Fund Detail

Delaware Ivy Global Equity Income Fund

(Formerly, Ivy Global Equity Income Fund)
Track Fund
$14.23 NAV as of 12/7/2021
$0.17 / 1.21% Daily NAV Change
12.93% YTD (NAV) as of 12/7/2021 i

Fund Summary

Seeking growth and income across the globe
Concentrated approach that seeks high-quality companies with undiscovered growth potential
Systematic integration of technology and fundamental analysis leads to strong risk controls and drives performance
Straightforward investment philosophy that has been applied consistently for more than 30 years
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Jens Hansen

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 31 Years in Industry
  • Klaus Petersen, CFA

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 24 Years in Industry
  • Claus Juul

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 23 Years in Industry
  • Åsa Annerstedt

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 25 Years in Industry
  • Allan Saustrup Jensen, CAIA , CFA

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 24 Years in Industry
  • Chris Gowlland, CFA

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 24 Years in Industry
Growth of a $10,000 Investment through 9/30/2018

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 12/7/2021
Net Asset Value (NAV) $14.23  
Daily NAV Change $0.17 1.21%
Weekly NAV Change $0.52 3.79%
Public Offering Price (POP) $14.23
Fund Facts
Ticker Symbol IYGEX
CUSIP 465899458
Fund Code 901
Fund Type Global/International
Fund Inception 6/4/2012
Class Inception 12/19/2012
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets
(as of 11/30/2021)
$551.3 mil
Total Equity Holdings
(as of 11/30/2021)
60
Total Holdings
(as of 11/30/2021)
61
Portfolio Turnover Rate
(as of 3/31/2021)
39%
Morningstar Category World Large-Stock Value
BenchmarkMSCI World NR USD
BenchmarkFTSE All-World High Dividend Yield Index

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.

Performance does not include the effect of sales charges as Class R shares are not subject to sales charges. Performance prior to the Class R inception date is based on the performance of the Fund's Class A shares, adjusted to reflect the sales charge structure associated with Class R shares.

Monthly Rates of Return Average Annual Total Returns as of 11/30/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 8.81% 13.20% 9.02% 8.61% N/A 8.57%
MSCI World NR USD 16.82% 21.78% 16.89% 14.61% 12.22% -
FTSE All-World High Dividend Yield Index 10.68% 16.02% 7.95% 7.77% 7.49% -
Morningstar World Large-Stock Value 11.06% 16.38% 9.15% 8.59% 8.30% -

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 9.44% 26.33% 7.18% 8.15% N/A 8.80%
MSCI World NR USD 13.04% 28.82% 13.14% 13.74% 12.68% -
FTSE All-World High Dividend Yield Index 11.75% 29.81% 6.68% 7.82% 8.23% -
Morningstar World Large-Stock Value 11.94% 31.36% 7.20% 8.70% 9.58% -

Calendar Year Return

201620172018201920202011201220132014201520062007200820092010200320042005
Class R4.34 18.32 -10.44 22.76 3.24 - - 21.12 2.65 -0.52 - - - - - - - -
MSCI World NR USD7.51 22.40 -8.71 27.67 15.90 -5.54 15.83 26.68 4.94 -0.87 20.07 9.04 -40.71 29.99 11.76 33.11 14.72 9.49
FTSE All-World High Dividend Yield Index10.55 18.94 -11.56 21.22 -0.32 -4.66 15.21 18.87 1.21 -5.24 - - - - 8.78 - - -

Morningstar Ratings as of 11/30/2021

Category: World Large-Stock Value

Overall out of 161 ★★★
3 Year out of 161 ★★★
5 Year out of 151 ★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 11/30/2021

Category: World Large-Stock Value

  Rank Percentile
1 Year 124 /170 76
3 Year 79 /161 52
5 Year 80 /151 52

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 1.54%
Gross 1.54%

5-Year Standard Deviation as of 10/31/2021

Fund 15.07
MSCI World NR USD 14.88
FTSE All-World High Dividend Yield Index 14.83

5-Year MPT* Statistics as of 10/31/2021

Alpha 0.73
Beta 1.00
R-Squared 96.41
Sharpe Ratio 0.55
Capture Ratio

Upside: 103.14%

Downside: 100.28%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 9/30/2018

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 12/19/2012

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 12/19/2012

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.

Annualized 30-Day SEC Yield as of 11/30/2021

Subsidized 1.52%
Unsubsidized 1.52%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 11/30/2021

Schneider Electric S.A. Schneider Electric SE is a French multinational corporation that specializes in energy management, automation solutions, spanning hardware, software, and services. 3.85%
AstraZeneca plc AstraZeneca PLC (AstraZeneca) is a biopharmaceutical company. The Company focuses on the discovery, development and commercialization of prescription medicines for six areas of healthcare. 3.53%
Siemens AG Siemens AG (Siemens) is a Germany-based multinational company with a business portfolio of activities in the field of electronics and electrical engineering. 3.39%
Kimberly-Clark Corp. Kimberly-Clark Corp. is a global health and hygiene company that manufactures and provides consumer products around the world, including diapers, tissues, paper towels, incontinence care products, surgical gowns, and disposable face masks. 3.38%
adidas AG adidas AG is a Germany-based producer of sportswear and sports equipment, operating globally. 3.12%
Cisco Systems, Inc. Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products relating to the communications and information technology industry worldwide. 3.01%
Procter & Gamble Co. (The) The Procter & Gamble Company engages in the manufacture and sale of consumer goods worldwide. 2.98%
ORIX Corp. 2.94%
Raytheon Technologies Corp. 2.80%
Pfizer, Inc. Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition. 2.76%
Total Portfolio Holdings DOWNLOAD (as of 9/30/2021)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 11/30/2021
Large ( > $10 bil) 94.8%
Medium ($2 - $10 bil) 4.5%
Small ( < $2 bil) 0.7%
Median Market Cap (as of 11/30/2021) $44.6 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 11/30/2021)
Pharmaceuticals 12.3%
Household Products 7.4%
Packaged Foods & Meats 6.9%
Electrical Components & Equipment 6.3%
Apparel, Accessories & Luxury Goods 5.5%
Multi-Utilities 5.5%
Industrial Conglomerates 4.4%
Electric Utilities 3.6%
Personal Products 3.0%
Communications Equipment 3.0%
Sector Allocation as a % of equity assets as of 11/30/2021
Consumer Staples 21.68%
Industrials 15.88%
Health Care 15.57%
Financials 14.02%
Utilities 9.07%
Consumer Discretionary 7.49%
Information Technology 5.78%
Materials 4.73%
Energy 4.42%
Communication Services 1.36%
Portfolio Composition as a % of net assets as of 11/30/2021
Foreign Common Stock 62.86%
Domestic Common Stock 36.68%
Cash and Cash Equivalents 0.46%
Equity Country Allocation as a % of equity assets as of 11/30/2021
United States 36.9%
Germany 17.5%
France 11.7%
United Kingdom 10.6%
Switzerland 7.4%
Japan 6.7%
Italy 2.4%
Sweden 2.0%
Ireland 1.5%
Spain 1.3%
Indonesia 1.2%
Singapore 1.0%
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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[1917082]


Significant Event On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio manager team of Jens Hansen, Klaus Petersen, CFA, Claus Juul, Åsa Annerstedt, Allan Saustrup Jensen, CFA, CAIA®, and Chris Gowlland, CFA 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.

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. International investing involves additional risks including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. Fixed income securities are subject to interest rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Dividend- paying investments may not experience the same price appreciation as non-dividend paying instruments. Dividend-paying companies may choose to not pay a dividend or the dividend may be less than expected. 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 World Large-Stock Value Category compares funds that invest in a variety of international stocks and typically skew toward large-caps that are less expensive or growing more slowly than other global large-cap stocks. World large-stock value funds have few geographical limitations. It is common for these funds to invest most of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight US equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute US exposure.

Index Description: MSCI World is an unmanaged index comprised of securities that represent the securities markets around the world. It is not possible to invest directly in an index.

Index Description: The FTSE All-World High Dividend Yield Index comprises stocks that are characterized by higher than-average dividend yields and is based on the FTSE All-World Index. Real estate investment trusts (REITS) are removed from the index, as are stocks that are forecast to pay a zero dividend over the next 12 months. The remaining stocks are ranked by annual dividend yield and included in the target index until the cumulative market capitalization reaches 50% of the total market cap of this universe of stocks.

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 1.22%; Class B shares at 1.92%; Class E shares at 1.09%; Class I shares at 0.92%; and Class Y shares at 1.19%. 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.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

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.