Key features
Seeks to provide total return through capital appreciation and current income via North American publicly traded real estate securities
Provides diversified exposure to high-quality North American real estate securities
A proprietary, bottom-up, fundamental process which considers Quality, Risk and Valuation
Daily pricing
as of
10/10/2024
NAV 1-day net change
-0.09
Total net assets
as of
09/30/2024
All share classes
$114.7 million
Overview
Fund identifiers |
NASDAQ |
IREIX |
CUSIP |
465899839 |
Benchmark and peer group
Portfolio
Download top holdings report
Market cap (median) Source: FactSet
$16.1 billion
Market cap (weighted average) Source: FactSet
$42.6 billion
Portfolio turnover (last fiscal year)
36%
International equities & depositary receipts
4.2%
Cash, cash equivalents and other assets
0.3%
Top 10 holdings as of 09/30/2024
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
AGREE REALTY REIT CORP
4.84
AVALONBAY COMMUNITIES REIT INC
4.74
INVITATION HOMES INC
4.04
ALEXANDRIA REAL ESTATE EQUITIES RE
3.71
DIGITAL REALTY TRUST REIT INC
3.69
Total % Fund in Top 10 holdings - 59.80%
Sector allocation
as of 09/30/2024
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
Multi-Family Residential REITs
11.2%
Single-Family Residential REITs
6.5%
Other Specialized REITs
4.6%
Hotel & Resort REITs
2.0%
Asset Management & Custody Banks
1.9%
Real Estate Operating Companies
0.9%
Real Estate Services
0.7%
Hotels, Resorts & Cruise Lines
0.4%
Credit quality as of //
Distribution history - annual distributions (Class I)1,2
Distributions ($
per share)
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
Investment manager
Delaware Management Company (DMC)
Matthew Hodgkins
-
Head of Americas Listed Real Estate
-
Read bio
Matthew Hodgkins
Senior Vice President, Head of Americas Listed Real Estate
- Joined AMP Capital in 2012, acquired by Macquarie in 2022
- Based in Chicago
Matthew is Head of Americas Listed Real Estate for Macquarie Asset Management (MAM), a role he first assumed with AMP Capital in October 2018.
He joined MAM as part of an acquisition from AMP Capital in March 2022. Matthew held various roles at AMP Capital, initially in Chicago as a Senior Real Estate Investment Trust Analyst before moving to London as Head of European Listed Real Estate. He returned to the US, where he became Head of North American Listed Real Estate.
Prior to joining AMP Capital, Matthew worked at BNP Paribas and ABN AMRO in London, Singapore, and Boston as an Equity Research Analyst, specializing in Listed Real Estate starting from 2008.
Matthew holds a Bachelor of Arts Management Studies (Honours) from the University of Nottingham.
Sub-advisors
Macquarie Investment Management Global Limited
James Maydew*
-
Head of Global Listed Real Estate
-
Read bio
James Maydew*
Division Director, Head of Global Listed Real Estate
- Joined AMP Capital in 2016, acquired by Macquarie in 2022
- Based in Sydney
James is Head of Global Listed Real Estate for Macquarie Asset Management (MAM), a role he first assumed with AMP Capital in October 2018.
James joined MAM as part of an acquisition from AMP Capital in March 2022. As Global Head of AMP Capital’s Global Listed Real Estate Team, he was responsible for all aspects of the platform, including the team, portfolio, risk management, and clients. James has been investing in real estate since 2002 and specialising in global listed real estate markets since 2007.
James holds a Bachelor of Science in real estate investment and finance from the University of Reading and is an accredited member of the Royal Institution of Chartered Surveyors (MRICS).
*James Maydew is the lead portfolio manager responsible for the day-to-day management of the Delaware Global Real Estate Fund.
Jessica Koh
-
Head of Asian Listed Real Estate
-
Read bio
Jessica Koh
Senior Vice President, Head of Asian Listed Real Estate
- Joined AMP Capital in 2006, acquired by Macquarie in 2022
- Based in Hong Kong
Jessica is Head of Asian Listed Real Estate at Macquarie Asset Management (MAM), a role she first assumed with AMP Capital in March 2022. Jessica is responsible for the capital and risk allocation across the Asian region of MAM’s Global Listed Real Estate strategy.
She joined MAM as part of an acquisition from AMP Capital in March 2022. Jessica began in the investment management industry in 2003, working at Colonial First State Global Asset Management across its listed real estate and wholesale funds management businesses. She has been covering listed Asia Pacific real estate for more than 17 years, initially covering Australian real estate investment trusts based in Sydney, before moving to Singapore and subsequently Hong Kong. She has been based out of Asia for more than 15 years and is responsible for the capital and risk allocation across the Asian region of the global listed real estate strategy.
Jessica holds a Bachelor of Property Economics with honours from the University of Technology Sydney. She is a Board Director of Macquarie Funds Management Hong Kong Limited. For more than 10 years, she has been an active supporter and underwriter of Empower, the Emerging Markets Foundation, which is a global non-profit organisation that supports at-risk youth in emerging markets.
*James Maydew is the lead portfolio manager responsible for the day-to-day management of the Fund.
Macquarie Investment Management Europe Limited
Ryan Watson
-
Head of European Listed Real Estate
-
Read bio
Ryan Watson
Senior Portfolio Manager, Head of European Listed Real Estate
- Joined AMP Capital in 2009, acquired by Macquarie in 2022
- Based in London
Ryan is Macquarie Asset Management’s (MAM’s) Head of European Listed Real Estate, a role he first assumed with AMP Capital in January 2017. He is responsible for capital and risk allocation across the Europe, Middle East, and Africa (EMEA) region. This involves strategic direction of research and management of the team of analysts on the ground.
Ryan joined MAM as part of an acquisition from AMP Capital in March 2022, where he had spent 13 years in various roles. Ryan began his career in financial services with AMP Capital’s direct property asset manager before transferring to the Global Listed Real Estate team, where he focused on capital transactions, retail asset management, and fund of fund investing. He then moved to AMP Capital’s Global Listed Real Estate team in Sydney, covering Australian listed companies and relocating to London in 2014, where he began his coverage of European names.
Ryan holds a Bachelor of Applied Finance from Macquarie University.
Fees
The table below describes the fees and expenses that you may pay if you buy, hold, and sell
shares of the Fund. You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the table below. 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.”
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 |
0.90% |
Distribution and service (12b-1) fees |
none |
Other expenses |
0.24% |
Total annual fund operating expenses |
1.14% |
Fee waivers and expense reimbursements1 |
(0.19%) |
Total annual fund operating expenses after fee waivers and expense reimbursements |
0.95% |
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, 2024 through July 30, 2025. Please see the fee table in the Fund's
prospectus for more information.
Class I shares are available only to certain investors. See the prospectus
for more information.
Resources
Fact sheet and commentaries
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Thank you for visiting the Delaware Funds by Macquarie website.
Other than Macquarie Bank Limited (MBL), none of the entities noted are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
The Funds are distributed by Delaware Distributors, L.P., an affiliate of Macquarie Investment Management Business Trust (MIMBT), Macquarie Management Holdings, Inc., and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.
Separately managed account advisory services are provided by Delaware Capital Management (DCM), a series of MIMBT. Separately managed account advisory services are referred through Delaware Capital Management Advisers, Inc., an SEC-registered investment advisor.