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
05/26/2023
NAV 1-day net change
0.07
Total net assets
as of
04/30/2023
All share classes
$134.0 million
Overview
Fund identifiers |
NASDAQ |
ICVIX |
CUSIP |
465898112 |
Benchmark and peer group
Portfolio
Market cap (median) Source: FactSet
$23.8 billion
Market cap (weighted average) Source: FactSet
$81.2 billion
Portfolio turnover (last fiscal year)
119%
Top 10 holdings
as of 04/30/2023
Holdings are as of the date indicated and subject to change.
List may exclude cash and cash equivalents. Please see the Fund's complete list of holdings for more information.
Holdings based by issuer.
KONINKLIJKE AHOLD DELHAIZE NV
6.22
L AIR LIQUIDE SA POUR L ETUDE ET L EXPLO
4.52
Total % Portfolio in Top 10 holdings - 49.80%
Sector allocation
as of 04/30/2023
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
Consumer discretionary
19.7%
Communication services
5.7%
Information technology
4.8%
Top 10 countries
as of 04/30/2023
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes.
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
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
Investment manager
Delaware Management Company (DMC)
Jens Hansen
-
Managing Director, Chief Investment Officer — Global Equity Team
-
Start date on the Fund:
November 2021
-
Years of industry experience:
33
-
Read bio
Jens Hansen
Managing Director, Chief Investment Officer — Global Equity Team
Jens Hansen heads the firm’s Global Equity team and is a portfolio manager for the team’s strategies. He joined Macquarie Investment Management (MIM) in June 2018. Hansen has been a portfolio manager since 2001. Hansen started his career in 1982 with Spar Nord Bank, where he worked as an analyst and trader of bonds, equities, and derivatives. In 1994, he joined Nykredit Bank, where he worked as a bond trader. He attended the Aarhus School of Business where he gained a graduate diploma in business administration within finance and international trade.
Klaus Petersen, CFA
-
Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
November 2021
-
Years of industry experience:
25
-
Read bio
Klaus Petersen
Managing Director, Senior Portfolio Manager
Klaus Petersen is a senior portfolio manager for the firm’s Global Equity team. He joined Macquarie Investment Management (MIM) in June 2018. Petersen has been a portfolio manager since 2006. Previously, he worked for ATP, Denmark’s largest pension fund, beginning in 1999 as a senior portfolio manager and later in the role as team leader of the technology, media, and telecommunications (TMT) team. He joined Codan Bank in 1996, first as a senior sales analyst and later as a senior portfolio manager. Between 1988 and 1996, Petersen worked for various brokers as an equity sales analyst. He started his career in 1984 as an administrator of pension pools at Faellesbanken in Denmark. Petersen attended the Copenhagen Business School where he gained a graduate diploma in business administration (financial and management accounting).
Claus Juul
-
Vice President, Portfolio Manager
-
Start date on the Fund:
November 2021
-
Years of industry experience:
24
-
Read bio
Claus Juul
Vice President, Portfolio Manager
Claus Juul is a Portfolio Manager for the firm’s Global Equity team. He joined Macquarie Investment Management (MIM) in June 2018. Juul has been a portfolio manager since 2004. Prior to that, he was an equity analyst at Spar Nord Bank before becoming vice president of the research department in 2001. He started his career in 1998 with Sydbank as an equity analyst. He attended the Aarhus School of Business where he gained a master’s degree in economics and business administration.
Åsa Annerstedt
-
Vice President, Portfolio Manager
-
Start date on the Fund:
November 2021
-
Years of industry experience:
26
-
Read bio
Åsa Annerstedt
Vice President, Portfolio Manager
Âsa Annerstedt is a Portfolio Manager for the firm’s Global Equity team. She joined Macquarie Asset Management (MAM) in June 2018. Annerstedt has been a portfolio manager since 2013. Previously, she was a member of the investment committee of a European Union fund dedicated to the financing of companies. Between 1999 and 2009, she managed award-winning European Small Cap and Global Equity portfolios at SEB Asset Management in Denmark. She started her career in 1996 as a business controller and consultant in Sweden. Annerstedt attended Ecole Supérieur de Commerce in Paris and Marseille and earned a master’s degree in finance and international trade from Lund University in Sweden.
Allan Saustrup Jensen, CFA, CAIA®
-
Vice President, Portfolio Manager
-
Start date on the Fund:
November 2021
-
Years of industry experience:
25
-
Read bio
Allan Saustrup Jensen
Vice President, Portfolio Manager
Allan Saustrup Jensen joined Macquarie Investment Management (MIM) in May 2020 as a Portfolio Manager for the firm’s Global Equity team. He has more than 20 years of experience in the asset management industry. Prior to joining MIM, he spent five years at European Capital Partners as a fund manager. From 2010 to 2015, Jensen was a trader at European Value Partners. Prior to that, he spent four years at UBS Wealth Management as a portfolio manager. He began his investment career at Nordea Bank. Jensen attended Copenhagen Business School where he earned a Graduate Diploma in finance.
Chris Gowlland, CFA
-
Senior Vice President, Head of Equity Quantitative Research
-
Start date on the Fund:
November 2021
-
Years of industry experience:
26
-
Read bio
Chris Gowlland
Senior Vice President, Head of Equity Quantitative Research
Chris Gowlland is the Head of Equity Quantitative Research, a role he assumed in July 2019. As part of his role, he also serves as portfolio manager for certain portfolios managed by the Global Equity team and for several different strategies in the firm’s multi-asset class offerings. Previously, he was a senior quantitative analyst for the firm’s equity department. Prior to joining Macquarie Asset Management (MAM) in May 2007, he spent seven years working in fundamental equity research and corporate finance for Morgan Stanley and Commerzbank Securities, followed by two years as a quantitative strategist at Morgan Stanley and at State Street Global Markets. Gowlland holds a bachelor’s degree in Chinese and Spanish from the University of Leeds (U.K.), a master’s degree in development studies from Brown University, and another master’s degree in international management from Thunderbird. He also spent several years in a Ph.D. program in political economy at Harvard University. Gowlland is a member of the CFA Institute, the CFA Society New York, the CFA Society of Philadelphia, and the Society of Quantitative Analysts.
Fees
The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table below. You may quality for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”
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 |
0.79% |
Distribution and service (12b-1) fees |
none |
Other expenses |
0.29% |
Total annual fund operating expenses |
1.08% |
Fee waivers and expense reimbursements1 |
(0.13%) |
Total annual fund operating expenses after fee waivers and expense reimbursements |
0.95% |
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 29, 2022 through July 29, 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.
Resources
Fact sheet and commentaries
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Thank you for visiting the Delaware Funds by Macquarie website.
Other than Macquarie Bank Limited (MBL), none of the entities noted are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
The Funds are distributed by Delaware Distributors, L.P., an affiliate of Macquarie Investment Management Business Trust (MIMBT), Macquarie Management Holdings, Inc., and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.
Separately managed account advisory services are provided by Delaware Capital Management (DCM), a series of MIMBT. Separately managed account advisory services are referred through Delaware Capital Management Advisers, Inc., an SEC-registered investment advisor.