Delaware Ivy Natural Resources Fund

Delaware Ivy Natural Resources Fund

Key features

The fund invests in global all capitalization natural resources companies

The fund managers combine a strong value-oriented bottom-up research on company fundamentals with a top-down global macro-economic analysis

Natural resource equities typically provide leverage to global growth and inflation protection with relatively low correlations to broader equity markets

Daily pricing as of 04/25/2024

NAV
$17.59
NAV 1-day net change
0.37
Max offer price
$17.59

Total net assets as of 03/31/2024

All share classes
$202.7 million

Overview

Fund information
Inception date 04/02/2007
Dividends paid (if any) Annually
Capital gains paid (if any) December
Fund identifiers
NASDAQ IGNIX
CUSIP 465899508

Benchmark and peer group

S&P Global Natural Resources Index (view definition)

S&P North American Natural Resources Sector Index (view definition)

Morningstar Natural Resources Category (view definition)

Lipper Global Natural Resources 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 (03/31/2024)

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.

Average annual total return as of quarter-end (03/31/2024)

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.

Overall Morningstar RatingTM

Institutional Class shares - as of 03/31/2024

Rating No. of funds
Overall 2 111
3 years 4 111
5 years 2 105
10 years 2 91
Morningstar category Natural Resources

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 03/31/2024
1 year 77 / 125
3 years 30 / 111
5 years 94 / 105
10 years 72 / 91
Morningstar category Natural Resources

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 03/31/2024
1 year 30 / 61
3 years 30 / 57
5 years 48 / 55
10 years 33 / 49
Lipper classification Lipper Global Natural Resources Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.17%
Net
1.11%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 31, 2023 through July 30, 2024. Please see the fee table in the Fund's prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2023
1.48%
2022
17.99%
2021
26.95%
2020
-11.86%
2019
9.84%
2018
-23.36%
2017
3.41%
2016
24.50%
2015
-22.07%
2014
-12.95%

Portfolio

Portfolio characteristics as of 03/31/2024

Number of holdings
41
Market cap (median) Source: FactSet
$7.2 billion
Market cap (weighted average) Source: FactSet
$34.3 billion
Portfolio turnover (last fiscal year)
48%
Beta (relative to S&P Global Nat Resource-Net) (view definition)
1.03
Annualized standard deviation, 3 years (view definition)
22.62

Portfolio composition as of 03/31/2024
Total may not equal 100% due to rounding.

Domestic equities
53.7%
International equities & depositary receipts
46.2%
Cash, cash equivalents and other assets
0.1%

Top 10 holdings as of 03/31/2024

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

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

Holdings based by issuer.

Holding
% of portfolio
Holding
% of portfolio
SHELL PLC
6.35
NEWMONT CORPORATION
5.88
CF INDUSTRIES HOLDINGS INC
4.99
ANGLO AMERICAN PLC
4.91
WHEATON PRECIOUS METALS CORP
3.85
GLENCORE PLC
3.74
BUNGE GLOBAL SA
3.59
HUDBAY MINERALS INC
3.49
ENDEAVOUR MINING PLC
3.46
SCHLUMBERGER NV
3.37

Total % Portfolio in Top 10 holdings - 43.63%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 03/31/2024

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.

Sector
Fund
Sector
Fund
Oil & Gas Exploration & Production
14.6%
Diversified Metals & Mining
14.0%
Gold
13.2%
Integrated Oil & Gas
10.4%
Fertilizers & Agricultural Chemicals
8.2%
Forest Products
4.0%
Oil & Gas Equipment & Services
3.4%
Specialized REITs
3.1%
Construction & Engineering
2.7%
Aluminum
2.6%
Copper
2.5%
Oil & Gas Drilling
2.4%
Specialty Chemicals
2.3%
Oil & Gas Refining & Marketing
2.2%
Asset Management & Custody Banks
2.1%
Agricultural Products
2.0%
Paper Products
1.5%
Electrical Components & Equipment
1.2%
Industrial Gases
1.0%
Steel
0.5%
Construction Materials
0.5%

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2024
0.000
0.000
2023
0.000
0.329
2022
0.000
0.366
2021
0.000
0.398
2020
0.000
0.078
2019
0.000
0.348
2018
0.000
0.071
2017
0.000
0.000
2016
0.000
0.083
2015
0.000
0.000
2014
0.000
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

Sam Halpert

Sam Halpert 

  • Managing Director, Head of Global Natural Resources Equity
  • Start date on the Fund: November 2021
  • Years of industry experience: 30
  • Read bio
Geoffrey King

Geoffrey King 

  • Senior Vice President, Portfolio Manager — Global Natural Resources Equity
  • Start date on the Fund: November 2021
  • Years of industry experience: 20
  • Read bio

Fees

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none
Annual fund operating expenses
Management fees 0.85%
Distribution and service (12b-1) fees none
Other expenses2 0.32%
Total annual fund operating expenses 1.17%
Fee waivers and expense reimbursements1 (0.06%)
Total annual fund operating expenses after fee waivers and expense reimbursements 1.11%

Please see the prospectus and SAI for additional information.

1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from July 31, 2023 through July 30, 2024. Please see the fee table in the Fund's prospectus for more information.

2Other expenses contain a 0.03% acquired fund fees and expenses. Acquired Fund Fees and Expenses sets forth the Fund's pro rata portion of the cumulative expenses charged by the registered investment companies (RICs) in which the Fund invested during the last fiscal year. The actual Acquired Fund Fees and Expenses will vary with changes in the allocations of the Fund's assets. The Acquired Fund Fees and Expenses shown are based on the total expense ratio of the RICs for the RICs' most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund's NAV.

Resources

Significant Fund Event

Effective April 28, 2023, the Fund’s benchmark changed to the S&P® Global Natural Resources Index and the Fund’s limit in foreign securities investments changed. Please see the prospectus as amended for further 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 visiting delawarefunds.com/literature 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 may be obtained by visiting delawarefunds.com/literature 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.

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

Because the Portfolio invests significantly in Natural Resources Securities, there is the risk that the Portfolio will perform poorly during a downturn in the natural resource sector

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

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 Portfolio’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 Portfolio from executing advantageous investment decisions in a timely manner and could negatively impact the Portfolio’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 Portfolio.

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

Not FDIC Insured • No Bank Guarantee • May Lose Value

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.

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