Select a Fund Family and Share Class
Go

Ivy VIP Small Cap Growth

  • $9.58 NAV as of 12/2/2016
  • ($0.02) / 0.25% Daily NAV Change
  • 1.79% YTD (NAV)

Summary

Seeking small companies with large-cap opportunities

Sound philosophy
Seeks companies with strong management, technological or specialized expertise, new/unique products or services, entry into new or emerging industries, and growth in earnings/growth in sales.
Experience & vision
Managed by an investment professional with more than 20 years of industry experience.
Consistent process
Manager’s expertise is coupled with additional resources that have been associated with the firm’s small-cap growth products since 2003.

Morningstar Style Box

Growth
Small
Source: Morningstar

Portfolio Management

Timothy J. Miller, CFA

  • Waddell & Reed Investment Management Company
  • 1 Year with Fund
  • 37 Years in Industry
Toggle Section

Timothy J. Miller is a senior vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. Miller joined the firm in February 2008. He is currently a portfolio manager on the firm’s small-cap growth product line, which includes Ivy Small Cap Growth Fund, WRA Small Cap Fund, Ivy Funds VIP Small Cap Growth and institutional accounts. He previously managed the Ivy Small Cap Value Fund and Ivy Funds VIP Small Cap Value from 2008 through March 2010. Prior to join the company, Mr. Miller he served as the primary portfolio manager of the Invesco Dynamics Fund from December 1993 through mid-2004, as the chief investment officer of Invesco Funds Group, Inc. from July 2000 until July 2003, and as the chief investment officer of the Denver Investment Center of Invesco North America from July 2003 until May 2004. Mr. Miller holds an MBA from the University of Missouri-St. Louis and a BSBA from Saint Louis University. He is a CFA charterholder.

Kenneth G. McQuade

  • Waddell & Reed Investment Management Company
  • 1 Year with Fund
  • 21 Years in Industry
Toggle Section

Ken McQuade is a senior vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. McQuade joined the firm in August 1997. He is currently a portfolio manager on the firm’s small-cap growth product line, which includes Ivy Small Cap Growth Fund, WRA Small Cap Fund, Ivy Funds VIP Small Cap Growth and institutional accounts. Prior to joining the firm, he was affiliated with A.G. Edwards & Sons. Mr. McQuade earned a BS degree in finance from Bradley University in 1992.

Bradley P. Halverson, CFA

  • Waddell & Reed Investment Management Company
  • 1 Year with Fund
  • 14 Years in Industry
Toggle Section

Bradley P. Halverson is a vice president of Ivy Investment Management Company and Waddell & Reed Investment Management Company. Mr. Halverson joined the firm in 2008 as an investment analyst on the small-cap growth team. He is currently a portfolio manager on the firm’s small-cap growth product line, which includes Ivy Small Cap Growth Fund, WRA Small Cap Fund, Ivy Funds VIP Small Cap Growth and institutional accounts. Prior to joining the company, Mr. Halverson was associated with Northpointe Capital, A.G. Edwards & Sons, Inc. and PricewaterhouseCoopers, LLP. He graduated from Brigham Young University in 1995 with a BS and MS in accounting. He earned an MBA from the University of Michigan in 2002 with an emphasis in finance and corporate strategy. He is a CFA charterholder.

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.

Documents

Perspectives

Quarterly Fund Commentary

Daily Prices as of 12/2/2016

Net Asset Value (NAV) $9.58
Daily NAV Change ($) ($0.02) 0.25%
Weekly NAV Change ($) $-0.37 -3.73%
Public Offering Price (POP) $9.58

Fund Facts

Ticker Symbol
CUSIP 46600H786
Fund Code 859
Fund Type Domestic Equity
Fund Inception 5/3/1994
Class Inception 5/3/1994
Fiscal Year End December
Dividends Paid May
Fund Assets (as of 10/31/2016) $405.0 mil
Total Equity Holdings (as of 10/31/2016) 70
Total Holdings (as of 10/31/2016) 74
Portfolio Turnover Rate
Lipper Category Small-Cap Growth Funds
Morningstar Category Small Growth
Benchmark Russell 2000 Growth 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 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)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 3.55% -2.04% 2.91% 9.94% 5.53% 9.80%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 4.24% 4.55% 5.12% 13.05% 6.37% 9.91%
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% 7.27%

Calendar Year Return

  2011 2012 2013 2014 2015
Class A -10.60 5.16 43.36 1.59 1.88
Russell 2000 Growth TR USD -2.91 14.59 43.30 5.60 -1.38

Morningstar Ratings as of 10/31/2016 Morningstar Logo

Category: Small Growth
Ratings are based on risk-adjusted returns
Overall out of 655
3 Year out of 655
5 Year out of 591
10 Year out of 435

Lipper Ranking through 10/31/2016 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 80/90 88
3 Year 53/85 62
5 Year 66/82 80
10 Year 57/71 80

Expense Ratios as of 4/30/2016

Net 1.15%
Gross 1.15%

3-Year Standard Deviation as of 9/30/2016

Russell 2000 Growth TR USD 16.19

3-Year MPT* Statistics as of 9/30/2016

*Modern Portfolio Theory
Alpha -1.07
Beta 0.96
R-Squared 91.56
Sharpe Ratio 0.32
Capture Ratio Upside: 89.76%
Downside: 93.83%

Distributions

Historical Prices Inception 5/3/1994

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $9.56 NO NO
12/2/2016 $9.58 NO NO

Historical Distributions Inception 5/3/1994

Ex-date Income Capital Gains Reinvest Gains Payment Date
5/18/2016 $0 Long: $1.067 Short: $0.000 $8.43 5/18/2016
5/20/2015 $0 Long: $1.972 Short: $0.000 $11.77 5/20/2015
5/21/2014 $0 Long: $1.181 Short: $0.441 $10.81 5/21/2014
5/16/2012 $0 Long: $0.000 Short: $0.229 $9.63 5/16/2012
5/19/2011 $0 Long: $0.089 Short: $0.000 $11.47 5/19/2011

*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 10/31/2016

Dycom Industries, Inc. Dycom Industries, Inc. is a leading provider of specialty contracting services to the dynamic telecommunications and infrastructure industry.  3.58%
Vail Resorts, Inc. Vail Resorts, Inc. is a holding company operating in three business segments: Mountain, Lodging and Real Estate. Its Mountain segment operates six ski resort properties, ancillary services including ski school, dining and retail/rental operations, which provide a resort experience to clients. 3.09%
AMN Healthcare Services, Inc. U.S. health care staffing, recruitment and workforce solutions company 2.99%
Nautilus Group, Inc. (The) Nautilus, Inc., together with its subsidiaries, operates as a consumer fitness products company in the United States, Canada, and internationally. 2.63%
Tyler Technologies, Inc. Tyler Technologies, Inc. provides integrated information management solutions and services for the public sector with a focus on local governments in the United States and internationally. 2.46%
Gigamon, Inc. 2.43%
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. 2.42%
Booz Allen Hamilton Holding Corp. 2.32%
BroadSoft, Inc. A global provider of software and services that enable mobile, fixed-line and cable service providers to deliver unified communications (UC) and other voice and multimedia services over their Internet protocol-based (IP-based) networks. 2.28%
American Woodmark Corp. The company manufactures and distributes kitchen cabinets and vanities for the remodeling and home construction markets in the U.S. 2.16%

Total Portfolio Holdings

Updated quarterly, upon availability.

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

Large 0.0%
Medium 58.9%
Small 41.1%
Median Market Cap (as of 10/31/2016) $2.0 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 10/31/2016

Application Software 11.9%
Health Care Equipment 10.7%
Semiconductors 6.1%
Systems Software 4.1%
Building Products 4.1%
Communications Equipment 3.7%
Internet Software & Services 3.3%
Leisure Facilities 3.2%
Health Care Services 3.2%
Homebuilding 3.0%

Sector Allocation
as a % of equity assets as of 10/31/2016

Information Technology 36.42%
Consumer Discretionary 20.07%
Health Care 19.34%
Industrials 9.55%
Financials 6.63%
Energy 3.55%
Materials 2.74%
Consumer Staples 1.70%

Portfolio Composition
as a % of net assets as of 10/31/2016

Domestic Common Stock 92.05%
Foreign Common Stock 4.78%
Cash and Cash Equivalents 3.17%

Equity Country Allocation
as a % of equity assets as of 10/31/2016

United States 93.9%
Israel 1.8%
Taiwan 1.7%
Thailand 1.5%
Canada 1.2%

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. Investing in small-cap stocks may carry more risk than investing in stocks of larger, more well-established companies. 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: 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.

Ivy VIP Small Cap Growth formerly known as W&R Target Small Cap Growth Portfolio.

Consider All 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 insured or guaranteed by the FDIC or any other government agency. Investing in companies involved in one specified sector may be more risky and volatile than an investment with greater diversification. These and other risks are more fully described in the portfolios's prospectus.

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 Portfolio’s investment manager, Ivy Distributors, Inc. (IDI), the Portfolio’s distributor, and/or Waddell & Reed ServicesCompany, doing business as WI Services Company (WISC), the Portfolio’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholderservicing fees to cap the total annual ordinary portfolio operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinaryexpenses, if any) at 1.14%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

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.

Market Data powered by Wikinvest. Data is provided as-is, delayed, and subject to Terms