Fund Detail

Delaware Ivy Core Equity Fund

(Formerly, Ivy Core Equity Fund)
Track Fund
$24.37 NAV as of 10/21/2021
$0.16 / 0.66% Daily NAV Change
25.04% YTD (NAV) as of 10/21/2021 i

Fund Summary

Building a well-rounded portfolio
Strategy
Stock selection stems from uncovering multi-year earnings catalysts that appear underappreciated by the market in companies believed to have strong or strengthening competitive advantages. Fund focuses on both company-specific and thematic earnings catalysts.
Process
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.
Experienced management
The portfolio manager has more than 20 years of industry experience, including 10+ years managing the strategy. He began his career as a research analyst covering a wide range of industries from technology and transportation to aerospace/defense and retail/apparel.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Erik R. Becker, CFA

    • — Delaware Management Company
    • — 15 Years with Fund
    • — 23 Years in Industry
Growth of a $10,000 Investment through 9/30/2021

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes. If it had, performance shown would have been lower.

Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Information Statement
Q1 Holdings
Q3 Holdings
Daily Prices as of 10/21/2021
Net Asset Value (NAV) $24.37  
Daily NAV Change $0.16 0.66%
Weekly NAV Change $0.73 3.09%
Public Offering Price (POP) $24.37
Fund Facts
Ticker Symbol ICIEX
CUSIP 466000163
Fund Code 470
Fund Type Domestic Equity
Fund Inception 9/21/1992
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 9/30/2021)
$4.9 bil
Total Equity Holdings
(as of 9/30/2021)
46
Total Holdings
(as of 9/30/2021)
47
Portfolio Turnover Rate
(as of 3/31/2021)
49%
Morningstar Category Large Blend
BenchmarkS&P 500 TR USD

Fund Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Class I shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return Average Annual Total Returns as of 9/30/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 17.14% 31.43% 17.10% 16.68% 15.70% 10.74%
S&P 500 TR USD 15.92% 30.00% 15.99% 16.90% 16.63% -
Morningstar Large Blend 15.00% 29.94% 14.34% 15.28% 15.12% -

Quarterly Rates of Return Average Annual Total Returns as of 9/30/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 17.14% 31.43% 17.10% 16.68% 15.70% 10.74%
S&P 500 TR USD 15.92% 30.00% 15.99% 16.90% 16.63% -
Morningstar Large Blend 15.00% 29.94% 14.34% 15.28% 15.12% -

Calendar Year Return

201620172018201920202011201220132014201520062007200820092010200320042005
Class I3.74 20.80 -4.34 31.28 22.01 1.29 18.58 32.69 9.46 -0.43 - - -34.49 23.82 20.79 - - -
S&P 500 TR USD11.96 21.83 -4.38 31.49 18.40 2.11 16.00 32.39 13.69 1.38 15.79 5.49 -37.00 26.46 15.06 28.68 10.88 4.91

Morningstar Ratings as of 9/30/2021

Category: Large Blend

Overall out of 1257 ★★★★
3 Year out of 1257 ★★★★★
5 Year out of 1102 ★★★★
10 Year out of 812 ★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 9/30/2021

Category: Large Blend

  Rank Percentile
1 Year 393 /1380 33
3 Year 130 /1257 12
5 Year 268 /1102 28
10 Year 352 /812 46

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.

Expense Ratios as of 7/29/2021

Net 0.81%
Gross 0.81%

5-Year Standard Deviation as of 9/30/2021

Fund 15.28
S&P 500 TR USD 15.20

5-Year MPT* Statistics as of 9/30/2021

Alpha 0.16
Beta 0.98
R-Squared 94.89
Sharpe Ratio 1.02
Capture Ratio

Upside: 98.46%

Downside: 98.09%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 9/30/2021

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Fund Distributions

Historical Prices Inception 4/2/2007

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 4/2/2007

Ex-date Income Capital Gains Reinvest Gains Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 9/30/2021

Microsoft Corp. Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices. 8.11%
Alphabet, Inc., Class A Alphabet Inc through its subsidiary Google Inc is engaged in improving the ways people connect with information & products including Search, Android, YouTube, Apps, Maps & Ads. It also produces internet-connected home devices & provides internet services. 4.85%
Apple, Inc. Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions worldwide. 4.17%
Amazon.com, Inc. Amazon.com, Inc. operates as an online retailer in North America and internationally. 3.61%
Fiserv, Inc. Fiserv, Inc. is a global provider of financial services technology solutions, including electronic commerce systems and services, such as transaction processing, electronic bill payment and presentment, business process outsourcing, document distribution services, and software and systems solutions. 3.36%
UnitedHealth Group, Inc. UnitedHealth Group is a diversified health and well-being company offering a spectrum of products and services serving consumers, employers, physicians, providers, hospitals and other caregivers. 3.17%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 3.07%
MasterCard, Inc., Class A MasterCard Incorporated (MasterCard) is a global payments company that provides a economic link among financial institutions, businesses, merchants, cardholders and governments worldwide, enabling them to use electronic forms of payment instead of cash and checks. 2.82%
Aon plc 2.70%
HCA Holdings, Inc. HCA Holdings, Inc., was one of the first hospital companies in the U.S., and now includes 165 hospitals and 115 freestanding surgery centers in 20 states and England. 2.68%
Total Portfolio Holdings DOWNLOAD (as of 9/30/2021)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 9/30/2021
Large ( > $10 bil) 98.4%
Medium ($2 - $10 bil) 1.6%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 9/30/2021) $116.4 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 9/30/2021)
Systems Software 8.1%
Data Processing & Outsourced Services 8.0%
Asset Management & Custody Banks 6.2%
Interactive Media & Services 4.9%
Pharmaceuticals 4.4%
Technology Hardware, Storage & Peripherals 4.2%
Internet & Direct Marketing Retail 3.6%
Semiconductors 3.5%
Investment Banking & Brokerage 3.4%
Managed Health Care 3.2%
Sector Allocation as a % of equity assets as of 9/30/2021
Information Technology 26.58%
Financials 21.19%
Health Care 13.16%
Industrials 10.30%
Consumer Discretionary 10.05%
Communication Services 7.96%
Consumer Staples 5.17%
Materials 3.38%
Utilities 2.21%
Portfolio Composition as a % of net assets as of 9/30/2021
Domestic Common Stock 89.95%
Foreign Common Stock 9.84%
Cash and Cash Equivalents 0.21%
Equity Country Allocation as a % of equity assets as of 9/30/2021
United States 90.1%
United Kingdom 6.3%
France 2.1%
Taiwan 1.5%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2021)

Fund Documents

Documents

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Information Statement
Q1 Holdings
Q3 Holdings

Additional Fund Literature

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Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Risk factors: Investing involves risk, including the possible loss of principal. The value of the Fund’s shares will change, and you could lose money on your investment. The Fund typically holds a limited number of stocks (generally 40 to 50). As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund's net asset value than it would if the Fund invested in a larger number of securities. Although larger companies tend to be less volatile than companies with smaller market capitalizations, returns on investments in securities of large capitalization companies could trail the returns on investments in securities of smaller companies. 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. These and other risks are more fully described in the Fund’s prospectus. Not all funds or fund classes may be offered at all broker/dealers.

The Morningstar Large Blend Category compares funds that invest in large-cap stocks, using a blend style in which neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of US industries, and owing to their broad exposure, the funds’ returns are often similar to those of the S&P 500® Index.

Index Description: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

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.

Fee waiver and/or Expense Reimbursement: Through July 29, 2022, Delaware Management Company (Manager), the Fund's investment manager, DDLP, and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.03%; Class B shares at 2.08%; Class E shares at 0.97%; and Class I and Class Y shares at 0.84%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Effective July 1, 2021, the Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares changed from 3.50% to 5.75%. Additionally, the low balance fee for Class A Shares of the Fund was eliminated and accounts will NOT be assessed an account fee of $20 if the account balance is below $650 at the start of business on the Friday prior to the last full week of September 2020 (i.e., September 18, 2020).

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the product will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Information is subject to change and is not intended to represent any past or future investment recommendations.

Gus Zinn, CFA, served as a portfolio manager on the Fund until Dec. 3, 2018.