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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

$15.24

$118 M

1.06%

$0.16

1.57%

Vitals

YTD Return

-4.5%

1 yr return

9.3%

3 Yr Avg Return

1.0%

5 Yr Avg Return

3.4%

Net Assets

$118 M

Holdings in Top 10

60.0%

52 WEEK LOW AND HIGH

$15.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.57%

SALES FEES

Front Load 5.75%

Deferred Load N/A

TRADING FEES

Turnover 43.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$750

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

$15.24

$118 M

1.06%

$0.16

1.57%

IRSAX - Profile

Distributions

  • YTD Total Return -4.5%
  • 3 Yr Annualized Total Return 1.0%
  • 5 Yr Annualized Total Return 3.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.74%
DIVIDENDS
  • Dividend Yield 1.1%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Delaware Real Estate Securities Fund
  • Fund Family Name
    Delaware Funds by Macquarie
  • Inception Date
    Dec 08, 2003
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Lowell Bolken

Fund Description

Delaware Real Estate Securities 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 the 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 does not invest directly in real estate. The Fund may invest in securities of issuers of any size, including issuers with small, mid or large market capitalizations, although the Fund generally tends to focus on mid- and large-capitalization issuers.

“Real estate” securities include securities offered by issuers that receive at least 50% of their gross revenue from the construction, ownership, leasing, management, financing or sale of residential, commercial or industrial real estate. Real estate securities issuers typically include REITs, REOCs, real estate brokers and developers, real estate managers, hotel franchisers, real estate holding companies and publicly-traded limited partnerships.

“Real estate-related” securities include securities issued by companies primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry. Real estate-related securities issuers typically include construction and related building companies, manufacturers and distributors of building supplies, brokers, financial institutions that issue or service mortgages and resort companies.

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.

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. A REIT is a corporation (or trust or association that otherwise would be taxable as such) 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. The Fund primarily invests in shares of equity REITs but also invests lesser portions of its assets in shares of mortgage REITs and hybrid REITs.

The Fund may invest up to 25% of its total assets in foreign securities and may invest up to 20% of its net assets in securities issued by companies outside of the real estate industry.

The Fund also may invest in an ETF to replicate a REIT or real estate stock index or a basket of REITs or real estate stocks, as well as in an ETF that attempts to provide enhanced performance, or inverse performance, on such indexes or baskets. The Fund may invest in companies that are offered in IPOs.

An investment in the a may encounter the risk of greater volatility, due to the limited number of issuers of real estate and real estate-related securities, than an investment in a portfolio of securities selected from a greater number of issuers.

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.

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IRSAX - Performance

Return Ranking - Trailing

Period IRSAX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.5% -12.1% 6.0% 62.75%
1 Yr 9.3% -14.5% 29.8% 70.98%
3 Yr 1.0%* -11.1% 10.5% 46.99%
5 Yr 3.4%* -11.3% 15.9% 37.99%
10 Yr 5.8%* -1.4% 15.0% 50.33%

* Annualized

Return Ranking - Calendar

Period IRSAX Return Category Return Low Category Return High Rank in Category (%)
2023 0.7% -17.6% 24.6% 86.67%
2022 -44.0% -51.3% 2.7% 94.49%
2021 26.4% -7.7% 52.3% 72.29%
2020 -5.3% -42.2% 35.0% 17.87%
2019 13.0% -0.6% 43.1% 73.45%

Total Return Ranking - Trailing

Period IRSAX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.5% -12.1% 6.0% 62.75%
1 Yr 9.3% -14.5% 29.8% 70.98%
3 Yr 1.0%* -11.1% 10.5% 46.99%
5 Yr 3.4%* -11.3% 15.9% 37.99%
10 Yr 5.8%* -1.4% 15.0% 50.33%

* Annualized

Total Return Ranking - Calendar

Period IRSAX Return Category Return Low Category Return High Rank in Category (%)
2023 10.7% -14.0% 25.0% 71.76%
2022 -25.2% -40.7% 7.8% 29.92%
2021 43.6% 7.8% 54.6% 26.10%
2020 -3.5% -36.6% 44.3% 34.04%
2019 24.3% 3.4% 46.4% 74.78%

NAV & Total Return History


IRSAX - Holdings

Concentration Analysis

IRSAX Category Low Category High IRSAX % Rank
Net Assets 118 M 1.73 M 56.5 B 69.88%
Number of Holdings 28 18 501 91.54%
Net Assets in Top 10 77.1 M 711 K 26.1 B 68.01%
Weighting of Top 10 59.96% 15.7% 82.2% 21.32%

Top 10 Holdings

  1. Equinix Inc 9.63%
  2. Welltower Inc 9.45%
  3. Prologis Inc 8.91%
  4. Public Storage 5.53%
  5. Realty Income Corp 4.72%
  6. VICI Properties Inc 4.71%
  7. Digital Realty Trust Inc 4.48%
  8. AvalonBay Communities Inc 4.41%
  9. Sun Communities Inc 4.09%
  10. Invitation Homes Inc 4.01%

Asset Allocation

Weighting Return Low Return High IRSAX % Rank
Stocks
99.87% 0.00% 106.01% 5.51%
Cash
0.13% -42.50% 20.74% 96.32%
Preferred Stocks
0.00% 0.00% 31.13% 44.12%
Other
0.00% -89.96% 112.19% 44.12%
Convertible Bonds
0.00% 0.00% 10.95% 35.79%
Bonds
0.00% -3.17% 148.00% 40.81%

Stock Sector Breakdown

Weighting Return Low Return High IRSAX % Rank
Real Estate
99.75% 34.46% 100.00% 37.98%
Consumer Cyclical
0.25% 0.00% 45.29% 38.76%
Utilities
0.00% 0.00% 3.55% 32.17%
Technology
0.00% 0.00% 12.02% 50.39%
Industrials
0.00% 0.00% 7.39% 36.82%
Healthcare
0.00% 0.00% 0.53% 33.33%
Financial Services
0.00% 0.00% 37.05% 40.70%
Energy
0.00% 0.00% 33.11% 33.72%
Communication Services
0.00% 0.00% 11.61% 39.53%
Consumer Defense
0.00% 0.00% 0.93% 32.17%
Basic Materials
0.00% 0.00% 13.69% 36.82%

Stock Geographic Breakdown

Weighting Return Low Return High IRSAX % Rank
US
97.69% 0.00% 106.01% 62.87%
Non US
2.18% 0.00% 40.58% 6.99%

IRSAX - Expenses

Operational Fees

IRSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.57% 0.07% 24.62% 35.69%
Management Fee 0.90% 0.00% 1.50% 80.88%
12b-1 Fee 0.25% 0.00% 1.00% 42.75%
Administrative Fee N/A 0.01% 0.45% 4.05%

Sales Fees

IRSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.75% 3.00% 5.75% 14.89%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

IRSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

IRSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 43.00% 0.11% 380.00% 54.55%

IRSAX - Distributions

Dividend Yield Analysis

IRSAX Category Low Category High IRSAX % Rank
Dividend Yield 1.06% 0.00% 13.25% 20.22%

Dividend Distribution Analysis

IRSAX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annual Monthly Quarterly

Net Income Ratio Analysis

IRSAX Category Low Category High IRSAX % Rank
Net Income Ratio 0.74% -1.14% 6.05% 70.26%

Capital Gain Distribution Analysis

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

Distributions History

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IRSAX - Fund Manager Analysis

Managers

Lowell Bolken


Start Date

Tenure

Tenure Rank

Apr 30, 2006

16.1

16.1%

Lowell R. Bolken serves as Vice President and Portfolio Manager for Securian Asset Management, Inc. since March 2012. Mr. Bolken received a BA in Computer Science from the University of North Dakota in 1985. He earned an MBA in Real Estate and Financial Markets from Columbia University in 1989. He is a CFA charterholder and a member of the National Association of Real Estate Investment Trusts (NAREIT).

Matthew Richmond


Start Date

Tenure

Tenure Rank

Jan 02, 2014

8.41

8.4%

Matthew K. Richmond serves as Senior Vice President and Portfolio Manager for Securian Asset Management, Inc. since December 2018, previously Vice President and Portfolio Manager since December 2013.

Joshua Klaetsch


Start Date

Tenure

Tenure Rank

Apr 30, 2018

4.09

4.1%

M. Klaetsch has been an Investment Officer with Securian AM since November 2016 and has been an analyst at Securian AM since joining the firm in June 2008. Mr. Klaetsch received a BA in Economics from Luther College and an MBA in Real Estate Finance from the University of Wisconsin. He is a Chartered Financial Analyst (CFA) Charterholder

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 28.42 7.9 2.23