Delaware Global Real Estate Opportunities Fund(closed to new investors)

Key features

Focus on both real estate-specific and capital markets factors in our research

Global portfolio can provide both income and diversification to a broader investment portfolio, as well as possible inflation protection

Experienced investment team with established, consistently applied investment process

Daily pricing as of 08/11/2020

NAV
NAV 1-day net change
Max offer price
$6.63

Total net assets as of 07/31/2020

All share classes
$12.6 million

Overview

Fund information
Inception date01/10/2007
Dividends paid (if any)Quarterly
Capital gains paid (if any)November or December
Fund identifiers
NASDAQDGROX
CUSIP245917620

Benchmark and peer group

FTSE EPRA Nareit Developed Index TR (view definition)

FTSE EPRA Nareit Developed Index NR (view definition)

Morningstar Global Real Estate Category (view definition)

Lipper Global Real Estate Funds Average (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 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 (07/31/2020)

Returns for less than one year are not annualized.

The Delaware Global Real Estate Opportunities Fund's performance information for periods prior to Sept. 28, 2012, reflects the performance of The Global Real Estate Securities Portfolio (the ÏPortfolioÓ) of Delaware Pooled Trust, which merged into Delaware Global Real Estate Opportunities Fund (the ÏFundÓ) as of that date. The performance information for Class A shares at offer has been adjusted to reflect the FundÌs current maximum sales charge. The Fund also has higher expenses than the Portfolio, including a Rule 12b-1 fee to which the Institutional Class of the Portfolio was not subject. Historical performance results at net asset value and offer prior to Sept. 28, 2012 have not been recalculated to reflect these expenses, but future results will be affected by them. The historical performance of the Portfolio would have been lower had it been subject to the FundÌs expense ratio.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance shown prior to Oct. 4, 2019, are as of the predecessor fund and investment team. Please see the Updated Significant Fund Event and prospectus for more information.

Average annual total return as of quarter-end (06/30/2020)

Returns for less than one year are not annualized.

The Delaware Global Real Estate Opportunities Fund's performance information for periods prior to Sept. 28, 2012, reflects the performance of The Global Real Estate Securities Portfolio (the “Portfolio”) of Delaware Pooled® Trust, which merged into Delaware Global Real Estate Opportunities Fund (the “Fund”) as of that date. The performance information for Class A shares at offer has been adjusted to reflect the Fund’s current maximum sales charge. The Fund also has higher expenses than the Portfolio, including a Rule 12b-1 fee to which the Institutional Class of the Portfolio was not subject. Historical performance results at net asset value and offer prior to Sept. 28, 2012 have not been recalculated to reflect these expenses, but future results will be affected by them. The historical performance of the Portfolio would have been lower had it been subject to the Fund’s expense ratio.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance shown prior to Oct. 4, 2019, are as of the predecessor fund and investment team. Please see the Updated Significant Fund Event and prospectus for more information.

Overall Morningstar RatingTM

Institutional Class shares - as of 07/31/2020

MorningstarMorningstarMorningstar
RatingNo. of funds
Overall3189
3 years3189
5 years3161
10 years3103
Morningstar categoryMorningstar Global Real Estate Category
 

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 07/31/2020
YTD ranking 134 / 210
1 year 160 / 209
3 years 148 / 189
5 years 105 / 161
10 years 40 / 103
Morningstar categoryMorningstar Global Real Estate Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 07/31/2020
YTD ranking 110 / 173
1 year 132 / 173
3 years 123 / 156
5 years 88 / 129
10 years 31 / 76
Lipper classificationLipper Global Real Estate Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.80%
Net
1.15%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from Feb. 28, 2020 through March 1, 2021. Please see the fee table in the Fund's prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2019
20.83%
2018
-6.07%
2017
8.92%
2016
4.18%
2015
-0.18%
2014
16.21%
2013
4.46%
2012
29.16%
2011
-3.86%
2010
19.64%

Portfolio

Portfolio characteristics as of 07/31/2020

Number of holdings
73
Market cap (median) Source: FactSet
$6.8 billion
Market cap (weighted average) Source: FactSet
$17.7 billion
Portfolio turnover (last fiscal year)
133%
Beta (relative to FTSE EPRA Nareit Developed Index NR) (view definition)
0.93
Annualized standard deviation, 3 years (view definition)
17.07

Portfolio composition as of 07/31/2020
Total may not equal 100% due to rounding.

Domestic equities
58.9%
International equities & depositary receipts
38.8%
Cash and cash equivalents
2.3%

Top 10 holdings as of 07/31/2020

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
Holding
% of portfolio
Prologis Inc.
6.38
Vonovia SE
3.57
INVITATION HOMES INC
2.61
Alexandria Real Estate Equities Inc.
2.54
Sun Communities Inc.
2.51
Sun Hung Kai Properties Ltd.
2.39
UDR Inc.
2.19
LINK REAL ESTATE INVESTMENT TRUST
2.06
Welltower Inc.
2.05
Essex Property Trust Inc.
1.98

Total % Portfolio in Top 10 holdings - 28.28%

List of monthly holdingsList of quarterly holdings

Top 10 countries as of 07/31/2020

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

Country
% of portfolio
Country
% of portfolio
United States
58.9%
Germany
7.6%
Hong Kong
6.0%
United Kingdom
5.8%
Japan
5.2%
Singapore
3.3%
Canada
2.7%
Australia
2.7%
Finland
1.6%
Sweden
1.3%

Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)

Year
Capital gains3
Net investment income
Return of capital
Year
Capital gains3
Net investment income
Return of capital
2020
0.000
0.138
0.012
2019
0.162
0.246
0.011
2018
0.000
0.208
0.000
2017
0.000
0.164
0.000
2016
0.000
0.172
0.000
2015
0.000
0.088
0.000
2014
0.000
0.168
0.000
2013
0.000
0.206
0.000
2012
0.000
0.160
0.000
2011
0.000
0.226
0.000
2010
0.000
0.502
0.000

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.

Management

Chris Gowlland

Chris Gowlland, CFA

  • Senior Vice President, Head of Equity Quantitative Research
  • Start date on the Fund: June 2020
  • Years of industry experience: 23
  • Read bio

Fees

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering pricenone
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.99%
Distribution and service (12b-1) feesnone
Other expenses0.81%
Total annual fund operating expenses1.80%
Fee waivers and expense reimbursements1(0.65%)
Total annual fund operating expenses after fee waivers and expense reimbursements1.15%

1The 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and 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 1.15% of the Fund's average daily net assets from Feb. 28, 2020 through March 1, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Resources

Institutional Class shares are available only to certain investors. See the prospectus for more information.

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 under the Resources section, or calling 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

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 are located under the Resources section, or calling 800 523-1918. 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.

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

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

A REIT fund's tax status as a regulated investment company could be jeopardized if it holds real estate directly, as a result of defaults, or receives rental income from real estate holdings.

“Non-diversified” funds may allocate more of their net assets to investments in single securities than “diversified” funds. Resulting adverse effects may subject these funds to greater risks and volatility.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

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

You can check the background of your investment professional on FINRA's BrokerCheck.

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

You can check the background of your investment professional on FINRA's BrokerCheck.