Fund Detail

Delaware Ivy Natural Resources Fund

(Formerly, Ivy Natural Resources Fund)
Track Fund
$9.54 NAV as of 9/17/2021
($0.15) / -1.55% Daily NAV Change
5.65% YTD (NAV) as of 9/17/2021 i

Fund Summary

Tap the potential of natural resources companies worldwide
Investment universe
Fund can invest in international and domestic resource-related stocks, including energy, alternative energy, industrial products, forest products, base metals, precious metals and minerals, and agricultural products.
Disciplined process
Portfolio managers use a top-down analysis of macroeconomic and global market factors plus bottom-up research on company fundamentals to make stock selections in seeking long-term returns.
Commodities as an asset class historically have not moved in tandem with stocks, offering potential diversification and inflation protection by investing in life’s essential elements.
Morningstar Style Box
Value Blend Growth
Portfolio Management
  • David P. Ginther, CPA

    • — Delaware Management Company
    • — 8 Years with Fund
    • — 26 Years in Industry
  • Michael T. Wolverton, CFA

    • — Delaware Management Company
    • — 4 Years with Fund
    • — 17 Years in Industry
Growth of a $10,000 Investment through 8/31/2021

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.

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 9/17/2021
Net Asset Value (NAV) $9.54  
Daily NAV Change ($0.15) -1.55%
Weekly NAV Change ($0.15) -1.55%
Public Offering Price (POP) $9.54
Fund Facts
Ticker Symbol IGNBX
CUSIP 465897411
Fund Code 512
Fund Type Specialty Funds
Fund Inception 1/2/1997
Class Inception 1/2/1997
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 8/31/2021)
$235.7 mil
Total Equity Holdings
(as of 8/31/2021)
Total Holdings
(as of 8/31/2021)
Portfolio Turnover Rate
(as of 3/31/2021)
Morningstar Category Natural Resources
BenchmarkS&P North American Natural Resources Sector 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 at NAV does not include the effect of sales charges, if it had, performance shown would be lower. Class B shares, including sales charge, reflects the applicable contingent deferred sales charge (CDSC), which declines from 5% at the time of purchase to zero at the beginning of the seventh year.

Monthly Rates of Return Average Annual Total Returns as of 8/31/2021

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 9.08% 15.47% -7.98% -3.58% -4.57% 4.26%
Fund at Offer* 4.08% 11.47% -8.91% -3.77% -4.57% 4.26%
S&P North American Natural Resources Sector Index 24.49% 33.89% -2.91% 0.64% -0.40% -
Morningstar Natural Resources 21.82% 47.21% 10.63% 10.89% 4.60% -

Quarterly Rates of Return Average Annual Total Returns as of 6/30/2021

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 14.51% 27.34% -6.87% -2.47% -5.43% 4.38%
Fund at Offer* 9.51% 23.34% -7.81% -2.67% -5.43% 4.38%
S&P North American Natural Resources Sector Index 32.72% 45.92% -1.77% 2.03% -0.58% -
Morningstar Natural Resources 20.74% 63.77% 9.96% 11.51% 3.43% -

Calendar Year Return

Class B22.47 1.70 -24.79 7.16 -15.05 -22.15 -0.53 7.00 -14.08 -23.21 24.77 42.48 -61.70 73.24 15.99 14.73 3.52 44.41 26.92 28.06 -29.82 39.87 9.27
S&P North American Natural Resources Sector Index30.87 1.23 -21.07 17.63 -19.01 -7.35 2.20 16.49 -9.77 -24.28 - - - - 23.88 - - - - - - - -

Morningstar Ratings as of 8/31/2021

Category: Natural Resources

Overall out of 105 ★★
3 Year out of 105
5 Year out of 98
10 Year out of 86 ★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 8/31/2021

Category: Natural Resources

  Rank Percentile
1 Year 111 /111 100
3 Year 101 /105 98
5 Year 98 /98 100
10 Year 80 /86 92

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 6.05%
Gross 6.05%

5-Year Standard Deviation as of 8/31/2021

Fund 22.16
S&P North American Natural Resources Sector Index 27.38

5-Year MPT* Statistics as of 8/31/2021

Alpha -4.84
Beta 0.78
R-Squared 92.44
Sharpe Ratio -0.21
Capture Ratio

Upside: 74.70%

Downside: 88.62%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 8/31/2021

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 1/2/1997

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 8/31/2021

Phillips 66 Phillips 66 is an independent downstream energy company that operates in refining & marketing, midstream and chemicals 3.42%
ConocoPhillips ConocoPhillips operates as an integrated energy company worldwide. 3.41%
Pioneer Natural Resources Co. Pioneer Natural Resources Company (Pioneer) is an independent oil and gas exploration and production company with operations in the United States and South Africa. 3.14%
Chevron Corp. Chevron Corp., through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. 3.12%
EOG Resources, Inc. EOG Resources, Inc., explores, develops, produces and markets natural gas and crude oil primarily in producing basins in the United States, Canada, The Republic of Trinidad and Tobago, the United Kingdom, and The People's Republic of China. 2.97%
BHP Group plc BHP, formerly known as BHP Billiton, is the trading entity of BHP Group Limited and BHP Group plc, an Anglo-Australian multinational mining, metals and petroleum dual-listed public company headquartered in Melbourne, Victoria, Australia. 2.94%
Rio Tinto plc Rio Tinto Plc is an international business involved in each stage of metal and mineral production. The company produces aluminum, copper, diamonds, coal, iron ore, uranium, gold and industrial minerals (borates, titanium dioxide, salt, talc and zircon). 2.85%
Union Pacific Corp. Union Pacific Corporation owns the largest railroad in the U.S. It's diversified business mix includes agricultural products, automotive, chemicals, energy, industrial products and intermodal. 2.76%
TotalEnergies SE ADR 2.59%
Reliance Industries Ltd. Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. It also owns a petroleum refinery in India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas. 2.55%
Total Portfolio Holdings DOWNLOAD (as of 6/30/2021)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 8/31/2021
Large ( > $10 bil) 90.8%
Medium ($2 - $10 bil) 8.9%
Small ( < $2 bil) 0.3%
Median Market Cap (as of 8/31/2021) $27.7 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 8/31/2021)
Oil & Gas Exploration & Production 15.5%
Oil & Gas Refining & Marketing 11.0%
Diversified Metals & Mining 9.0%
Specialty Chemicals 8.7%
Integrated Oil & Gas 8.6%
Gold 5.9%
Railroads 5.2%
Industrial Gases 4.4%
Oil & Gas Storage & Transportation 3.4%
Paper Packaging 2.9%
Sector Allocation as a % of equity assets as of 8/31/2021
Materials 42.48%
Energy 41.64%
Industrials 9.54%
Consumer Staples 3.90%
Information Technology 1.46%
Utilities 0.98%
Portfolio Composition as a % of net assets as of 8/31/2021
Domestic Common Stock 62.20%
Foreign Common Stock 36.57%
Cash and Cash Equivalents 1.23%
Equity Country Allocation as a % of equity assets as of 8/31/2021
United States 63.0%
Canada 11.3%
United Kingdom 8.8%
France 3.8%
Australia 3.0%
India 2.7%
Brazil 2.0%
South Africa 2.0%
Peru 1.8%
Chile 1.0%
Portugal 0.8%
Hong Kong 0.0%
Total Portfolio Holdings
DOWNLOAD (as of 6/30/2021)

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

Financial Advisors may login to view fund's additional documents.



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. Investing in companies involved in one specified sector may be more risky and volatile than an investment with greater diversification. 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. Investing in natural resources can be riskier than other types of investment activities because of a range of factors, including price fluctuation caused by real and perceived inflationary trends and political developments; and the cost assumed by natural resource companies in complying with environmental and safety regulations. Investing in physical commodities, such as gold, exposes the fund to other risk considerations such as potentially severe price fluctuations over short periods of time. The Fund may use a range of derivative instruments in seeking to hedge market risk on equity securities, increase exposure to specific sectors or companies, and manage exposure to various foreign currencies and precious metals. Such hedging involves additional risks, as the fluctuations in the values of the derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative’s value is derived. 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 prospectus. Not all funds or fund classes may be offered at all broker/dealers.

The Morningstar Natural Resources Category compares funds that focus on commodity-based industries such as energy, chemicals, minerals, and forest products in the United States or outside of the US. Some funds invest across this spectrum to offer broad natural-resources exposure. Others concentrate heavily or even exclusively in specific industries. Funds that concentrate primarily in energy-related industries are part of the equity energy category.

Index Description: The S&P North American Natural Resources Sector Index represents U.S.-traded securities in the energy and materials sectors, excluding the chemicals industry, and steel sub-industry. 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, 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 E shares at 1.17%. 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.