Morningstar® Investment Profile™   Morningstar®
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Delaware VIP Small Cap Value Series Std
Release date as of 2022-05-31. Data on page is subject to change.
Snapshot Ratings & Risk Portfolio Nuts & Bolts
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2022-05-31
Out of 434
Small Value Funds
Morningstar®
Style Box™
What is this?
As of 2022-04-30
Total Fund Assets ($ Mil)
1,523.86
View Historical Morningstar Star Ratings and Definitions
  Investment Objective & Strategy  
The investment seeks capital appreciation.
Under normal circumstances, at least 80% of the Series' net assets, plus the amount of any borrowings for investment purposes, will be in investments of small-capitalization companies (80% policy). The manager considers small-capitalization companies to be companies with a market capitalization generally less than 3.5 times the dollar-weighted, median market capitalization of the Russell 2000 ® Index at the time of purchase.
  Morningstar Category: Small Value
Small-value portfolios invest in small U.S. companies with valuations and growth rates below other small-cap peers. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). 
  Investment Risks
Small Cap Funds: Smaller companies typically have higher risk of failure, and are not as well established as larger blue-chip companies. Historically, the smaller company stocks have experienced a greater degree of market volatility than the overall market average.
  Portfolio Profile
Asset Allocation
% of Net Assets
Bullet U.S. Stocks U.S. Stocks 96.3
Bullet Non-U.S. Stocks Non-U.S. Stocks 2.9
Bullet Bonds Bonds 0.0
Bullet Cash Cash 0.8
Bullet Other Other 0.0
Asset Allocation Rescaled Graph
Data through 2022-04-30
Morningstar Equity Sectors
% of Stocks
Cyclical 50.64
Basic Materials 4.62
Consumer Cyclical 9.32
Financial Services 27.98
Real Estate 8.72
Sensitive 39.42
Communication Services 1.33
Energy 9.26
Industrials 17.84
Technology 10.99
Defensive 9.93
Consumer Defensive 2.87
Healthcare 3.41
Utilities 3.65
Data through 2022-04-30
Holding Status
Total Number of Stock Holdings 109
Total Number of Bond Holdings 0
% of Net Assets in Top 10 Holdings 20.69
Turnover % (as of 2021-12-31) 13.00
30 Day SEC Yield % 0.00
Top Holdings
Sector P/E % of Net
Assets
East West Bancorp Inc 11.64 2.68
Webster Financial Corp 15.78 2.63
Stifel Financial Corp 9.65 2.17
Louisiana-Pacific Corp 4.14 2.15
Hancock Whitney Corp 9.21 2.04
Western Alliance Bancorp 9.05 1.91
WESCO International Inc 12.36 1.87
MasTec Inc 27.05 1.83
CNX Resources Corp --- 1.73
Tower Semiconductor Ltd --- 1.68
Data through 2022-04-30
  Principal Risks   
Foreign Securities, Loss of Money, Not FDIC Insured, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Industry and Sector Investing, Other, Restricted/Illiquid Securities, Regulation/Government Intervention, Suitability, Real Estate/REIT Sector
Show Risk Definitions
  Other Information
Inception Date: 1993-12-27
Portfolio Manager(s)
Kelley McKee Carabasi   (2012-07-01)
Kelley McKee Carabasi is a senior portfolio manager for the US Small-Mid Cap Value Equity team. She assumed portfolio management responsibilities in July 2012. She joined the team in July 2005 as an equity analyst. She is responsible for the analysis, purchase, and sale recommendations of basic industry, capital spending, and utilities securities for the firm's US Small-Mid Cap Value Equity portfolios. Prior to joining Macquarie Investment Management (MIM) she participated in Lincoln Financial Group's rotational Professional Development Program for three years. Carabasi earned a bachelor's degree in finance from Georgetown University and an MBA from The Wharton School of the University of Pennsylvania.
Michael Foley   (2019-07-01)
Michael Foley is a senior portfolio manager for the US Small-Mid Cap Value Equity team. He assumed portfolio management responsibilities in July 2019. He joined Macquarie Investment Management (MIM) in February 2015 as a senior equity analyst for the US Small-Mid Cap Value Equity team. Foley is responsible for the analysis, purchase, and sale recommendations of financial services and real estate investment trust (REIT) securities for the firm's US Small-Mid Cap Value Equity portfolios. Prior to joining the firm, Foley was an associate at Patriot Financial Partners, a private equity firm, from August 2011 to February 2015, focusing on the analysis of companies in the financial services sector. He started his career with Janney Montgomery Scott where he worked as an investment banking analyst within the financial institutions group from August 2009 to August 2011. Foley earned a bachelor's degree in economics with dual concentrations in finance and accounting from The Wharton School of the University of Pennsylvania. Foley is on the board of directors of the McNamee Scholars Program.
Christopher S. Beck   (1997-05-01)
Christopher S. Beck leads Delaware Management Company's US Small-Mid Cap Value Equity team. He is also a member of the Macquarie Investment Management (MIM) Global Management Committee. Prior to joining MIM in 1997 as a vice president and senior portfolio manager, he was vice president at Pitcairn Trust from 1995 to 1997, where he managed small-capitalization stocks and analyzed equity sectors. Before that he was chief investment officer of the University of Delaware from 1992 to 1995 and held management positions during his seven years at Cypress Capital Management and four years at Wilmington Trust. Beck earned a bachelor's degree at the University of Delaware and an MBA from Lehigh University, and he is a member of the CFA Society of Philadelphia and past president of the Wilmington Society of Securities Analysts.
Steven G. Catricks   (2012-07-01)
Steven G. Catricks is a senior portfolio manager for the US Small-Mid Cap Value Equity team. He assumed portfolio management responsibilities in July 2012. He joined the team in October 2010 as a senior equity analyst. He is responsible for the analysis, purchase, and sale recommendations of technology and business services securities for the firm's US Small-Mid Cap Value Equity portfolios. Prior to joining the US Small-Mid Cap Value Equity team, he was a portfolio manager for the firm's Strategic Small-Cap Value team, focusing on the technology, healthcare, and telecommunication services sectors. He joined Macquarie Investment Management (MIM) in 2001 as an equity analyst, performing research and analysis for the firm's Emerging Growth Equity team. Previously, Catricks was an equity analyst at BlackRock Financial from 1999 to 2001, where he specialized in small-capitalization growth stocks. He also worked as a systems engineer at Dow Jones/Factiva, and as a senior systems engineer at GE Aerospace/Lockheed Martin. He started his career as a systems engineer at the Naval Air Development Center, where he spent 15 years. Catricks holds a bachelor's degree in electrical engineering from Drexel University and a master's degree in engineering from the University of Pennsylvania, and has nearly 20 years of experience in the technology industry. Catricks is a member of the Institute of Electrical and Electronics Engineers.
Kent P. Madden   (2012-07-01)
Kent P. Madden is a senior portfolio manager for the US Small-Mid Cap Value Equity team. He assumed portfolio management responsibilities in July 2012. He joined the team in December 2004 as an equity analyst and was promoted to senior equity analyst in October 2010. He is responsible for the analysis, purchase, and sale recommendations of consumer services, consumer cyclicals, consumer staples, healthcare, and transportation stocks for the firm's US Small-Mid Cap Value Equity portfolios. Prior to joining Macquarie Investment Management (MIM) he was an equity analyst at Gartmore Global Investments, where he specialized in technology and telecommunications. He has also worked as an equity analyst for Federated Investors, where he gained experience covering small-capitalization consumer stocks, and Lehman Brothers as a corporate finance analyst. Madden holds a bachelor's degree in economics from DePauw University and an MBA from the University of Chicago.
Investment Advisor(s)
Delaware Management Company
Issuer
Delaware Funds by Macquarie
Subadvisor(s)
Macquarie Funds Management HK Ltd.
Macquarie Investment Management Global Limited
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