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Ivy VIP International Core Equity

  • $16.43 NAV as of 4/21/2017
  • ($-0.01) / -0.05% Daily NAV Change
  • 7.39% YTD (NAV)


A gateway to international opportunities

Broad reach
Wide-range investment mandate, which allows the Portfolio to invest across the entire international landscape, including emerging markets, in one Portfolio
True flexibility
A core style approach with the ability to over- and underweight international growth or international value stocks as market cycles and research dictates
Fundamental approach
Seeks companies with strong free cash flow in healthy industries that may benefit from global restructuring and growth.

Morningstar Style Box

Source: Morningstar

Portfolio Management

John C. Maxwell, CFA

  • Ivy Investment Management Company
  • 11 Years with Fund
  • 25 Years in Industry
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Mr. Maxwell graduated from the University of Kentucky in 1985 with a BS in Mechanical Engineering. He earned an MBA with an emphasis in Finance from The Johnson School at Cornell University in 1992. Mr. Maxwell joined Waddell & Reed in 1998 as an equity investment analyst. He was appointed assistant vice president in 2000. He was named assistant portfolio manager of Waddell & Reed Advisors Value Fund and Ivy VIP Value in 2003. Mr. Maxwell was appointed vice president in 2004 and joined the International team that same year. He was named co-portfolio manager of Ivy International Core Equity Fund in 2006. He held sole management responsibilities for Ivy International Core Equity Fund and Ivy VIP International Core Equity from 2009 to 2017. He was appointed senior vice president in 2010. Mr. Maxwell was named co-portfolio manager of Ivy Managed International Opportunities Fund in 2016. As of January 2017 he is co-portfolio manager of the international core equity product suite comprised of the Ivy International Core Equity Fund, Ivy VIP International Core Equity and institutional accounts. Mr. Maxwell is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City.

Catherine Murray

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 26 Years in Industry
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Catherine Murray is co-portfolio manager of the international core equity product suite comprised of the Ivy International Core Equity Fund, Ivy VIP International Core Equity and institutional accounts. She was named co-portfolio manager of the product in 2017. She has served as assistant portfolio manager of the product since 2014. She provides research analysis on international financial stocks. Ms. Murray was appointed vice president in 2012. Prior to joining Waddell & Reed in 2011, Ms. Murray had significant roles as both a sell-side and buy-side financial sector analyst. She was a managing director of JP Morgan and a senior sell-side banking industry analyst at JP Morgan Securities where she followed Latin American, U.S. regional and money center banks.Ms. Murray graduated from the College of St. Catherine in St. Paul, Minnesota with a BA in French and Business Administration (accounting). She earned her MBA from the Wharton School, University of Pennsylvania, majoring in finance. She has lived and studied in Mexico City and Paris, France.

Growth of a $10,000 Investment
through 3/31/2017

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.



Quarterly Fund Commentary

Daily Prices as of 4/21/2017

Net Asset Value (NAV) $16.43
Daily NAV Change ($) ($-0.01) -0.05%
Weekly NAV Change ($) $0.09 0.56%
Public Offering Price (POP) $16.43

Fund Facts

CUSIP 46600H869
Fund Code 862
Fund Type Global/International
Fund Inception 5/19/1992
Class Inception 5/19/1992
Fiscal Year End December
Dividends Paid May
Fund Assets (as of 3/31/2017) $762.7 mil
Total Equity Holdings (as of 3/31/2017) 78
Total Holdings (as of 3/31/2017) 83
Portfolio Turnover Rate (as of 12/31/2016) 77%
Lipper Category International Large-Cap Core
Morningstar Category Foreign Large Blend


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 in a variable annuity will be lower.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 3/31/2017
(Returns for periods of less than 1-yr are not annualized)
Lipper International Large-Cap Core 7.05% 9.70% -1.21% 4.34% 0.70%
MSCI EAFE NR USD 7.25% 11.67% 0.50% 5.83% 1.05% 5.78%
Fund at NAV 7.97% 14.29% 2.68% 6.97% 2.68% 7.95%

Quarterly Rates of Return

Average Annual Total Returns as of 3/31/2017
(Returns for periods of less than 1-yr are not annualized)
Lipper International Large-Cap Core 7.05% 9.70% -1.21% 4.34% 0.70%
MSCI EAFE NR USD 7.25% 11.67% 0.50% 5.83% 1.05% 5.78%
Fund at NAV 7.97% 14.29% 2.68% 6.97% 2.68% 7.95%

Calendar Year Return

Class A 13.33 24.91 1.44 -0.94 1.08
MSCI EAFE NR USD 17.32 22.78 -4.90 -0.81 1.00

Morningstar Ratings as of 3/31/2017 Morningstar Logo

Category: Foreign Large Blend
Ratings are based on risk-adjusted returns
Overall out of 586
3 Year out of 586
5 Year out of 525
10 Year out of 327

Lipper Ranking through 3/31/2017 Lipper Logo

Category: International Large-Cap Core
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 2/21 10
3 Year 1/21 5
5 Year 1/21 5
10 Year 1/14 7

Expense Ratios as of 4/30/2016

Net 1.16%
Gross 1.16%

3-Year Standard Deviation as of 3/31/2017


3-Year MPT* Statistics as of 3/31/2017

*Modern Portfolio Theory
Alpha 2.18
Beta 0.94
R-Squared 93.36
Sharpe Ratio 0.21
Capture Ratio Upside: 99.43%
Downside: 86.54%


Historical Prices Inception 5/19/1992

4/3/2017 $16.48 NO NO
4/4/2017 $16.47 NO NO
4/5/2017 $16.49 NO NO
4/6/2017 $16.45 NO NO
4/7/2017 $16.43 NO NO
4/10/2017 $16.46 NO NO
4/11/2017 $16.48 NO NO
4/12/2017 $16.49 NO NO
4/13/2017 $16.34 NO NO
4/17/2017 $16.45 NO NO
4/18/2017 $16.37 NO NO
4/19/2017 $16.30 NO NO
4/20/2017 $16.44 NO NO
4/21/2017 $16.43 NO NO

Historical Distributions Inception 5/19/1992

5/18/2016 $0.2035 Long: $0.164 Short: $0.000 $14.26 5/18/2016
5/20/2015 $0.2396 Long: $1.669 Short: $0.698 $17.58 5/20/2015
5/21/2014 $0.5073 Long: $0.412 Short: $1.163 $18.39 5/21/2014
5/22/2013 $0.2858 Long: $0.000 Short: $0.000 $17.54 5/22/2013
5/16/2012 $0.3595 Long: $0.130 Short: $0.000 $14.11 5/16/2012

*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.


Top 10 Equity Holdings as a % of net assets 3/31/2017

Total S.A. TOTAL is the world's fourth-largest integrated oil and petroleum company, engaged in oil and gas exploration, development, production, refining, marketing, trading and shipping. 2.26%
Nestle S.A., Registered Shares Nestle is the world's leading nutrition, health and wellness company. 2.07%
Isuzu Motors Ltd. Isuzu Motors Limited manufactures and markets trucks and automobile parts. The company's products include pickup trucks, light and heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles. 2.03%
Bridgestone Corp. The Bridgestone Corporation is a multinational auto and truck parts manufacturer founded in 1931 by Shojiro Ishibashi in the city of Kurume, Fukuoka, Japan. 1.98%
Bayer AG Bayer Aktiengersellschaft offers materials research and discovery services for companies in the chemical and pharmaceuticals industries using high-throughput experimentation equipment. 1.93%
Vinci Vinci Companies is a French construction and electrical engineering company, formerly called SociTtT GTnTrale d'Enterprises. 1.91%
Teva Pharmaceutical Industries Ltd. ADR Teva Pharmaceutical Industries Ltd (Teva) is a global pharmaceutical and drug company. It develops, produces and markets generic drugs in all treatment categories. 1.80%
Adecco S.A. Adecco Group AG, together with its subsidiaries, provides human resource services to businesses and organizations worldwide. 1.79%
BAE Systems plc Global provider of defense and security products, including cyber services, military support, electronic systems and protection equipment. 1.78%
Shire Pharmaceuticals Group plc ADR Shire plc (Shire) is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. 1.77%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 3/31/2017

Large 92.7%
Medium 6.6%
Small 0.7%
Median Market Cap (as of 3/31/2017) $37.1 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 3/31/2017

Diversified Banks 10.7%
Construction & Engineering 5.3%
Integrated Oil & Gas 5.2%
Pharmaceuticals 5.1%
Life & Health Insurance 4.6%
Oil & Gas Exploration & Production 4.2%
Internet Software & Services 4.0%
Packaged Foods & Meats 3.8%
Auto Parts & Equipment 3.4%
Tobacco 3.4%

Sector Allocation
as a % of equity assets as of 3/31/2017

Financials 19.77%
Industrials 17.87%
Consumer Discretionary 13.82%
Consumer Staples 11.72%
Health Care 10.80%
Energy 10.43%
Information Technology 5.75%
Materials 5.22%
Telecommunication Services 4.62%

Portfolio Composition
as a % of net assets as of 3/31/2017

Foreign Common Stock 96.56%
Cash and Cash Equivalents 2.95%
Preferred Stock 0.49%

Equity Country Allocation
as a % of equity assets as of 3/31/2017

United Kingdom 17.9%
Japan 15.2%
France 15.1%
Germany 10.2%
Switzerland 8.0%
China 5.3%
Spain 4.1%
Ireland 3.6%
Canada 3.6%
Hong Kong 3.1%
Australia 3.0%
Netherlands 1.9%
Israel 1.9%
Brazil 1.2%
Norway 1.2%
South Korea 1.1%
South Africa 1.1%
India 1.1%
Luxembourg 1.1%
United States 0.5%

Total Portfolio Holdings

Updated quarterly, upon availability.

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. 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 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.

Stylebox: The Morningstar Equity Style Box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

Index Description: MSCI EAFE is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. It is not possible to invest directly in an index.

The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. ( Source: MSCI.

Ivy VIP International Core Equity formerly known as W&R Target International Value Portfolio

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.

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.

MPT Statistics: Alpha is a measure of a portfolio’s actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the portfolio’s return to fluctuations in the market index. R-squared indicates how much of a portfolio’s fluctuations are attributable to movements in the portfolio’s benchmark. Standard deviation is a measure of how volatile a portfolio’s returns are. Sharpe ratio is a measure of a portfolio’s risk-adjusted performance.

The Morningstar RatingTM 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. 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.

Information is subject to change and is not intended to represent any past or future investment recommendations.

Please remember that an investment in a mutual fund involves risk. Investment return and principal value of a mutual fund investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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