Fund Detail

Delaware Ivy International Core Equity Fund

(Formerly, Ivy International Core Equity Fund)
Track Fund
$21.54 NAV as of 10/22/2021
$0.10 / 0.47% Daily NAV Change
14.57% YTD (NAV) as of 10/22/2021 i

Fund Summary

A gateway to international opportunities
Broad Reach
Wide-range investment mandate, which allows the Fund to invest across the international landscape, including emerging markets.
Mispriced Methodology
Strives to identify dislocations and valuation discrepancies in the international markets in an effort to find mispriced countries, sectors, currencies and, ultimately, stocks with attractive relative valuations.
Disciplined Approach
Seeks cash-generating and reasonably valued stocks that are exposed to global investment themes we believe will yield above-average returns.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • John C. Maxwell, CFA

    • — Delaware Management Company
    • — 15 Years with Fund
    • — 29 Years in Industry
  • Catherine Murray

    • — Delaware Management Company
    • — 4 Years with Fund
    • — 30 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 10/22/2021
Net Asset Value (NAV) $21.54  
Daily NAV Change $0.10 0.47%
Weekly NAV Change $0.13 0.61%
Public Offering Price (POP) $21.54
Fund Facts
Ticker Symbol IVVYX
CUSIP 465898682
Fund Code 723
Fund Type Global/International
Fund Inception 5/13/1997
Class Inception 7/24/2003
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 9/30/2021)
$2.3 bil
Total Equity Holdings
(as of 9/30/2021)
82
Total Holdings
(as of 9/30/2021)
84
Portfolio Turnover Rate
(as of 3/31/2021)
76%
Morningstar Category Foreign Large Blend
BenchmarkMSCI EAFE NR 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 Y shares are not subject to 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 10.85% 27.92% 6.00% 7.29% 7.94% 8.49%
MSCI EAFE NR USD 8.35% 25.73% 7.62% 8.81% 8.10% -
Morningstar Foreign Large Blend 7.05% 23.96% 7.55% 8.33% 8.07% -

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 10.85% 27.92% 6.00% 7.29% 7.94% 8.49%
MSCI EAFE NR USD 8.35% 25.73% 7.62% 8.81% 8.10% -
Morningstar Foreign Large Blend 7.05% 23.96% 7.55% 8.33% 8.07% -

Calendar Year Return

201620172018201920202011201220132014201520062007200820092010200320042005
Class Y1.39 22.79 -17.88 18.54 7.13 -13.89 13.69 24.60 1.11 -0.95 26.08 18.69 -41.40 44.59 13.68 - 16.74 24.71
MSCI EAFE NR USD1.00 25.03 -13.79 22.01 7.82 -12.14 17.32 22.78 -4.90 -0.81 26.34 11.17 -43.38 31.78 7.75 38.59 20.25 13.54

Morningstar Ratings as of 9/30/2021

Category: Foreign Large Blend

Overall out of 691 ★★★
3 Year out of 691 ★★
5 Year out of 591 ★★
10 Year out of 397 ★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 9/30/2021

Category: Foreign Large Blend

  Rank Percentile
1 Year 122 /770 17
3 Year 565 /691 79
5 Year 462 /591 75
10 Year 205 /397 54

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 1.18%
Gross 1.29%

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

Fund 16.25
MSCI EAFE NR USD 14.64

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

Alpha -1.87
Beta 1.09
R-Squared 95.56
Sharpe Ratio 0.38
Capture Ratio

Upside: 104.26%

Downside: 115.49%

*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 7/24/2003

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 7/24/2003

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

Merck KGaA 2.80%
Airbus SE Airbus SE manufactures airplanes and military equipment. The Company produces military fighter aircraft, military and commercial helicopters, missiles, satellites, and telecommunications and defense systems, as well as offers military and commercial aircraft conversion and maintenance services. 2.22%
GlaxoSmithKline plc GlaxoSmithKline plc (GSK) is global healthcare group, which is engaged in the creation and discovery, development, manufacture and marketing of pharmaceutical products, including vaccines, over-the-counter (OTC) medicines and health-related consumer products. 2.10%
Carrefour S.A. Carrefour SA is a France-based company that is primarily engaged in retail distribution. It operates a network of hypermarkets, supermarkets, maxi discount stores, convenience stores and cash-and-carry outlets and offers e-commerce services. 1.97%
TotalEnergies SE 1.73%
Tokio Marine Holdings, Inc. Tokio Marine Holdings, Inc. is an insurance holding company. Through its subsidiaries and associated companies, the Company operates in four business segments. 1.66%
Banco Bilbao Vizcaya Argentaria S.A. 1.64%
Schneider Electric S.A. Schneider Electric SE is a French multinational corporation that specializes in energy management, automation solutions, spanning hardware, software, and services. 1.59%
WPP Group plc WPP plc is a British multinational advertising and public relations company with its main management office in London, England, and its executive office in Dublin, Ireland. 1.57%
Roche Holdings AG, Genusscheine Roche Holdings AG is a Switzerland-based pharmaceuticals and diagnostics company. 1.55%
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) 91.6%
Medium ($2 - $10 bil) 8.5%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 9/30/2021) $27.7 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 9/30/2021)
Pharmaceuticals 8.6%
Diversified Banks 6.8%
Automobile Manufacturers 5.0%
Integrated Oil & Gas 4.4%
Life & Health Insurance 4.1%
Health Care Equipment 4.0%
Food Retail 3.0%
Internet & Direct Marketing Retail 2.7%
Personal Products 2.7%
Industrial Conglomerates 2.5%
Sector Allocation as a % of equity assets as of 9/30/2021
Consumer Discretionary 17.10%
Industrials 15.92%
Financials 15.54%
Health Care 14.03%
Consumer Staples 11.33%
Energy 9.40%
Materials 5.84%
Information Technology 5.54%
Communication Services 3.20%
Utilities 2.10%
Portfolio Composition as a % of net assets as of 9/30/2021
Foreign Common Stock 96.29%
Cash and Cash Equivalents 2.63%
Domestic Common Stock 1.08%
Equity Country Allocation as a % of equity assets as of 9/30/2021
Japan 16.2%
France 15.4%
United Kingdom 15.0%
Germany 14.9%
Netherlands 7.4%
Canada 6.4%
Switzerland 2.7%
Denmark 2.6%
South Korea 2.6%
Mexico 2.6%
Sweden 2.3%
Brazil 1.9%
Spain 1.7%
Hong Kong 1.5%
Norway 1.5%
Australia 1.3%
India 1.2%
United States 1.1%
South Africa 1.1%
China 0.5%
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. 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. To the extent the Fund invests a significant portion of its assets in a particular geographical region or country, economic, political, social and environmental conditions in that region or country will have a greater effect on Fund performance than they would in a more geographically diversified equity fund and the Fund’s performance may be more volatile than the performance of a more geographically diversified fund. 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 Foreign Large Blend Category compares funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex Japan). The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in US stocks.

Index Description: The MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries’ around the world, excluding the US and Canada. With 915 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. 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.

Ivy European Opportunities Fund merged into Ivy International Core Equity Fund on Nov. 5, 2018.

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 1.23%; Class B shares at 2.08%; Class C shares at 1.92%; Class E shares at 1.17%; Class I shares and Class R6 shares at 0.79%; Class R shares at 1.53%; and Class Y shares at 1.18%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee waiver and/or Expense Reimbursement: Due to a separate contractual class waiver, certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

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.