Fund Detail

Delaware Ivy LaSalle Global Real Estate Fund

(Formerly, Ivy LaSalle Global Real Estate Fund)
Track Fund
$12.31 NAV as of 10/21/2021
($0.02) / -0.16% Daily NAV Change
22.28% YTD (NAV) as of 10/21/2021 i

Fund Summary

Get a global perspective on real estate securities
Global allocations
Offers broad exposure to global publicly traded real estate securities.
Equity focus
Seeks to provide total return through long-term capital appreciation and current income; the Fund does not directly invest in real estate.
Process driven
The portfolio managers use top-down and bottom-up analysis in seeking to identify what they believe are mispriced securities across property sectors and countries
Morningstar Style Box
Value Blend Growth
Portfolio Management
  • Matthew Sgrizzi, CFA

    • — LaSalle Investment Mgmt. Securities (Sub-Adviser)
    • — 6 Years with Fund
    • — 19 Years in Industry
  • Lisa Kaufman

    • — LaSalle Investment Mgmt. Securities (Sub-Adviser)
    • — 5 Years with Fund
    • — 29 Years in Industry
  • Benjamin Lentz, CFA

    • — LaSalle Investment Mgmt. Securities (Sub-Adviser)
    • — 1 Years with Fund
    • — 21 Years in Industry
  • Paul Meierdierck, CFA

    • — LaSalle Investment Mgmt. Securities (Sub-Adviser)
    • — 1 Years with Fund
    • — 13 Years in Industry
Fact Sheet
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
Information Statement
Q1 Holdings
Q3 Holdings
Daily Prices as of 10/21/2021
Net Asset Value (NAV) $12.31  
Daily NAV Change ($0.02) -0.16%
Weekly NAV Change $0.14 1.15%
Public Offering Price (POP) $12.31
Fund Facts
Ticker Symbol IRENX
CUSIP 46600A245
Fund Code 235
Fund Type Specialty Funds
Fund Inception 4/1/2013
Class Inception 7/5/2017
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets
(as of 9/30/2021)
$88.6 mil
Total Equity Holdings
(as of 9/30/2021)
Total Holdings
(as of 9/30/2021)
Portfolio Turnover Rate
(as of 3/31/2021)
Morningstar Category Global Real Estate
BenchmarkFTSE EPRA/NAREIT Developed 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.

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

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 16.12% 30.63% 7.94% N/A N/A 7.31%
FTSE EPRA/NAREIT Developed TR USD 15.26% 30.81% 7.18% 5.51% 9.27% -
Morningstar Global Real Estate 13.26% 26.73% 7.58% 5.98% 8.61% -

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

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 16.12% 30.63% 7.94% N/A N/A 7.31%
FTSE EPRA/NAREIT Developed TR USD 15.26% 30.81% 7.18% 5.51% 9.27% -
Morningstar Global Real Estate 13.26% 26.73% 7.58% 5.98% 8.61% -

Calendar Year Return

Class R6- - -4.67 20.45 -4.49 - - -
FTSE EPRA/NAREIT Developed TR USD4.99 11.42 -4.74 23.06 -8.18 4.39 15.89 0.05

Morningstar Ratings as of 9/30/2021

Category: Global Real Estate

Overall out of 196 ★★★
3 Year out of 196 ★★★
5 Year out of 174 ★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 9/30/2021

Category: Global Real Estate

  Rank Percentile
1 Year 51 /200 29
3 Year 103 /196 44

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 1.05%
Gross 1.22%

Fund Distributions

Historical Prices Inception 7/5/2017

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 7/5/2017

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 9/30/2021

Subsidized 1.21%
Unsubsidized 1.21%

Fund Documents

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

Vonovia SE Vonovia SE is Germany's largest residential property company. Vonovia was established in a 2015 merger of German real estate companies Deutsche Annington and Gagfah. As of September 2015, it is a component of the DAX.  3.78%
ProLogis, Inc. Prologis, Inc., is a real estate investment trust (REIT) company. The company is engaged in logistics real estate business. The company's segments include Real Estate Operations and Strategic Capital with a focus on markets across the United States, the Americas, Europe and Asia. 3.42%
Equinix, Inc. Equinix, Inc. is an American public corporation that provides carrier-neutral data centers and internet exchanges to enable interconnection. 3.02%
AvalonBay Communities, Inc. AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. 2.90%
Host Hotels & Resorts, Inc. Host Hotels & Resorts, Inc. is a publicly owned real estate investment trust (REIT). The firm primarily engages in the ownership and operation of hotel properties. 2.63%
Invitation Homes, Inc. 2.44%
Public Storage, Inc. Public Storage (the Trust) is a real estate investment trust (REIT). The TrustÆs principal business activities include the acquisition, development, ownership and operation of self-storage facilities. 2.27%
Apartment Investment and Management Co., Class A 2.12%
Mitsui Fudosan Co. Ltd. Mitsui Fudosan Co., Ltd. is a real estate owner and developer in Japan. Its main business is the development and ownership of office and retail assets, and also develops and sells residential properties. 2.12%
Digital Realty Trust, Inc. Digital Realty Trust, Inc., a real estate investment trust (REIT), through its controlling interest in Digital Realty Trust, L.P., engages in the ownership, acquisition, development, redevelopment, and management of technology-related real estate. 2.11%
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) 50.1%
Medium ($2 - $10 bil) 43.0%
Small ( < $2 bil) 6.9%
Median Market Cap (as of 9/30/2021) $5.3 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 9/30/2021)
Specialized REITs 15.2%
Retail REITs 15.0%
Residential REITs 14.3%
Industrial REITs 11.2%
Real Estate Operating Companies 9.6%
Office REITs 8.0%
Health Care REITs 6.6%
Diversified Real Estate Activities 6.5%
Diversified REITs 6.3%
Hotel & Resort REITs 5.0%
Sector Allocation as a % of equity assets as of 9/30/2021
Real Estate 99.44%
Communication Services 0.56%
Portfolio Composition as a % of net assets as of 9/30/2021
Domestic Common Stock 56.20%
Foreign Common Stock 43.14%
Cash and Cash Equivalents 0.66%
Equity Country Allocation as a % of equity assets as of 9/30/2021
United States 56.6%
Japan 9.9%
United Kingdom 7.6%
Hong Kong 5.5%
Germany 4.8%
Singapore 3.2%
Canada 3.2%
Australia 2.7%
France 2.5%
Spain 1.5%
Netherlands 1.2%
Ireland 0.7%
Belgium 0.6%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2021)

Fund Documents


Fact Sheet
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
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 Portfolio's shares will change, and you could lose money on your investment. Prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may be more volatile or not perform as well as value stocks or the stock market in general. 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 Portfolio typically holds a limited number of stocks (generally 50 to 70). As a result, the appreciation or depreciation of any one security held by the Portfolio may have a greater impact on the Portfolio's net asset value than it would if the Portfolio invested in a larger number of securities. 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. These and other risks are more fully described in the Portfolio's prospectus. Not all portfolios may be offered at all broker/dealers. The DELAWARE IVY VARIABLE INSURANCE PORTFOLIOSSM are only available as investment options in variable life insurance policies and variable annuity contracts issued by participating insurance companies. They are not offered or made available directly to the general public.

Prior to April 30, 2012, the Portfolio’s investment objective was to provide, as its primary objective, long-term appreciation of capital and, as a secondary objective, to seek current income. Effective as of April 30, 2012, the Portfolio changed its investment objective to seeking to provide growth of capital. In November 2014, the Portfolio increased its emphasis on investments in the stocks of U.S. companies. Effective January 1, 2015, the Portfolio changed its name and investment strategy to reflect a global focus. Performance prior to January 2015 reflects the Portfolio’s former international strategy, which did not include significant investments in U.S. companies, and may have differed if the Portfolio’s current strategy that includes investing globally, including in stocks of U.S. companies, had been in place.

The Morningstar Global Real Estate Category compares funds that invest primarily in non-US real estate securities but may also invest in US real estate securities. These funds purchase debt and equity securities, convertible securities, and securities issued by real estate investment trusts (REITs) and REIT like entities.

Diversification does not guarantee a profit or protect against loss in a declining market. It is a method to manage risk.

The FTSE EPRA/NAREIT Developed Index is an unmanaged index that tracks the performance of listed real estate companies and REITs worldwide. 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 LaSalle Global Risk-Managed Real Estate Fund merged into Ivy LaSalle Global Real Estate Fund on Nov. 5, 2018.

Effective July 1, 2021, Class N shares were renamed Class R6 shares.

Fee Waiver and/or Expense Reimbursement: Through July 29, 2022, Delaware Management Company (Manager), the Fund’s investment manager, Distributor, and/or WISC,have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap thetotal 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 1.48%; Class B shares at 2.17%; Class I and Class R6 shares at 1.05%; and Class R at 1.80%. 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.

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.

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.

The Fund is sub-advised by LaSalle Investment Management Securities, LLC, which delegates to its affiliate, LaSalle Investment Management Securities, B.V., for portfolio management responsibilities of Fund assets allocated to European investments. References to LaSalle Investment Management Securities include both entities.

Co-Portfolio Manager Stanley J. Kraska, Jr. retired from LaSalle Investment Management Securities on Sept. 4, 2018.