Fund Detail

Delaware Ivy Systematic Emerging Markets Equity Fund

Track Fund
$27.67 NAV as of 12/7/2021
$0.47 / 1.73% Daily NAV Change
-2.64% YTD (NAV) as of 12/7/2021 i

Fund Summary

Pursue emerging market equities in any region of the world
The Fund invests across the valuation spectrum and seeks to capitalize on the inefficiencies of emerging market equities.
The Fund invests in companies with attractive quality, momentum, and value characteristics offering consistent return potential
Quantitatively-driven approach that combines extensive investment knowledge with cutting edge technology
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Benjamin Leung, CFA

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 19 Years in Industry
  • Scot Thompson

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 23 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
Daily Prices as of 12/7/2021
Net Asset Value (NAV) $27.67  
Daily NAV Change $0.47 1.73%
Weekly NAV Change $0.61 2.25%
Public Offering Price (POP) $27.67
Fund Facts
Ticker Symbol IPOIX
CUSIP 465899854
Fund Code 476
Fund Type Global/International
Fund Inception 10/25/1993
Class Inception 4/2/2007
Fiscal Year End March
Dividends Paid December
Fund Assets
(as of 11/30/2021)
$2.0 bil
Total Equity Holdings
(as of 11/30/2021)
55
Total Holdings
(as of 11/30/2021)
56
Portfolio Turnover Rate
(as of 3/31/2021)
39%
Morningstar Category Diversified Emerging Mkts
BenchmarkMSCI EM 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 I shares are sold without any front-end sales load or contingent deferred sales charges.

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 -4.79% 2.82% 15.52% 12.96% 8.27% 6.24%
MSCI EM NR USD -4.34% 2.70% 9.27% 9.52% 5.16% -

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 -1.73% 19.06% 14.96% 12.46% 9.53% 6.55%
MSCI EM NR USD -1.25% 18.20% 8.58% 9.23% 6.09% -
Morningstar Diversified Emerging Mkts 1.42% 21.59% 9.94% 9.07% 6.33% -

Calendar Year Return

20162017201820192020201120122013201420152006200720082009201020042005
Class I10.20 43.11 -19.48 23.85 35.55 -22.36 17.39 9.96 0.28 -11.78 - - -50.43 70.21 12.70 - -
MSCI EM NR USD11.19 37.28 -14.58 18.42 18.31 -18.42 18.22 -2.60 -2.19 -14.92 32.14 39.42 -53.33 78.51 18.88 25.55 34.00

Morningstar Ratings as of 10/31/2021

Category: Diversified Emerging Mkts

Overall out of 711 ★★★★★
3 Year out of 711 ★★★★
5 Year out of 606 ★★★★
10 Year out of 330 ★★★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 10/31/2021

Category: Diversified Emerging Mkts

  Rank Percentile
1 Year 451 /790 61
3 Year 108 /711 13
5 Year 107 /606 15
10 Year 23 /330 7

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 11/15/2021

Net 0.80%
Gross 1.10%

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

Fund 18.77
MSCI EM NR USD 16.66

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

Alpha 2.43
Beta 1.09
R-Squared 93.21
Sharpe Ratio 0.61
Capture Ratio

Upside: 115.78%

Downside: 107.25%

*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 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 11/30/2021

Taiwan Semiconductor Manufacturing Co. Ltd. Taiwan Semiconductor Manufacturing is the world's largest dedicated semiconductor foundry, offering advanced wafer production processes and manufacturing. 10.28%
Tencent Holdings Ltd. An investment holding company, provides Internet and mobile value-added services (VAS), online advertising services, and e-commerce transactions services to users in China, the United States, Europe, and internationally. 6.76%
Samsung Electronics Co. Ltd. Samsung Electronics Co., Ltd. is a Korea-based company engaged in the provision of consumer electronics, communication products, semiconductor products and home appliances. 5.38%
JD.com, Inc. ADR JD Sports Fashion Plc retails and distributes branded and own brand sportswear, fashionwear, outdoor clothing, footwear, and equipment. 3.75%
Bharti Airtel Ltd. 3.61%
Li Ning Co. Ltd. 3.15%
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. 3.13%
ICICI Bank Ltd. 2.93%
Yandex N.V., Class A Yandex N.V. operates an Internet search engine in Russia and internationally. 2.85%
HDFC Bank Ltd. 2.80%
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) 87.3%
Medium ($2 - $10 bil) 9.6%
Small ( < $2 bil) 3.1%
Median Market Cap (as of 11/30/2021) $29.5 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 11/30/2021)
Diversified Banks 12.4%
Interactive Media & Services 12.2%
Semiconductors 12.0%
Internet & Direct Marketing Retail 8.9%
Technology Hardware, Storage & Peripherals 5.4%
Wireless Telecommunication Service 3.6%
Integrated Oil & Gas 3.6%
Apparel, Accessories & Luxury Goods 3.2%
Oil & Gas Refining & Marketing 3.2%
Real Estate Development 3.0%
Sector Allocation as a % of equity assets as of 11/30/2021
Information Technology 20.49%
Consumer Discretionary 19.38%
Communication Services 17.37%
Financials 14.73%
Consumer Staples 6.83%
Energy 6.80%
Industrials 6.09%
Materials 3.42%
Real Estate 3.00%
Health Care 1.89%
Portfolio Composition as a % of net assets as of 11/30/2021
Foreign Common Stock 97.63%
Domestic Common Stock 1.33%
Cash and Cash Equivalents 1.04%
Equity Country Allocation as a % of equity assets as of 11/30/2021
China 30.2%
India 15.3%
Taiwan 14.6%
South Korea 12.4%
Brazil 7.9%
Russia 6.7%
South Africa 3.7%
Vietnam 2.3%
Panama 1.7%
Singapore 1.5%
United States 1.3%
Hong Kong 1.3%
Cayman Islands 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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[1917072]

Significant Event *On September 13, 2021, the Board of Trustees of the Ivy Funds approved the appointment of the portfolio management team of Benjamin Leung, CFA, and Scot Thompson of Macquarie Investment Management Global Limited as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. In addition, on November 1, 2021, it was announced that the Fund’s name will change to “Delaware Ivy Systematic Emerging Markets Equity Fund” (formerly, Delaware Ivy Emerging Markets Equity Fund, and before that, Ivy Emerging Markets Equity Fund). 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. To the extent the Fund invests a significant portion of its assets in a particular geographical region or country, conditions in that region or country will have a greater effect on Fund performance than they would in 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 Diversified Emerging Markets Category compares funds that tend to divide their assets among 20 or more nations but tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, though some invest in both equities and fixed income investments from emerging markets.

Index Description: MSCI Emerging Markets is an unmanaged index comprised of securities that represent large and mid-cap companies within emerging market countries. 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, 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 1.56%; Class B shares at 2.45%; and Class I shares and Class R6 shares at 0.99%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Effective February 11, 2014, Ivy Pacific Opportunities Fund was changed to Ivy Emerging Markets Equity Fund and its strategy was changed to reflect a concentration in emerging market equity securities. Performance prior to such time in part reflects the Ivy Pacific Opportunities Fund’s former strategy to invest primarily in Pacific region equity securities, and the Fund’s performance may have differed if the Ivy Emerging Markets Equity Fund’s current strategy had been in place.

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.