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Ivy VIP International Core Equity

  • $15.30 NAV as of 11/20/2018
  • ($-0.23) / -1.46% Daily NAV Change
  • -14.23% YTD (NAV)


A gateway to international opportunities

Broad Reach
Wide-range investment mandate, which allows the Portfolio to invest across the international landscape, including emerging markets.
Mispriced Methodology
Strives to identify dislocations and valuation discrepancies in the international markets in an effort to find mispriced countries, sectors, currencies and, ultimately, stocks with attractive relative valuations.
Disciplined Approach
Seeks cash-generating and reasonably valued stocks that are exposed to global investment themes we believe will yield above-average returns.

Morningstar Style Box

Source: Morningstar

Portfolio Management

John C. Maxwell, CFA

  • Ivy Investment Management Company
  • 9 Years with Fund
  • 26 Years in Industry
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John Maxwell is co-portfolio manager of the international core equity product suite of mutual funds and institutional accounts. He has held portfolio manager responsibilities for the firm's international core equity strategy since 2006. Mr. Maxwell also has been a co-portfolio manager of the Ivy Managed International Opportunities Fund since 2016. Mr. Maxwell joined Waddell & Reed in 1998 as an equity investment analyst and has held several roles in the firm. As an equity analyst he followed industries in the consumer discretionary, consumer staples, information technology and telecom services sectors. He had been an assistant portfolio manager on the Value product suite, a portfolio manager of the Ivy Global Income Allocation Fund, and a co-portfolio manager of the Ivy Global Equity Income Fund. He joined the International team in 2004. Prior to joining Waddell & Reed, Mr. Maxwell held positions with Fort Washington Investment Advisors, Procter & Gamble, and the White House Special Programs Office. He was a U.S. Army Reserve Officer. 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.

Catherine Murray

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 27 Years in Industry
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Catherine Murray was named co-portfolio manager of the international core equity product suite of mutual funds and institutional accounts in January 2017. She had been the assistant portfolio manager on the product since January 2014. She remains the firm's international financial sector analyst, and previously was the firm's global financial sector analyst. 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. She was an Institutional Investor (II) ranked analyst in two banking industry categories, and achieved the top II ranking as a Latin America banks analyst. Ms. Murray also was a managing director and senior financial services analyst at Neuberger Berman, and a financial sector strategist at WJB Capital. 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 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.



Quarterly Fund Commentary

Daily Prices as of 11/20/2018

Net Asset Value (NAV) $15.30
Daily NAV Change ($) ($-0.23) -1.46%
Weekly NAV Change ($) $-0.31 -1.97%
Public Offering Price (POP) $15.30

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 10/31/2018) $710.2 mil
Total Equity Holdings (as of 10/31/2018) 88
Total Holdings (as of 10/31/2018) 92
Portfolio Turnover Rate (as of 6/30/2018) 22%
Morningstar Category Foreign Large Blend
Lipper Category International Large-Cap Core


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.

Monthly Rates of Return

Average Annual Total Returns as of 10/31/2018
(Returns for periods of less than 1-yr are not annualized)
Fund at NAV -12.33% -9.55% 2.16% 2.67% 7.74% 7.45%
Morningstar Foreign Large Blend -10.29% -8.26% 3.41% 1.62% 6.50%
MSCI EAFE NR USD -9.28% -6.85% 3.62% 2.02% 6.89%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
Fund at NAV -2.96% 1.19% 8.29% 5.51% 6.28% 7.89%
Morningstar Foreign Large Blend -2.30% 1.55% 8.71% 4.05% 4.98%
MSCI EAFE NR USD -1.43% 2.74% 9.23% 4.42% 5.38%

Calendar Year Return

Indexes 2013
MSCI EAFE NR USD 25.03 1.00 -0.81 -4.90 22.78
Class II 23.16 1.08 -0.94 1.44 24.91

Morningstar Ratings as of 10/31/2018 Morningstar Logo

Category: Foreign Large Blend
Ratings are based on risk-adjusted returns
Overall out of 642
3 Year out of 642
5 Year out of 523
10 Year out of 387

Morningstar Ranking as of 10/31/2018 Morningstar Logo

Category: Foreign Large Blend
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.
1 Year 66/87 72
3 Year 63/80 80
5 Year 4/74 15
10 Year 7/58 16

Expense Ratios as of 4/30/2018

Net 1.16%
Gross 1.16%

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


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

*Modern Portfolio Theory
Alpha -1.43
Beta 1.03
R-Squared 93.45
Sharpe Ratio 0.11
Capture Ratio Upside: 99.41%
Downside: 109.49%


Historical Prices Inception 5/19/1992

11/1/2018 $15.86 NO NO
11/2/2018 $15.86 NO NO
11/5/2018 $15.87 NO NO
11/6/2018 $15.88 NO NO
11/7/2018 $16.09 NO NO
11/8/2018 $15.91 NO NO
11/9/2018 $15.75 NO NO
11/12/2018 $15.51 NO NO
11/13/2018 $15.61 NO NO
11/14/2018 $15.58 NO NO
11/15/2018 $15.65 NO NO
11/16/2018 $15.61 NO NO
11/19/2018 $15.52 NO NO
11/20/2018 $15.30 NO NO

Historical Distributions Inception 5/19/1992

5/16/2018 $0.2776 Long: $0.104 Short: $0.381 $18.19 5/16/2018
5/17/2017 $0.2392 Long: $0.000 Short: $0.000 $17.07 5/17/2017
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

*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 1.72%
With Sales Charge 1.72%


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

Orange S.A. Orange SA provides telecommunications services to residential, professional, and large business customers. The Company offers public fixed-line telephone, leased lines and data transmission, mobile telecommunications, cable television, Internet and wireless applications, and broadcasting services, and telecommunications equipment sales and rentals. 2.59%
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. 2.54%
Nestle S.A., Registered Shares Nestle is the world's leading nutrition, health and wellness company. 2.49%
Roche Holdings AG, Genusscheine Roche Holdings AG is a Switzerland-based pharmaceuticals and diagnostics company. 2.28%
SAP AG SAP SE is a German-based European multinational software corporation that makes enterprise software to manage business operations and customer relations. SAP is headquartered in Walldorf, Baden-Württemberg, Germany with regional offices in 180 countries. The company has over 335,000 customers in over 180 countries.  2.16%
Subaru Corp. Subaru Corporation, formerly known as Fuji Heavy Industries, Ltd., is a Japanese multinational corporation and conglomerate primarily involved in aerospace and ground transportation manufacturing, known for its line of Subaru automobiles. 1.96%
Danone S.A. Danone SA is a food processing company. The Company produces dairy products, beverages, baby food, and medical nutrition products. 1.89%
Airbus SE Airbus SE manufactures airplanes and military equipment. The Company produces military fighter aircraft, military and commercial helicopters, missiles, satellites, and telecommunications and defense systems, as well as offers military and commercial aircraft conversion and maintenance services. 1.86%
Nippon Telegraph and Telephone Corp. NIPPON TELEGRAPH AND TELEPHONE CORPORATION (NTT) provides a variety of telecommunication services, including telephone, telegraph, leased circuits, data communication, terminal equipment sales, and related services. The Company provides both local and long distance telephone services within Japan. 1.78%
Bayer AG Bayer Aktiengersellschaft offers materials research and discovery services for companies in the chemical and pharmaceuticals industries using high-throughput experimentation equipment. 1.71%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 10/31/2018

Large ( > $10 bil) 91.1%
Medium ($2 - $10 bil) 7.9%
Small ( < $2 bil) 1.1%
Median Market Cap (as of 10/31/2018) $29.6 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 10/31/2018

Diversified Banks 9.4%
Integrated Telecommunication Services 7.1%
Pharmaceuticals 6.6%
Packaged Foods & Meats 5.7%
Integrated Oil & Gas 5.6%
Oil & Gas Exploration & Production 4.1%
Automobile Manufacturers 3.8%
Aerospace & Defense 3.3%
Tobacco 2.9%
Health Care Services 2.7%

Sector Allocation
as a % of equity assets as of 10/31/2018

Financials 16.12%
Industrials 13.59%
Consumer Staples 12.55%
Energy 11.77%
Consumer Discretionary 11.11%
Communication Services 10.52%
Health Care 9.46%
Information Technology 8.34%
Materials 5.42%
Real Estate 1.12%

Portfolio Composition
as a % of net assets as of 10/31/2018

Foreign Common Stock 94.71%
Cash and Cash Equivalents 4.25%
Domestic Common Stock 1.04%

Equity Country Allocation
as a % of equity assets as of 10/31/2018

Japan 16.0%
United Kingdom 14.3%
France 14.0%
Germany 10.9%
Switzerland 10.6%
China 7.9%
Canada 3.7%
Australia 3.0%
Hong Kong 3.0%
Luxembourg 2.8%
Sweden 1.7%
Netherlands 1.6%
South Korea 1.5%
Ireland 1.4%
Norway 1.2%
Taiwan 1.2%
India 1.1%
Denmark 1.1%
Spain 1.1%
United States 1.1%
Italy 0.9%

Total Portfolio Holdings

Updated quarterly, upon availability.

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. Prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may be more volatile or not perform as well as value stocks or the stock market in general. 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 The Portfolio typically holds a limited number of stocks (generally 45 to 70). As a result, the appreciation or depreciation of any one security held by the Portfolio may have a greater impact on the Portfolio’s net asset value than it would if the Portfolio invested in a larger number of securities. 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: 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.

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.

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