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Ivy VIP Pathfinder Mod Agg - Managed Volatility

  • $5.29 NAV as of 4/21/2017
  • ($-0.01) / -0.11% Daily NAV Change
  • 4.58% YTD (NAV)

Summary

Overview

To achieve its objective, Ivy Funds VIP Pathfinder Moderately Aggressive - Managed Volatility allocates its assets primarily among the underlying funds shown on this Fund Detail page so that approximately 40-55% of their value is in U.S. stocks, approximately 15-30% is in international stocks, approximately 0-40% is in bonds and approximately 5-35% in short-term investments. In addition, the Portfolio applies a customized strategy that seeks to manage the volatility of equity returns using securities such as exchange-traded futures and options contracts.

Morningstar Style Box

Growth
Large
LTD
Medium
Source: Morningstar

Portfolio Management

Cynthia P. Prince-Fox

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 34 Years in Industry
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Cynthia P. Prince-Fox is a senior vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Ms. Prince-Fox joined the firm in 1983 as an equity investment analyst. In 1991, she assumed the role of assistant portfolio manager. In 1993, she was appointed portfolio manager of Waddell & Reed Advisors Continental Income Fund. In July 2013, Ms. Prince-Fox was named portfolio manager of the Waddell & Reed Advisors Dividend Opportunities Fund. In August 2014, she was appointed portfolio manager of the Ivy Asset Strategy Fund, Ivy VIP Asset Strategy and Waddell & Reed Advisors Asset Strategy Fund. She graduated in 1982 from St. Mary's University at San Antonio, Texas with a BBA degree in finance. She earned an MBA with an emphasis in finance from Rockhurst College in 1989.

David M Kuplic, CFA

  • Advantus Capital Management (Sub-adviser)
  • 3 Years with Fund
  • 32 Years in Industry
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David M. Kuplic is Executive Vice President of Advantus Capital Management Inc. and Senior Vice President and Chief Investment Officer of Securian Financial Group. Mr. Kuplic graduated with a BS in Business from Minnesota State University-Mankato and earned an MBA with emphasis in finance from Indiana University. Mr. Kuplic is a Chartered Financial Analyst.

Chace Brundige, CFA

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 23 Years in Industry
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Chace Brundige, CFA is a senior vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. Brundige began his investment career at UMB Financial Corp. in 1991. In 1996, he joined our firm as an equity investment analyst but left in 1999 to join TCW/WestBridge Ventures LLC in San Francisco as a vice president and limited partner. Mr. Brundige rejoined our firm 2003 as an assistant portfolio manager to the large-cap growth team. He managed the Waddell & Reed Advisors Tax-Managed Equity Fund from February 2006 through December 2008. Mr. Brundige assumed portfolio manager responsibility for the Waddell & Reed Advisors International Growth Fund, Ivy Funds VIP International Growth (formerly W&R Target Funds International Growth Portfolio), and the Ivy International Growth Fund in January 2009. In August 2014, Mr. Brundige was appointed portfolio manager of the Ivy Asset Strategy Fund, Ivy VIP Asset Strategy and Waddell & Reed Advisors Asset Strategy Fund. Mr. Brundige graduated from Kansas State University in 1991 with a BS in finance. He earned an MBA with an emphasis in finance and accounting from the University of Chicago Graduate School of Business in 1996.

Craig M Stapleton, CFA , FRM

  • Advantus Capital Management (Sub-adviser)
  • 3 Years with Fund
  • 14 Years in Industry
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Craig M. Stapleton is Vice President and Portfolio Manager of Advantus Capital Management Inc. Mr. Stapleton graduated with a BS in computer engineering and earned an MBA with an emphasis in finance from the University of Illinois. Prior to his role as portfolio manager, Mr. Stapleton provided quantitative analysis, security and portfolio risk statistics, and derivatives hedging for Advantus. Mr. Stapleton is a Chartered Financial Analyst and holds the Financial Risk Manager designation.

Aaron D. Young

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 11 Years in Industry
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Aaron D. Young is a vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. Young joined the organization in 2005 as a fixed-income analyst. He joined the Asset Strategy team as an investment analyst in 2007. Mr. Young was named assistant portfolio manager of the Asset Strategy products in 2012 and continues in that role. He was appointed vice president in 2014. Mr. Young was named co-portfolio manager of InvestEd Portfolios, Ivy Funds VIP Pathfinder portfolios, Ivy Funds VIP Pathfinder Managed Volatility portfolios and Ivy Managed International Opportunities Fund in October 2016. Prior to joining the firm, he was a fixed-income analyst with NISA Investment Advisors, LLC. Mr. Young graduated with honors in 2000 with a BA in philosophy from the University of Missouri. He earned an MBA with an emphasis in finance and strategy from the Olin School of Business at Washington University in 2005.

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.

Documents

Daily Prices as of 4/21/2017

Net Asset Value (NAV) $5.29
Daily NAV Change ($) ($-0.01) -0.11%
Weekly NAV Change ($) $0.05 0.93%
Public Offering Price (POP) $5.29

Fund Facts

CUSIP 46600H661
Fund Code 843
Fund Type Specialty Funds
Fund Inception 8/1/2013
Class Inception 8/1/2013
Fiscal Year End December
Dividends Paid May
Fund Assets (as of 3/31/2017) $82.4 mil
Portfolio Turnover Rate (as of 12/31/2016) 12%
Lipper Category Mixed-Asset Target Allocation Moderate Funds
Morningstar Category Allocation--70% to 85% Equity
Benchmark S&P 500 TR USD
Benchmark Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD
Benchmark Bloomberg Barclays US Agg Bond TR USD

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 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)
 
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 0.10% 0.30% 0.14% 0.11% 0.61% 0.12%
Bloomberg Barclays US Agg Bond TR USD 0.82% 0.44% 2.68% 2.34% 4.27% 2.78%
Lipper Mixed-Asset Target Allocation Moderate Funds 3.84% 9.86% 4.00% 6.28% 4.49% 4.46%
Fund at NAV 4.87% 10.03% 3.24% 5.08%
S&P 500 TR USD 6.07% 17.17% 10.37% 13.30% 7.51% 12.00%

Quarterly Rates of Return

Average Annual Total Returns as of 3/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 0.10% 0.30% 0.14% 0.11% 0.61% 0.12%
Bloomberg Barclays US Agg Bond TR USD 0.82% 0.44% 2.68% 2.34% 4.27% 2.78%
Lipper Mixed-Asset Target Allocation Moderate Funds 3.84% 9.86% 4.00% 6.28% 4.49% 4.46%
Fund at NAV 4.87% 10.03% 3.24% 5.08%
S&P 500 TR USD 6.07% 17.17% 10.37% 13.30% 7.51% 12.00%

Calendar Year Return

  2012
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 0.08 0.05 0.02 0.03 0.26
Class A 3.91 -0.71 2.36
Bloomberg Barclays US Agg Bond TR USD 4.21 -2.02 5.97 0.55 2.65
S&P 500 TR USD 16.00 32.39 13.69 1.38 11.96

Morningstar Ratings as of 3/31/2017 Morningstar Logo

Category: Allocation--70% to 85% Equity
Ratings are based on risk-adjusted returns
Overall out of 347
3 Year out of 347
5 Year out of —
10 Year out of —

Lipper Ranking through 3/31/2017 Lipper Logo

Category: Mixed-Asset Target Allocation Moderate Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 82/246 34
3 Year 181/229 79
5 Year
10 Year

Expense Ratios as of 4/30/2016

Net 1.21%
Gross 1.21%

3-Year Standard Deviation as of

S&P 500 TR USD 10.20
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD N/A
Bloomberg Barclays US Agg Bond TR USD 2.88

Distributions

Historical Prices Inception 8/1/2013

4/3/2017 $5.29 NO NO
4/4/2017 $5.29 NO NO
4/5/2017 $5.27 NO NO
4/6/2017 $5.29 NO NO
4/7/2017 $5.28 NO NO
4/10/2017 $5.29 NO NO
4/11/2017 $5.29 NO NO
4/12/2017 $5.27 NO NO
4/13/2017 $5.24 NO NO
4/17/2017 $5.27 NO NO
4/18/2017 $5.26 NO NO
4/19/2017 $5.26 NO NO
4/20/2017 $5.29 NO NO
4/21/2017 $5.29 NO NO

Historical Distributions Inception 8/1/2013

5/19/2016 $0.0468 Long: $0.257 Short: $0.000 $4.78 5/19/2016
12/16/2014 $0.0712 Long: $0.206 Short: $0.037 $5.16 12/16/2014
5/22/2014 $0 Long: $0.001 Short: $0.006 $5.43 5/22/2014
12/17/2013 $0 Long: $0.001 Short: $0.004 $5.27 12/17/2013

*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.

Portfolio

Total Portfolio Holdings

Updated quarterly, upon availability.

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

Internet Software & Services 5.5%
Diversified Banks 3.1%
Regional Banks 3.1%
Data Processing & Outsourced Services 3.1%
Aerospace & Defense 3.0%
Pharmaceuticals 3.0%
Semiconductors 2.8%
Health Care Equipment 2.7%
Biotechnology 2.7%
Systems Software 2.6%

Fixed Income Country Allocation
as a % of bond holdings as of 3/31/2017

United States 90.6%
Netherlands 2.0%
United Kingdom 1.2%
Japan 1.2%
Canada 1.2%
Luxembourg 0.7%
Norway 0.6%
Australia 0.6%
France 0.3%
Denmark 0.2%
Ireland 0.2%
Spain 0.2%
Sweden 0.2%
Cayman Islands 0.2%
Switzerland 0.2%
Mexico 0.1%
Guernsey 0.1%

Underlying Fund Composition
as a % of net assets as of 3/31/2017

Ivy VIP Dividend Opportunities 14.5 %
Ivy VIP Growth 13.6 %
Ivy VIP International Core Equity 13.3 %
Ivy VIP Limited-Term Bond 10.4 %
Ivy VIP Global Growth 10.2 %
Ivy VIP Small Cap Value 7.4 %
Ivy VIP Small Cap Growth 7.3 %
Ivy VIP Bond 5.1 %
Ivy VIP Government Money Market 4.8 %
Ivy VIP Mid Cap Growth 4.4 %
Ivy VIP Value 3.9 %
Ivy VIP High Income 2.2 %

Portfolio Allocation Ranges
(as of the most recent prospectus)

  Low High
Ivy VIP Bond 0.0 % 40.0 %
Ivy VIP Government Money Market 5.0 % 35.0 %
Ivy VIP Dividend Opportunities 10.0 % 25.0 %
Ivy VIP Global Growth 5.0 % 20.0 %
Ivy VIP Growth 5.0 % 20.0 %
Ivy VIP International Core Equity 5.0 % 20.0 %
Ivy VIP Limited-Term Bond 0.0 % 15.0 %
Ivy VIP High Income 0.0 % 10.0 %
Ivy VIP Value 0.0 % 10.0 %
Ivy VIP Small Cap Growth 0.0 % 10.0 %
Ivy VIP Small Cap Value 0.0 % 10.0 %
Ivy VIP Mid Cap Growth 0.0 % 10.0 %

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

Information Technology 22.15%
Financials 15.24%
Industrials 14.40%
Consumer Discretionary 13.78%
Health Care 11.87%
Energy 7.98%
Consumer Staples 6.82%
Materials 3.42%
Real Estate 2.27%
Utilities 1.04%
Telecommunication Services 1.03%

Quality
as a % of fixed income assets as of 3/31/2017

Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
Government Bonds 24.70%
NonRated 2.00%
AAA 1.70%
AA 10.10%
A 24.10%
BBB 35.50%
BB 1.40%
CCC 0.50%

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

Domestic Common Stock 52.60%
Foreign Common Stock 19.75%
Cash and Cash Equivalents 12.59%
Corporate Bonds 10.60%
Government Bonds 3.67%
Revenue Bonds 0.18%
Preferred Stock 0.18%
Asset-Backed Securities 0.17%
General Obligation Bonds 0.14%
Other Government Securities 0.07%
Mortgage-Backed Securities 0.05%

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

United States 72.4%
United Kingdom 5.0%
France 3.7%
Japan 3.5%
Germany 2.8%
China 1.9%
Canada 1.8%
Switzerland 1.7%
Ireland 1.2%
Netherlands 0.9%
Spain 0.7%
Israel 0.7%
Brazil 0.6%
Hong Kong 0.6%
Australia 0.5%
Finland 0.5%
South Korea 0.4%
Belgium 0.3%
Luxembourg 0.3%
Norway 0.2%
South Africa 0.2%
India 0.2%
Mexico 0.1%
Thailand 0.1%

Total Portfolio Holdings

Updated quarterly, upon availability.

Documents

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.

Stylebox: The Morningstar Fixed Income Style Box reveals a fund’s investment style. 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 a Nationally Recognized Statistical Rating Organization (NRSRO). 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. Credit quality breakdowns are shown for corporate-bond holdings and depict the quality of bonds in the underlying portfolio. The report shows the percentage of fixed-income securities that fall within each credit quality rating as assigned by an NRSRO. Bonds not rated by an NRSRO are included in the not rated (NR) category. 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 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 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.

An investment in a money market Portfolio is neither insured nor guaranteed by the FDIC or any other governmental agency. Although money market Portfolios seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market Portfolio.

Index Description: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.

Index Description: The Barclays U.S. Treasury Bills: 1-3 Month Index - Includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities are denominated in U.S. dollars and are fixed rate and non-convertible. It is not possible to invest directly in an index.

Index Description: The Barclays U.S. Aggregate Bond TR USD Index - A market capitalization-weighted index, representing most U.S. traded investment grade bonds. It is not possible to invest directly in an index.

Each Portfolio's risk designation is relative only to the other Portfolios and does not represent comparisons to any other investment. Investment return and principal value will fluctuate, and it is possible to lose money by investing. The performance of each Portfolio is dependent on the performance of its underlying funds, and each Portfolio will assume the risks associated with its underlying funds.

Important Information About Fees And Expenses: Each Ivy Funds VIP Pathfinder Managed Volatility Portfolio is a "fund of funds," meaning each will seek to achieve its particular level of risk/return objective by investing substantially all of its assets in the Ivy Funds Variable Insurance Portfolios, Inc. and short-term investments in varying combinations and percentage amounts to achieve each Portfolio’s particular investment objective. There is no guarantee that the volatility management strategy of the VIP Pathfinder Portfolios - Managed Volatility will achieve its goal of managing the volatility of equity returns. Because an investor is investing in funds indirectly through the Portfolios, the investor will pay a proportionate share of the applicable expenses of the underlying funds, as well as the expenses of the particular Portfolio. Please consult the Portfolio, variable life insurance or variable annuity prospectuses for additional information about fees, charges and expenses, and read them carefully before investing.

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.

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.

Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

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

The Portfolios' investment manager, Waddell & Reed Investment Management Company, manages the investments in the underlying funds. An investment subadviser, Advantus Capital Management, Inc., manages the volatility management strategy of the Ivy Funds VIP Pathfinder Portfolios - Managed Volatility.

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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