Name
As of 06/19/2020Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
N/A
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$18.5 M
Holdings in Top 10
34.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio N/A
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 06/19/2020Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
IECEX - Profile
Distributions
- YTD Total Return N/A
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency N/A
Fund Details
-
Legal NameIvy Pictet Emerging Markets Local Currency Debt Fund
-
Fund Family NameDelaware Funds by Macquarie
-
Inception DateApr 30, 2014
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
Fund Description
Delaware Ivy Emerging Markets Local Currency Debt Fund is a non-diversified fund that seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in debt securities that are denominated in local currencies of emerging market countries, as well as derivative instruments that provide investment exposure to such debt securities. The Fund may, but is not required to, hedge its exposure to those non-US currencies, which strategy, if utilized, may effectively reduce the Fund’s exposure to the local currencies of the emerging market countries in which the Fund invests.
For purposes of this Fund, emerging market countries include, but are not limited to, those considered to be developing by the International Monetary Fund, the World Bank, the International Financial Corporation or one of the leading global investment banks. The Manager has broad discretion to identify other countries that it considers to qualify as emerging market countries. The majority of these emerging market countries are likely to be located in Asia, Latin America, the Middle East, Central and Eastern Europe, and Africa. The Fund may invest up to 100% of its net assets in emerging market countries. The Fund also may invest up to 20% of its net assets in securities denominated in the US Dollar.
The Fund is non-diversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.
The debt securities in which the Fund primarily invests include emerging market sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities. Sovereign debt securities are securities that are issued or guaranteed by foreign sovereign governments, while quasi-sovereign debt securities are securities that are issued by their agencies, authorities or political subdivisions or instrumentalities. The Manager may use structured products such as credit-linked notes and bonds or other transferable securities whose returns may be related to the performance of a particular investment index. Credit-linked notes typically are structured as a limited purpose trust or other vehicle that, in turn, invests in a derivative or basket of derivatives instruments, such as credit default swaps, interest rate swaps and/or other securities, to provide exposure to emerging markets debt securities. The Manager may focus the Fund’s investments in particular countries and/or currencies.
The Fund may invest in debt securities of any maturity, may invest in unlisted debt securities and may invest up to 100% of its total assets in non-investment grade debt securities, commonly called junk bonds, that include debt securities rated BB+ or lower by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality. The emerging market debt securities in which the Fund invests may be rated or unrated. In addition, the countries in which the Fund invests may have sovereign ratings that are below investment grade or are unrated. Debt securities in which the Fund may invest may have all types of interest rate payment and reset terms, including fixed-rate, adjustable rate, zero coupon, contingent, deferred, payment in kind and auction rate features.
The Fund expects to use a variety of derivative instruments for various purposes. The Fund’s investments in, and use of, derivatives may be significant. The Fund may, at any given time, use a combination of the following types of derivatives: primarily forward currency contracts and interest rate swaps, but also including, but not limited to, options, futures contracts, forward contracts on financial instruments or on a security or an index of securities, options on futures contracts, over-the-counter (OTC) total return swaps and/or credit default swaps. The Fund may use derivatives in an attempt to hedge various instruments, to hedge an investment in one currency back to another currency, to enhance return, to invest in a position not otherwise available, to take a fundamental position long or short in a particular currency, or to mitigate the impact of rising interest rates. In addition, the Fund may use derivatives as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies. With credit default swaps, the Fund may either sell or buy credit protection with respect to bonds or other debt securities pursuant to the terms of these derivative contracts.
The Manager uses a multi-staged, systematic investment process in selecting emerging market investments for inclusion in the Fund’s portfolio. The process combines a top-down (assessing the market environment) and bottom-up (researching individual issuers) analysis in an attempt to invest opportunistically in such instruments that the Manager believes can provide risk-adjusted outperformance. Part of the Manager’s top-down analysis includes assessing the global risk environment, taking into account a variety of factors, and examining country fundamentals to develop interest rate forecasts and currency forecasts by country. Interest rate factors the Manager will examine include a country’s monetary policy, inflation, growth, fiscal policy and politics. Currency factors examined include a country’s interest rate and growth differential, balance of payments and currency policy.
Following its top-down analysis, the Manager conducts a bottom-up analysis and selects investments for inclusion in the Fund’s portfolio based on the Manager’s perceived value of an individual investment relative to alternative investments, credit and currency opportunities, duration and yield curve positioning for the interest rate outlook, and an effort to achieve appropriate diversification. The Manager also considers an issuer’s capitalization, asset quality, management, earnings and liquidity.
Generally, in determining whether to sell a security, the Manager continues to analyze the factors considered for buying the security. The Manager may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes to be more attractive opportunities or to raise cash.
The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.
IECEX - Performance
Return Ranking - Trailing
Period | IECEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -10.4% | 20.3% | 56.92% |
1 Yr | N/A | -7.7% | 16.6% | 55.38% |
3 Yr | N/A* | -6.5% | 3.4% | 31.58% |
5 Yr | N/A* | -3.7% | 3.6% | 57.69% |
10 Yr | N/A* | -6.2% | 0.7% | N/A |
* Annualized
Return Ranking - Calendar
Period | IECEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | -6.2% | 11.3% | 55.56% |
2022 | N/A | -15.2% | 5.3% | 40.32% |
2021 | N/A | -10.9% | 18.9% | 75.93% |
2020 | 8.1% | -10.1% | 12.2% | 29.63% |
2019 | -9.9% | -21.0% | 6.8% | 34.00% |
Total Return Ranking - Trailing
Period | IECEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -10.4% | 20.3% | 56.92% |
1 Yr | N/A | -7.7% | 16.6% | 55.38% |
3 Yr | N/A* | -6.5% | 3.4% | 26.32% |
5 Yr | N/A* | -3.7% | 3.6% | 51.92% |
10 Yr | N/A* | -6.2% | 1.8% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | IECEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | -6.2% | 11.3% | 55.56% |
2022 | N/A | -15.2% | 5.3% | 40.32% |
2021 | N/A | -10.9% | 18.9% | 18.52% |
2020 | 9.4% | -10.1% | 12.2% | 27.78% |
2019 | -9.9% | -21.0% | 6.8% | 34.00% |
NAV & Total Return History
IECEX - Holdings
Concentration Analysis
IECEX | Category Low | Category High | IECEX % Rank | |
---|---|---|---|---|
Net Assets | 18.5 M | 1.34 M | 1.45 B | 52.31% |
Number of Holdings | 119 | 5 | 1334 | 27.69% |
Net Assets in Top 10 | 7.6 M | 325 K | 418 M | 49.23% |
Weighting of Top 10 | 34.76% | 13.8% | 100.0% | 70.77% |
Top 10 Holdings
- INDONESIA GOVERNMENT 6.10%
- NOTA DO TESOURO NACIONAL 4.84%
- LETRA TESOURO NACIONAL 4.82%
- THAILAND GOVERNMENT BOND 4.53%
- MALAYSIA GOVERNMENT 3.47%
- MALAYSIA GOVERNMENT 3.03%
- REPUBLIC OF SOUTH AFRICA 2.04%
- INTL FINANCE CORP 1.98%
- CZECH REPUBLIC 1.98%
- MEX BONOS DESARR FIX RT 1.97%
Asset Allocation
Weighting | Return Low | Return High | IECEX % Rank | |
---|---|---|---|---|
Bonds | 98.56% | -57.88% | 128.22% | 67.69% |
Cash | 1.21% | -32.58% | 157.70% | 35.38% |
Other | 0.24% | 0.00% | 5.10% | 81.54% |
Stocks | 0.00% | -0.07% | 0.26% | 84.62% |
Preferred Stocks | 0.00% | 0.00% | 0.00% | 80.00% |
Convertible Bonds | 0.00% | 0.00% | 7.51% | 81.54% |
IECEX - Expenses
Operational Fees
IECEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | N/A | 0.81% | 6.48% | 72.58% |
Management Fee | N/A | 0.65% | 1.10% | 53.85% |
12b-1 Fee | N/A | 0.00% | 1.00% | 60.00% |
Administrative Fee | N/A | 0.02% | 0.65% | 19.44% |
Sales Fees
IECEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 5.75% | 91.67% |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
IECEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
IECEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 197.00% | 69.49% |
IECEX - Distributions
Dividend Yield Analysis
IECEX | Category Low | Category High | IECEX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 1.74% | 80.00% |
Dividend Distribution Analysis
IECEX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annually | Monthly | Monthly |
Net Income Ratio Analysis
IECEX | Category Low | Category High | IECEX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -0.72% | 6.66% | 38.46% |
Capital Gain Distribution Analysis
IECEX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 12, 2019 | $0.106 | OrdinaryDividend |
Dec 13, 2018 | $0.001 | OrdinaryDividend |
Dec 14, 2017 | $0.253 | OrdinaryDividend |