Delaware Ivy Managed International Opportunities Fund

Delaware Ivy Managed International Opportunities Fund

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Key features

Participate in potential growth around the world through international asset allocation in a single mutual fund

Seeks to provide a diversified portfolio of international equities by investing in six international and global mutual funds from Delaware Ivy Funds

May be right for long-term investors seeking to benefit from a well-defined, consistent investment mix for international portfolio diversification

Daily pricing as of 01/27/2023

NAV
NAV 1-day net change
Max offer price
$9.63

Total net assets as of 12/31/2022

All share classes
$80.0 million

Overview

Fund information
Inception date 04/02/2007
Dividends paid (if any) Annually
Capital gains paid (if any) December
Fund identifiers
NASDAQ IVTIX
CUSIP 465898179

Benchmark and peer group

MSCI ACWI (All Country World Index) Ex USA 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 (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.

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

MorningstarMorningstarMorningstar
Rating No. of funds
Overall 3 701
3 years 3 701
5 years 2 611
10 years 3 422
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 624 / 744
3 years 417 / 704
5 years 420 / 611
10 years 245 / 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 305 / 334
3 years 177 / 301
5 years 163 / 251
10 years 108 / 164
Lipper classification Lipper International Multi-Cp Core Fds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.04%
Net
1.04%

Net 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.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2022
-19.12%
2021
8.81%
2020
14.61%
2019
20.95%
2018
-15.73%
2017
24.71%
2016
1.38%
2015
-1.45%
2014
-0.18%
2013
15.95%
2012
16.38%

Portfolio

Portfolio characteristics as of 12/31/2022

Number of holdings
5
Portfolio turnover (last fiscal year)
36%
Beta (relative to MSCI ACWI ex USA (Net)) (view definition)
1.07
Annualized standard deviation, 3 years (view definition)
21.21

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

Domestic equity
5.80%
International equity
92.70%
Cash and cash equivalents
1.50%

Top 10 Underlying Funds (% of net assets) as of 12/31/2022

Holdings are as of the date indicated and subject to change.

List excludes cash and cash equivalents.

Holding
% of portfolio
Holding
% of portfolio
Delaware Ivy International Core Equity Fund
45.19
Delaware Ivy Systematic Emerging Markets Equity Fund
24.82
Delaware Ivy International Value Fund
15.07
Delaware Ivy Global Equity Income Fund
9.47
Delaware Ivy International Small Cap Fund
4.99

Total % Fund in Top 10 holdings - 0.0%

Sector allocation as of 12/31/2022

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.

Sector
Fund
Sector
Fund
Financials
99.5%

Top 10 Equity countries as of 12/31/2022

(As a % of equity holdings)
List may exclude cash and cash equivalents.

Country
% of portfolio
Country
% of portfolio
China
13.00%
United Kingdom
10.70%
France
10.30%
Germany
8.30%
Japan
8.20%
India
6.30%
United States
5.90%
Korea Republic Of
4.30%
Taiwan, Province Of China
4.20%
Switzerland
4.00%

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2022
1.410
0.000
2021
0.038
0.309
2020
0.000
0.115
2019
0.485
0.228
2018
0.589
0.187
2017
0.144
0.172
2016
0.000
0.126
2015
0.000
0.093
2014
0.000
0.167
2013
0.000
0.135
2012
0.000
0.152

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, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)

Aaron Young

Aaron D. Young 

  • Senior Vice President, Portfolio Manager
  • Start date on the Fund: October 2016
  • Years of industry experience: 18
  • Read bio

Sub-advisor

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) serves as sub-advisor for the Fund.

Stefan Lowenthal

Stefan Löwenthal, CFA

  • Managing Director, Chief Investment Officer — Global Multi Asset Team
  • Start date on the Fund: November 2021
  • Years of industry experience: 14
  • Read bio
Jurgen Wurzer

Jürgen Wurzer, CFA

  • Senior Vice President, Deputy Head of Portfolio Management— Global Multi Asset Team
  • Start date on the Fund: November 2021
  • Years of industry experience: 16
  • 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 0.05%
Distribution and service (12b-1) fees none
Other expenses2 0.99%
Total annual fund operating expenses 1.04%
Fee waivers and expense reimbursements1 none
Total annual fund operating expenses after fee waivers and expense reimbursements 1.04%

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.

2Other expenses contain a 0.84% acquired fund fees and expenses. Acquired Fund Fees and Expenses sets forth the Fund's pro rata portion of the cumulative expenses charged by the registered investment companies (RICs) in which the Fund invested during the last fiscal year. The actual Acquired Fund Fees and Expenses will vary with changes in the allocations of the Fund's assets. The Acquired Fund Fees and Expenses shown are based on the total expense ratio of the RICs for the RICs' most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund's NAV.

Resources

Significant Event

On September 13, 2021, the Board of Trustees of the Ivy Funds approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) as a sub-advisor. In addition, the Board approved the appointment of the portfolio manager team of Stefan Löwenthal and Jürgen Wurzer of MIMAK to join Aaron D. Young of Delaware Management Company (DMC) as Fund portfolio managers. All changes took effect on or about November 15, 2021.

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 Portfolio’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 Portfolio from executing advantageous investment decisions in a timely manner and could negatively impact the Portfolio’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 Portfolio.

All third-party marks cited are the property of their respective owners.

Not FDIC Insured • No Bank Guarantee • May Lose Value

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.

You can check the background of your investment professional on FINRA's BrokerCheck.