Macquarie Real Estate Securities Fund

Macquarie Real Estate Securities Fund(formerly, Delaware Real Estate Securities Fund)

Key features

Daily pricing as of //

NAV
NaN
NAV 1-day net change
NaN
Max offer price
NaN

Total net assets as of //

All share classes
NaN million

Overview

Fund information
Fund identifiers

Benchmark and peer group

FTSE Nareit Equity REITs Index (view definition)

Morningstar Real Estate Category (view definition)

Lipper Real Estate Funds Average (view definition)

Performance

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 (as applicable) 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 ()

Returns for less than one year are not annualized.

The returns shown for periods prior to August 1, 2022, reflect that of the Fund prior to its repositioning, which included changes to the Fund’s investment objective, strategy, benchmark, and/or investment team.

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

Average annual total return as of quarter-end ()

Returns for less than one year are not annualized.

The returns shown for periods prior to August 1, 2022, reflect that of the Fund prior to its repositioning, which included changes to the Fund’s investment objective, strategy, benchmark, and/or investment team.

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

Overall Morningstar RatingTM

Class R6 shares - as of 01/31/2025

MorningstarMorningstarMorningstarMorningstar
Class No. of funds
Overall
Morningstar category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of //
Morningstar category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of //
Lipper classification

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.09%
Net
0.80%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 31, 2024 through July 30, 2025. Please see the fee table in the Fund's prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2024
8.03%
2023
10.02%
2022
-24.86%
2021
44.22%
2020
-2.93%
2019
24.86%
2018
-5.20%
2017
5.81%
2016
4.68%
2015
5.09%

Portfolio

Download top holdings report

Portfolio characteristics as of 01/31/2025

Number of holdings
37
Market cap (median) Source: FactSet
$9.0 billion
Market cap (weighted average) Source: FactSet
$41.1 billion
Portfolio turnover (last fiscal year)
36%
Beta (relative to FTSE Nareit Equity REITs Index) (view definition)
0.94
Annualized standard deviation, 3 years (view definition)
19.77

Portfolio composition as of //
Total may not equal 100% due to rounding.

Top 10 holdings as of 01/31/2025

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

List excludes cash and cash equivalents.

Holding
% of portfolio
Holding
% of portfolio
EQUINIX REIT INC
12.50
WELLTOWER INC
12.08
AVALONBAY COMMUNITIES REIT INC
4.79
VICI PPTYS INC
4.47
AGREE REALTY REIT CORP
4.41
PROLOGIS REIT INC
4.23
FIRST INDUSTRIAL REALTY TRUST INC
4.17
PUBLIC STORAGE REIT
4.15
DIGITAL REALTY TRUST REIT INC
3.50
EQUITY RESIDENTIAL REIT
3.43

Total % Fund in Top 10 holdings - 57.73%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 01/31/2025

List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.

Sector
Fund
Sector
Fund
Health Care REITs
18.2%
Data Center REITs
17.0%
Retail REITs
14.1%
Industrial REITs
11.2%
Multi-Family Residential REITs
10.7%
Self Storage REITs
5.2%
Single-Family Residential REITs
5.0%
Other Specialized REITs
4.5%
Diversified REITs
3.0%
Office REITs
2.2%
Hotel & Resort REITs
2.0%
Asset Management & Custody Banks
1.7%
Telecom Tower REITs
1.5%
Real Estate Operating Companies
1.3%
Internet Services & Infrastructure
0.9%
Real Estate Services
0.8%
Hotels, Resorts & Cruise Lines
0.6%

Distribution history - annual distributions (Class R6)1,2
Distributions ($ per share)

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2025
0.000
0.000
2024
2.002
0.510
2023
1.187
0.410
2022
5.316
0.352
2021
3.619
0.239
2020
0.149
0.378
2019
1.990
0.463
2018
1.283
0.442
2017
2.915
0.300
2016
2.285
0.547
2015
1.342
0.439

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.

Management

Investment manager

Delaware Management Company (DMC)

Matthew Hodgkins

Matthew Hodgkins 

  • Head of Americas Listed Real Estate
  • Read bio

Sub-advisors

Macquarie Investment Management Global Limited

James Maydew - Only for Delaware Global Real Estate Fund

James Maydew* 

  • Head of Global Listed Real Assets
  • Read bio
Jessica Koh

Jessica Koh 

  • Head of Asian Listed Real Estate
  • Read bio

*James Maydew is the lead portfolio manager responsible for the day-to-day management of the Fund.

Macquarie Investment Management Europe Limited

Ryan Watson

Ryan Watson 

  • Head of European Listed Real Estate
  • Read bio

Fees

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none
Annual fund operating expenses
Management fees 0.90%
Distribution and service (12b-1) fees none
Other expenses1 0.19%
Total annual fund operating expenses 1.09%
Fee waivers and expense reimbursements2 (0.29%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.80%

Please see the prospectus and SAI for additional information.

1"Other expenses" account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled "Choosing a share class."

2Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 31, 2024 through July 30, 2025. Please see the fee table in the Fund's prospectus for more information.

Class R6 shares are available only to certain investors. See the prospectus for more information.

2The 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 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 0.94% of the Fund’s average daily net assets from July 29, 2021 through July 29, 2022. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Resources

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 macquarie.com/mam/literature or calling 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

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 macquarie.com/mam/literature 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.

Investing in the real estate industry includes risks such as declines in real estate value, lack of availability of mortgage funds, overbuilding, extended vacancies, increases in property taxes, changes in zoning laws, costs from cleanup of environmental problems, uninsured damages, variations in rents, and changes in interest rates.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Series' investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series' ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Series.

Not FDIC Insured • No Bank Guarantee • May Lose Value

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

You can check the background of your investment professional on FINRA's BrokerCheck.

You can check the background of your investment professional on FINRA's BrokerCheck.