Delaware Ivy Lasalle Global Real Estt B
Name
As of 12/10/2021Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
N/A
1 yr return
22.2%
3 Yr Avg Return
7.8%
5 Yr Avg Return
6.9%
Net Assets
$80.4 M
Holdings in Top 10
27.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.09%
SALES FEES
Front Load N/A
Deferred Load 5.00%
TRADING FEES
Turnover 90.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$750
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/10/2021Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
IREBX - Profile
Distributions
- YTD Total Return N/A
- 3 Yr Annualized Total Return 6.9%
- 5 Yr Annualized Total Return 6.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.53%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Quarterly
Fund Details
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Legal NameDelaware Ivy LaSalle Global Real Estate Fund
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Fund Family NameDelaware Funds by Macquarie
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Inception DateApr 01, 2013
-
Shares OutstandingN/A
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Share ClassB
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CurrencyUSD
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Domiciled CountryUnited States
Fund Description
The Fund is a nondiversified fund that seeks to achieve its objective to provide total return through long-term capital appreciation and current income by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies in the real estate or real estate-related industries (80% policy). The 80% policy is nonfundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy. The Fund intends to invest primarily in equity and equity-related securities issued by Global Real Estate Companies. The Fund does not invest directly in real estate. The Fund may invest in securities of issuers of any size, but typically will have more exposure to securities issued by large- and mid-capitalization companies. There is no guarantee, however, that the Fund will achieve its objective.
Global Real Estate Companies are companies that meet one of the following criteria:
·companies qualifying for US federal income tax purposes as REITs;
·entities similar to REITs formed under the laws of a country other than the US;
·companies located in any country that, at the time of initial purchase by the Fund, derive at least 50% of their revenues from the ownership, construction,financing, management or sale of commercial, industrial or residential real estate, or that have at least 50% of their assets invested in such real estate; or
·companies located in any country that are primarily engaged in businesses that sell or offer products or services that are closely related to the real estateindustry.
Most of the Fund’s real estate securities portfolio consists of securities issued by REITs and REOCs that are listed on a securities exchange or traded over-the-counter (OTC). A REIT is a corporation or trust that invests in real estate, mortgages on real estate or shares issued by other REITs. REITs may be characterized as equity REITs (that is, REITs that primarily invest in land and improvements thereon), mortgage REITs (that is, REITs that primarily invest in mortgages on real estate and other real estate debt) or hybrid REITs, which invest in both land and improvements thereon and real estate mortgages. A REIT that meets the applicable requirements of the Internal Revenue Code of 1986, as amended (Code), may deduct dividends paid to shareholders, effectively enabling it to eliminate any entity-level federal income tax. As a result, REITs (like regulated investment companies such as the Fund) distribute a larger portion of their earnings to investors than other entities subject to federal income tax that cannot deduct such dividends. A REOC is a corporation or partnership (or an entity classified as such for federal tax purposes) that invests in real estate, mortgages on real estate or shares issued by REITs but also may engage in related or unrelated businesses. A REOC typically is structured as a “C” corporation under the Code and does not qualify for the pass-through tax treatment that is accorded a REIT. In addition, the value of the Fund’s securities issued by REOCs may be adversely affected by income streams derived from businesses other than real estate ownership. At times, the Fund may invest a significant portion of the Fund’s total assets in a limited number of issuers.
The Fund’s investment strategy utilizes a three-step bottom-up approach (researching individual issuers) with a strong focus on quality, risk and a valuation-based stock selection methodology, supported by a top-down (assessing the market environment) overlay as a check and a balance. The Macquarie Global Listed Real Estate Team (the “Team”) seeks to identify and capitalize on investment opportunities through an integrated approach to individual security-level analysis and long-term trends impacting real estate markets and cycles. The Team applies combined research sources in a disciplined and systematic manner, taking account of mis-pricing opportunities, long term value creation and the level of risk these assets bring to the Fund in both absolute and relative terms. The Team looks to manage risk by allocating capital where it believes it will have the most potential to drive returns which is ultimately in bottom-up stock and sector selection (as further described below) over and above top-down country and regional selection, where the Team feels performance is far harder to derive consistently.
A comprehensive and detailed bottom-up research approach is a key element of the Team’s investment process. The Team’s globally integrated, boots on the ground approach applies a rigorous focus on bottom-up company fundamentals to determine risk profile and growth prospects through a detailed review of their property portfolio, business strategy, organizational issues, balance sheet, liquidity, capital structure and management capabilities. Analysts with primary coverage of a company are further complemented by team members with secondary coverage of the company which encourages peer review and debate and a strong top-down review from regional and global leadership. The Manager believes that bottom-up fundamental research is central in producing the measures used to identify and rank opportunities suitable for investment, skew portfolio construction to quality and help manage risk. The Team believes that a top-down perspective is an important secondary component in building a global listed real estate portfolio and supporting the primary bottom-up function.
The Fund may invest up to 20% of its net assets in securities issued by companies outside of the real estate industry.
Many of the Global Real Estate Companies in which the Fund may invest have diverse operations, with products or services in markets other than their home market. Therefore, the Fund may have indirect exposure to various additional foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.
Under normal circumstances, the Fund will invest at least 40% (or, if the portfolio managers deem it warranted by market conditions, at least 30%) of its total assets in securities of non-US issuers.
The Fund may use a variety of derivative instruments for various purposes. The Fund may, at any given time, use futures, options, forward contracts, and swaps in an effort to produce incremental earnings, hedge existing positions, increase or reduce market exposure, manage its exposure (increase or decrease) to various foreign currencies, or to otherwise manage the risks of the Fund’s investments. The Fund also may invest in companies that are offered in IPOs.
IREBX - Performance
Return Ranking - Trailing
Period | IREBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -35.8% | 8.7% | 41.55% |
1 Yr | 22.2% | -44.7% | 22.2% | 0.50% |
3 Yr | 7.8%* | -17.6% | 7.8% | 0.52% |
5 Yr | 6.9%* | -14.3% | 12.2% | 3.98% |
10 Yr | N/A* | -5.9% | 8.1% | N/A |
* Annualized
Return Ranking - Calendar
Period | IREBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 20.2% | -13.9% | 32.0% | 50.00% |
2022 | -7.8% | -16.6% | 37.5% | 89.69% |
2021 | 12.9% | 0.3% | 16.4% | 1.56% |
2020 | -9.7% | -15.5% | 14.7% | 98.87% |
2019 | 6.3% | -1.3% | 24.2% | 2.98% |
Total Return Ranking - Trailing
Period | IREBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -35.8% | 8.7% | 41.55% |
1 Yr | 17.2% | -44.7% | 17.2% | 0.50% |
3 Yr | 6.9%* | -17.6% | 6.9% | 0.52% |
5 Yr | 6.6%* | -13.1% | 14.2% | 3.98% |
10 Yr | N/A* | -5.3% | 8.1% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | IREBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 20.2% | -13.9% | 32.0% | 50.00% |
2022 | -7.8% | -18.2% | 6.6% | 89.18% |
2021 | 12.9% | 0.3% | 16.5% | 2.07% |
2020 | -5.6% | -14.7% | 15.3% | 96.63% |
2019 | 7.6% | 0.3% | 28.9% | 2.96% |
NAV & Total Return History
IREBX - Holdings
Concentration Analysis
IREBX | Category Low | Category High | IREBX % Rank | |
---|---|---|---|---|
Net Assets | 80.4 M | 2.39 M | 9.6 B | 75.50% |
Number of Holdings | 90 | 5 | 739 | 46.08% |
Net Assets in Top 10 | 23.8 M | 837 K | 6.34 B | 83.82% |
Weighting of Top 10 | 26.99% | 18.1% | 63.6% | 88.18% |
Top 10 Holdings
- Vonovia SE 4.92%
- Vonovia SE 4.92%
- Vonovia SE 4.92%
- Vonovia SE 4.92%
- Vonovia SE 4.92%
- Vonovia SE 4.92%
- Vonovia SE 4.92%
- Vonovia SE 4.92%
- Vonovia SE 4.92%
- Vonovia SE 4.92%
Asset Allocation
Weighting | Return Low | Return High | IREBX % Rank | |
---|---|---|---|---|
Stocks | 100.00% | 3.65% | 126.54% | 4.88% |
Preferred Stocks | 0.00% | 0.00% | 15.83% | 73.04% |
Other | 0.00% | -33.49% | 78.71% | 90.69% |
Convertible Bonds | 0.00% | 0.00% | 0.07% | 71.57% |
Cash | 0.00% | -1.38% | 10.38% | 94.61% |
Bonds | 0.00% | 0.00% | 22.09% | 73.66% |
Stock Sector Breakdown
Weighting | Return Low | Return High | IREBX % Rank | |
---|---|---|---|---|
Real Estate | 99.44% | 72.53% | 100.00% | 24.00% |
Industrials | 0.56% | 0.00% | 13.89% | 11.00% |
Utilities | 0.00% | 0.00% | 0.96% | 73.00% |
Technology | 0.00% | 0.00% | 4.92% | 83.50% |
Healthcare | 0.00% | 0.00% | 1.54% | 74.00% |
Financial Services | 0.00% | 0.00% | 9.53% | 76.50% |
Energy | 0.00% | 0.00% | 0.11% | 72.00% |
Communication Services | 0.00% | 0.00% | 11.28% | 84.50% |
Consumer Defense | 0.00% | 0.00% | 0.18% | 73.50% |
Consumer Cyclical | 0.00% | 0.00% | 13.03% | 90.00% |
Basic Materials | 0.00% | 0.00% | 1.63% | 73.00% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | IREBX % Rank | |
---|---|---|---|---|
US | 56.57% | 0.00% | 80.79% | 75.49% |
Non US | 43.43% | 0.00% | 99.40% | 19.12% |
IREBX - Expenses
Operational Fees
IREBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.09% | 0.01% | 2.81% | 6.34% |
Management Fee | 0.95% | 0.10% | 1.50% | 88.24% |
12b-1 Fee | 1.00% | 0.00% | 1.00% | 92.47% |
Administrative Fee | N/A | 0.01% | 0.26% | 10.89% |
Sales Fees
IREBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | 5.00% | 1.00% | 5.00% | 3.45% |
Trading Fees
IREBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.25% | 2.00% | 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.
IREBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 90.00% | 1.00% | 165.00% | 78.53% |
IREBX - Distributions
Dividend Yield Analysis
IREBX | Category Low | Category High | IREBX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 10.47% | 53.66% |
Dividend Distribution Analysis
IREBX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annually | Quarterly | Semi-Annually |
Net Income Ratio Analysis
IREBX | Category Low | Category High | IREBX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.53% | -0.23% | 4.48% | 89.90% |
Capital Gain Distribution Analysis
IREBX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Jun 10, 2021 | $0.163 | OrdinaryDividend |
Dec 10, 2020 | $0.261 | OrdinaryDividend |
Jun 13, 2019 | $0.117 | OrdinaryDividend |
Jun 14, 2018 | $0.169 | OrdinaryDividend |
Dec 08, 2016 | $0.014 | OrdinaryDividend |
Jun 16, 2016 | $0.145 | OrdinaryDividend |
Mar 10, 2016 | $0.005 | OrdinaryDividend |
Dec 12, 2013 | $0.088 | OrdinaryDividend |