Delaware Global Equity Fund** (formerly, First Investors Global Fund)

Key features

  • Seek securities that are potentially mispriced due to the market’s short-term bias
  • Disciplined investment process that seeks to identify underappreciated businesses
  • Investment philosophy that balancing valuation and quality can reduce downside risk
Fund information
Inception date11/16/1981
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers
Investment minimums
Initial investment$1,000
Subsequent investments$100
Systematic withdrawal balance$5,000
Account features
Payroll deductionYes

On Sept. 25, 2014, Class B shares of the Fund converted to Class A shares.

Please click below to view Fund 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 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 (02/29/2020)

as of quarter-end (12/31/2019)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-8.68% 1.51% 4.94% 3.77% 7.26% n/a11/16/1981
Max offer price-13.96% -4.35% 2.89% 2.54% 6.63% n/a
MSCI World Index (Net)-9.01%4.63%7.24%5.88%8.75%n/a
MSCI World Index (Gross)-8.94%5.23%7.84%6.48%9.36%n/a
MSCI ACWI (Gross)-9.03%4.45%7.54%6.12%8.68%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)4.05% 21.55% 10.15% 6.70% 7.91% n/a11/16/1981
Max offer price-1.97% 14.59% 7.98% 5.46% 7.27% n/a
MSCI World Index (Net)8.56%27.67%12.57%8.74%9.47%n/a
MSCI World Index (Gross)8.68%28.40%13.20%9.36%10.08%n/a
MSCI ACWI (Gross)9.07%27.30%13.05%9.00%9.37%n/a

Returns for less than one year are not annualized.

Class A shares have a maximum up-front sales charge of 5.75% and are subject to an annual distribution fee.

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
Calendar year total returns @ NAV
YearAnnual return

Please click here to view monthly holdings.

Portfolio characteristics - as of 02/29/2020MSCI World Index (Net)
Number of holdings361,582
Market cap (median) Source: FactSet$27.5 billion13159076000.000000000
Market cap (weighted average) Source: FactSet$70.4 billion198503557337.510000000
Portfolio turnover (last fiscal year)119%n/a
Beta (relative to MSCI World Index (Net)) (view definition)0.97n/a
Annualized standard deviation, 3 years (view definition)12.49n/a
Portfolio composition as of 02/29/2020Total may not equal 100% due to rounding.
International equities & depositary receipts67.8%
Domestic equities32.2%
Cash and cash equivalents0.1%
Top 10 holdings as of 02/29/2020

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

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

Holdings based by issuer.

Holding% of portfolio
Koninklijke Ahold Delhaize NV5.04%
Novo Nordisk A S5.00%
Danone S.A.5.00%
Roche Holding AG5.00%
General Mills Inc.4.65%
Nestle S.A.4.11%
Air Liquide S.A.4.10%
Fresenius Medical Care AG & Co. KGaA3.83%
Total % Portfolio in Top 10 holdings45.62%

Top 10 countries as of 02/29/2020

List may exclude cash, cash equivalents, and exchanged-traded funds (ETFs) that are used for cash management purposes.

Country% of portfolio
United States32.2%
United Kingdom5.4%
Distribution history - annual distributions (Class A)1,2
Distributions ($ per share)
YearCapital gains3Net investment

1If a Fund makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Fund (if any).

2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.

3Includes both short- and long-term capital gains.

Christopher Gowlland

Chris Gowlland, CFA

Vice President, Senior Quantitative Analyst

Start date on the Fund: October 2019

Years of industry experience: 23

(View bio)

Jens Hansen

Jens Hansen 

Managing Director, Chief Investment Officer — Global Equity Team

Start date on the Fund: October 2019

Years of industry experience: 30

(View bio)

Klaus Petersen

Klaus Petersen, CFA 

Portfolio Manager — Global Equity Team

Start date on the Fund: October 2019

Years of industry experience: 22

(View bio)

Claus Juul

Claus Juul 

Portfolio Manager — Global Equity Team

Start date on the Fund: October 2019

Years of industry experience: 21

(View bio)

Asa Annerstedt

Åsa Annerstedt 

Portfolio Manager — Global Equity Team

Start date on the Fund: October 2019

Years of industry experience: 23

(View bio)

You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Funds® by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price5.75%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.85%
Distribution and service (12b-1) fees0.25%
Other expenses0.31%
Total annual fund operating expenses1.41%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements1.41%

1 The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.41% of the Fund’s average daily net assets from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

*The Fund changed its broad-based securities index to the MSCI World Index (net) as of Oct. 4, 2019. The Fund elected to use the new index because it more closely reflected the Fund’s investment strategies.

**On April 6, 2019, Foresters Investment Management Company, Inc. (FIMCO), the investment adviser to the First Investors Funds, entered into an agreement with Macquarie Management Holdings, Inc. (MMHI), whereby MMHI, on behalf of its affiliate Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), would acquire FIMCO’s asset management business (the “Transaction”). In connection with the Transaction, the Board of Trustees of the First Investors Trusts and the First Investors Fund shareholders approved, pursuant to an Agreement and Plan of Reorganization (the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds by Macquarie family of funds. The Transaction closed on Oct. 4, 2019.

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by clicking the prospectus link located in the right-hand sidebar. For investors investing in Delaware Funds by Macquarie (formerly First Investors Funds) please call 800 423-4026. Investors should read the prospectus and the summary prospectus carefully before investing.

The Fund’s investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

Investing involves risk, including the possible loss of principal.

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

The Fund may allocate more of their net assets to investments in single securities than “diversified” funds.

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

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 Fund’s 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 Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

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

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 03/30/2020)

Class APriceNet change
Max offer price$6.10n/a

Total net assets (as of 02/29/2020)

$312.4 million all share classes

Morningstar ranking (as of 02/29/2020)

YTD ranking482 / 921
1 year577 / 862
3 years507 / 740
5 years444 / 604
10 years252 / 364
Morningstar categoryWorld Large Stock

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking (as of 02/29/2020)

YTD ranking166 / 184
1 year164 / 164
3 years146 / 146
5 years128 / 128
10 years76 / 76
Lipper classificationLipper Global Large-Cap Growth Fds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.


Prospectuses and reports

Benchmark and peer group

MSCI World Index (view)

MSCI All Country World Index (ACWI) (view definition)

Morningstar World Large Stock Category (view definition)

Lipper Global Large-Cap Growth Funds Average (view definition)

Additional information