Fund Detail

Delaware Ivy Small Cap Growth Fund

(Formerly, Ivy Small Cap Growth Fund)
Track Fund
$23.12 NAV as of 10/22/2021
($0.05) / -0.22% Daily NAV Change
9.83% YTD (NAV) as of 10/22/2021 i

Fund Summary

Seeking small companies with significant growth potential
Sound philosophy
Seeks small-cap growth companies that are industry leaders, serving markets that are growing substantially and producing solid financial returns.
Experience & vision
Combined, the team has 85+ years of industry experience and 30+ years of experience working with small-cap strategies.
Consistent process
Since lead portfolio manager Tim Miller assumed management duties in April 2010, the Fund has had competitive performance versus its Morningstar Small Growth peers.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Timothy J. Miller, CFA

    • — Delaware Management Company
    • — 11 Years with Fund
    • — 42 Years in Industry
  • Kenneth G. McQuade

    • — Delaware Management Company
    • — 5 Years with Fund
    • — 26 Years in Industry
  • Bradley P. Halverson, CFA

    • — Delaware Management Company
    • — 5 Years with Fund
    • — 19 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) $23.12  
Daily NAV Change ($0.05) -0.22%
Weekly NAV Change $0.38 1.67%
Public Offering Price (POP) $23.71
Fund Facts
Ticker Symbol ISGEX
CUSIP 466001880
Fund Code 402
Fund Type Domestic Equity
Fund Inception 9/21/1992
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 9/30/2021)
$3.0 bil
Total Equity Holdings
(as of 9/30/2021)
83
Total Holdings
(as of 9/30/2021)
85
Portfolio Turnover Rate
(as of 3/31/2021)
57%
Morningstar Category Small Growth
BenchmarkRussell 2000 Growth 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.

Class E shares are subject to an initial sales charge of 5.75% when purchased for your InvestEd Plan account; it also features a step down structure of lowering the initial sales charge based on the amount of your investment. The Ivy Limited Term-Bond Fund, Class E share is subject to an initial sales charge of 2.50%. The Ivy Money Market Fund, Class E share does not include a sales charge.

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 6.37% 34.93% 13.37% 17.64% 15.93% 11.29%
Fund at Offer* 3.71% 31.54% 12.42% 17.05% 15.63% 11.10%
Russell 2000 Growth TR USD 2.82% 33.27% 11.70% 15.34% 15.74% -
Morningstar Small Growth 9.63% 39.55% 15.66% 18.25% 16.46% -

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 6.37% 34.93% 13.37% 17.64% 15.93% 11.29%
Fund at Offer* 3.71% 31.54% 12.42% 17.05% 15.63% 11.10%
Russell 2000 Growth TR USD 2.82% 33.27% 11.70% 15.34% 15.74% -
Morningstar Small Growth 9.63% 39.55% 15.66% 18.25% 16.46% -

Calendar Year Return

201620172018201920202011201220132014201520062007200820092010200320042005
Class E13.45 23.62 -4.16 23.73 38.47 -5.19 15.01 40.67 3.06 -2.26 - - -38.06 43.06 35.53 - - -
Russell 2000 Growth TR USD11.32 22.17 -9.31 28.48 34.63 -2.91 14.59 43.30 5.60 -1.38 13.35 7.05 -38.54 34.47 29.09 48.54 14.31 4.15

Morningstar Ratings as of 9/30/2021

Category: Small Growth

Overall out of 575 ★★★
3 Year out of 575 ★★★
5 Year out of 506 ★★★
10 Year out of 381 ★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 9/30/2021

Category: Small Growth

  Rank Percentile
1 Year 362 /611 66
3 Year 354 /575 62
5 Year 269 /506 53
10 Year 249 /381 64

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 1.30%
Gross 1.43%

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

Fund 19.92
Russell 2000 Growth TR USD 20.95

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

Alpha 3.04
Beta 0.92
R-Squared 93.35
Sharpe Ratio 0.83
Capture Ratio

Upside: 96.57%

Downside: 84.51%

*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 4/2/2007

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 4/2/2007

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

Varonis Systems, Inc. 2.80%
Globant S.A. 2.69%
CareDx, Inc. CareDx, Inc., a transplant diagnostics company, together with its subsidiaries, focuses on the discovery, development, and commercialization of diagnostic solutions for transplant patients worldwide. 2.58%
Vericel Corp. 2.35%
Shift4 Payments, Inc., Class A 2.15%
Knight Transportation, Inc. 2.03%
Monolithic Power Systems, Inc. 1.96%
Cryoport, Inc. 1.94%
Marriott Vacations Worldwide Corp. 1.93%
SiTime Corp. 1.93%
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) 6.3%
Medium ($2 - $10 bil) 79.2%
Small ( < $2 bil) 14.5%
Median Market Cap (as of 9/30/2021) $3.7 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 9/30/2021)
Application Software 12.3%
Biotechnology 7.8%
Health Care Equipment 6.8%
Semiconductors 5.6%
Industrial Machinery 4.7%
Health Care Services 4.0%
Casinos & Gaming 4.0%
Health Care Technology 3.6%
Systems Software 3.5%
Hotels, Resorts & Cruise Lines 3.3%
Sector Allocation as a % of equity assets as of 9/30/2021
Information Technology 30.21%
Health Care 27.76%
Consumer Discretionary 14.94%
Industrials 14.68%
Financials 5.25%
Consumer Staples 3.10%
Communication Services 2.99%
Energy 1.07%
Portfolio Composition as a % of net assets as of 9/30/2021
Domestic Common Stock 97.36%
Foreign Common Stock 2.29%
Cash and Cash Equivalents 0.35%
Equity Country Allocation as a % of equity assets as of 9/30/2021
United States 97.7%
United Kingdom 1.2%
Israel 1.1%
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. Investing in small-cap stocks may carry more risk than investing in stocks of larger more well-established companies. The Fund may invest in Initial Public Offerings (IPOs), which can have a significant positive impact on the Fund’s performance that may not be replicated in the future. 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 Small Growth Category compares funds that focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. These funds tend to favor companies in up-and-coming industries or young firms in their early growth stages. Small-cap stocks are those in the bottom 10% of the capitalization of the US equity market, and growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

Index Description: Russell 2000 Growth is an unmanaged index comprised of securities that represent the small cap sector of the stock market. It is not possible to invest directly in an index.

All third-party marks cited are the property of their respective owners.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

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 Micro Cap Growth Fund merged into Ivy Small Cap Growth 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 B shares at 2.17%; Class C shares at 2.04%; Class E shares at 1.29%; and Class I and Class R6 shares at 0.89%. 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.

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Information is subject to change and is not intended to represent any past or future investment recommendations.