Delaware Global Value Fund*(closed to investors)

Key features

Short term bias in the market leads to potential mispricing

Disciplined process seeks to identify underappreciated businesses

Balancing valuation and quality can reduce downside risk

Daily pricing as of 05/22/2020

NAV
NAV 1-day net change
Max offer price
$8.81

Total net assets as of 04/30/2020

All share classes
$9.8 million

Overview

Fund information
Inception date12/19/1997
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers
NASDAQDABIX
CUSIP245914676

Benchmark and peer group

MSCI World Index (view definition)

Morningstar World Large Stock Category (view definition)

Lipper Global Multi-Cap Value 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 (04/30/2020)

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.

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 (03/31/2020)

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.

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 04/30/2020

RatingNo. of funds
Overall2764
3 years3764
5 years2623
10 years2368
Morningstar categoryWorld Large Stock
 

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 04/30/2020
YTD ranking 193 / 914
1 year 286 / 864
3 years 595 / 764
5 years 515 / 623
10 years 293 / 368
Morningstar categoryWorld Large Stock

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 04/30/2020
YTD ranking 2 / 141
1 year 10 / 140
3 years 54 / 130
5 years 50 / 91
10 years 25 / 58
Lipper classificationLipper Global Multi-Cap Value Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
2.14%
Net
1.15%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from March 27, 2020 to March 31, 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
20.65%
2018
-16.61%
2017
17.08%
2016
8.42%
2015
-4.54%
2014
1.50%
2013
25.15%
2012
13.72%
2011
-6.38%
2010
10.92%

Portfolio

Portfolio characteristics as of 04/30/2020

Number of holdings
38
Market cap (median) Source: FactSet
$21.9 billion
Market cap (weighted average) Source: FactSet
$70.1 billion
Portfolio turnover (last fiscal year)
202%
Beta (relative to MSCI World Index (Net)) (view definition)
0.75
SEC 30-day yield with waiver (view definition)
1.85%
SEC 30-day yield without waiver (view definition)
-0.01%
Annualized standard deviation, 3 years (view definition)
13.15

Portfolio composition as of 04/30/2020
Total may not equal 100% due to rounding.

International equities & depositary receipts
66.5%
Domestic equities
33.5%

Top 10 holdings as of 04/30/2020

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
Novo Nordisk A S
5.47
Roche Holding AG
5.41
KIMBERLY-CLARK CORPORATION
5.30
Danone S.A.
4.92
Koninklijke Ahold Delhaize NV
4.74
General Mills Inc.
4.41
Nestle S.A.
4.23
Conagra Brands Inc.
4.08
Fresenius Medical Care AG & Co. KGaA
3.88
Merck & Co. Inc.
3.88

Total % Portfolio in Top 10 holdings - 46.32%

List of monthly holdingsList of quarterly holdings

Top 10 countries as of 04/30/2020

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
33.5%
France
15.8%
Japan
14.6%
Switzerland
11.3%
Germany
5.8%
Denmark
5.5%
Netherlands
4.7%
United Kingdom
4.7%
Sweden
3.1%
Ireland
1.0%

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2020
0.000
0.000
2019
2.680
0.206
2018
0.372
0.207
2017
0.000
0.190
2016
0.000
0.225
2015
0.000
0.109
2014
0.000
0.081
2013
0.000
0.097
2012
0.000
0.122
2011
0.000
0.114
2010
0.000
0.058

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

Jens Hansen

Jens Hansen 

  • Chief Investment Officer — Global Equity Team
  • Start date on the Fund: March 2019
  • Years of industry experience: 30
  • Read bio
Klaus Petersen

Klaus Petersen, CFA

  • Portfolio Manager — Global Equity Team
  • Start date on the Fund: March 2019
  • Years of industry experience: 22
  • Read bio
Claus Juul

Claus Juul 

  • Portfolio Manager — Global Equity Team
  • Start date on the Fund: March 2019
  • Years of industry experience: 21
  • Read bio
Asa Annerstedt

Åsa Annerstedt 

  • Portfolio Manager — Global Equity Team
  • Start date on the Fund: March 2019
  • Years of industry experience: 23
  • Read bio

Allan Saustrup Jensen, CFA, CAIA®

  • Portfolio Manager — Global Equity Team
  • Start date on the Fund: May 2020
  • Years of industry experience: 22
  • Read bio
Chris Gowlland

Chris Gowlland, CFA

  • Senior Quantitative Analyst
  • Start date on the Fund: July 2019
  • 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 fees0.85%
Distribution and service (12b-1) feesnone
Other expenses1.29%
Total annual fund operating expenses2.14%
Fee waivers and expense reimbursements1(0.99%)
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 March 27, 2020 through March 31, 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.

*On Feb. 26, 2020, the Board of Trustees approved a proposal to liquidate and dissolve the Delaware Global Value Fund (“Fund”). The liquidation and dissolution are expected to take effect on or about May 28, 2020. As necessary, the Fund may convert its portfolio securities to cash or cash equivalents prior to the liquidation date in an effort to prevent concentration or diversification issues or as otherwise deemed in the best interests of the Fund.

The Fund will be closed to new investors on April 13, 2020. However, the Fund will continue to accept purchases from existing shareholders (including reinvested dividends or capital gains) until May 20, 2020. Until the liquidation, shareholders of the Fund will have the opportunity to exchange their shares for shares of the same class of any other Delaware Funds® by Macquarie fund. If a shareholder does not opt to exchange his or her shares prior to the liquidation, the shareholder will be paid a liquidating distribution by the Fund. Please read the prospectus and summary prospectus dated March 27, 2020 for more information concerning the Fund.

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.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

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

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