Key features
Emerging Market local currency debt can offer diversification and return enhancement
Actively managed solution that identifies opportunity and extracts alpha across the EMD local rates and currency universe
Dedicated team with multi-year experience of managing the full spectrum of EMD, supported by Macquarie’s global fixed income platform
Daily pricing
as of
05/26/2023
NAV 1-day net change
0.04
Total net assets
as of
04/30/2023
All share classes
$19.5 million
Overview
Fund identifiers |
NASDAQ |
IECIX |
CUSIP |
465899185 |
Benchmark and peer group
J.P. Morgan Government Bond Index–Emerging Markets (GBI-EM) Global Diversified
(view definition)
Morningstar Emerging Markets Local Currency Bond Category (view definition)
Portfolio
Portfolio turnover (last fiscal year)
63%
Top 10 fixed income holdings as of 04/30/2023
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
THAILAND KINGDOM OF (GOVERNMENT)
5.11
INDONESIA (REPUBLIC OF)
4.76
BRAZIL FEDERATIVE REPUBLIC OF (GO
3.96
MALAYSIA (GOVERNMENT)
3.48
BRAZIL FEDERATIVE REPUBLIC OF (GOV
3.13
INTERNATIONAL FINANCE CORPORATION
2.46
MEXICO (UNITED MEXICAN STATES) (GO
2.43
MALAYSIA (GOVERNMENT)
2.12
SOUTH AFRICA (REPUBLIC OF)
2.05
Total % Portfolio in Top 10 holdings - 31.98%
Fixed income sectors
as of 12/31/2021
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.
Credit quality as of 04/30/2023
Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust, receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs): Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NRSRO ratings. If two or more NRSROs have assigned a rating to a security the higher rating (lower value) is used. If only one NRSRO rates a security, that rating is used. For securities rated by an NRSRO other than S&P, that rating is converted to the equivalent S&P credit rating. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.
Distribution history - annual distributions (Institutional Class)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
Alex Kozhemiakin, CFA
-
Managing Director, Head of Emerging Markets Debt
-
Start date on the Fund:
November 2021
-
Years of industry experience:
25
-
Read bio
Alex Kozhemiakin
Managing Director, Head of Emerging Markets Debt
Alex Kozhemiakin is head of the Macquarie Investment Management Fixed Income (MFI) Emerging Markets Debt team. He has overall responsibility for the team, which manages the full spectrum of emerging markets debt solutions including sovereign, local currency, and corporate. Prior to joining Macquarie Investment Management in December 2018, Kozhemiakin was the head of emerging markets debt at Standish Mellon Asset Management from 2007 to 2016. Before that, he also worked as an emerging markets debt portfolio manager at Putnam Investments and as a sovereign analyst at Citibank. Kozhemiakin’s research on fixed income has been published in leading finance journals. He has had a postdoctoral fellowship in International Relations and National Security Studies at Harvard University, and he holds a Ph.D. in political science from the University of Illinois.
Mansur Z. Rasul
-
Senior Vice President, Senior Portfolio Manager
-
Start date on the Fund:
November 2021
-
Years of industry experience:
20
-
Read bio
Mansur Z. Rasul
Senior Vice President, Senior Portfolio Manager
Mansur Z. Rasul is a Senior Portfolio Manager for the emerging markets credit strategy within Macquarie Asset
Management Fixed Income (MFI), a role he assumed in July 2016. He rejoined the firm in April 2012 as head of
emerging markets trading for MFI. During his previous time at Macquarie Asset Management (MAM) from 2004
to 2007, he was an analyst for MFI. From May 2011 to December 2011, Rasul worked with ING Financial Markets, where he was responsible for emerging markets credit trading and structuring. Prior to that, he worked for Daiwa Capital Markets America as director of the firm’s fixed income syndicate, responsible for the
placement of all fixed income products to US-based accounts from 2009 to 2011. Previously, he worked with
Merrill Lynch as an associate responsible for Asian credit trading from 2007 to 2009. Rasul received his
bachelor’s degree in economics, with a minor in political science, from Northwestern 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 quality for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 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 |
0.75% |
Distribution and service (12b-1) fees |
none |
Other expenses |
0.98% |
Total annual fund operating expenses |
1.73% |
Fee waivers and expense reimbursements1 |
(0.93%) |
Total annual fund operating expenses after fee waivers and expense reimbursements |
0.80% |
Please see the prospectus and SAI for additional information.
1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from January 30, 2023 through January 30, 2024. Please see the fee table in the Fund's prospectus for more information.
Institutional Class shares are available only to certain investors. See the prospectus for more information.
Resources
Fact sheet and commentaries
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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.