Delaware Ivy Systematic Emerging Markets Equity Fund

Delaware Ivy Systematic Emerging Markets Equity Fund

Key features

The Fund invests across the valuation spectrum and seeks to capitalize on the inefficiencies of emerging market equities

The Fund invests in companies with attractive quality, momentum, and value characteristics offering consistent return potential

Quantitatively-driven approach that combines extensive investment knowledge with cutting edge technology

Daily pricing as of 07/12/2024

NAV
NAV 1-day net change
Max offer price
$21.20

Total net assets as of 06/30/2024

All share classes
$746.0 million

Overview

Fund information
Inception date 04/02/2007
Dividends paid (if any) Annually
Capital gains paid (if any) December
Fund identifiers
NASDAQ IPOIX
CUSIP 465899854

Benchmark and peer group

MSCI Emerging Markets Index (view definition)

Morningstar Diversified Emerging Markets Category (view definition)

Lipper Emerging Markets 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 (as applicable) 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 (06/30/2024)

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 (06/30/2024)

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

Class I shares - as of 06/30/2024

MorningstarMorningstarMorningstar
Rating No. of funds
Overall 3 718
3 years 2 718
5 years 3 646
10 years 4 423
Morningstar category Morningstar Diversified Emerging Markets Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 06/30/2024
1 year 182 / 804
3 years 473 / 718
5 years 182 / 646
10 years 47 / 423
Morningstar category Morningstar Diversified Emerging Markets Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 06/30/2024
1 year 170 / 775
3 years 445 / 693
5 years 176 / 620
10 years 52 / 402
Lipper classification Lipper Emerging Markets Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.08%
Net
0.80%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 31, 2023 through July 30, 2024. Please see the fee table in the Fund's prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2023
11.06%
2022
-26.96%
2021
-4.38%
2020
35.55%
2019
23.85%
2018
-19.48%
2017
43.11%
2016
10.20%
2015
-11.78%
2014
0.28%

Portfolio

Portfolio characteristics as of 06/30/2024

Number of holdings
102
Market cap (median) Source: FactSet
$35.5 billion
Market cap (weighted average) Source: FactSet
$188.3 billion
Portfolio turnover (last fiscal year)
65%
Beta (relative to MSCI Emerging Markets Index (Net)) (view definition)
1.04
Annualized standard deviation, 3 years (view definition)
19.13

Portfolio composition as of 06/30/2024
Total may not equal 100% due to rounding.

International equities & depositary receipts
99.0%
Cash, cash equivalents and other assets
1.0%

Top 10 holdings as of 06/30/2024

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
TAIWAN SEMICONDUCTOR MANUFACTURING CO LT
10.58
SAMSUNG ELECTRONICS CO LTD
6.59
TENCENT HOLDINGS LTD
4.47
ICICI BANK LTD
3.75
KIA CORP
3.66
BAJAJ AUTO LTD
3.32
NETEASE INC
2.81
MEDIATEK INC
2.77
BANK OF CHINA LTD
2.67
INFOSYS LTD
2.52

Total % Portfolio in Top 10 holdings - 43.14%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 06/30/2024

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
Information technology
32.2%
Financials
20.4%
Consumer discretionary
15.5%
Communication services
9.9%
Energy
8.5%
Consumer staples
4.8%
Industrials
4.7%
Materials
2.3%
Utilities
0.4%
Healthcare
0.3%
Real estate
0.1%

Top 10 countries as of 06/30/2024

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

Country
% of portfolio
Country
% of portfolio
China
27.2%
India
22.6%
Taiwan
20.5%
South Korea
12.1%
Indonesia
4.3%
Brazil
4.0%
South Africa
3.0%
Turkey
2.7%
Mexico
2.4%
Saudi Arabia
0.2%

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2024
0.000
0.000
2023
0.000
0.618
2022
2.246
0.222
2021
0.000
0.243
2020
0.000
0.294
2019
0.000
0.242
2018
0.000
0.191
2017
0.000
0.063
2016
0.000
0.000
2015
0.000
0.137
2014
0.000
0.171

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

Benjamin Leung

Benjamin Leung, CFA

  • Division Director, Co-Head of Systematic Investments, Head of Research
  • Start date on the Fund: November 2021
  • Years of industry experience: 22
  • Read bio
Scot Thompson

Scot Thompson 

  • Division Director, Co-Head of Systematic Investments, Portfolio Manager
  • Start date on the Fund: November 2021
  • 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 0.92%
Distribution and service (12b-1) fees none
Other expenses 0.16%
Total annual fund operating expenses 1.08%
Fee waivers and expense reimbursements1 (0.28%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.80%

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 31, 2023 through July 30, 2024. Please see the fee table in the Fund's prospectus for more information.

Class I shares are available only to certain investors. See the prospectus for more information.

Resources

Significant Fund Event

On September 13, 2021, the Board of Trustees of the Ivy Funds approved the appointment of the portfolio management team of Benjamin Leung, CFA, and Scot Thompson of Macquarie Investment Management Global Limited as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. In addition, on November 1, 2021, it was announced that the Fund’s name will change to “Delaware Ivy Systematic Emerging Markets Equity Fund” (formerly, Delaware Ivy Emerging Markets Equity Fund, and before that, Ivy Emerging Markets Equity Fund). 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 its 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 its 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 seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited (MIMEL), Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), and Macquarie Investment Management Global Limited (MIMGL) (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 DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

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

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.