Delaware Global Value Fund


Delaware Global Value Fund seeks long-term capital appreciation.


The Fund invests primarily in securities of U.S. and non-U.S. companies, which may include companies located or operating in developed or emerging markets. The Fund’s managers aim to maintain a portfolio of fundamentally strong companies whose securities are undervalued by the marketplace and have the potential to appreciate within a three- to five-year time horizon.

Fund information
Inception date12/19/1997
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers

Institutional Class shares are only available to certain investors. See the prospectus for more information. 

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return as of month-end (09/30/2015)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-8.19%-9.13%6.66%5.93%3.57%6.53%12/19/1997
MSCI World Index (Gross)-5.63%-4.57%9.18%8.89%5.31%n/a
MSCI World Index (Net)-6.04%-5.09%8.58%8.29%4.73%n/a
Average annual total return as of quarter-end (09/30/2015)
Current quarterYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-10.22%-8.19%-9.13%6.66%5.93%3.57%6.53%12/19/1997
MSCI World Index (Gross)n/a-5.63%-4.57%9.18%8.89%5.31%n/a
MSCI World Index (Net)n/a-6.04%-5.09%8.58%8.29%4.73%n/a

Returns for less than one year are not annualized.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Expense ratio

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from March 30, 2015 to March 30, 2016. Please see the fee table in the Fund’s prospectus for more information.

Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return

Institutional Class shares are only available to certain investors. See the prospectus for more information. 

Portfolio characteristics - as of 09/30/2015
Number of holdings55
Market cap (median)$30.22 billion
Market cap (weighted average)$81.44 billion
Portfolio turnover (last fiscal year)43%
Beta, 3 years (relative to MSCI World Index (Gross)) (view definition)1.07
Annualized standard deviation, 3 years (view definition)11.19
Portfolio composition as of 09/30/2015Total may not equal 100% due to rounding.
International equities & depositary receipts52.1%
Domestic equities47.0%
Cash and cash equivalents0.9%
Top 10 holdings as of 09/30/2015
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Apple Inc.3.6%
NASDAQ OMX Group Inc.3.4%
Teva Pharmaceutical Industries Ltd.3.2%
CGI Group Inc.2.8%
Goldman Sachs Group Inc.2.6%
Wells Fargo & Co.2.6%
JPMorgan Chase & Co.2.6%
Oracle Corp.2.4%
Total % Portfolio in Top 10 holdings28.2%

Holdings are as of the date indicated and subject to change.

Top 10 countries as of 09/30/2015List excludes cash and cash equivalents.
Country% of portfolio
United States47.0%
United Kingdom7.5%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment

1If a Fund makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Fund (if any).

2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.

3Includes both short- and long-term capital gains.

Institutional Class shares are only available to certain investors. See the prospectus for more information. 

Ned Gray

Ned A. Gray, CFA

Senior Vice President, Chief Investment Officer — Global and International Value Equity

Start date on the Fund: May 2006

Years of industry experience: 29

(View bio)

Todd Bassion

Todd A. Bassion, CFA

Vice President, Portfolio Manager

Start date on the Fund: May 2006

Years of industry experience: 15

(View bio)

Institutional Class shares are only available to certain investors. See the prospectus for more information. 

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering pricenone
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.85%
Distribution and service (12b-1) feesnone
Other expenses0.70%
Total annual fund operating expenses1.55%
Fee waivers and expense reimbursements(0.25%)
Total annual fund operating expenses after fee waivers and expense reimbursements1.30%

Institutional Class shares are only available to certain investors. See the prospectus for more information. 

1The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.30% of the Fund's average daily net assets from March 30, 2015 through March 30, 2016. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

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 clicking the prospectus link located in the right-hand sidebar or calling 800 362-7500. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

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.

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

All third-party marks cited are the property of their respective owners.

The Funds are distributed by Delaware Distributors L.P., an affiliate of Delaware Management Holdings, Inc., and Macquarie Group Limited.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 10/06/2015)

Institutional ClassPriceNet changeYTD
Max offer price$10.91n/an/a

Total net assets (as of 09/30/2015)

$19.9 million all share classes

Lipper ranking (as of 09/30/2015)

YTD ranking76 / 118
1 year77 / 113
3 years42 / 75
5 years44 / 63
10 years22 / 36
Lipper classificationGlobal Multi-Cap Value

(View Lipper disclosure)

Benchmark, peer group

MSCI World Index (view definition)

Lipper Global Multi-Cap Value Funds Average (view definition)

Additional information