Delaware Ivy Core Equity Fund

Delaware Ivy Core Equity Fund

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Key features

Stock selection stems from uncovering multi-year earnings catalysts that appear underappreciated by in companies believed to have strong or strengthening competitive advantages. Fund focuses on both company-specific and thematic earnings catalysts.

A concentrated portfolio of domestic companies that generally invests across the valuation and large- to mid-cap spectrum opportunistically. The goal is a portfolio of companies expected to produce long-term earnings power above expectations.

The portfolio manager has more than 20 years of experience, including 10+ years managing the strategy. He began his career as a research analyst covering a range of sectors from technology and transportation to aerospace/defense and retail/apparel.

Stock selection stems from uncovering multi-year earnings catalysts that appear underappreciated by in companies believed to have strong or strengthening competitive advantages. Fund focuses on both company-specific and thematic earnings catalysts

A concentrated portfolio of domestic companies that generally invests across the valuation and large- to mid-cap spectrum opportunistically. The goal is a portfolio of companies expected to produce long-term earnings power above expectations

The portfolio manager has more than 20 years of experience, including 10+ years managing the strategy. He be

Daily pricing as of 01/27/2023

NAV
NAV 1-day net change
Max offer price
$17.68

Total net assets as of 12/31/2022

All share classes
$3.4 billion

Overview

Fund information
Inception date 04/02/2007
Dividends paid (if any) Annually
Capital gains paid (if any) December
Fund identifiers
NASDAQ ICIEX
CUSIP 466000163

Benchmark and peer group

S&P 500® Index (view definition)

Morningstar Large Blend Category (view definition)

Lipper Large-Cap Core Funds 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 1214
3 years 5 1214
5 years 5 1108
10 years 3 813
Morningstar category Large Blend

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 12/31/2022
1 year 564 / 1358
3 years 77 / 1223
5 years 62 / 1116
10 years 440 / 818
Morningstar category Large Blend

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 12/31/2022
1 year 225 / 628
3 years 36 / 563
5 years 53 / 510
10 years 235 / 408
Lipper classification Lipper Large-Cap Core Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.79%
Net
0.75%

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
-17.22%
2021
29.22%
2020
22.01%
2019
31.28%
2018
-4.34%
2017
20.81%
2016
3.74%
2015
-0.43%
2014
9.46%
2013
32.69%
2012
18.58%

Portfolio

Portfolio characteristics as of 12/31/2022

Number of holdings
45
Market cap (median) Source: FactSet
$82.2 billion
Market cap (weighted average) Source: FactSet
$361.9 billion
Portfolio turnover (last fiscal year)
36%
Beta (relative to S&P 500 Index) (view definition)
0.98
Annualized standard deviation, 3 years (view definition)
20.89

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

Domestic equities
95.4%
International equities & depositary receipts
2.5%
Cash, cash equivalents and other assets
2.1%

Top 10 holdings as of 12/31/2022

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
Microsoft Corp.
7.70
UnitedHealth Group Inc
5.74
United Rentals Inc.
3.35
Nextera Energy Inc.
3.35
Alphabet Inc.
3.21
Progressive Corp.
3.02
Apple Inc.
2.89
Linde PLC
2.88
te Connectivity Ltd.
2.64
Microchip Tech Inc.
2.64

Total % Portfolio in Top 10 holdings - 37.42%

List of monthly holdingsList of quarterly holdings

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
Information technology
23.6%
Financials
18.4%
Healthcare
15.6%
Industrials
12.8%
Consumer discretionary
6.4%
Communication services
4.9%
Materials
4.8%
Consumer staples
4.2%
Energy
3.8%
Utilities
3.4%

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2022
2.017
0.076
2021
2.429
0.120
2020
0.390
0.066
2019
1.421
0.113
2018
1.907
0.127
2017
0.903
0.069
2016
0.444
0.092
2015
1.010
0.019
2014
1.109
0.026
2013
0.787
0.072
2012
0.082
0.073

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

Erik R Becker

Erik R. Becker, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: February 2006
  • Years of industry experience: 24
  • 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 0.61%
Distribution and service (12b-1) fees none
Other expenses 0.18%
Total annual fund operating expenses 0.79%
Fee waivers and expense reimbursements1 (0.04%)
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 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.

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 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 0.81% of the Fund’s average daily net assets from July 29, 2021 through July 29, 2022. 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 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.

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.

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.