Fund Detail

Delaware Ivy International Value Fund

Track Fund
$18.34 NAV as of 12/7/2021
$0.31 / 1.72% Daily NAV Change
9.82% YTD (NAV) as of 12/7/2021 i

Fund Summary

An international gateway to value investing
Short term bias in the market leads to potential mispricing
Disciplined process seeks to identify underappreciated businesses
Balancing valuation and quality can reduce downside risk
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 11/30/2021

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
Information Statement
Daily Prices as of 12/7/2021
Net Asset Value (NAV) $18.34  
Daily NAV Change $0.31 1.72%
Weekly NAV Change $0.72 4.09%
Public Offering Price (POP) $19.46
Fund Facts
Ticker Symbol ICDAX
CUSIP 465898880
Fund Code 615
Fund Type Global/International
Fund Inception 9/4/2001
Class Inception 9/4/2001
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 11/30/2021)
$210.0 mil
Total Equity Holdings
(as of 11/30/2021)
69
Total Holdings
(as of 11/30/2021)
69
Portfolio Turnover Rate
(as of 3/31/2021)
20%
Morningstar Category Foreign Large Value
BenchmarkMSCI EAFE NR USD
BenchmarkMSCI EAFE Value 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.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

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 5.51% 12.40% 6.98% 5.75% 6.28% 5.00%
Fund at Offer* 1.79% 8.50% 5.72% 5.01% 5.90% 4.81%
MSCI EAFE NR USD 5.84% 10.77% 9.83% 9.19% 7.39% -
MSCI EAFE Value NR USD 4.66% 9.29% 4.01% 5.07% 5.14% -
Morningstar Foreign Large Value 5.98% 11.52% 6.31% 6.28% 5.51% -
*Effective July 1, 2021, Class A shares have a maximum up-front sales charge of 5.75%. Performance prior to July 1, 2021 contained a 3.50% up-front sales charge.

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 11.62% 38.47% 6.02% 8.00% 7.35% 5.34%
Fund at Offer* 7.68% 33.66% 4.76% 7.23% 6.97% 5.15%
MSCI EAFE NR USD 8.35% 25.73% 7.62% 8.81% 8.10% -
MSCI EAFE Value NR USD 9.61% 30.66% 3.04% 5.96% 5.97% -
Morningstar Foreign Large Value 9.33% 29.16% 4.72% 6.45% 6.43% -
*Effective July 1, 2021, Class A shares have a maximum up-front sales charge of 5.75%. Performance prior to July 1, 2021 contained a 3.50% up-front sales charge.

Calendar Year Return

2016201720182019202020112012201320142015200620072008200920102002200320042005
Class A12.04 16.27 -16.21 16.91 6.00 -17.35 21.88 32.08 -6.69 -11.55 9.92 -0.06 -32.58 29.65 10.93 -12.17 36.42 18.06 16.39
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
MSCI EAFE Value NR USD5.02 21.44 -14.78 16.09 -2.63 -12.17 17.69 22.95 -5.39 -5.68 - - - - - - - - -

Morningstar Ratings as of 11/30/2021

Category: Foreign Large Value

Overall out of 323 ★★★
3 Year out of 323 ★★★
5 Year out of 283 ★★
10 Year out of 179 ★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 11/30/2021

Category: Foreign Large Value

  Rank Percentile
1 Year 138 /350 39
3 Year 128 /323 34
5 Year 177 /283 69
10 Year 44 /179 26

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 1.55%
Gross 1.76%

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

Fund 19.47
MSCI EAFE NR USD 14.60
MSCI EAFE Value NR USD 16.85

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

Alpha 2.20
Beta 1.10
R-Squared 90.44
Sharpe Ratio 0.39
Capture Ratio

Upside: 113.21%

Downside: 104.38%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 11/30/2021

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 9/4/2001

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 9/4/2001

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 11/30/2021

Roche Holdings AG, Genusscheine Roche Holdings AG is a Switzerland-based pharmaceuticals and diagnostics company. 3.60%
Fresenius Medical Care AG & Co. KGaA 3.14%
Rexel S.A. Rexel is a French group founded in 1967, which specializes in the distribution of electrical supplies to professional users. It distributes products and services in the areas of automation, technical supply and energy management. 3.00%
BASF Aktiengesellschaft 2.92%
Covestro AG 2.88%
Compagnie Generale des Etablissements Michelin, Class B 2.74%
A.P. Moller - Maersk A/S A.P. Moller–Maersk Group, also known as simply Maersk, is a Danish business conglomerate with activities in the transport, logistics and energy sectors. Maersk has been the largest container ship and supply vessel operator in the world since 1996. 2.46%
Tesco plc 2.46%
Honda Motor Co. Ltd. Honda Motor Co., Ltd., develops, produces, and manufactures various motor products, ranging from small general-purpose engines and scooters to specialty sports cars. 2.44%
Panasonic Corp. Panasonic Corporation manufactures and sells various electronic and electric products under the Panasonic brand name worldwide. 2.34%
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) 80.6%
Medium ($2 - $10 bil) 15.4%
Small ( < $2 bil) 4.0%
Median Market Cap (as of 11/30/2021) $26.3 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 11/30/2021)
Diversified Banks 9.7%
Automobile Manufacturers 7.2%
Trading Companies & Distributors 6.5%
Pharmaceuticals 6.4%
Food Retail 4.8%
Registered Investment Companies 4.2%
Packaged Foods & Meats 4.0%
Tires & Rubber 3.7%
Oil & Gas Equipment & Services 3.7%
Health Care Services 3.2%
Sector Allocation as a % of equity assets as of 11/30/2021
Financials 22.39%
Consumer Discretionary 18.00%
Industrials 15.33%
Consumer Staples 11.55%
Health Care 10.08%
Materials 7.66%
Energy 5.20%
Information Technology 4.47%
Communication Services 3.26%
Utilities 2.06%
Portfolio Composition as a % of net assets as of 11/30/2021
Foreign Common Stock 97.17%
Domestic Common Stock 2.09%
Cash and Cash Equivalents 0.74%
Equity Country Allocation as a % of equity assets as of 11/30/2021
United Kingdom 18.0%
France 16.6%
Japan 16.4%
Germany 16.2%
Switzerland 10.7%
Denmark 3.6%
Netherlands 2.9%
Spain 2.3%
United States 2.1%
Supranational 2.1%
Italy 2.1%
Singapore 1.8%
Finland 1.5%
Luxembourg 1.3%
Belgium 0.9%
Hong Kong 0.8%
Sweden 0.8%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2021)

Fund Documents

Documents

Information Statement
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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[1917136]

Significant Event*  On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the Fund name change to “Delaware Ivy International Value Fund” (formerly, Delaware Ivy Pzena International Value Fund, and before that, Ivy Pzena International Value Fund) and 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 addition, the Board approved appointing Macquarie Funds Management Hong Kong Limited and Macquarie Investment Management Global Limited to provide discretionary investment management services in a sub-advisory capacity. The Board also approved the termination of the Fund’s current sub-advisor. In connection with these changes, the Board approved applicable revisions to the Fund’s investment strategies.  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. The value of a security believed by the Fund's manager to be undervalued may never reach what the manager believes to be its full value, or such security's value may decrease. 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 Value Category compares funds that invest mainly in big international stocks that are less expensive or growing more slowly than other large-cap stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany, and typically will have less than 20% of their 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.

Index description: The MSCI EAFE Value Index captures large and mid cap securities exhibiting overall value style characteristics across developed markets countries in Europe, Australasia, the Middle East and the Far East, excluding the US and Canada. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. Benchmark returns are net of withholding taxes. 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.

Effective April 30, 2020, the Fund changed its benchmark from MSCI EAFE Index to the MSCI EAFE Value Index.

Fee waiver and/or Expense Reimbursement: Delaware Management Company (Manager), the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.21% of average daily net assets from July 29, 2021 through July 29, 2022.

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.