Strategy. Macquarie VIP Opportunity Series invests primarily in mid- and small-size companies that the Series Manager believes offer attractive valuation and quality characteristics. Companies with attractive valuations are those that have a lower valuation than the companys historical average valuation and a lower valuation than the companys competitors. Companies with quality characteristics will make shareholder friendly use of its cash flow, which would include, but is not limited to: dividend payments or increases, share repurchases, and repayment of debt. The Series may also invest up to 15% of its net assets in real estate investment trusts (REITs). The Series may continue to hold stocks of mid-size companies that grow into larger companies and may also invest opportunistically in stocks of larger … Show more… Macquarie VIP Opportunity Series invests primarily in mid- and small-size companies that the Series Manager believes offer attractive valuation and quality characteristics. Companies with attractive valuations are those that have a lower valuation than the companys historical average valuation and a lower valuation than the companys competitors. Companies with quality characteristics will make shareholder friendly use of its cash flow, which would include, but is not limited to: dividend payments or increases, share repurchases, and repayment of debt. The Series may also invest up to 15% of its net assets in real estate investment trusts (REITs). The Series may continue to hold stocks of mid-size companies that grow into larger companies and may also invest opportunistically in stocks of larger companies. Series summary The Series uses a bottom-up approach to selecting investments. The Series uses fundamental research to search for companies that the Manager believes have one or more of the following: a strong balance sheet; experienced management; and stocks that are attractively priced. The Series attempts to stay broadly diversified, but it may emphasize certain industry sectors based upon economic and market conditions. The Series may sell a stock if it becomes fully valued, its fundamentals have deteriorated or alternative investments become more attractive. The Series may also sell a stock if it grows into a large, well-established company, although it may also continue to hold such a stock irrespective of its size. The Manager may permit its affiliate, Macquarie Investment Management Global Limited (MIMGL), to execute Series security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Show less