Macquarie Emerging Markets Fund(formerly, Delaware Emerging Markets Fund)

Key features

Investment approach geared towards long-term structural growth opportunities - focus on companies versus countries

Emphasis on companies with franchise sustainability and attractive valuations

Dedicated emerging markets team has managed the Fund since 2006

Daily pricing as of 04/24/2025

NAV
$20.61
NAV 1-day net change
0.17
Max offer price
$21.87

Total net assets as of 03/31/2025

All share classes
$5.2 billion

Overview

Fund information
Fund identifiers
NASDAQ DEMAX
CUSIP 245914841
Investment minimums
Initial investment $1,000
Subsequent investments $100
Systematic withdrawal balance $5,000

Benchmark and peer group

MSCI Emerging Markets Index (view definition)

Morningstar Diversified Emerging Markets Category (view definition)

Lipper Emerging Markets 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 (03/31/2025)

Returns for less than one year are not annualized.

Performance at NAV assumes that no front-end sales charge applied. Performance at max offer price assumes that a front-end sales charge applied.

Class A shares have a maximum up-front sales charge of 5.75% and are subject to an annual distribution fee.

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 (03/31/2025)

Returns for less than one year are not annualized.

Performance at NAV assumes that no front-end sales charge applied. Performance at max offer price assumes that a front-end sales charge applied.

Class A shares have a maximum up-front sales charge of 5.75% and are subject to an annual distribution fee.

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 A shares - as of 03/31/2025

MorningstarMorningstarMorningstarMorningstar
Class A No. of funds
Overall 4 714
3 years 3 714
5 years 3 636
10 years 4 435
Morningstar category Morningstar Diversified Emerging Markets Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 03/31/2025
1 year 620 / 777
3 years 287 / 714
5 years 267 / 636
10 years 42 / 435
Morningstar category Morningstar Diversified Emerging Markets Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 03/31/2025
1 year 601 / 756
3 years 277 / 698
5 years 261 / 619
10 years 43 / 415
Lipper classification Lipper Emerging Markets Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.59%
Net
1.42%

Net expense ratio reflects contractual waivers of certain fees and/ or expense reimbursements from April 1, 2025 through March 31, 2026. 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
6.24%
2023
17.34%
2022
-28.85%
2021
-2.31%
2020
25.54%
2019
24.05%
2018
-17.31%
2017
41.62%
2016
17.62%
2015
-13.93%

Portfolio

Portfolio characteristics as of 03/31/2025

Number of holdings
123
Market cap (median) Source: FactSet
$7.0 billion
Market cap (weighted average) Source: FactSet
$178.5 billion
Portfolio turnover (last fiscal year)
14%
Beta (relative to MSCI Emerging Markets Index (Net)) (view definition)
1.11
Annualized standard deviation, 3 years (view definition)
20.76

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

Top 10 holdings as of 03/31/2025

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

List may exclude cash and cash equivalents. Please see the Fund's complete list of holdings for more information.

Holdings based by issuer.

Holding
% of portfolio
Holding
% of portfolio
TAIWAN SEMICONDUCTOR MANUFACTURING CO LT
16.25
SK HYNIX INC
8.65
RELIANCE INDUSTRIES LTD
8.60
SK SQUARE CO LTD
8.53
ALIBABA GROUP HOLDING LTD
4.91
SAMSUNG ELECTRONICS CO LTD
4.63
MEDIATEK INC
3.36
TENCENT HOLDINGS LTD
3.28
SAMSUNG C&T CORP
2.51
PETROLEO BRASILEIRO SA PETROBRAS
2.35

Total % Portfolio in Top 10 holdings - 63.07%

List of monthly holdingsList of quarterly holdings

Top 10 countries as of 03/31/2025

List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes.

Country
% of portfolio
Country
% of portfolio
South Korea
27.4%
Taiwan
20.3%
China
19.8%
India
14.8%
Brazil
6.1%
Mexico
3.9%
Türkiye
1.5%
Peru
1.2%
United States
1.2%
Indonesia
1.0%

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income

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

Liu-Er Chen

Liu-Er Chen, CFA

  • Head of Emerging Markets Equity
  • Start date on the Fund: September 2006
  • Years of industry experience: 29
  • Read bio

Fees

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price 5.75%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower1 none
Annual fund operating expenses
Management fees 1.14%
Distribution and service (12b-1) fees 0.25%
Other expenses 0.20%
Total annual fund operating expenses 1.59%
Fee waivers and expense reimbursements2 (0.17%)
Total annual fund operating expenses after fee waivers and expense reimbursements 1.42%

1For Class A shares, a 1% contingent deferred sales charge is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase.

2Net expense ratio reflects contractual waivers of certain fees and/ or expense reimbursements from April 1, 2025 through March 31, 2026. Please see the fee table in the Fund's prospectus for more information.

Please see the prospectus and SAI for additional information.

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.

The Fund’s investment manager, Delaware Management Company (Manager), may permit its affiliate, Macquarie Investment Management Global Limited (MIMGL) to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

Investing involves risk, including the possible loss of principal.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

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

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 Fund’s 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 Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

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

Not FDIC Insured • No Bank Guarantee • May Lose Value

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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.