Continue to site >
Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.45

$15.7 M

0.00%

$0.00

2.18%

Vitals

YTD Return

-2.7%

1 yr return

8.9%

3 Yr Avg Return

-2.0%

5 Yr Avg Return

0.1%

Net Assets

$15.7 M

Holdings in Top 10

41.4%

52 WEEK LOW AND HIGH

$8.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.18%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 88.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.45

$15.7 M

0.00%

$0.00

2.18%

IRERX - Profile

Distributions

  • YTD Total Return -2.7%
  • 3 Yr Annualized Total Return -2.0%
  • 5 Yr Annualized Total Return 0.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.03%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Delaware Global Real Estate Fund
  • Fund Family Name
    Delaware Funds by Macquarie
  • Inception Date
    Apr 01, 2013
  • Shares Outstanding
    N/A
  • Share Class
    R
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Matthew Sgrizzi

Fund Description

Delaware Global Real Estate Fund seeks to achieve its objective 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. The Fund is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

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 estate industry. 

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. Delaware Management Company (Manager), the Fund's investment 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 derivatives 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.

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Global Limited (MIMGL) and Macquarie Investment Management Europe Limited (MIMEL) (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.

Read More

IRERX - Performance

Return Ranking - Trailing

Period IRERX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.7% -10.2% 9.4% 33.16%
1 Yr 8.9% -13.8% 28.1% 68.82%
3 Yr -2.0%* -13.3% 20.9% 53.98%
5 Yr 0.1%* -8.8% 15.6% 59.43%
10 Yr 2.7%* -2.0% 10.6% 70.00%

* Annualized

Return Ranking - Calendar

Period IRERX Return Category Return Low Category Return High Rank in Category (%)
2023 6.0% -16.8% 16.7% 76.76%
2022 -32.6% -43.9% 4.5% 91.11%
2021 22.9% -13.9% 30.7% 25.57%
2020 -7.8% -20.7% 13.7% 63.64%
2019 13.0% 1.0% 26.5% 66.29%

Total Return Ranking - Trailing

Period IRERX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.7% -10.2% 9.4% 33.16%
1 Yr 8.9% -13.8% 28.1% 68.82%
3 Yr -2.0%* -13.3% 20.9% 53.98%
5 Yr 0.1%* -8.8% 15.6% 59.43%
10 Yr 2.7%* -2.0% 10.6% 70.00%

* Annualized

Total Return Ranking - Calendar

Period IRERX Return Category Return Low Category Return High Rank in Category (%)
2023 7.5% -14.6% 23.4% 80.00%
2022 -22.9% -39.5% 10.1% 13.33%
2021 26.3% 5.7% 101.8% 52.27%
2020 -5.2% -17.8% 14.7% 59.66%
2019 19.5% 6.7% 37.2% 90.29%

NAV & Total Return History


IRERX - Holdings

Concentration Analysis

IRERX Category Low Category High IRERX % Rank
Net Assets 15.7 M 3.72 M 9.6 B 90.32%
Number of Holdings 69 5 695 58.73%
Net Assets in Top 10 12.4 M 1.79 M 6.34 B 92.06%
Weighting of Top 10 41.39% 19.3% 64.1% 32.98%

Top 10 Holdings

  1. Equinix Inc 6.86%
  2. Welltower Inc 6.18%
  3. Prologis Inc 5.82%
  4. Digital Realty Trust Inc 3.79%
  5. Realty Income Corp 3.60%
  6. Public Storage 3.47%
  7. AvalonBay Communities Inc 3.15%
  8. VICI Properties Inc 2.90%
  9. Sun Communities Inc 2.90%
  10. Invitation Homes Inc 2.72%

Asset Allocation

Weighting Return Low Return High IRERX % Rank
Stocks
101.34% 2.78% 126.54% 3.17%
Preferred Stocks
0.00% 0.00% 7.08% 61.90%
Other
0.00% -33.49% 102.40% 64.55%
Convertible Bonds
0.00% 0.00% 0.07% 56.38%
Cash
0.00% 0.00% 10.38% 97.88%
Bonds
0.00% 0.00% 25.03% 60.32%

Stock Sector Breakdown

Weighting Return Low Return High IRERX % Rank
Real Estate
100.00% 72.53% 100.00% 7.61%
Utilities
0.00% 0.00% 0.96% 59.24%
Technology
0.00% 0.00% 4.92% 73.91%
Industrials
0.00% 0.00% 4.91% 64.67%
Healthcare
0.00% 0.00% 1.54% 63.04%
Financial Services
0.00% 0.00% 9.53% 66.30%
Energy
0.00% 0.00% 0.11% 58.15%
Communication Services
0.00% 0.00% 10.08% 76.63%
Consumer Defense
0.00% 0.00% 0.18% 59.78%
Consumer Cyclical
0.00% 0.00% 13.03% 86.41%
Basic Materials
0.00% 0.00% 1.63% 59.24%

Stock Geographic Breakdown

Weighting Return Low Return High IRERX % Rank
US
65.18% 0.00% 99.38% 13.23%
Non US
36.17% 0.00% 98.93% 55.56%

IRERX - Expenses

Operational Fees

IRERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.18% 0.11% 33.54% 14.81%
Management Fee 0.95% 0.09% 1.50% 91.49%
12b-1 Fee 0.50% 0.00% 1.00% 61.18%
Administrative Fee N/A 0.01% 0.25% 11.88%

Sales Fees

IRERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

IRERX 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.

IRERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 88.00% 1.00% 165.00% 75.41%

IRERX - Distributions

Dividend Yield Analysis

IRERX Category Low Category High IRERX % Rank
Dividend Yield 0.00% 0.00% 5.34% 10.58%

Dividend Distribution Analysis

IRERX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annual Quarterly Quarterly

Net Income Ratio Analysis

IRERX Category Low Category High IRERX % Rank
Net Income Ratio 1.03% -0.23% 3.84% 71.89%

Capital Gain Distribution Analysis

IRERX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

IRERX - Fund Manager Analysis

Managers

Matthew Sgrizzi


Start Date

Tenure

Tenure Rank

May 15, 2015

7.05

7.1%

Matthew Sgrizzi, CFA, is a Managing Director and the Chief Investment Officer of LaSalle. He is a Global Portfolio Manager with the responsibility for regional and sector allocation of global client portfolios and for managing diversified portions of LaSalle’s securities portfolios. Mr. Sgrizzi’s previous responsibilities included serving as the senior European analyst and acting as a deputy European portfolio manager. Prior to that, he held responsibilities as an analyst in Baltimore covering US lodging companies, Asia Pacific listed property companies and overall global portfolio management. He graduated from Loyola University Maryland with a B.A. in Finance, and joined LaSalle in 2002. Mr. Sgrizzi is a member of the Baltimore Security Analysts Society.

Lisa Kaufman


Start Date

Tenure

Tenure Rank

Sep 01, 2016

5.75

5.8%

Ms. Kaufman has held her Fund responsibilities since September 2016. She is a Managing Director of LaSalle and a North America Portfolio Manager. As North America Portfolio Manager, she is responsible for managing separate account portfolios of public North American property companies and the North American portion of LaSalle’s global securities portfolio accounts. Ms. Kaufman’s previous responsibilities included serving as a Senior Analyst, covering U.S. retail, U.S. industrial and Canadian retail companies, as well as acting as the Deputy Portfolio Manager for North America. Ms. Kaufman received an MBA in Finance from Columbia Business School and an AB in Urban Studies and Political Science from Brown University. She joined LaSalle in 1994. Ms. Kaufman is a member of NAREIT and ICSC.

Ben Lentz


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Ben Lentz is a Managing Director and Portfolio Manager with LaSalle Investment Management Securities focusing on the Global Retail and Global Industrial sectors. He also serves on the Global Securities Advisory Committee and the Portfolio Management Oversight Committee of LaSalle Securities. Mr. Lentz joined LaSalle Investment Management Securities in January of 2000. Initially covering the self-storage and residential sectors, Mr. Lentz has also at one time or another held primary coverage responsibility for hotels, healthcare, student housing, single family homes, regional malls, shopping centers, triple net lease sectors in the united states and various other sectors in Brazil, Mexico, and Canada. In 2016 Mr. Lentz became Deputy Portfolio Manager for the US market and held the title Director of Research for the Securities Group. Most recently Mr. Lentz has become the Portfolio Manager for the global retail and industrial sectors. Mr. Lentz graduated with a B.A. in Economics and Political Science from The Johns Hopkins University in 2000 and holds the Chartered Financial Analyst designation.

Paul Meierdierck


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Mr. Meierdierck is a Managing Director with LaSalle. He is a Portfolio Manager responsible for managing office, residential and healthcare portions of LaSalle’s securities portfolios. He joined LaSalle in 2007. His prior responsibilities at the firm included security analysis of publicly traded residential and healthcare real estate companies in the United States and real estate companies in Canada. He earned a B.B.A. in Finance from James Madison University. Mr. Meierdierck is a Chartered Financial Analyst.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 20.42 7.0 10.42