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Ivy VIP Micro Cap Growth

  • $21.07 NAV as of 12/9/2016
  • ($-0.03) / -0.13% Daily NAV Change
  • 15.51% YTD (NAV)


Searching for opportunity in the smallest of the small

Looks for the smallest-sized companies, seeking to capitalize on those entering their greatest periods of growth acceleration. .
Strategic process
Focuses on a bottom-up, research-driven approach concentrating on fundamental financial strength, management vision, earnings surprise potential and extraordinary earnings growth.

Morningstar Style Box

Source: Morningstar

Portfolio Management

John Bichelmeyer, CFA

  • Waddell & Reed Investment Management Company
  • 1 Year with Fund
  • 19 Years in Industry
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John Bichelmeyer, CFA is a vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. Bichelmeyer joined Ivy Funds in June 2015 and has 18 years of investment industry experience. Prior to joining the firm, he was a portfolio manager at Kornitzer Capital Management (KCM) from April 2005 to May 2015. Prior to KCM, Mr. Bichelmeyer worked for BPI Global Asset Management (the company merged with Trilogy Global Advisors in March 2005) from June 1997 to February 2005. Mr. Bichelmeyer holds a BS in business administration from Creighton University. He is a member of the CFA Institute and the Kansas City CFA Society.

Growth of a $10,000 Investment
through 11/30/2016

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 12/9/2016

Net Asset Value (NAV) $21.07
Daily NAV Change ($) ($-0.03) -0.13%
Weekly NAV Change ($) $0.87 4.33%
Public Offering Price (POP) $21.07

Fund Facts

Ticker Symbol
CUSIP 46600H844
Fund Code 863
Fund Type Domestic Equity
Fund Inception 10/1/1997
Class Inception 10/1/1997
Fiscal Year End December
Dividends Paid May
Fund Assets (as of 11/30/2016) $63.0 mil
Total Equity Holdings (as of 11/30/2016) 53
Total Holdings (as of 11/30/2016) 54
Portfolio Turnover Rate (as of 6/30/2016) 23%
Lipper Category Small-Cap Growth Funds
Morningstar Category Small Growth
Benchmark Russell Micro Cap Growth TR USD
Benchmark Russell 2000 Growth TR USD


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 at NAV does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
Russell Micro Cap Growth TR USD 4.73% -1.29% 2.63% 13.25% 5.21%
Lipper Small-Cap Growth Funds 9.49% 5.04% 4.42% 12.14% 7.26%
Russell 2000 Growth TR USD 9.82% 4.58% 5.29% 13.38% 7.59% 5.37%
Fund at NAV 13.05% 9.89% 2.03% 12.65% 6.33% 7.57%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
Russell Micro Cap Growth TR USD 5.25% 10.24% 5.05% 16.05% 6.20%
Lipper Small-Cap Growth Funds 7.13% 10.64% 5.46% 14.71% 7.81%
Russell 2000 Growth TR USD 7.48% 12.12% 6.58% 16.15% 8.29% 5.30%
Fund at NAV 13.08% 12.79% 4.20% 16.04% 7.13% 7.64%

Calendar Year Return

  2011 2012 2013 2014 2015
Russell Micro Cap Growth TR USD -8.42 15.17 52.84 4.30 -3.85
Class A -7.01 11.84 57.28 -1.74 -9.16
Russell 2000 Growth TR USD -2.91 14.59 43.30 5.60 -1.38

Morningstar Ratings as of 11/30/2016 Morningstar Logo

Category: Small Growth
Ratings are based on risk-adjusted returns
Overall out of 590
3 Year out of 590
5 Year out of 529
10 Year out of 383

Lipper Ranking through 11/30/2016 Lipper Logo

Category: Small-Cap Growth Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 10/91 11
3 Year 69/85 81
5 Year 35/82 43
10 Year 48/71 67

Expense Ratios as of 4/30/2016

Net 1.33%
Gross 1.33%

3-Year Standard Deviation as of 11/30/2016

Russell Micro Cap Growth TR USD N/A
Russell 2000 Growth TR USD 15.54


Historical Prices Inception 10/1/1997

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $20.26 NO NO
12/2/2016 $20.19 NO NO
12/5/2016 $20.56 NO NO
12/6/2016 $20.67 NO NO
12/7/2016 $20.68 NO NO
12/8/2016 $21.09 NO NO
12/9/2016 $21.07 NO NO

Historical Distributions Inception 10/1/1997

Ex-date Income Capital Gains Reinvest Gains Payment Date
5/18/2016 $0 Long: $2.139 Short: $0.000 $16.39 5/18/2016
5/20/2015 $0 Long: $4.159 Short: $0.000 $23.42 5/20/2015
5/21/2014 $0 Long: $3.996 Short: $0.072 $24.2 5/21/2014
5/22/2013 $0 Long: $1.089 Short: $0.000 $23.76 5/22/2013
5/16/2012 $0 Long: $1.802 Short: $0.000 $20.35 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 11/30/2016

Tile Shop Holdings, Inc. Tile Shop Holdings, Inc. operates as a specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories in the United States. 4.09%
8x8, Inc. Global provider of secure enterprise cloud communications solutions 3.58%
SPS Commerce, Inc. SPS Commerce, Inc., is a provider of on-demand supply chain management solutions, providing integration, collaboration, connectivity, visibility and data analytics. The Company provides its solutions through, a hosted software suite. 3.44%
MYR Group, Inc. 3.43%
PDF Solutions, Inc. 3.30%
Aerie Pharmaceuticals, Inc. Aerie Pharmaceuticals, Inc., a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of first-in-class therapies for the treatment of patients with glaucoma and other diseases of the eye. 3.05%
ICU Medical, Inc. Developer and manufacturer of medical technologies used in infusion therapy, oncology and critical care 2.77%
Nautilus Group, Inc. (The) Nautilus, Inc., together with its subsidiaries, operates as a consumer fitness products company in the United States, Canada, and internationally. 2.69%
Flotek Industries, Inc. Flotek Industries, Inc. develops and supplies oilfield products, services, and equipment to the oil, gas, and mining industries in the U.S. and internationally. 2.68%
K2M Group Holdings, Inc. K2M Group Holdings, Inc. is a global medical device company focused on designing, developing and commercializing innovative complex spine and minimally invasive spine technologies and techniques used by spine surgeons to treat some of the most difficult and challenging spinal pathologies. 2.64%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 11/30/2016

Large 0.0%
Medium 5.5%
Small 94.5%
Median Market Cap (as of 11/30/2016) $607.8 mil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2016

Internet Software & Services 13.0%
Health Care Equipment 9.7%
Integrated Telecommunication Services 6.7%
Pharmaceuticals 6.5%
Health Care Supplies 4.5%
Home Improvement Retail 4.4%
Health Care Technology 4.0%
Construction & Engineering 3.7%
Semiconductor Equipment 3.6%
Application Software 3.4%

Sector Allocation
as a % of equity assets as of 11/30/2016

Information Technology 28.34%
Health Care 25.84%
Consumer Discretionary 15.56%
Industrials 7.51%
Telecommunication Services 6.71%
Energy 4.39%
Consumer Staples 3.31%
Materials 3.21%
Financials 2.50%
Real Estate 1.56%
Utilities 1.07%

Portfolio Composition
as a % of net assets as of 11/30/2016

Domestic Common Stock 90.96%
Cash and Cash Equivalents 7.58%
Foreign Common Stock 1.46%

Equity Country Allocation
as a % of equity assets as of 11/30/2016

United States 97.9%
United Kingdom 1.6%
Canada 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. Investment return and principal value will fluctuate, and it is possible to lose money by investing. Market risk for small-sized companies may be greater than that for medium or large companies. Smaller companies are more likely to have limited financial resources and inexperienced management. Stocks of smaller companies, as well as stocks of companies with high-growth expectations reflected in their stock price, may experience volatile trading and price fluctuations. Furthermore, when the economy enters a recession, there tends to be a “flight to quality,” which may exacerbate the increased risk and greater price volatility normally associated with smaller companies. The Portfolio’s performance may be more susceptible to a single economic, regulatory, or technological occurrence than if it had a more diversified investment portfolio. The Portfolio may invest in Initial Public Offerings (IPOs), which can have a significant positive impact on the Fund’s performance that may not be sustainable. 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. These and other risks are more fully described in the Portfolio’s prospectus. Not all funds or fund classes 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: Russell Micro Cap Growth measures the performance of the micro cap growth segment of the U.S. Equity market. It includes those Russell Micro Cap Index companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index.

Index Description: Russell 2000 Growth is an unmanaged index comprised of securities that represent the small cap sector of the stock market. It is not possible to invest directly in an index.

High recent returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

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.

Effective July 1, 2015, Waddell & Reed Investment Management Company, assumed direct investment management responsibilities of Ivy Funds VIP Micro Cap Growth Fund from Wall Street Associates, LLC, the Fund's former investment subadviser. In addition, effective July 1, 2015, John Bichelmeyer assumed investment management responsibilities for Ivy Funds VIP Micro Cap Growth 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.

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.

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

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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