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Ivy VIP Advantus Real Estate Securities

  • $7.62 NAV as of 10/18/2017
  • ($-0.01) / -0.13% Daily NAV Change
  • 5.05% YTD (NAV)

Summary

Building a foundation for financial goals

Wide exposure
Seeks to provide total return through capital appreciation and current income via publicly traded real estate securities in North America; does not directly invest in real estate.
Investment focus
Investments are diversified by region, property sector and security with a focus on what portfolio managers consider high-quality, well-managed companies.
Disciplined process
A disciplined, bottom-up, fundamental process covers the spectrum of commercial real estate with a focus on risk management using proprietary systems and research.

Asset Allocation

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Morningstar Style Box

Growth
Medium
Source: Morningstar

Portfolio Management

Lowell R. Bolken, CFA

  • Advantus Capital Management (Sub-adviser)
  • 11 Years with Fund
  • 26 Years in Industry
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Lowell R. Bolken has held his Portfolio responsibilities since April 2006. He has been an associate portfolio manager with Advantus Capital since September 2005. From April 2001 to September 2005, he was managing director and manager, corporate bond research, RBC Dain Rauscher, Inc.

Matthew K. Richmond

  • Advantus Capital Management (Sub-adviser)
  • 3 Years with Fund
  • 23 Years in Industry
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Matthew K. Richmond is vice president and portfolio manager of Advantus Capital Management, Inc. Mr. Richmond received a bachelor's degree from the University of Nebraska and an MBA from the University of Iowa. He is a member of NAREIT and serves on the Advisory Board of the University of Wisconsin's Applied Real Estate Securities Program. Mr. Richmond has been with Advantus Capital Management since 2013 and a portfolio manager on the Ivy Advantus Real Estate Securities Fund since January 2014.

Growth of a $10,000 Investment
through 9/30/2017

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

Perspectives

Quarterly Fund Commentary

Daily Prices as of 10/18/2017

Net Asset Value (NAV) $7.62
Daily NAV Change ($) ($-0.01) -0.13%
Weekly NAV Change ($) $0.02 0.21%
Public Offering Price (POP) $7.62

Fund Facts

CUSIP 46600H810
Fund Code 866
Fund Type Specialty Funds
Fund Inception 5/27/2004
Class Inception 5/27/2004
Fiscal Year End December
Dividends Paid May
Fund Assets (as of 9/30/2017) $44.0 mil
Total Equity Holdings (as of 9/30/2017) 50
Total Holdings (as of 9/30/2017) 51
Portfolio Turnover Rate (as of 6/30/2017) 37%
Lipper Category Real Estate Funds
Morningstar Category Real Estate
Benchmark Wilshire US Real Estate Securities Index

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.

Monthly Rates of Return

Average Annual Total Returns as of 9/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Lipper Real Estate Funds 2.98% -0.31% 8.49% 8.51% 5.26% 8.57%
Wilshire US Real Estate Securities Index 3.07% 0.77% 10.18% 9.87% 5.62% 9.49%
Fund at NAV 3.27% -0.46% 8.93% 8.79% 5.07% 8.57%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2017
(Returns for periods of less than 1-yr are not annualized)
 
Lipper Real Estate Funds 2.98% -0.31% 8.49% 8.51% 5.26% 8.57%
Wilshire US Real Estate Securities Index 3.07% 0.77% 10.18% 9.87% 5.62% 9.49%
Fund at NAV 3.27% -0.46% 8.93% 8.79% 5.07% 8.57%

Calendar Year Return

  2012
Class II 17.72 1.13 30.17 4.78 4.26
Wilshire US Real Estate Securities Index 2.14 31.53 4.81

Morningstar Ratings as of 9/30/2017 Morningstar Logo

Category: Real Estate
Ratings are based on risk-adjusted returns
Overall out of 230
3 Year out of 230
5 Year out of 203
10 Year out of 141

Lipper Ranking through 9/30/2017 Lipper Logo

Category: Real Estate Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 27/44 60
3 Year 22/43 50
5 Year 18/42 42
10 Year 26/37 69

Expense Ratios as of 4/28/2017

Net 1.20%
Gross 1.29%

3-Year Standard Deviation as of 9/30/2017

Wilshire US Real Estate Securities Index 13.61

3-Year MPT* Statistics as of 9/30/2017

*Modern Portfolio Theory
Alpha -1.27
Beta 1.02
R-Squared 98.89
Sharpe Ratio 0.59
Capture Ratio Upside: 99.77%
Downside: 107.37%

Distributions

Historical Prices Inception 5/27/2004

10/2/2017 $7.47 NO NO
10/3/2017 $7.48 NO NO
10/4/2017 $7.52 NO NO
10/5/2017 $7.54 NO NO
10/6/2017 $7.53 NO NO
10/9/2017 $7.54 NO NO
10/10/2017 $7.57 NO NO
10/11/2017 $7.60 NO NO
10/12/2017 $7.64 NO NO
10/13/2017 $7.66 NO NO
10/16/2017 $7.62 NO NO
10/17/2017 $7.63 NO NO

Historical Distributions Inception 5/27/2004

5/17/2017 $0.1106 Long: $1.018 Short: $0.016 $7.25 5/17/2017
5/18/2016 $0.1 Long: $0.845 Short: $0.000 $8.21 5/18/2016
5/20/2015 $0.0968 Long: $0.705 Short: $0.219 $8.61 5/20/2015
12/16/2014 $0 Long: $0.018 Short: $0.000 $9.32 12/16/2014
5/21/2014 $0.0919 Long: $0.506 Short: $0.000 $8.43 5/21/2014
5/22/2013 $0.0921 Long: $0.000 Short: $0.000 $8.89 5/22/2013

*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

Top 10 Equity Holdings as a % of net assets 9/30/2017

Simon Property Group, Inc. Simon Property Group, Inc. (Simon) is a United States real estate company. 7.11%
Equinix, Inc. Equinix, Inc. is an American public corporation that provides carrier-neutral data centers and internet exchanges to enable interconnection. 5.07%
ProLogis, Inc. Prologis, Inc., is a real estate investment trust (REIT) company. The company is engaged in logistics real estate business. The company's segments include Real Estate Operations and Strategic Capital with a focus on markets across the United States, the Americas, Europe and Asia. 4.72%
Alexandria Real Estate Equities, Inc. Alexandria is the largest and leading office REIT uniquely focused on collaborative science and technology campuses in urban innovation clusters. 3.54%
Vornado Realty Trust Vornado Realty Trust is a fully integrated real estate investment trust (REIT) and one of the largest owners and managers of real estate in the United States. 3.41%
Mid-America Apartment Communities, Inc. Mid-America Apartment Communities, Inc. is a self-administered and self-managed real estate investment trust which owns, develops, acquires, and operates multi family apartment communities in the southeast and midwest United States and Texas. 3.16%
Essex Property Trust, Inc. A publicly held, fully integrated, real estate investment trust (REIT), that invests in apartment communities along the West Coast. 2.98%
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. 2.96%
Duke Realty Corp. Duke Realty Corporation owns interests in industrial, office, and medical office properties across the Southeastern, Midwestern, and Southern United States. The Company provides leasing, property and asset management, acquisition, development, construction, build-to-suit, and other related services. 2.76%
AvalonBay Communities, Inc. AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. 2.74%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 9/30/2017

Large 65.4%
Medium 33.1%
Small 1.5%
Median Market Cap (as of 9/30/2017) $8.4 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 9/30/2017

Residential REITs 22.0%
Retail REITs 19.4%
Office REITs 17.3%
Specialized REITs 14.2%
Industrial REITs 9.4%
Health Care REITs 9.1%
Hotel & Resort REITs 5.4%
Diversified REITs 3.2%

Sector Allocation
as a % of equity assets as of 9/30/2017

Real Estate 100.00%

Portfolio Composition
as a % of net assets as of 9/30/2017

Domestic Common Stock 96.32%
Cash and Cash Equivalents 3.68%

Equity Country Allocation
as a % of equity assets as of 9/30/2017

United States 100.0%

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. Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value change and differences in real estate market values. Because the Portfolio invests more than 25% of its total assets in the real estate industry, the Portfolio may be more susceptible to a single economic, regulatory, or technical occurrence than a Portfolio that does not concentrate its investments in this industry. 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.

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.

Fee Waiver and/or Expense Reimbursement: Through April 30, 2018, Ivy Investment Management Company (IICO), the Fund's investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.09% of average daily net assets. Prior to that date, the reduction may not be terminated by IICO or the Board of Trustees.

Ivy VIP Real Estate Securities was renamed Ivy VIP Advantus Real Estate Securities on April 28, 2017.

Original shares of the Portfolio were renamed Class II shares on April 28, 2017.

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.

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 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.

© 2017 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.

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