Delaware Ivy Asset Strategy Fund

Delaware Ivy Asset Strategy Fund

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Key features

Fund seeks a rate of return competitive with that of global equities with a reduced level of volatility over a full market cycle. It blends an Equity Sleeve of global equity securities and a Diversifying Sleeve of fixed income, U.S. Treasuries, precious metals, commodities and cash.

Fund is not limited by region or asset class and has flexible ranges of 50%-80% of assets for the Equity Sleeve, with a long-term target of about 65%; and 20%-50% for the Diversifying Sleeve, with a long-term target of about 35%.

Portfolio managers target a level of expected total risk equaling 70%-90% of the risk represented in the Fund’s benchmark.

Fund seeks a rate of return competitive with that of global equities with a reduced level of volatility over a full market cycle

y blending a sleeve of global equity securities and a diversifying sleeve of various other lowly correlated asset classes, the Fund seeks an equity-like return with a reduced level of volatility over a full market cycle

Daily pricing as of 01/27/2023

NAV
NAV 1-day net change
Max offer price
$19.54

Total net assets as of 12/31/2022

All share classes
$1.8 billion

Overview

Fund information
Inception date 04/02/2007
Dividends paid (if any) Quarterly
Capital gains paid (if any) December
Fund identifiers
NASDAQ IVAEX
CUSIP 466001864

Benchmark and peer group

MSCI ACWI (All Country World Index) Index (view definition)

World Allocation Category (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

MorningstarMorningstarMorningstarMorningstar
Rating No. of funds
Overall 4 395
3 years 4 395
5 years 5 351
10 years 3 248
Morningstar category Global Allocation

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 12/31/2022
1 year 205 / 418
3 years 56 / 401
5 years 11 / 359
10 years 100 / 256
Morningstar category Global Allocation

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 12/31/2022
1 year 98 / 176
3 years 16 / 171
5 years 8 / 164
10 years 9 / 128
Lipper classification Lipper Alternative Global Macro Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.88%
Net
0.88%

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2022
-13.20%
2021
14.03%
2020
13.75%
2019
22.08%
2018
-5.27%
2017
18.76%
2016
-5.19%
2015
-8.21%
2014
-4.79%
2013
24.59%
2012
19.60%

Portfolio

Download top holdings report

Portfolio characteristics as of 12/31/2022

Number of holdings
281
Market cap (median) Source: FactSet
$57.0 billion
Market cap (weighted average) Source: FactSet
$207.8 billion
Portfolio turnover (last fiscal year)
33%
Beta (relative to MSCI ACWI Index (Net)) (view definition)
0.84
SEC 30-day yield with waiver (view definition)
2.52%
SEC 30-day yield without waiver (view definition)
2.52%
Annualized standard deviation, 3 years (view definition)
17.39

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

Global equity
63.0%
High yield fixed income
13.2%
Investment grade fixed income
13.0%
Other assets
10.8%

Top 10 equity holdings as of 12/31/2022

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

List may exclude cash and cash equivalents.

Holding
% of portfolio
Holding
% of portfolio
Ivy Asf Gold Cfc
4.82
Microsoft Corp.
1.60
Unitedhealth Group Inc.
1.56
Deutsche Telekom N AG
1.52
Orix Corp.
1.50
Mastercard Inc. Class A
1.49
Vanguard Russell Index FUND;ETF
1.49
Conocophillips
1.47
Canadian Natural Resources Ltd.
1.45
Ishares--5 Year High Yield Corpora
1.39

Total % Portfolio in Top 10 holdings - 18.29%

List of monthly holdingsList of quarterly holdings

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2022
2.971
0.269
2021
2.252
0.608
2020
0.252
0.440
2019
0.806
0.502
2018
3.460
0.411
2017
0.452
0.347
2016
0.000
0.000
2015
1.369
0.110
2014
4.849
0.194
2013
0.000
0.194
2012
0.000
0.767

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

Chace Brundige

F. Chace Brundige, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: August 2014
  • Years of industry experience: 29
  • Read bio
Aaron Young

Aaron D. Young 

  • Senior Vice President, Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 18
  • Read bio
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 0.66%
Distribution and service (12b-1) fees none
Other expenses 0.22%
Total annual fund operating expenses 0.88%
Fee waivers and expense reimbursements1 none
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 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

Significant Event

On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG portfolio managers Stefan Löwenthal and Jürgen Wurzer and Aaron D. Young of Delaware Management Company (DMC) to join F. Chace Brundige of DMC as Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. 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 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.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

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.

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. High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for to obtain precise valuations of the high yield securities.

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.

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

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.

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.