Fund Detail

Ivy VIP Value

Track Fund
$6.21 NAV as of 11/13/2018
($0.01) / -0.11% Daily NAV Change
1.31% YTD (NAV) as of 11/13/2018 i

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Fund Summary

Finding opportunity in value
Focused approach
Focuses on long-term appreciation by seeking out companies that are undervalued relative to their perceived longer-term potential.
Experienced management
Manager has more than 20 years of industry experience and a keen insight into the value segment of the equities market.
Potential benefits
Offers portfolio diversification with exposure to the value sector of the market. Diversification cannot ensure a profit or protect against loss in a declining market.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Matthew T. Norris, CFA

    • — Ivy Investment Management Company
    • — 15 Years with Fund
    • — 27 Years in Industry
Growth of a $10,000 Investment through 10/31/2018

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.

Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Daily Prices as of 11/13/2018
Net Asset Value (NAV) $6.21  
Daily NAV Change ($0.01) -0.11%
Weekly NAV Change ($0.03) -0.41%
Public Offering Price (POP) $6.21
Fund Facts
Ticker Symbol -
CUSIP 46600H760
Fund Code 850
Fund Type Domestic Equity
Fund Inception 5/1/2001
Class Inception 5/1/2001
Fiscal Year End December
Dividends Paid May
Fund Assets
(as of 10/31/2018)
$483.1 mil
Total Equity Holdings
(as of 10/31/2018)
34
Total Holdings
(as of 10/31/2018)
38
Portfolio Turnover Rate
(as of 6/30/2018)
22%
Morningstar Category Large Value
Lipper Category Large-Cap Value Funds
BenchmarkRussell 1000 Value 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 10/31/2018

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -0.25% 3.89% 6.65% 7.42% 11.06% 6.75%
Russell 1000 Value TR USD -1.46% 3.03% 8.88% 8.61% 11.30% -
Morningstar Large Value -1.48% 3.34% 8.69% 8.03% 11.13% -

Quarterly Rates of Return Average Annual Total Returns as of 9/30/2018

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 7.42% 12.73% 11.96% 9.66% 10.13% 7.24%
Russell 1000 Value TR USD 3.92% 9.45% 13.55% 10.72% 9.79% -
Morningstar Large Value 4.50% 10.84% 13.45% 10.19% 9.69% -

Calendar Year Return

2013201420152016201720082009201020112012200320042005200620072002
Class II35.34 10.94 -3.91 11.14 12.49 -33.81 26.64 18.71 -7.32 18.88 25.11 14.70 4.42 16.88 1.90 -12.69
Russell 1000 Value TR USD32.53 13.45 -3.83 17.34 13.66 -36.85 19.69 15.51 0.39 17.51 30.03 16.49 7.05 22.25 -0.17 -

Morningstar Ratings as of 10/31/2018

Category: Large Value

Overall out of 1089 ★★★
3 Year out of 1089 ★★
5 Year out of 932 ★★
10 Year out of 678 ★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 10/31/2018

Category: Large Value

  Rank Percentile
1 Year 40 /174 39
3 Year 139 /169 87
5 Year 105 /165 70
10 Year 69 /140 53

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 1.00%
Gross 1.00%

5-Year Standard Deviation as of 10/31/2018

Fund 11.00
Russell 1000 Value TR USD 9.85

5-Year MPT* Statistics as of 10/31/2018

Alpha -2.90
Beta 1.12
R-Squared 89.17
Sharpe Ratio 0.53
Capture Ratio

Upside: 102.92%

Downside: 131.72%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 10/31/2018

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 5/1/2001

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 5/1/2001

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 10/31/2018

NAV 1.91%
With Sales Charge 1.91%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 10/31/2018

Citigroup, Inc. Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services. 4.73%
Wal-Mart Stores, Inc. One of the largest discount retail stores in the world, providing consumer staples and recreational products in 27 countries. 4.53%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 4.43%
Comcast Corp., Class A Comcast Corporation operates as a media and technology company worldwide. It operates through cable communications, cable networks, broadcast television, filmed entertainment, and theme parks segments. 4.16%
Energy Transfer L.P. 3.99%
CVS Caremark Corp. CVS Caremark Corp (CVS Caremark) is a health care provider in the United States. It is a pharmacy services company, providing value for its customers by managing pharmaceutical costs and improving health care outcomes through its pharmacy benefit management, mail order, specialty pharmacy division. 3.82%
Welltower, Inc. Welltower Inc is engaged in the transformation of healthcare infrastructure. The Company invests in seniors housing operators, post-acute providers and health systems to improve people's wellness and overall health care experience. 3.38%
Pfizer, Inc. Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition. 3.36%
Broadcom Corp., Class A Broadcom Corporation was an American fabless semiconductor company that made products for the wireless and broadband communication industry. It was acquired by Avago Technologies in 2016 and currently operates as a wholly owned subsidiary of the merged entity Broadcom Inc. 3.23%
Capital One Financial Corp. Capital One Financial Corporation operates as the bank holding company, provides various financial products and services to consumers, small businesses, and commercial clients in the United States, Canada, and the United Kingdom. 3.18%
Total Portfolio Holdings DOWNLOAD (as of 9/30/2018)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 10/31/2018
Large ( > $10 bil) 93.2%
Medium ($2 - $10 bil) 6.8%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 10/31/2018) $44.1 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 10/31/2018)
Other Diversified Financial Services 9.6%
Consumer Finance 6.0%
Hypermarkets & Super Centers 4.7%
Semiconductors 4.4%
Cable & Satellite 4.3%
Oil & Gas Storage & Transportation 4.2%
Electric Utilities 4.1%
Drug Retail 4.0%
Oil & Gas Refining & Marketing 3.7%
Health Care REITs 3.5%
Sector Allocation as a % of equity assets as of 10/31/2018
Financials 29.77%
Health Care 12.18%
Information Technology 9.53%
Consumer Staples 8.71%
Energy 8.44%
Consumer Discretionary 8.31%
Industrials 7.81%
Communication Services 4.34%
Utilities 4.11%
Real Estate 3.53%
Materials 3.27%
Portfolio Composition as a % of net assets as of 10/31/2018
Domestic Common Stock 95.31%
Cash and Cash Equivalents 4.16%
Foreign Common Stock 0.53%
Equity Country Allocation as a % of equity assets as of 10/31/2018
United States 99.5%
United Kingdom 0.6%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2018)

Fund Documents

Documents

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

Additional Fund Literature

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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. The value of a security believed by the Portfolio's manager to be undervalued may never reach what the manager believes to be its full value, or such security's value may decrease. 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 1000 Value is an unmanaged index comprised of securities that represent the large 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.

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.

© 2018 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.