Delaware Global Listed Real Assets Fund

Delaware Global Listed Real Assets Fund

Key features

A real assets portfolio that aims to provide capital appreciation and income, inflation protection, and diversification

Dynamic multi-asset allocation framework built on market assessments using pairwise views rather than explicit point estimates

Experienced multi-asset allocation team and specialized experts in each asset class

Daily pricing as of 09/29/2023

NAV
NAV 1-day net change
Max offer price
$11.53

Total net assets as of 08/31/2023

All share classes
$114.4 million

Overview

Fund information
Inception date 11/11/1997
Dividends paid (if any) Quarterly
Capital gains paid (if any) November or December
Fund identifiers
NASDAQ DPRSX
CUSIP 246248777

Benchmark and peer group

Bloomberg Global Inflation-Linked Total Return Index Value Hedged USD (primary) (view definition)

20% Global Listed Infrastructure, 20% Global Real Estate, 20% Global Natural Resources, 40% Global Inflation (secondary) (view definition)

S&P Global Infrastructure Index (secondary) (view definition)

S&P Global Natural Resources Index (secondary) (view definition)

FTSE EPRA NAREIT Developed Index (secondary) (view definition)

Morningstar Global Allocation Category (view definition)

Lipper Real Return Funds (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 (08/31/2023)

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 (06/30/2023)

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.

Morningstar ranking - as of 08/31/2023
1 year 343 / 393
3 years 50 / 377
5 years n/a
10 years n/a
Morningstar category Global Allocation

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 08/31/2023
1 year 28 / 99
3 years 39 / 89
5 years 4 / 80
10 years 1 / 56
Lipper classification Lipper Real Return Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.13%
Net
0.99%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from February 28, 2023 through February 28, 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
2022
-6.74%
2021
19.46%
2020
1.18%
2019
30.74%
2018
-7.55%
2017
1.17%
2016
5.60%
2015
3.47%
2014
29.20%
2013
1.88%

Portfolio

Portfolio characteristics as of 08/31/2023

Number of holdings
280
Portfolio turnover (last fiscal year)
65%
SEC 30-day yield with waiver (view definition)
4.11%
SEC 30-day yield without waiver (view definition)
3.92%

Portfolio composition as of 08/31/2023

Total may not equal 100% due to rounding.
Total equity 62.5%
Inflation linked global listed infrastructure 19.4%
Global natural resources 22.4%
Global real estate 20.7%
Total fixed income 35.2%
Global inflation linked fixed income 18.5%
Opportunistic infrastructure fixed income 16.7%
Total tactical allocation 2.5%

Top 10 holdings as of 08/31/2023

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.

Holding
% of portfolio
Holding
% of portfolio
UNITED STATES TREASURY
8.73
UNITED KINGDOM OF GREAT BRITAIN AND NORT
3.85
FRANCE (REPUBLIC OF)
2.64
UNITED STATES TREASURY INFLATION INDEXE
1.45
GERMANY (FEDERAL REPUBLIC OF)
1.32
EQUINIX INC
1.26
SHELL PLC
1.22
PROLOGIS INC
1.21
ALEATICA SAB DE CV
1.20
WELLTOWER OP LLC
1.11

Total % Portfolio in Top 10 holdings - 23.99%

List of monthly holdingsList of quarterly holdings

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

Year
Capital gains3
Net investment income
Return of capital
Year
Capital gains3
Net investment income
Return of capital
2023
0.000
0.000
0.000
2022
0.000
0.000
0.000
2021
0.000
0.000
0.000
2020
0.000
0.000
0.000
2019
0.000
0.048
0.023
2018
0.000
0.242
0.046
2017
0.322
0.119
0.000
2016
2.868
0.221
0.000
2015
1.605
0.255
0.000
2014
0.715
0.316
0.000
2013
0.439
0.274
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

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 – Global Multi-Asset
  • Start date on the Fund: May 2022
  • Years of industry experience: 19
  • 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
  • Start date on the Fund: August 2019
  • Years of industry experience: 15
  • Read bio
Jurgen Wurzer

Jürgen Wurzer 

  • Managing Director, Deputy Head – Global Multi-Asset
  • Start date on the Fund: August 2019
  • 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 0.75%
Distribution and service (12b-1) fees none
Other expenses 0.38%
Total annual fund operating expenses 1.13%
Fee waivers and expense reimbursements1 (0.14%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.99%

Please see the prospectus and SAI for additional information.

1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from February 28, 2023 through February 28, 2024. 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 1.06% of the Fund's average daily net assets from February 25, 2022 through February 28, 2023. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Resources

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) serves as sub-advisor for the Fund. MIMAK is primarily responsible for the day-to-day management of the Fund's portfolio and determines it asset allocation. MIMAK and the Manager may seek investment advice and recommendations relating to fixed income securities from its affiliates: Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL). The Manager may also permit MIMEL and MIMGL to exercise investment discretion and perform trading for fixed income securities, as applicable, in certain markets where the Manager believes it will be beneficial to utilize MIMEL’s or MIMGL’s specialized market knowledge, and the Manager may also seek quantitative support from MIMGL. MIMEL and MIMGL are also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

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.

Investing involves risk, including the possible loss of principal.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

Investment strategies that hold securities issued by companies principally engaged in the infrastructure industry have greater exposure to the potential adverse economic, regulatory, political, and other changes affecting such entities.

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.

A foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.

If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Exposure to the commodities markets may subject the investments to greater volatility than investments in traditional securities.

Investments related to gold and other precious metals are considered speculative and are affected by a variety of worldwide economic, financial and political factors.

Infrastructure companies are subject to risks including increased costs associated with capital construction programs and environmental regulations, surplus capacity, increased competition, availability of fuel at reasonable prices, energy conservation policies, difficulty in raising capital, and increased susceptibility to terrorist acts or political actions. Because the Fund invests significantly in Natural Resources Securities, there is the risk that the Fund will perform poorly during a downturn in the natural resource sector.

Leveraging risk is the risk that certain fund transactions may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

The risk that the value of a fund’s shares will be affected by factors particular to Real Assets Securities and related industries or sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of industries.

Investing in the real estate industry includes risks such as declines in real estate value, lack of availability of mortgage funds, overbuilding, extended vacancies, increases in property taxes, changes in zoning laws, costs from cleanup of environmental problems, uninsured damages, variations in rents, and changes in interest rates.

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.

Changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (“IBORs,” such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate.

The Fund’s investment in energy infrastructure MLPs is subject to a variety of industry specific risk factors that may adversely affect their business or operations, including those due to commodity production, volumes, commodity prices, weather conditions and terrorist attacks, as well significant federal, state and local government regulation and potential tax consequences for shareholders.

Active management will increase the expenses of the Fund because of brokerage charges, spreads, or mark-up charges. Active trading could raise transaction costs, thereby lowering the Fund’s returns, and could generate taxes for shareholders on realized investment gains.

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

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The Fund may allocate more of their net assets to investments in single securities than “diversified” funds.

Not FDIC Insured • No Bank Guarantee • May Lose Value

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

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.