Delaware VIP® Small Cap Value Series


Delaware VIP Small Cap Value Series seeks capital appreciation.


We invest primarily in stocks of small companies whose stock prices, in our opinion, appear low relative to their underlying value or future potential.

Series information
Inception date05/01/2000
Dividends paid (if any)Annually
Capital gains paid (if any)Annually
Series identifier

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return

as of month-end (01/31/2017)

as of quarter-end (12/31/2016)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)0.96%41.80%10.57%13.10%7.98%11.26%05/01/2000
Russell 2000 Value Index-0.71%40.22%9.48%13.44%6.02%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)13.54%31.09%9.00%14.40%8.11%11.26%05/01/2000
Russell 2000 Value Index14.07%31.74%8.31%15.07%6.26%n/a

Returns for less than one year are not annualized.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Expense ratio

Net expense ratio reflects a contractual distribution fee waiver from April 29, 2016 to May 1, 2017. Please see the fee table in the Series' prospectus for more information.

The performance and expense ratio information shown represent the performance and fees as they relate to actual shares of the Series. These examples do not include any fees or sales charges imposed by the variable insurance contract for which the Series is an investment option. If they were included, your costs would be higher and performance would be lower. Investors should consult the contract prospectus or disclosure documents for more information.

Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
Portfolio characteristics - as of 01/31/2017
Number of holdings114
Market cap (median)$2.74 billion
Market cap (weighted average)$3.46 billion
Portfolio turnover (last fiscal year)18%
Beta, 3 years (relative to Russell 2000 Value Index) (view definition)0.92
Annualized standard deviation, 3 years (view definition)14.83
Portfolio composition as of 01/31/2017Total may not equal 100% due to rounding.
Domestic equities98.4%
Cash and cash equivalents1.0%
International equities & depositary receipts0.6%
Top 10 holdings as of 01/31/2017
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
East West Bancorp Inc.3.2%
Berry Plastics Group Inc.2.1%
Webster Financial Corp.2.1%
Hancock Holding Co.1.8%
MasTec Inc.1.8%
Selective Insurance Group Inc.1.8%
Synopsys Inc.1.7%
Patterson-UTI Energy Inc.1.5%
Great Western Bancorp Inc.1.5%
Bank of Hawaii Corp.1.5%
Total % Portfolio in Top 10 holdings19.0%

Top sectors as of 01/31/2017

List excludes cash and cash equivalents.

Sector% of portfolio
Financial services29.3%
Basic industry9.6%
Consumer services7.9%
Capital spending7.5%
Consumer cyclical3.7%
Consumer staples2.8%
Business services1.2%
Chris Beck

Christopher S. Beck, CFA

Senior Vice President, Chief Investment Officer — Small-Cap Value / Mid-Cap Value Equity

Start date on the Fund: May 1997

Years of industry experience: 36

(View bio)

Steve Catricks

Steven G. Catricks, CFA

Vice President, Portfolio Manager, Equity Analyst

Start date on the Fund: July 2012

Years of industry experience: 18

(View bio)

Kent Madden

Kent P. Madden, CFA

Vice President, Portfolio Manager, Equity Analyst

Start date on the Fund: July 2012

Years of industry experience: 20

(View bio)

Kelly McKee

Kelley A. McKee, CFA

Vice President, Portfolio Manager, Equity Analyst

Start date on the Fund: July 2012

Years of industry experience: 14

(View bio)

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Series. The fee table does not reflect any fees or sales charges imposed by variable insurance contracts. If it did, the expenses would be higher.

Annual series operating expenses
Management fees0.72%
Distribution and service (12b-1) fees0.30%
Other expenses0.08%
Total annual series operating expenses1.10%
Fee waivers and expense reimbursements(0.05%)
Total annual series operating expenses after fee waivers and expense reimbursements1.05%

1The Series' distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the 12b-1 fees to no more than 0.25% of average daily net assets from April 29, 2015 through April 29, 2016. This waiver may be terminated only by agreement of the Distributor and the Series.

All third-party marks cited are the property of their respective owners.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

Carefully consider the Series' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series' prospectus and its summary prospectus, which may be obtained by clicking the prospectus link located in the right-hand sidebar or by calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

Delaware VIP Series refers to Delaware VIP Funds. Delaware VIP Funds are not available for direct investment except for issuers of variable insurance product contracts. They are only available through the purchase of certain variable insurance products.

The Series is distributed by Delaware Distributors L.P., an affiliate of Delaware Management Holdings, Inc., and Macquarie Group Limited.

Fund Finder

Daily pricing (as of 02/17/2017)

Service ClassPriceNet change
Max offer price$41.05n/a

Total net assets (as of 01/31/2017)

$1.2 billion all share classes

Benchmark, peer group

Russell 2000® Value Index (view definition)

Additional information