Nomura VIP Small Cap Growth Series(formerly, Macquarie VIP Small Cap Growth Series)*

Key features

Growth + quality

Durable business models with improving competitive positioning

Strong balance sheet and internal cash flow generation

Daily pricing as of 06/01/2026

NAV
$8.03
NAV 1-day net change
-0.03
Max offer price
$8.03

Total net assets as of 04/30/2026

All share classes
$207.4 million

Overview

Series information
Inception date 11/02/2018
Dividends paid (if any) Annual
Series identifiers
CUSIP 46600H570

Benchmark

Russell 2000® Growth Index (view definition)

Performance

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 (as applicable) 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 (04/30/2026)

YTD 1 year 3 year 5 year 10 year Lifetime Inception date
NAV (%) (view definition) 8.92% 35.18% 15.02% 2.32% n/a 8.51% 11/02/2018
Max offer price (%) 8.92% 35.18% 15.02% 2.32% n/a 8.51%
Russell 2000 Growth Index (%) 11.47% 42.64% 17.97% 4.00% n/a 9.43%

Benchmark lifetime returns are as of the Series' inception date.

Average annual total return as of quarter-end (03/31/2026)

1 year 3 year 5 year 10 year Lifetime Inception date
NAV (%) (view definition) -1.97% 23.07% 10.20% 1.16% n/a 7.07% 11/02/2018
Max offer price (%) -1.97% 23.07% 10.20% 1.16% n/a 7.07%
Russell 2000 Growth Index (%) -2.81% 23.58% 12.27% 1.62% n/a 7.53%

Benchmark lifetime returns are as of the Series' inception date.

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.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2025
13.73%
2024
14.53%
2023
13.36%
2022
-26.61%
2021
4.25%
2020
38.01%
2019
23.68%

Expense ratio

Gross
0.96%
Net
0.90%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from April 30, 2026 through April 29, 2027. 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.

Portfolio

Portfolio characteristics as of 04/30/2026

Number of holdings
86
Market cap (median) Source: FactSet
$5.1 billion
Market cap (weighted average) Source: FactSet
$7.1 billion
Portfolio turnover (last fiscal year)
74%
Beta (relative to Russell 2000 Growth Index) (view definition)
0.87
Annualized standard deviation, 3 years (view definition)
19.65

Portfolio composition as of 04/30/2026
Total may not equal 100% due to rounding.

Domestic equities
94.0%
Cash, cash equivalents and other assets
3.1%
International equities & depositary receipts
2.8%

Top 10 holdings as of 04/30/2026

Holdings are as of the date indicated and subject to change.

List may exclude cash and cash equivalents. Please see the Series' complete list of holdings for more information.

Holdings based by issuer.

Holding
% of portfolio
Holding
% of portfolio
ADVANCED ENERGY INDUSTRIES INC
3.30
OSI SYSTEMS INC (OLD)
2.48
SILICON MOTION TECHNOLOGY CORP
2.32
FIRSTCASH INC
2.26
IMAX CORP (PRE-MERGER)
2.21
MIRUM PHARMACEUTICALS INC
2.10
CAVA GROUP INC
2.01
MKS INCORPORATED
1.99
PRICESMART INC.
1.89
CHEFS WAREHOUSE INC
1.85

Total % Portfolio in Top 10 holdings - 22.41%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 04/30/2026

List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Series’ complete list of holdings for more information.

Sector
% of portfolio
Sector
% of portfolio
Industrials
25.0%
Information technology
23.9%
Healthcare
22.4%
Consumer discretionary
8.0%
Financials
7.9%
Consumer staples
3.7%
Energy
2.6%
Communication services
2.2%
Materials
1.1%

Management

Timothy Miller

Timothy Miller, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: October 2016
  • Years of industry experience: 46
  • Read bio
Kenneth G McQuade

Kenneth McQuade 

  • Senior Portfolio Manager
  • Start date on the Fund: March 2006
  • Years of industry experience: 31
  • Read bio
Joshua Brown

Joshua Brown 

  • Portfolio Manager, Senior Equity Analyst
  • Start date on the Fund: January 2024
  • Years of industry experience: 22
  • Read bio

Fees

Annual portfolio operating expenses
Management fees 0.85%
Distribution and service (12b-1) fees none
Other expenses 0.11%
Total annual series operating expenses 0.96%
Fee waivers and expense reimbursements1 (0.06%)
Total annual series operating expenses after fee waivers and expense reimbursements 0.90%

1Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from April 30, 2026 through April 29, 2027. Please see the fee table in the Series' prospectus for more information.

Please see the prospectus and SAI for additional information.

Resources

*(formerly, Delaware Ivy VIP Small Cap Growth)

Effective May 1, 2024, Class I was renamed Standard Class and Class II was renamed Service Class.

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 visiting nomuraassetmanagement.com/vip-literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Employees of the Manager's affiliates outside the US participate in the management of certain Series as “associated persons” of DMC under DMC's oversight, in accordance with SEC guidance as to “participating affiliate” arrangements. These associated persons may, on behalf of DMC, provide discretionary investment management services, trading, research and related services directly or indirectly to the Series.

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.

The Series may invest in Initial Public Offerings (IPOs), which can have a significant positive impact on the Series’ performance that may not be replicated in the future.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Series' investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series' ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Series.

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

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

Nomura VIP funds are not available for direct investment except for issuers of variable insurance product contracts. They are available only through the purchase of certain variable insurance products.

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

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