Delaware Global Equity Fund II

Delaware Global Equity Fund II (formerly, Delaware Global Value Equity Fund)

Key features

Invests in companies with superior, self-sustaining business models at attractive valuations

Focuses on growth compounding businesses, high-quality cyclicals, and companies at an unrecognized inflection toward growth

Seeks above benchmark returns with a similar level of risk

Daily pricing as of 04/26/2024

NAV
$8.82
NAV 1-day net change
0.11
Max offer price
$8.82

Total net assets as of 03/31/2024

All share classes
$262.3 million

Overview

Fund information
Inception date 06/04/2012
Dividends paid (if any) Quarterly
Capital gains paid (if any) December
Fund identifiers
NASDAQ IBIIX
CUSIP 465899599

Benchmark and peer group

MSCI ACWI Index (net) (view definition)

MSCI World Index (net) (view definition)

Morningstar World Large-Stock Value Category (view definition)

Lipper Global Equity Income 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

MorningstarMorningstarMorningstar
Rating No. of funds
Overall 3 149
3 years 3 149
5 years 3 139
10 years 3 95
Morningstar category Global Large-Stock Value

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 03/31/2024
1 year 123 / 158
3 years 87 / 149
5 years 76 / 139
10 years 46 / 95
Morningstar category Global Large-Stock Value

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 03/31/2024
1 year 55 / 119
3 years 38 / 113
5 years 35 / 109
10 years 33 / 80
Lipper classification Lipper Global Equity Income Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.93%
Net
0.92%

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
14.76%
2022
-11.16%
2021
17.11%
2020
3.90%
2019
23.60%
2018
-9.99%
2017
19.02%
2016
5.00%
2015
0.09%
2014
3.31%

Portfolio

Portfolio characteristics as of 03/31/2024

Number of holdings
53
Market cap (median) Source: FactSet
$121.0 billion
Market cap (weighted average) Source: FactSet
$609.5 billion
Portfolio turnover (last fiscal year)
25%
Beta (relative to MSCI ACWI Index (Net)) (view definition)
0.79
Annualized standard deviation, 3 years (view definition)
15.62

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

Domestic equities
58.1%
International equities & depositary receipts
40.7%
Cash, cash equivalents and other assets
1.2%

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
MICROSOFT CORPORATION
5.55
AMAZON.COM INC
3.57
NVIDIA CORPORATION
3.33
TAIWAN SEMICONDUCTOR MANUFACTURING CO LT
3.16
COSTCO WHOLESALE CORPORATION
3.15
ALPHABET INC
3.05
CASEYS GENERAL STORES INC
2.97
LOREAL SA
2.80
ALIMENTATION COUCHE-TARD INC
2.70
AIRBUS SE
2.66

Total % Portfolio in Top 10 holdings - 32.94%

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
Consumer staples
25.1%
Information technology
24.0%
Financials
11.7%
Healthcare
11.2%
Communication services
8.9%
Industrials
6.4%
Consumer discretionary
5.3%
Energy
5.2%
Materials
0.9%

Top 10 countries as of 03/31/2024

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
58.1%
France
7.4%
Japan
6.1%
United Kingdom
4.5%
Canada
4.2%
Taiwan
3.2%
Germany
3.0%
Netherlands
2.5%
Brazil
2.4%
Switzerland
2.3%

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
0.080
2023
0.000
0.092
2022
4.799
0.121
2021
0.712
0.491
2020
0.179
0.250
2019
0.119
0.362
2018
1.571
0.328
2017
0.000
0.391
2016
0.000
0.452
2015
0.360
0.438
2014
0.259
0.561

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

Aditya Kapoor

Aditya Kapoor, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: August 2023
  • Years of industry experience: 16
  • Read bio
Charles John

Charles John, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: August 2023
  • Years of industry experience: 17
  • Read bio
Charles Trey Schorgl

Trey Schorgl, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: August 2023
  • Years of industry experience: 13
  • 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 0.70%
Distribution and service (12b-1) fees none
Other expenses 0.23%
Total annual fund operating expenses 0.93%
Fee waivers and expense reimbursements1 (0.01%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.92%

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.

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

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 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 0.92% of the Fund’s average daily net assets from July 29, 2021 through July 29, 2022. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Resources

Significant Fund Event

On August 31, 2023, the portfolio management responsibilities of the Fund changed and Aditya Kapoor, Charles John and Charles (Trey) Schorgl now serve as portfolio managers of the Fund. In addition, on October 31, 2023, the Fund’s name changed to Delaware Global Equity Fund II and the Fund’s benchmark changed from the MSCI World Index to the MSCI ACWI (All Country World Index) Index.

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 affiliate, Macquarie Investment Management Global Limited (MIMGL) 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 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

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.