Delaware Ivy Smid Cap Core Fund

Delaware Ivy Smid Cap Core Fund(Formerly, Ivy Smid Cap Core Fund)

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Key features

Stocks are selected by a highly experienced focused investment team, averaging over 25 years of industry experience

Focused on uncovering the best opportunities across the traditionally under-researched US small- and mid-cap company market

A daily review of the portfolio's risk exposures ensures alpha is driven by stock selection

Daily pricing as of 02/03/2023

NAV
NAV 1-day net change
Max offer price
$16.48

Total net assets as of 12/31/2022

All share classes
$376.6 million

Overview

Fund information
Inception date 04/02/2007
Dividends paid (if any) Quarterly
Capital gains paid (if any) December
Fund identifiers
NASDAQ IVVIX
CUSIP 465899813

Benchmark and peer group

Russell 2500TM Index (view definition)

Russell 2000® Index (view definition)

Morningstar Small Blend 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 (01/31/2023)

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 (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 4 584
3 years 3 584
5 years 3 543
10 years 4 364
Morningstar category Morningstar Small Blend Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 12/31/2022
1 year 152 / 611
3 years 397 / 585
5 years 313 / 543
10 years 145 / 363
Morningstar category Morningstar Small Blend Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 12/31/2022
1 year 435 / 909
3 years 624 / 865
5 years 452 / 804
10 years 197 / 557
Lipper classification Lipper Small-Cap Core Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.07%
Net
0.89%

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
-14.68%
2021
21.42%
2020
7.56%
2019
24.78%
2018
-10.32%
2017
13.73%
2016
28.97%
2015
-5.61%
2014
7.30%
2013
33.42%

Portfolio

Download top holdings report

Portfolio characteristics as of 12/31/2022

Number of holdings
135
Market cap (median) Source: FactSet
$4.8 billion
Market cap (weighted average) Source: FactSet
$7.1 billion
Portfolio turnover (last fiscal year)
122%
Beta (relative to Russell 2500 Index) (view definition)
0.94
Annualized standard deviation, 3 years (view definition)
24.48

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

Domestic equities
97.4%
International equities & depositary receipts
1.9%
Cash, cash equivalents and other assets
0.7%

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
Liberty Energy Inc.
2.16
Chesapeake Energy Corp.
1.79
Reliance Steel & Aluminum Co.
1.57
Quanta Serv Inc.
1.48
Exlservice Holdings Inc.
1.48
Huntsman
1.45
Caseys General Stores Inc.
1.44
Primerica Inc.
1.41
Reinsurance Group of America IN
1.38
East West Bancorp Inc.
1.36

Total % Portfolio in Top 10 holdings - 15.52%

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
Finance
15.6%
Healthcare
13.3%
Technology
13.1%
Capital goods
11.1%
Basic materials
8.0%
REIT
6.5%
Consumer discretionary
5.9%
Business services
5.3%
Energy
5.0%
Consumer staples
3.3%
Credit cyclicals
3.1%
Transportation
2.8%
Consumer services
2.5%
Utilities
1.9%
Media
1.8%

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2023
0.000
0.000
2022
3.776
0.037
2021
3.927
0.000
2020
0.000
0.000
2019
0.142
0.017
2018
2.509
0.000
2017
0.444
0.000
2016
0.860
0.000
2015
2.154
0.000
2014
1.891
0.000
2013
2.340
0.098

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

Francis X Morris

Francis X. Morris 

  • Senior Managing Director, Chief Investment Officer — US Core Equity
  • Start date on the Fund: November 2021
  • Years of industry experience: 39
  • Read bio
Christopher Adams

Christopher S. Adams, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 34
  • Read bio
Michael Morris

Michael S. Morris, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 30
  • Read bio
Donald Padilla

Donald G. Padilla, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 36
  • Read bio
David Reidinger

David E. Reidinger 

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 29
  • 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 0.85%
Distribution and service (12b-1) fees none
Other expenses 0.22%
Total annual fund operating expenses 1.07%
Fee waivers and expense reimbursements1 (0.18%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.89%

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 0.89% 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

Significant Fund Event

On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the Fund name change to “Delaware Ivy Smid Cap Core Fund” (formerly, Delaware Ivy Small Cap Core Fund, and before that, Ivy Small Cap Core Fund) and the appointment of the portfolio manager team of Francis X. Morris, Christopher S. Adams, CFA, Michael S. Morris, CFA, Donald G. Padilla, CFA, and David E. Reidinger of Delaware Management Company (DMC) as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies and benchmark. 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 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.

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

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 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.

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell.

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.