InvestEd 40 Portfolio
Name
As of 06/10/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-19.4%
1 yr return
-7.4%
3 Yr Avg Return
4.6%
5 Yr Avg Return
4.4%
Net Assets
$47.4 M
Holdings in Top 10
82.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.83%
SALES FEES
Front Load 2.50%
Deferred Load N/A
TRADING FEES
Turnover 29.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$250
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 06/10/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
WICAX - Profile
Distributions
- YTD Total Return -19.4%
- 3 Yr Annualized Total Return 3.7%
- 5 Yr Annualized Total Return 3.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.94%
- Dividend Yield 3.0%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameInvestEd 40 Portfolio
-
Fund Family NameDelaware Funds by Macquarie
-
Inception DateOct 01, 2001
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerAaron Young
Fund Description
The InvestEd 40 Portfolio is structured as a “fund-of-funds,” which means that it seeks to achieve its investment objective by investing its assets, under normal circumstances, in a combination of other mutual funds and exchange-traded funds (collectively, the Underlying Funds), rather than investing directly in stocks, bonds and other instruments. The Portfolio primarily will invest in mutual funds within the Delaware Funds Complex, for which the Manager serves as investment adviser (“affiliated” funds). However, the Portfolio also may purchase shares of funds not affiliated with the Delaware Funds Complex (“unaffiliated” funds). The unaffiliated Underlying Funds are exchange-traded funds (ETFs) that are passively managed and seek to track the performance of their designated benchmark indices. The Portfolio typically will invest in Class R6 shares of the affiliated Underlying Funds.
The Portfolio divides its assets between two types of investments: (i) Underlying Funds that invest primarily in fixed income securities (Underlying Fixed Income Funds) and (ii) Underlying Funds that invest primarily in equity securities (Underlying Equity Funds). Under normal circumstances, the Portfolio targets an allocation of approximately 60% of its assets to the Underlying Fixed Income Funds and the remaining 40% of its assets to the Underlying Equity Funds. While the Portfolio seeks to maintain this approximate 60%/40% allocation ratio, from time to time such percentages may vary as much as 10% from those designated targets (i.e., the Portfolio’s fixed income allocations may range from 50% to 70%, and its equity allocations may range from 50% to 30%).
The Portfolio invests in the Underlying Funds to gain exposure to a diversified mixture of investment categories within the equity and fixed income asset classes. The equity investment categories include US and international (including emerging market) equity securities of large cap, mid cap and small cap companies (including growth and value styles). The fixed income investment categories include US and foreign investment grade and non-investment grade corporate bonds, securities issued or guaranteed by the US government or its agencies or instrumentalities (US government securities), and securities issued by foreign governments and securities denominated in currencies other than the US dollar. Certain of the Underlying Funds may, but are not required to, invest in options, futures contracts and other derivative instruments.
The Portfolio’s holdings are determined pursuant to a two-stage asset allocation process. First, within the 60%/40% asset class buckets, the Manager undertakes a strategic analysis to determine what percentage of the Portfolio’s assets to allocate to different investment categories (i.e., US equity securities, international equity securities, investment grade bonds, non-investment grade bonds and short-term bonds) for each such bucket, based on the risk/return potential of the different investment categories and the risk profile of the Portfolio. Second, the Manager selects Underlying Funds that represent those investment categories based on the Underlying Funds’ classifications, historical risk and performance, among other factors. The Manager seeks to diversify the Portfolio’s allocation to equities by geography, market capitalization and investment style. The Manager seeks to diversify the Portfolio’s allocation to fixed income securities by interest rate and credit exposure.
The following chart sets forth the target range of the Portfolio’s asset allocation by asset class, investment category and Underlying Fund.
| Asset Class | Investment Category | Underlying Fund | Target Allocation Range* |
| Equity | 30%-50% | ||
| US Equity | 15%-35% | ||
| iShares Core S&P 500 ETF+ | 0%-25% | ||
| Delaware Ivy Core Equity Fund | 0%-25% | ||
| Delaware Ivy Large Cap Growth Fund | 0%-25% | ||
| Delaware Ivy S&P 500 Dividend Aristocrats Index Fund | 0%-25% | ||
| Delaware Ivy Value Fund | 0%-25% | ||
| Delaware Ivy Mid Cap Growth Fund | 0%-10% | ||
| Delaware Ivy Mid Cap Income Opportunities Fund | 0%-10% | ||
| Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund | 0%-10% | ||
| Delaware Ivy Smid Cap Core Fund | 0%-10% | ||
| Delaware Ivy Small Cap Growth Fund | 0%-10% | ||
| Global/International Equity | 5%-25% | ||
| iShares Core MSCI EAFE ETF+ | 0%-20% |
| Asset Class | Investment Category | Underlying Fund | Target Allocation Range* |
| Delaware Ivy Global Growth Fund | 0%-20% | ||
| Delaware Ivy International Core Equity Fund | 0%-20% | ||
| Delaware Ivy International Value Fund | 0%-20% | ||
| Delaware Ivy International Small Cap Fund | 0%-10% | ||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 0%-10% | ||
| Delaware Ivy LaSalle Global Real Estate Fund | 0%-10% | ||
| Fixed Income | 50%-70% | ||
| Investment Grade Bond | 25%-70% | ||
| Delaware Ivy Government Securities Fund | 0%-35% | ||
| Delaware Ivy Securian Core Bond Fund | 0%-35% | ||
| Delaware Ivy Corporate Bond Fund | 0%-35% | ||
| Delaware Ivy Crossover Credit Fund | 0%-20% | ||
| Non-Investment Grade Bond | 0%-20% | ||
| Delaware Ivy Strategic Income Fund | 0%-20% | ||
| Delaware Ivy Global Bond Fund | 0%-20% | ||
| Delaware Ivy High Income Fund | 0%-20% | ||
| Short-Term Bond | 0%-45% | ||
| Delaware Ivy Government Money Market Fund | 0%-25% | ||
| Delaware Ivy Limited-Term Bond Fund | 0%-25% |
* Under normal market conditions.
+ iShares® is a registered trademark of BlackRock (BlackRock, Inc. and its subsidiaries). Neither BlackRock nor the iShares® Funds make any representations regarding the advisability of investing in the InvestEd 40 Portfolio.
The Manager monitors the Portfolio’s holdings and cash flow and, in general, manages them as needed to adhere to the Portfolio’s target ranges. However, from time to time, the Manager or market movements (or a combination of both) may cause the Portfolio’s investment in any asset class or Underlying Fund to move outside its target range. In addition, the Portfolio is typically rebalanced quarterly (but may be rebalanced more or less frequently, as necessary) and will usually vary from its 40% equity target between rebalancing transactions.
The Manager does not intend to trade actively among the Underlying Funds, nor does it intend to attempt to capture short-term market opportunities. However, in seeking to enhance performance, the Manager may change allocations within the stated ranges. The Manager also may, from time to time, modify the above-specified target asset and investment category allocations, as well as the Underlying Funds selected for the Portfolio.
By allocating approximately 60% of its assets to fixed income securities via investments in the Underlying Fixed Income Funds, the Portfolio is susceptible to moderate short-term market fluctuations, and thus is most appropriate for investors with an average tolerance for risk and a medium-term investment horizon, and who do not expect to incur expenses for higher education for at least five years.
WICAX - Performance
Return Ranking - Trailing
| Period | WICAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -19.4% | -31.2% | 14.9% | 97.95% |
| 1 Yr | -7.4% | -15.9% | 45.2% | 79.89% |
| 3 Yr | 4.6%* | -1.9% | 16.2% | 62.73% |
| 5 Yr | 4.4%* | -0.1% | 13.4% | 52.25% |
| 10 Yr | 4.8%* | 2.3% | 8.1% | 74.17% |
* Annualized
Return Ranking - Calendar
| Period | WICAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -1.8% | -43.0% | 14.6% | 86.67% |
| 2022 | 4.7% | -10.3% | 40.7% | 54.35% |
| 2021 | 11.6% | -9.5% | 22.1% | 24.14% |
| 2020 | -4.6% | -21.7% | -3.5% | 1.02% |
| 2019 | 5.1% | -4.7% | 13.7% | 62.93% |
Total Return Ranking - Trailing
| Period | WICAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -19.4% | -31.2% | 14.9% | 97.95% |
| 1 Yr | -9.8% | -15.9% | 51.9% | 89.57% |
| 3 Yr | 3.7%* | -4.2% | 16.2% | 74.66% |
| 5 Yr | 3.9%* | -0.5% | 13.4% | 66.94% |
| 10 Yr | 4.5%* | 2.3% | 8.1% | 77.49% |
* Annualized
Total Return Ranking - Calendar
| Period | WICAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -1.8% | -43.0% | 31.5% | 86.67% |
| 2022 | 4.7% | -10.3% | 40.7% | 54.35% |
| 2021 | 11.6% | -9.5% | 22.1% | 27.09% |
| 2020 | -4.6% | -21.7% | -2.0% | 31.55% |
| 2019 | 5.1% | -4.7% | 16.6% | 86.67% |
NAV & Total Return History
WICAX - Holdings
Concentration Analysis
| WICAX | Category Low | Category High | WICAX % Rank | |
|---|---|---|---|---|
| Net Assets | 47.4 M | 130 K | 62.8 B | 90.43% |
| Number of Holdings | 22 | 3 | 25236 | 64.35% |
| Net Assets in Top 10 | 42.7 M | 2.59 K | 11 B | 67.06% |
| Weighting of Top 10 | 82.76% | 6.3% | 100.0% | 24.44% |
Top 10 Holdings
- Delaware Ivy Government Securities R6 25.02%
- Delaware Ivy Limited-Term Bond R6 13.51%
- Delaware Ivy Securian Core Bond R6 11.31%
- Ivy ProShares MSCI ACWI Index N 6.71%
- Delaware Ivy Core Equity Fund Class R6 6.00%
- Delaware Ivy Large Cap Growth Fund R6 5.51%
- iShares Core S&P 500 ETF 5.26%
- Delaware Ivy Corporate Bond Fund R6 5.04%
- Delaware Ivy International Core Eq R6 4.32%
- Delaware Ivy Systematic Em Mkts Eq R6 3.45%
Asset Allocation
| Weighting | Return Low | Return High | WICAX % Rank | |
|---|---|---|---|---|
| Bonds | 56.90% | 0.00% | 94.75% | 32.71% |
| Stocks | 39.50% | 0.00% | 81.89% | 45.76% |
| Cash | 3.21% | -35.68% | 69.40% | 59.93% |
| Convertible Bonds | 0.28% | 0.00% | 71.77% | 88.96% |
| Preferred Stocks | 0.09% | -0.97% | 39.31% | 65.87% |
| Other | 0.03% | -9.78% | 21.77% | 52.46% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | WICAX % Rank | |
|---|---|---|---|---|
| Technology | 21.25% | 0.00% | 30.37% | 13.18% |
| Financial Services | 14.95% | 0.00% | 83.50% | 42.47% |
| Healthcare | 11.95% | 0.00% | 34.71% | 69.18% |
| Consumer Cyclical | 11.74% | 0.00% | 33.09% | 13.01% |
| Industrials | 11.56% | 0.00% | 32.22% | 27.74% |
| Consumer Defense | 7.80% | 0.00% | 51.19% | 33.56% |
| Communication Services | 7.39% | 0.00% | 22.07% | 35.96% |
| Real Estate | 4.27% | 0.00% | 99.41% | 54.45% |
| Energy | 3.60% | 0.00% | 62.93% | 76.03% |
| Basic Materials | 3.53% | 0.00% | 32.82% | 72.43% |
| Utilities | 1.96% | 0.00% | 48.33% | 91.78% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | WICAX % Rank | |
|---|---|---|---|---|
| US | 26.33% | 0.00% | 75.58% | 55.86% |
| Non US | 13.17% | -0.01% | 25.18% | 20.20% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | WICAX % Rank | |
|---|---|---|---|---|
| Government | 34.96% | 0.00% | 94.29% | 28.35% |
| Corporate | 34.01% | 0.00% | 98.28% | 53.31% |
| Securitized | 24.89% | 0.00% | 52.08% | 21.05% |
| Cash & Equivalents | 5.29% | 0.15% | 71.66% | 74.87% |
| Municipal | 0.51% | 0.00% | 99.85% | 39.73% |
| Derivative | 0.34% | 0.00% | 27.44% | 44.99% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | WICAX % Rank | |
|---|---|---|---|---|
| US | 52.99% | 0.00% | 83.14% | 18.17% |
| Non US | 3.91% | 0.00% | 31.27% | 85.06% |
WICAX - Expenses
Operational Fees
| WICAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.83% | 0.03% | 3.70% | 61.18% |
| Management Fee | 0.00% | 0.00% | 1.25% | 1.31% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 21.29% |
| Administrative Fee | N/A | 0.01% | 0.70% | 70.77% |
Sales Fees
| WICAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 2.50% | 0.00% | 5.75% | 33.65% |
| Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
| WICAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.00% | 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.
| WICAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 29.00% | 2.00% | 380.00% | 43.68% |
WICAX - Distributions
Dividend Yield Analysis
| WICAX | Category Low | Category High | WICAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.99% | 0.00% | 6.85% | 84.32% |
Dividend Distribution Analysis
| WICAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annually | Annually | Monthly | Monthly |
Net Income Ratio Analysis
| WICAX | Category Low | Category High | WICAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.94% | -1.22% | 6.83% | 41.15% |
Capital Gain Distribution Analysis
| WICAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 17, 2019 | $0.237 | OrdinaryDividend |
| Dec 18, 2018 | $0.221 | OrdinaryDividend |
| Dec 19, 2017 | $0.139 | OrdinaryDividend |
| Dec 13, 2016 | $0.133 | OrdinaryDividend |
| Dec 15, 2015 | $0.206 | OrdinaryDividend |
| Dec 16, 2014 | $0.294 | OrdinaryDividend |
| Dec 18, 2012 | $0.299 | OrdinaryDividend |
| Dec 12, 2011 | $0.371 | OrdinaryDividend |
| Dec 14, 2009 | $0.141 | OrdinaryDividend |
| Dec 20, 2001 | $0.045 | OrdinaryDividend |
WICAX - Fund Manager Analysis
Managers
Aaron Young
Start Date
Tenure
Tenure Rank
Oct 01, 2016
5.67
5.7%
Mr. Young is Vice President of IICO and WRIMCO and Vice President of the Trust. He joined IICO in 2005 as a fixed-income analyst with an emphasis in credit research and derivative securities. Mr. Young joined the Asset Strategy team as an investment analyst in 2007. He has served as an assistant portfolio manager of investment companies managed by IICO and WRIMCO since 2012. Mr. Young earned a BA in Philosophy from the University of Missouri and holds an MBA with an emphasis in Finance and Strategy from the Olin School of Business at Washington University
Jurgen Wurzer
Start Date
Tenure
Tenure Rank
Nov 15, 2021
0.54
0.5%
Jürgen Wurzer rejoined Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) in April 2018 as deputy head of portfolio management for the firm’s global multi asset team based in Vienna. Prior to that, he worked at Erste Asset Management as a senior fund manager on the multi asset management team, where he worked from September 2016 to March 2018. Wurzer previously worked at MIMAK from January 2007 to August 2016, leaving the firm as senior investment manager on the global multi asset team. He graduated from University of Applied Sciences Wiener Neustadt with a master’s degree. Wurzer is a lecturer for asset allocation, quantitative finance, portfolio, and risk management at several educational institutions.
Stefan Löwenthal
Start Date
Tenure
Tenure Rank
Nov 15, 2021
0.54
0.5%
Stefan Löwenthal is the chief investment officer for Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), a role he assumed in February 2013. He heads the global multi asset team based in Vienna, which is responsible for all asset allocation and security selection decisions, the management of mutual funds, as well as the development of new investment strategies. In addition, Löwenthal oversees the investment policy committee, which is responsible for strategic investment decisions at MIMAK. He began his career with Macquarie in February 2008 as a portfolio manager. He holds a Master of Management Science from Vienna University of Economics and Business. Löwenthal is a lecturer for economics at the IMC University of applied sciences in Krems (Austria) and the Qiongzhou University in Sanya (China).
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 28.73 | 6.38 | 2.41 |