Delaware International Value Equity Fund

Delaware International Value Equity 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 02/03/2023

NAV
NAV 1-day net change
Max offer price
$13.36

Total net assets as of 12/31/2022

All share classes
$318.9 million

Overview

Fund information
Inception date 11/09/1992
Dividends paid (if any) Annually
Capital gains paid (if any) November or December
Fund identifiers
NASDAQ DEQIX
CUSIP 245914403

Benchmark and peer group

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

Morningstar Foreign Large Blend Category (view definition)

Lipper International Multi-Cap Core 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 (01/31/2023)

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 (12/31/2022)

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 12/31/2022

Rating No. of funds
Overall 2 701
3 years 2 701
5 years 2 611
10 years 2 422
Morningstar category Foreign Large Blend

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 12/31/2022
1 year 474 / 744
3 years 648 / 704
5 years 575 / 611
10 years 376 / 422
Morningstar category Foreign Large Blend

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 12/31/2022
1 year 260 / 334
3 years 277 / 301
5 years 235 / 251
10 years 146 / 164
Lipper classification Lipper International Multi-Cp Core Fds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.07%
Net
0.88%

Net expense ratio reflects contractual waivers of certain fees and/ or expense reimbursements from March 30, 2022 through March 31, 2023. Please see the fee table in the Fund’s prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2022
-17.03%
2021
6.67%
2020
6.90%
2019
19.31%
2018
-17.75%
2017
22.69%
2016
5.06%
2015
0.69%
2014
-8.55%
2013
22.65%

Portfolio

Portfolio characteristics as of 12/31/2022

Number of holdings
30
Market cap (median) Source: FactSet
$21.6 billion
Market cap (weighted average) Source: FactSet
$68.9 billion
Portfolio turnover (last fiscal year)
38%
Beta (relative to MSCI EAFE Index (Net)) (view definition)
0.80
SEC 30-day yield with waiver (view definition)
1.98%
SEC 30-day yield without waiver (view definition)
1.72%
Annualized standard deviation, 3 years (view definition)
17.18

Portfolio composition as of 12/31/2022
Total may not equal 100% due to rounding.

International equities & depositary receipts
98.7%
Cash, cash equivalents and other assets
1.3%

Top 10 holdings as of 12/31/2022

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
Koninklijke Ahold Delhaize nv
6.18
Diageo PLC
5.92
Nestle S.A.
5.76
Lair Liquide S.A. Pour Letude ET Lexplo
5.31
Amadeus IT Group S.A.
5.29
Smith & Nephew PLC
5.23
Unilever PLC
5.12
Sodexo S.A.
4.69
SAP SE
4.62
Securitas ab
4.52

Total % Portfolio in Top 10 holdings - 52.64%

List of monthly holdingsList of quarterly holdings

Top 10 countries as of 12/31/2022

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
19.3%
France
17.5%
Switzerland
13.5%
Germany
12.3%
Sweden
10.4%
Japan
10.0%
Netherlands
6.2%
Spain
5.3%
Denmark
4.2%

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2023
0.000
0.000
2022
0.000
0.244
2021
1.033
0.134
2020
0.111
0.164
2019
0.202
0.220
2018
0.000
0.328
2017
0.000
0.268
2016
0.000
0.300
2015
0.000
0.197
2014
0.000
0.302
2013
0.000
0.178

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 

  • Managing Director, Chief Investment Officer — Global Equity Team
  • Start date on the Fund: March 2019
  • Years of industry experience: 33
  • Read bio
Claus Juul

Claus Juul 

  • Vice President, Portfolio Manager
  • Start date on the Fund: March 2019
  • Years of industry experience: 24
  • Read bio
Klaus Petersen

Klaus Petersen, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: March 2019
  • Years of industry experience: 25
  • Read bio
Asa Annerstedt

Åsa Annerstedt 

  • Vice President, Portfolio Manager
  • Start date on the Fund: March 2019
  • Years of industry experience: 26
  • Read bio
Allan Saustrup Jensen

Allan Saustrup Jensen, CFA, CAIA®

  • Vice President, Portfolio Manager
  • Start date on the Fund: May 2020
  • Years of industry experience: 25
  • Read bio
Chris Gowlland

Chris Gowlland, CFA

  • Senior Vice President, Head of Equity Quantitative Research
  • Start date on the Fund: July 2019
  • Years of industry experience: 26
  • 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 0.22%
Total annual fund operating expenses 1.07%
Fee waivers and expense reimbursements1 (0.19%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.88%

Please see the prospectus and SAI for additional information.

1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from March 30, 2022 through March 31, 2023. 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 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 0.88% of the Fund’s average daily net assets for all share classes other than Class R6, and 0.82% of the Fund's Class R6 shares' average daily net assets, from March 31, 2021 through March 31, 2022. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Resources

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 it's 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 it's 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 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.

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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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.