory

Fund Distributions

Historical Distributions Inception 5/27/2004

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 2/28/2019

NAV 1.47%
With Sales Charge 1.47%

Fund Documents

Market Capitalization as a % of equity assets as of 2/28/2019
Large ( > $10 bil) 65.0%
Medium ($2 - $10 bil) 33.2%
Small ( < $2 bil) 1.7%
Median Market Cap (as of 2/28/2019) $9.6 bil
Sector Allocation as a % of equity assets as of 2/28/2019
Real Estate 100.00%

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. Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value change and differences in real estate market values. Because the Portfolio invests more than 25% of its total assets in the real estate industry, the Portfolio may be more susceptible to a single economic, regulatory, or technical occurrence than a Portfolio that does not concentrate its investments in this industry. 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.

Effective, April 30, 2018, the Fund's benchmark changed from the Wilshire U.S. Real Estate Securities Index to the FTSE NAREIT Equity REITs Index. Both the prior and current benchmark indexes will be shown for a period of one year for comparison purposes.

Index Description: The FTSE NAREIT Equity REITs Index is designed to present investors with a comprehensive family of REIT performance indexes that spans the commercial real estate space across the U.S. economy. The FTSE NAREIT Equity REITs index contains all Equity REITs not designated as Timber REITs or Infrastructure REITs. 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.

Fee Waiver and/or Expense Reimbursement: Through April 30, 2019, Ivy Investment Management Company (IICO), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.09% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees.

Effective April 30, 2018, the name of the VIP IvyAdvantus Real Estate Securities Fund changed to Ivy VIP Securian Real Estate Securities Fund.

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.

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.

© 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.