VY Clarion Real Estate Portfolio - Class I

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VY Clarion Real Estate Portfolio

The Portfolio seeks total return consisting of long-term capital appreciation and current income.

Daily Prices

as of March 16, 2018

Net Asset Value (NAV)$35.18
% Change+0.57
$ Change+0.20
YTD Return-6.83%

Fund Facts

Ticker SymbolIVRIX
Inception DateMay 19, 2003
Dividends PaidAnnually

About this Product

  • Invests primarily in U.S. REITs, companies that own and manage commercial real estate
  • Real estate investing has an historically compelling dividend yield, growth potential and low correlations with other asset classes
  • Sub-Advised by CBRE Clarion Securities (CBRE Clarion), one of the world’s largest real estate companies, with a presence around the globe

Investment Objective

The Portfolio seeks total return consisting of long-term capital appreciation and current income.

Management Team

View Portfolio Advisor/Sub Advisor

Portfolio Management Team

CBRE Clarion Securities, LLC

Investment Sub-Adviser

CBRE Clarion Securities is an industry-leading global investment management firm specializing in the management of listed real asset securities including real estate, infrastructure, and master limited partnerships (MLPs). CBRE Clarion manages client portfolios with a focus on generating attractive risk-adjusted returns through a total return, income focused, and absolute return-oriented strategies. Headquartered near Philadelphia, Pennsylvania, the firm has over 90 employees located in offices in the United States, United Kingdom, Hong Kong, Japan, and Australia.

Directed Services LLC

Investment Adviser

Directed Services LLC, Asset Management Arm is a privately owned investment manager. The firm primarily provides its services to investment companies.
T. Ritson Ferguson

T. Ritson Ferguson, CFA

Portfolio Manager

Managed Portfolio since 2009

More Info
Mr. Ferguson is CEO of CBRE Global Investors and CEO of its equity securities management subsidiary, CBRE Clarion Securities. He is also the firm’s global chief investment officer. He is a senior portfolio manager and a member of the CBRE Clarion Global Investment Policy Committee. Mr. Ferguson was one of the founding principals who formed the predecessor entity to CBRE Clarion Securities. Earlier in his real estate career, he worked at K.S. Sweet Associates and Trammell Crow Company. He was also a consultant at Bain & Company and a captain in the U.S. Air Force. Mr. Ferguson has over 30 years of industry investment experience.
Joseph Smith

Joseph P Smith, CFA

Portfolio Manager

Managed Portfolio since 2009

More Info
Mr. Smith is president and co-chief investment officer of CBRE Clarion Securities, as well as chair of the firm’s Management Committee and a member of the Global Investment Committee. Mr. Smith is co-leader of the U.S. real estate securities team. Mr. Smith joined CBRE Clarion Securities’ predecessor firm in 1997. Prior to that, Mr. Smith worked in various management and analyst positions in the real estate industry including positions at Alex Brown & Sons, PaineWebber and Radnor Advisors. Mr. Smith has over 25 years of real estate investment management experience.

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Average Annual Total Returns %

As of February 28, 2018

As of December 31, 2017

Most Recent Month EndMost Recent Quarter EndMost Recent Month EndMost Recent Quarter End
Most Recent Month EndYTD1 YR3 YR5 YR10 YRExpense Ratios
Net Asset Value-10.30-8.25-0.32+5.59+6.630.85%0.71%
Net Asset Value+5.47+5.47+4.38+8.66+7.580.85%0.71%
MSCI U.S. REIT Index GR USD-11.54-10.15+0.17+5.66+6.59
MSCI U.S. REIT Index GR USD+5.07+5.07+5.37+9.34+7.44

Inception Date - Class I:May 19, 2003

The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.


As of February 28, 2018

SEC 30-Day Yield (Unsubsidized)
SEC 30-Day Yield (Unsubsidized):

A standardized yield calculation created by the SEC, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days.

SEC 30-Day Yield (Subsidized)
SEC 30-Day Yield (Subsidized):

A standardized yield calculation created by the SEC, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).

Distribution Yield @ NAV
Distribution Yield @ NAV:

Current annualized distribution rate based upon NAV is the latest dividend shown as an annualized percentage of net asset value.

Distribution Yield @ MOP
Distribution Yield @ MOP:

Current annualized distribution rate, based upon maximum offering price which is adjusted for sales changes (MOP), where applicable, is the latest dividend shown as an annualized percentage of maximum offering price.


Returns Based Statistics

As of February 28, 2018

3 Year5 Year10 Year
Standard Deviation
Standard Deviation:

A measure of the degree to which an individual probability value varies from the distribution mean. The higher the number, the greater the risk.


The sensitivity of a portfolio's returns to changes in the return of the market as measured by the index or benchmark that represents the market. A portfolio with a beta of 1.0 behaves exactly like the index. A beta less than 1.0 suggests lower risk than the index, while a beta greater than 1.0 indicates a risk level higher than the index.


The proportion of the variation in a portfolio's returns that can be explained by the variability of the returns of an index. High R-squared (close to 1.0) is usually consistent with broad diversification.


A measure of risk-adjusted performance; alpha reflects the difference between a portfolio's actual return and the return that could be expected give its risk as measured by beta.

Sharpe Ratio
Sharpe Ratio:

A risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance.

Tracking Error
Tracking Error:

A measure of how closely the returns of a portfolio tend to follow the returns of the index to which it is benchmarked; specifically, the variability of excess returns around the average.

Information Ratio
Information Ratio:

The ratio of portfolio returns in excess of a market index to the variability of those excess returns; in effect, information ratio describes the value added by active management in relation to the risk taken to achieve those returns.


Calendar Year Returns %

Past performance is no guarantee of future results. Returns are shown in %. These figures are for the year ended December 31 of each year. They do not reflect sales charges and would be lower if they did. The bar chart above shows the Fund's annual returns and long-term performance, and illustrates the variability of the Fund’s returns.

Growth of a $10,000 Investment

For the period 03/31/2008 through 02/28/2018

Ending Value: $19,015.00

The performance quoted in the "Growth of a $10,000 Investment" chart represents past performance. Performance shown is without sales charges; had sales charges been deducted, performance would have been less. Ending value includes reinvestment of distributions.


Portfolio Statistics

As of February 28, 2018

Net Assets millions
Net Assets:

The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding.

Number of Holdings
Number of Holdings:

Number of Holdings in the investment.


Price to Funds From Operations (P/FFO), the REIT equivalent of a security’s Price to Earnings ratio (P/E), is used to measure operating performance which encompasses a REIT’s net income, excluding gains or losses from sales of property, and adding back real estate depreciation.

Source: provided by Sub-Adviser

Weighted Average Market Cap millions
Weighted Average Market Cap:

Source: provided by Sub-Adviser


Top Holdings

% of Total Investments as of February 28, 2018

Simon Property Group, Inc.7.17
Equinix, Inc.7.00
ProLogis, Inc.6.77
Alexandria Real Estate Equities, Inc.4.53
Extra Space Storage, Inc.3.99
GGP, Inc.3.90
Regency Centers Corp.3.54
Equity Residential3.43
AvalonBay Communities, Inc.2.85
Invitation Homes, Inc.2.66

Portfolio Composition

as of February 28, 2018

Short Terms0.74

Sector Weightings

% of Total Investments as of February 28, 2018

Retail: Enclosed Malls14.13
Office Buildings13.40
Healthcare Facilities9.96
Technology Real Estate9.86
Industrial Properties8.73
Self Storage Property8.39
Retail: Community Shopping Centers7.80
Net Leased Properties7.06
Residential: Hotels6.74

Top Country Weightings

% of Total Investments as of February 28, 2018

United States99.26

Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.


Distributions: Last 12 Months

Payment Frequency: Annually


Date on which a stock begins trading without the benefit of the dividend. Typically, a stock’s price moves up by the dollar amount of the dividend as the ex-dividend date approaches, then falls by the amount of the dividend after that date.

Payable Date
Payable Date:

Date on which a declared stock dividend or a bond interest payment is scheduled to be paid.

Record Date
Record Date:

Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the date of record, the stock is said to be ex-dividend.

Income Dividend07/14/201707/17/201707/13/2017$0.896000
Totals: $0.896000


Morningstar™ Ratings

As of February 28, 2018

Overall3 Year5 Year10 Year
229 Funds229 Funds199 Funds144 Funds

Category: Fund Real Estate


Principal Risks

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Risks of the REIT's are similar to those associated with direct ownership of Real Estate, such as changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and credit worthiness of the issuer. Concentration of investments in one or more real estate industries, may subject the Portfolio to greater volatility than a portfolio which is less concentrated. Other risks of the Portfolio include but are not limited to: Initial Public Offerings Risks; Convertible Securities Risks; Manager Risks; Market Trends Risks; Non-Diversification Risks; Other Investment Companies Risks; Price Volatility Risks; Rule 144A Securities Risks; Inability to Sell Securities Risks; and Securities Lending Risks. Investors should consult the Portfolio’s Prospectus and Statement of Additional Information for a more detailed discussion of the Portfolio’s risks.