Delaware International Small Cap Fund

Key features

Active approach seeking to capture underappreciated growth driven by positive fundamental change

Collaborative team with long history of successfully navigating an inefficient market

Nimble investment process allowing for swift decision making amid volatile markets

Daily pricing as of 09/24/2021

NAV
NAV 1-day net change
Max offer price
$10.59

Total net assets as of 08/31/2021

All share classes
$121.1 million

Overview

Fund information
Inception date 12/29/2008
Dividends paid (if any) Annually
Capital gains paid (if any) November or December
Fund identifiers
NASDAQ DGGIX
CUSIP 246118517

Benchmark and peer group

MSCI ACWI (All Country World Index) ex USA Small Cap Index (view definition)

Morningstar Foreign Small/Mid Growth Category (view definition)

Lipper International Small/Mid-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 (08/31/2021)

Returns for less than one year are not annualized.

The Global Ex-US Equity Team assumed management of the Fund on Nov. 20, 2016. Performance prior to that date is that of the previous team.

Prior to Dec. 29, 2010, the Fund had not engaged in a broad distribution of its shares and had been subject to limited redemption requests. The returns reflect expense limitations that were in effect during certain periods and that may have been lower than the Fund's current expenses. The returns would have been lower without the expense limitations.

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.

Average annual total return as of quarter-end (06/30/2021)

Returns for less than one year are not annualized.

The Global Ex-US Equity Team assumed management of the Fund on Nov. 20, 2016. Performance prior to that date is that of the previous team.

Prior to Dec. 29, 2010, the Fund had not engaged in a broad distribution of its shares and had been subject to limited redemption requests. The returns reflect expense limitations that were in effect during certain periods and that may have been lower than the Fund's current expenses. The returns would have been lower without the expense limitations.

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.

Overall Morningstar RatingTM

Institutional Class shares - as of 08/31/2021

Rating No. of funds
Overall 2 122
3 years 1 122
5 years 2 107
10 years 3 71
Morningstar category Foreign Small/Mid Growth

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 08/31/2021
1 year 103 / 132
3 years 107 / 122
5 years 74 / 107
10 years 37 / 71
Morningstar category Foreign Small/Mid Growth

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 08/31/2021
1 year 194 / 219
3 years 170 / 201
5 years 84 / 170
10 years 42 / 107
Lipper classification Lipper International Small/Mid-Cap Growth Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.29%
Net
1.12%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from March 30, 2021 to March 31, 2022. Please see the fee table in the Fund’s prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2020
23.65%
2019
22.94%
2018
-23.43%
2017
47.14%
2016
-0.78%
2015
-0.45%
2014
2.21%
2013
23.67%
2012
17.90%
2011
-2.20%

Portfolio

Portfolio characteristics as of 08/31/2021

Number of holdings
91
Market cap (median) Source: FactSet
$2.1 billion
Market cap (weighted average) Source: FactSet
$3.0 billion
Portfolio turnover (last fiscal year)
66%
Beta (relative to MSCI ACWI Ex-USA Small Cap Index (Net)) (view definition)
0.95
Annualized standard deviation, 3 years (view definition)
20.79

Portfolio composition as of 08/31/2021
Total may not equal 100% due to rounding.

International equities & depositary receipts
98.3%
Cash, cash equivalents and other assets
1.7%

Top 10 holdings as of 08/31/2021

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
Future PLC
3.26
ATS Automation Tooling Systems I
2.40
Electrocomponents PLC
2.11
Granite Real Estate Investment Trust
1.94
Grafton Group PLC
1.93
Mips ab
1.80
s4 Capital PLC
1.76
Reply S.P.A
1.69
Aritzia Inc.
1.64
Japan Elevator Service Holdings Co. Ltd.
1.55

Total % Portfolio in Top 10 holdings - 20.08%

List of monthly holdingsList of quarterly holdings

Top 10 countries as of 08/31/2021

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 Kingdom
21.1%
Japan
14.3%
Canada
10.4%
Germany
9.3%
South Korea
6.1%
Australia
4.2%
Sweden
3.9%
Brazil
3.9%
India
3.6%
Italy
2.9%

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2021
0.000
0.000
2020
0.000
0.000
2019
0.000
0.014
2018
0.000
0.000
2017
0.323
0.000
2016
12.880
0.000
2015
0.668
0.000
2014
0.000
0.124
2013
0.323
0.014
2012
0.000
0.000
2011
0.111
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

Joseph Devine

Joseph Devine 

  • Managing Director, Chief Investment Officer — Global Small Cap Equity
  • Start date on the Fund: November 2016
  • Years of industry experience: 27
  • Read bio
Stephan Maikkula

Stephan Maikkula, CFA, CMT

  • Senior Vice President, Portfolio Manager
  • Start date on the Fund: November 2016
  • Years of industry experience: 24
  • Read bio
Gabriel Wallach

Gabriel Wallach 

  • Senior Vice President, Portfolio Manager
  • Start date on the Fund: November 2016
  • Years of industry experience: 29
  • 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 0.85%
Distribution and service (12b-1) fees none
Other expenses 0.44%
Total annual fund operating expenses 1.29%
Fee waivers and expense reimbursements1 (0.17%)
Total annual fund operating expenses after fee waivers and expense reimbursements 1.12%

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 1.12% of the Fund’s average daily net assets from March 30, 2021 through March 31, 2022. 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 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. 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.

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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