Delaware Ivy Multi-Asset Income Fund

Delaware Ivy Multi-Asset Income 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 04/15/2024

NAV
$9.24
NAV 1-day net change
-0.07
Max offer price
$9.24

Total net assets as of 03/31/2024

All share classes
$94.2 million

Overview

Fund information
Inception date 10/01/2015
Dividends paid (if any) Quarterly
Capital gains paid (if any) December
Fund identifiers
NASDAQ IMAIX
CUSIP 46600B821

Benchmark and peer group

50% MSCI ACWI / 50% ICE BofA US High Yield (view definition)

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

ICE BofA US High Yield Index (view definition)

Morningstar Global Allocation Category (view definition)

Lipper Mixed-Asset Target Allocation Moderate 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 (03/31/2024)

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the Fund's inception date.

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 (03/31/2024)

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the Fund's inception date.

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 03/31/2024

Rating No. of funds
Overall 2 356
3 years 3 356
5 years 2 338
Morningstar category Global Allocation

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 03/31/2024
1 year 301 / 370
3 years 262 / 356
5 years 256 / 338
10 years n/a
Morningstar category Global Allocation

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 03/31/2024
1 year 535 / 553
3 years 413 / 534
5 years 433 / 501
10 years n/a
Lipper classification Lipper Mixed-Asset Target Allocation Moderate Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.98%
Net
0.75%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from January 29, 2024 through January 28, 2025. 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
9.50%
2022
-11.64%
2021
12.17%
2020
4.35%
2019
15.91%
2018
-4.30%
2017
10.82%
2016
7.32%

Portfolio

Portfolio characteristics as of 03/31/2024

Number of holdings
480
Market cap (median) Source: FactSet
$14.8 billion
Market cap (weighted average) Source: FactSet
$67.8 billion
Portfolio turnover (last fiscal year)
51%
Beta (relative to 50% MSCI ACWI NR / 50% ICE BofA US High Yield TR) (view definition)
0.91
SEC 30-day yield with waiver (view definition)
4.14%
SEC 30-day yield without waiver (view definition)
3.67%
Annualized standard deviation, 3 years (view definition)
11.74

Top 10 holdings as of 03/31/2024

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

List excludes cash and cash equivalents.

Holding
% of portfolio
Holding
% of portfolio
VANGUARD HIGH DIVIDEND YIELD INDEX
3.37
VANGUARD INTERNATL HIGH DIV YIELD
2.23
SAP
1.21
KONINKLIJKE AHOLD DELHAIZE NV
1.20
NESTLE SA
1.10
UNILEVER PLC
1.09
DIAGEO PLC
1.05
NEW COTAI TL EXIT PIK 5.318 2/2/2027
1.01
CLOROX
0.86
LAIR LIQUIDE SOCIETE ANONYME POUR
0.85

Total % Fund in Top 10 holdings - 13.97%

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
2024
0.000
0.220
2023
0.000
0.409
2022
0.623
0.283
2021
0.000
0.541
2020
0.000
0.464
2019
0.133
0.489
2018
0.345
0.490
2017
0.013
0.426
2016
0.016
0.336
2015
0.001
0.040
2014
0.000
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: November 2021
  • 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, Head of Global Multi-Asset
  • Start date on the Fund: November 2021
  • Years of industry experience: 16
  • Read bio
Jurgen Wurzer

Jürgen Wurzer 

  • Managing Director, Deputy Head of Global Multi-Asset
  • Start date on the Fund: November 2021
  • Years of industry experience: 17
  • 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 0.70%
Distribution and service (12b-1) fees none
Other expenses 0.28%
Total annual fund operating expenses 0.98%
Fee waivers and expense reimbursements1 (0.23%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.75%

Please see the prospectus and SAI for additional information.

1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from January 29, 2024 through January 28, 2025. 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 0.75% of the Fund's average daily net assets from January 28, 2022 through January 28, 2023. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Resources

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 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. 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 controls and asset allocation models do not promise any level of performance or guarantee against 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.

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.

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. This includes 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.

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.