Delaware Global Real Estate Opportunities Fund

Objective

Delaware Global Real Estate Opportunities Fund seeks maximum long-term total return through a combination of current income and capital appreciation.

Strategy

The Fund invests primarily in securities issued by U.S. and non-U.S. real estate and real estate-related companies.

Fund information
Inception date01/10/2007
Dividends paid (if any)Quarterly
Capital gains paid (if any)November or December
Fund identifiers
NASDAQDGROX
CUSIP245917620

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 (02/28/2017)

as of quarter-end (12/31/2016)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)2.51%11.53%5.80%8.63%1.95%2.33%01/10/2007
FTSE EPRA/NAREIT Developed Index3.77%13.22%6.74%8.75%2.05%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-5.27%4.18%6.52%10.27%n/a2.11%01/10/2007
FTSE EPRA/NAREIT Developed Index-5.39%4.99%6.78%10.33%n/a2.34%

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the Fund's inception date.

The Delaware Global Real Estate Opportunities Fund's performance information for periods prior to Sept. 28, 2012, reflects the performance of The Global Real Estate Securities Portfolio (the “Portfolio”) of Delaware Pooled® Trust, which merged into Delaware Global Real Estate Opportunities Fund (the “Fund”) as of that date. The performance information for Class A shares at offer has been adjusted to reflect the Fund’s current maximum sales charge. The Fund also has higher expenses than the Portfolio, including a Rule 12b-1 fee to which the Institutional Class of the Portfolio was not subject. Historical performance results at net asset value and offer prior to Sept. 28, 2012 have not been recalculated to reflect these expenses, but future results will be affected by them. The historical performance of the Portfolio would have been lower had it been subject to the Fund’s expense ratio.

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
Gross1.47%
Net1.15%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from Feb. 28, 2017 through Feb. 28, 2018. Please see the fee table in the Fund's prospectus for more information.

Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
20163.86%5.08%0.77%-5.27%4.18%
20153.67%-7.06%-0.11%3.73%-0.18%
20144.70%7.13%-3.94%7.85%16.21%
20136.06%-3.20%1.34%0.40%4.46%
201211.90%2.70%4.56%7.49%29.16%
20113.15%3.95%-16.58%7.49%-3.86%
20103.43%-7.23%17.89%5.76%19.64%
2009-21.32%31.78%21.99%3.32%30.67%
2008-7.61%-8.10%-8.35%-31.03%-46.33%
2007n/a-4.55%4.05%-8.94%n/a

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

Portfolio characteristics - as of 02/28/2017FTSE EPRA/NAREIT Developed Index
Number of holdings72330
Market cap (median)$6.67 billion$3.93 billion
Market cap (weighted average)$13.97 billion$14.98 billion
Portfolio turnover (last fiscal year)193%n/a
Beta (relative to FTSE EPRA/NAREIT Developed Index) (view definition)0.94n/a
Annualized standard deviation, 3 years (view definition)11.72n/a
Portfolio composition as of 02/28/2017Total may not equal 100% due to rounding.
Domestic equities53.1%
International equities & depositary receipts40.4%
Cash and cash equivalents6.5%
Top 10 equity holdings as of 02/28/2017
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Simon Property Group Inc.3.0%
Welltower Inc.2.8%
Mitsubishi Estate Co. Ltd.2.8%
Deutsche Wohnen AG2.5%
Cheung Kong Property Holdings Ltd.2.4%
Brookdale Senior Living Inc.2.4%
HCP Inc.2.4%
AvalonBay Communities Inc.2.4%
Sun Hung Kai Properties Ltd.2.4%
Goodman Group2.2%
Total % Portfolio in Top 10 holdings25.3%

Top 10 countries as of 02/28/2017

List excludes cash and cash equivalents.

Country% of portfolio
United States53.1%
Hong Kong7.5%
Australia6.6%
United Kingdom6.4%
Japan5.5%
Singapore4.3%
Germany3.3%
France2.8%
Canada1.6%
Spain1.4%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20170.0000.026
20160.0000.172
20150.0000.088
20140.0000.168
20130.0000.206
20120.0000.160
20110.0000.226
20100.0000.502
20090.0000.373
20080.0000.009
20070.0000.336

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. 

Bob Zenouzi

Bob Zenouzi 

Senior Vice President, Chief Investment Officer — Real Estate Securities and Income Solutions (RESIS)

Start date on the Fund: September 2012

Years of industry experience: 30

(View bio)


Damon Andres

Damon J. Andres, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: September 2012

Years of industry experience: 26

(View bio)


Scott Hastings

Scott P. Hastings, CFA, CPA

Vice President, Portfolio Manager

Start date on the Fund: July 2016

Years of industry experience: 14

(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 fees0.99%
Distribution and service (12b-1) feesnone
Other expenses0.48%
Total annual fund operating expenses1.47%
Fee waivers and expense reimbursements(0.32%)
Total annual fund operating expenses after fee waivers and expense reimbursements1.15%

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 dividend and 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 1.15% of the Fund's average daily net assets from Feb. 28, 2017 through Feb. 28, 2018. 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.

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

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

A REIT fund's tax status as a regulated investment company could be jeopardized if it holds real estate directly, as a result of defaults, or receives rental income from real estate holdings.

“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.

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.

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 03/22/2017)

Institutional ClassPriceNet change
NAV$7.16-0.03
Max offer price$7.16n/a

Total net assets (as of 02/28/2017)

$69.5 million all share classes

Overall Morningstar RatingTM

 
Institutional Class shares (as of 02/28/2017)
RatingNo. of funds
Overall5186
3 Yrs4186
5 Yrs4151
10 Yrs578
Morningstar categoryGlobal Real Estate

(View Morningstar disclosure)

Morningstar ranking (as of 02/28/2017)

YTD ranking230 / 253
1 year93 / 239
3 years49 / 186
5 years17 / 151
10 years8 / 78
Morningstar categoryGlobal Real Estate

(View Morningstar disclosure)

Lipper ranking (as of 02/28/2017)

YTD ranking178 / 191
1 year82 / 179
3 years47 / 133
5 years16 / 102
10 years6 / 53
Lipper classificationGlobal Real Estate Funds

(View Lipper disclosure)

Benchmark

FTSE EPRA/NAREIT Developed Index (view definition)

Morningstar Global Real Estate Category (view definition)

Lipper Global Real Estate Funds Average (view definition)

Additional information