Delaware International Fund

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 10/16/2020

NAV
NAV 1-day net change
Max offer price
$12.96

Total net assets as of 09/30/2020

All share classes
$290.4 million

Overview

Fund information
Inception date04/01/2013
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers
NASDAQFIIPX
CUSIP24611D797

Benchmark and peer group

MSCI EAFE (Europe, Australasia, Far East) Index (primary) (view definition)

Morningstar Foreign Large Value Category (view definition)

Lipper International Large-Cap Growth 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 (09/30/2020)

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the month end prior to the Fund's inception date.

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 (09/30/2020)

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the month end prior to the Fund's inception date.

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 09/30/2020

MorningstarMorningstarMorningstarMorningstarMorningstar
RatingNo. of funds
Overall5313
3 years5313
5 years5274
10 years5180
Morningstar categoryMorningstar Foreign Large Value Category
 

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 09/30/2020
YTD ranking 12 / 348
1 year 34 / 341
3 years 5 / 313
5 years 5 / 274
10 years n/a
Morningstar categoryMorningstar Foreign Large Value Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 09/30/2020
YTD ranking 260 / 283
1 year 260 / 265
3 years 182 / 246
5 years 134 / 202
10 years n/a
Lipper classificationLipper International Large-Cp Gro Fds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.12%
Net
1.12%

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2019
24.51%
2018
-12.46%
2017
32.22%
2016
-4.52%
2015
2.88%
2014
2.19%

Portfolio

Portfolio characteristics as of 09/30/2020

Number of holdings
28
Market cap (median) Source: FactSet
$27.4 billion
Market cap (weighted average) Source: FactSet
$79.6 billion
Portfolio turnover (last fiscal year)
76%
Beta (relative to MSCI EAFE Index (Net)) (view definition)
0.75
SEC 30-day yield with waiver (view definition)
1.95%
SEC 30-day yield without waiver (view definition)
1.95%
Annualized standard deviation, 3 years (view definition)
12.54

Portfolio composition as of 09/30/2020
Total may not equal 100% due to rounding.

International equities & depositary receipts
98.7%
Domestic equities
1.1%
Cash and cash equivalents
0.2%

Top 10 holdings as of 09/30/2020

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
6.89
Roche Holding AG
6.80
Nestle S.A.
6.55
LAIR LIQUIDE SA POUR LETUDE ET LEXPLO DE
6.55
Fresenius Medical Care AG & Co. KGaA
5.95
Koninklijke Ahold Delhaize NV
5.45
Danone S.A.
5.34
Diageo PLC
5.13
Securitas AB
4.79
G4S PLC
4.50

Total % Portfolio in Top 10 holdings - 57.95%

List of monthly holdingsList of quarterly holdings

Top 10 countries as of 09/30/2020

List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes.

Country
% of portfolio
Country
% of portfolio
France
21.1%
Japan
18.8%
Switzerland
17.0%
United Kingdom
11.4%
Germany
9.7%
Sweden
6.9%
Denmark
6.9%
Netherlands
5.4%
Ireland
1.5%
United States
1.1%

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
3.495
0.072
2018
0.958
0.040
2017
0.000
0.032
2016
0.000
0.078
2015
0.000
0.064
2014
0.000
0.050
2013
0.000
0.000
2012
0.000
0.000
2011
0.000
0.000
2010
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

Jens Hansen

Jens Hansen 

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

Klaus Petersen, CFA

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

Claus Juul 

  • Portfolio Manager — Global Equity Team
  • Start date on the Fund: October 2019
  • Years of industry experience: 22
  • Read bio
Asa Annerstedt

Åsa Annerstedt 

  • Portfolio Manager — Global Equity Team
  • Start date on the Fund: October 2019
  • Years of industry experience: 24
  • Read bio
Allan Saustrup Jensen

Allan Saustrup Jensen, CFA, CAIA®

  • Portfolio Manager — Global Equity Team
  • Start date on the Fund: May 2020
  • Years of industry experience: 23
  • Read bio
Chris Gowlland

Chris Gowlland, CFA

  • Senior Vice President, Head of Equity Quantitative Research
  • Start date on the Fund: October 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 expenses0.27%
Total annual fund operating expenses1.12%
Fee waivers and expense reimbursements1none
Total annual fund operating expenses after fee waivers and expense reimbursements1.12%

1 The 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 and dividend 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 1.18% of the Fund’s average daily net assets from Oct. 4, 2019 through Oct. 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.

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 seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited (MIMGL), and Macquarie Funds Management Hong Kong Limited (MFMHKL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge. The Manager may permit its affiliates, MIMGL and MFMHKL, 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.

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

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

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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