Delaware Ivy Value Fund

Delaware Ivy Value Fund

Key features

Focus on higher-quality companies with attractive valuations

Uses a research-intensive approach that emphasizes fundamental active stock selection

Invests primarily in a diversified portfolio of large cap companies that have the potential for long term capital appreciation

Daily pricing as of 04/12/2024

NAV
NAV 1-day net change
Max offer price
$17.20

Total net assets as of 03/31/2024

All share classes
$491.6 million

Overview

Fund information
Inception date 04/02/2007
Dividends paid (if any) Quarterly
Capital gains paid (if any) December
Fund identifiers
NASDAQ IYAIX
CUSIP 465899789

Benchmark and peer group

Russell 1000® Value Index (view definition)

Morningstar Large-Value Category (view definition)

Lipper Multi-Cap Value 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.

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.

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

MorningstarMorningstarMorningstar
Rating No. of funds
Overall 3 1118
3 years 3 1118
5 years 3 1058
10 years 2 816
Morningstar category Morningstar Large Value Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 03/31/2024
1 year 972 / 1204
3 years 657 / 1118
5 years 472 / 1058
10 years 560 / 816
Morningstar category Morningstar Large Value Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 03/31/2024
1 year 554 / 672
3 years 353 / 619
5 years 258 / 585
10 years 262 / 423
Lipper classification Lipper Multi-Cap Value Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.86%
Net
0.83%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 31, 2023 through July 30, 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
2023
5.45%
2022
-4.68%
2021
31.52%
2020
1.76%
2019
26.57%
2018
-7.07%
2017
12.53%
2016
11.16%
2015
-3.82%
2014
10.89%

Portfolio

Download top holdings report

Portfolio characteristics as of 03/31/2024

Number of holdings
32
Market cap (median) Source: FactSet
$56.4 billion
Market cap (weighted average) Source: FactSet
$111.6 billion
Portfolio turnover (last fiscal year)
103%
Beta (relative to Russell 1000 Value Index) (view definition)
0.96
Annualized standard deviation, 3 years (view definition)
16.11

Portfolio composition as of 03/31/2024
Total may not equal 100% due to rounding.

Domestic equities
94.1%
International equities & depositary receipts
3.1%
Cash, cash equivalents and other assets
2.9%

Top 10 holdings as of 03/31/2024

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
TWDC ENTERPRISES 18 CORP
3.17
US BANCORP
3.16
TRAVELERS COMPANIES INC
3.14
EXXON MOBIL CORP
3.13
MOTOROLA SOLUTIONS INC
3.13
CVS HEALTH CORP
3.11
EQUITY RESIDENTIAL
3.11
NORTHROP GRUMMAN CORP
3.11
DUPONT DE NEMOURS INC
3.10
TJX COMPANIES INC
3.10

Total % Portfolio in Top 10 holdings - 31.26%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 03/31/2024

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
Financials
18.4%
Healthcare
18.3%
Information technology
15.0%
Industrials
9.2%
Consumer discretionary
9.2%
Consumer staples
8.4%
Communication services
6.2%
Energy
3.1%
Real estate
3.1%
Materials
3.1%
Utilities
3.1%

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
0.140
2023
5.613
0.271
2022
4.394
0.481
2021
2.572
0.467
2020
0.468
0.334
2019
1.922
0.392
2018
1.238
0.276
2017
0.550
0.334
2016
0.154
0.402
2015
2.708
0.051
2014
1.758
0.112

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

Nikhil Lalvani

Nikhil Lalvani, CFA

  • Managing Director, Senior Portfolio Manager, Team Leader – US Large Cap Value Equity
  • Start date on the Fund: December 2022
  • Years of industry experience: 27
  • Read bio
Kristen Bartholdson

Kristen Bartholdson 

  • Managing Director, Senior Portfolio Manager – US Large Cap Value Equity
  • Start date on the Fund: December 2022
  • Years of industry experience: 23
  • Read bio
Erin Ksenak

Erin Ksenak 

  • Managing Director, Portfolio Manager – US Large Cap Value Equity
  • Start date on the Fund: December 2022
  • Years of industry experience: 14
  • 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 0.69%
Distribution and service (12b-1) fees none
Other expenses 0.17%
Total annual fund operating expenses 0.86%
Fee waivers and expense reimbursements1 (0.03%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.83%

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 31, 2023 through July 30, 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 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 0.92% 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 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.

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 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.