Delaware Investments Delaware Investments Delaware Investments

Emerging Markets team

Emerging Markets team

The chart illustrates GDP growth percentages around the world in 2002.

The chart illustrates GDP growth percentages around the world in 2012.

The chart illustrates projected GDP growth percentages around the world by 2017.

Source: International Monetary Fund estimated as of October 2011

Most recent data available.

The case for emerging markets

Real GDP growth in 2011

Emerging markets are often characterized by economies that maintain positive momentum. Economic growth within emerging markets often leads to economic growth within most developed economies — a trend that continued in 2011.

Gross domestic product (GDP) measures the amount of goods and services produced within a country in a given period.

The views expressed represent the Manager's assessment of the Fund and market environment as of August 2012, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice.

The case for
emerging markets

Source: International Monetary Fund estimated as of October 2011

Most recent data available.

The case for emerging markets

Relatively healthy balance sheets

When viewed against developed countries, emerging markets have historically shown stronger structural attributes. These have included better fiscal balances and healthier levels of public debt.

Developed countries comprise all regions of Europe plus Northern America, Australia/New Zealand, Japan, Hong Kong, Israel, Korea, Singapore, and Taiwan Province of China. Emerging markets comprise all regions of Africa, Asia (excluding Japan, Hong Kong, Israel, Korea, Singapore, Taiwan Province of China), Latin America and the Caribbean plus Melanesia, Micronesia, and Polynesia.

The performance quoted represents past performance and does not guarantee future results.

The case for
emerging markets
Our team

Investment philosophy

We believe market price and intrinsic business value are positively correlated in the long run, but short-term divergences can emerge. We seek to take advantage of these divergences through our disciplined, fundamental, bottom-up (stock-by-stock) approach. We invest in companies with sustainable franchises when we believe they are trading below their intrinsic value.

Investment team

Liu-Er Chen

Liu-Er Chen, CFA

Chief Investment Officer — Emerging Markets and Healthcare

(View bio)

Daniel Ko 

Senior Equity Analyst

(View bio)

Wei Xiao 

Senior Equity Analyst

(View bio)

Jeffrey S. Wang, CFA

Senior Equity Analyst

(View bio)

The case for
emerging markets
Distinguishing characteristics /
Funds we manage

Distinguishing characteristics

  • Strong valuation discipline with focused analysis on the source of mispricing
  • Bottom-up (stock-by-stock) approach integrates micro and macroeconomic factors into fundamental assessment
  • Long-term view looks past near-term business fluctuations
  • Ownership mindset compels us to think deeply and structurally
  • Creative destruction focus conditions us to anticipate and take advantage of change

Learn more about the Funds we manage:

Fund Load waived
With load
Delaware Emerging Markets Fund1
Learn more
4 stars
3 stars
Delaware Healthcare Fund2
Learn more
4 stars
4 stars

1,2 (View Morningstar disclosure)

Our team
The case for emerging markets

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by visiting our fund literature page or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

IMPORTANT RISK CONSIDERATIONS

International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.

Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

High yielding, noninvestment grade bonds (junk bonds) involve higher risk than investment grade bonds.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

Healthcare companies are subject to extensive government regulation and their profitability can be affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, and malpractice or other litigation.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

“Nondiversified” funds may allocate more of their net assets to investments in single securities than “diversified” Funds. Resulting adverse effects may subject these Funds to greater risks and volatility.

Not FDIC Insured | No Bank Guarantee | May Lose Value