Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
9.5%
1 yr return
27.1%
3 Yr Avg Return
1.0%
5 Yr Avg Return
4.5%
Net Assets
$118 M
Holdings in Top 10
60.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.39%
SALES FEES
Front Load 5.75%
Deferred Load N/A
TRADING FEES
Turnover 43.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$750
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
IRSAX - Profile
Distributions
- YTD Total Return 9.5%
- 3 Yr Annualized Total Return 1.0%
- 5 Yr Annualized Total Return 4.5%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.74%
- Dividend Yield 1.7%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameDelaware Real Estate Securities Fund
-
Fund Family NameDelaware Funds by Macquarie
-
Inception DateDec 08, 2003
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerLowell Bolken
Fund Description
Delaware Real Estate Securities Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in the securities of companies in the real estate or real estate-related industries (80% policy). The 80% policy is nonfundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy. The Fund does not invest directly in real estate. The Fund may invest in securities of issuers of any size, including issuers with small, mid or large market capitalizations, although the Fund generally tends to focus on mid- and large-capitalization issuers.
“Real estate” securities include securities offered by issuers that receive at least 50% of their gross revenue from the construction, ownership, leasing, management, financing or sale of residential, commercial or industrial real estate. Real estate securities issuers typically include REITs, REOCs, real estate brokers and developers, real estate managers, hotel franchisers, real estate holding companies and publicly-traded limited partnerships.
“Real estate-related” securities include securities issued by companies primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry. Real estate-related securities issuers typically include construction and related building companies, manufacturers and distributors of building supplies, brokers, financial institutions that issue or service mortgages and resort companies.
The Fund’s investment strategy utilizes a three-step bottom-up approach (researching individual issuers) with a strong focus on quality, risk and a valuation-based stock selection methodology, supported by a top-down (assessing the market environment) overlay as a check and a balance. The Macquarie Global Listed Real Estate Team (the “Team”) seeks to identify and capitalize on investment opportunities through an integrated approach to individual security-level analysis and long-term trends impacting real estate markets and cycles. The Team applies combined research sources in a disciplined and systematic manner, taking account of mis-pricing opportunities, long term value creation and the level of risk these assets bring to the Fund in both absolute and relative terms. The Team looks to manage risk by allocating capital where it believes it will have the most potential to drive returns which is ultimately in bottom-up stock and sector selection (as further described below) over and above top-down country and regional selection, where the Team feels performance is far harder to derive consistently.
Most of the Fund’s real estate securities portfolio consists of securities issued by REITs and REOCs that are listed on a securities exchange or traded over-the-counter. A REIT is a corporation (or trust or association that otherwise would be taxable as such) that invests in real estate, mortgages on real estate or shares issued by other REITs. REITs may be characterized as equity REITs (that is, REITs that primarily invest in land and improvements thereon), mortgage REITs (that is, REITs that primarily invest in mortgages on real estate and other real estate debt) or hybrid REITs, which invest in both land and improvements thereon and real estate mortgages. The Fund primarily invests in shares of equity REITs but also invests lesser portions of its assets in shares of mortgage REITs and hybrid REITs.
The Fund may invest up to 25% of its total assets in foreign securities and may invest up to 20% of its net assets in securities issued by companies outside of the real estate industry.
The Fund also may invest in an ETF to replicate a REIT or real estate stock index or a basket of REITs or real estate stocks, as well as in an ETF that attempts to provide enhanced performance, or inverse performance, on such indexes or baskets. The Fund may invest in companies that are offered in IPOs.
An investment in the a may encounter the risk of greater volatility, due to the limited number of issuers of real estate and real estate-related securities, than an investment in a portfolio of securities selected from a greater number of issuers.
Fund summaries
The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Global Limited (MIMGL) and Macquarie Investment Management Europe Limited (MIMEL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.
IRSAX - Performance
Return Ranking - Trailing
Period | IRSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 9.5% | -11.6% | 23.4% | 74.23% |
1 Yr | 27.1% | -9.2% | 45.0% | 82.31% |
3 Yr | 1.0%* | -11.5% | 6.6% | 64.34% |
5 Yr | 4.5%* | -11.8% | 15.6% | 36.40% |
10 Yr | 6.7%* | -2.4% | 15.8% | 52.38% |
* Annualized
Return Ranking - Calendar
Period | IRSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.7% | -17.6% | 24.6% | 83.91% |
2022 | -44.0% | -51.3% | 2.7% | 94.62% |
2021 | 26.4% | -7.7% | 52.3% | 70.20% |
2020 | -5.3% | -42.2% | 35.0% | 18.18% |
2019 | 13.0% | -0.8% | 43.1% | 70.39% |
Total Return Ranking - Trailing
Period | IRSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 9.5% | -11.6% | 23.4% | 74.23% |
1 Yr | 27.1% | -9.2% | 45.0% | 82.31% |
3 Yr | 1.0%* | -11.5% | 6.6% | 64.34% |
5 Yr | 4.5%* | -11.8% | 15.6% | 36.40% |
10 Yr | 6.7%* | -2.4% | 15.8% | 52.38% |
* Annualized
Total Return Ranking - Calendar
Period | IRSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.7% | -14.0% | 25.0% | 68.58% |
2022 | -25.2% | -40.7% | 7.8% | 32.69% |
2021 | 43.6% | 7.8% | 54.6% | 24.71% |
2020 | -3.5% | -36.6% | 44.3% | 34.30% |
2019 | 24.3% | 3.4% | 46.4% | 71.67% |
NAV & Total Return History
IRSAX - Holdings
Concentration Analysis
IRSAX | Category Low | Category High | IRSAX % Rank | |
---|---|---|---|---|
Net Assets | 118 M | 1.39 M | 61.4 B | 71.26% |
Number of Holdings | 32 | 22 | 519 | 83.97% |
Net Assets in Top 10 | 64.2 M | 1.29 M | 32.8 B | 70.99% |
Weighting of Top 10 | 60.64% | 13.2% | 90.0% | 21.37% |
Top 10 Holdings
- Equinix Inc 12.60%
- Welltower Inc 11.71%
- AvalonBay Communities Inc 4.93%
- Digital Realty Trust Inc 4.90%
- Public Storage 4.87%
- VICI Properties Inc 4.86%
- Prologis Inc 4.57%
- Alexandria Real Estate Equities Inc 4.37%
- Invitation Homes Inc 3.96%
- Agree Realty Corp 3.87%
Asset Allocation
Weighting | Return Low | Return High | IRSAX % Rank | |
---|---|---|---|---|
Stocks | 99.09% | 0.00% | 105.52% | 45.80% |
Cash | 0.91% | -42.50% | 19.87% | 52.29% |
Preferred Stocks | 0.00% | 0.00% | 31.13% | 50.00% |
Other | 0.00% | -89.90% | 107.80% | 56.49% |
Convertible Bonds | 0.00% | 0.00% | 10.95% | 45.59% |
Bonds | 0.00% | -3.17% | 155.83% | 48.09% |
Stock Sector Breakdown
Weighting | Return Low | Return High | IRSAX % Rank | |
---|---|---|---|---|
Real Estate | 99.75% | 34.46% | 100.00% | 38.31% |
Consumer Cyclical | 0.25% | 0.00% | 45.29% | 37.90% |
Utilities | 0.00% | 0.00% | 3.55% | 43.55% |
Technology | 0.00% | 0.00% | 12.02% | 58.06% |
Industrials | 0.00% | 0.00% | 7.39% | 47.58% |
Healthcare | 0.00% | 0.00% | 0.53% | 43.95% |
Financial Services | 0.00% | 0.00% | 37.05% | 50.00% |
Energy | 0.00% | 0.00% | 33.11% | 43.95% |
Communication Services | 0.00% | 0.00% | 11.61% | 49.60% |
Consumer Defense | 0.00% | 0.00% | 0.93% | 42.34% |
Basic Materials | 0.00% | 0.00% | 13.69% | 47.18% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | IRSAX % Rank | |
---|---|---|---|---|
US | 97.81% | 0.00% | 105.52% | 64.12% |
Non US | 1.28% | 0.00% | 37.90% | 8.78% |
IRSAX - Expenses
Operational Fees
IRSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.39% | 0.07% | 28.75% | 39.77% |
Management Fee | 0.90% | 0.00% | 1.50% | 82.06% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 47.66% |
Administrative Fee | N/A | 0.01% | 0.45% | 4.05% |
Sales Fees
IRSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 5.75% | 3.00% | 5.75% | 20.00% |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
IRSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
IRSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 43.00% | 0.11% | 380.00% | 53.91% |
IRSAX - Distributions
Dividend Yield Analysis
IRSAX | Category Low | Category High | IRSAX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.69% | 0.00% | 13.03% | 19.08% |
Dividend Distribution Analysis
IRSAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annual | Monthly | Quarterly |
Net Income Ratio Analysis
IRSAX | Category Low | Category High | IRSAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.74% | -1.14% | 6.05% | 71.04% |
Capital Gain Distribution Analysis
IRSAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 20, 2024 | $0.074 | OrdinaryDividend |
Mar 22, 2024 | $0.289 | OrdinaryDividend |
Dec 15, 2023 | $0.040 | OrdinaryDividend |
Dec 15, 2023 | $1.187 | CapitalGainLongTerm |
Sep 22, 2023 | $0.108 | OrdinaryDividend |
Jun 22, 2023 | $0.111 | OrdinaryDividend |
Mar 22, 2023 | $0.102 | OrdinaryDividend |
Dec 15, 2022 | $0.121 | OrdinaryDividend |
Dec 15, 2022 | $0.418 | CapitalGainShortTerm |
Dec 15, 2022 | $4.898 | CapitalGainLongTerm |
Sep 15, 2022 | $0.174 | OrdinaryDividend |
Dec 16, 2021 | $3.714 | OrdinaryDividend |
Sep 16, 2021 | $0.040 | OrdinaryDividend |
Dec 10, 2020 | $0.151 | OrdinaryDividend |
Dec 10, 2020 | $0.006 | CapitalGainShortTerm |
Dec 10, 2020 | $0.143 | CapitalGainLongTerm |
Sep 10, 2020 | $0.040 | OrdinaryDividend |
Jun 11, 2020 | $0.063 | OrdinaryDividend |
Mar 12, 2020 | $0.010 | OrdinaryDividend |
Dec 12, 2019 | $0.172 | OrdinaryDividend |
Dec 12, 2019 | $0.024 | CapitalGainShortTerm |
Dec 12, 2019 | $1.967 | CapitalGainLongTerm |
Sep 12, 2019 | $0.070 | OrdinaryDividend |
Jun 13, 2019 | $0.070 | OrdinaryDividend |
Mar 14, 2019 | $0.030 | OrdinaryDividend |
Dec 13, 2018 | $0.173 | OrdinaryDividend |
Dec 13, 2018 | $0.040 | CapitalGainShortTerm |
Dec 13, 2018 | $1.243 | CapitalGainLongTerm |
Sep 13, 2018 | $0.050 | OrdinaryDividend |
Jun 14, 2018 | $0.073 | OrdinaryDividend |
Mar 15, 2018 | $0.020 | OrdinaryDividend |
Dec 14, 2017 | $0.110 | OrdinaryDividend |
Dec 14, 2017 | $2.915 | CapitalGainLongTerm |
Sep 14, 2017 | $0.040 | OrdinaryDividend |
Jun 15, 2017 | $0.010 | OrdinaryDividend |
Dec 08, 2016 | $0.191 | OrdinaryDividend |
Dec 08, 2016 | $0.228 | CapitalGainShortTerm |
Dec 08, 2016 | $2.057 | CapitalGainLongTerm |
Sep 15, 2016 | $0.040 | OrdinaryDividend |
Jun 16, 2016 | $0.120 | OrdinaryDividend |
Mar 10, 2016 | $0.040 | OrdinaryDividend |
Dec 10, 2015 | $0.179 | OrdinaryDividend |
Dec 10, 2015 | $0.150 | CapitalGainShortTerm |
Dec 07, 2015 | $1.192 | CapitalGainLongTerm |
Sep 10, 2015 | $0.020 | OrdinaryDividend |
Jun 11, 2015 | $0.054 | OrdinaryDividend |
Mar 12, 2015 | $0.020 | OrdinaryDividend |
Dec 11, 2014 | $0.108 | OrdinaryDividend |
Dec 11, 2014 | $0.374 | CapitalGainShortTerm |
Dec 11, 2014 | $0.496 | CapitalGainLongTerm |
Sep 11, 2014 | $0.020 | OrdinaryDividend |
Jun 12, 2014 | $0.020 | OrdinaryDividend |
Dec 12, 2013 | $0.113 | OrdinaryDividend |
Sep 12, 2013 | $0.040 | OrdinaryDividend |
Jun 13, 2013 | $0.072 | OrdinaryDividend |
Mar 14, 2013 | $0.010 | OrdinaryDividend |
Dec 13, 2012 | $0.092 | OrdinaryDividend |
Sep 13, 2012 | $0.020 | OrdinaryDividend |
Jun 14, 2012 | $0.027 | OrdinaryDividend |
Mar 15, 2012 | $0.015 | OrdinaryDividend |
Dec 08, 2011 | $0.045 | OrdinaryDividend |
Dec 09, 2010 | $0.120 | OrdinaryDividend |
Sep 16, 2010 | $0.015 | OrdinaryDividend |
Jun 10, 2010 | $0.040 | OrdinaryDividend |
Mar 11, 2010 | $0.045 | OrdinaryDividend |
Dec 10, 2009 | $0.073 | OrdinaryDividend |
Sep 10, 2009 | $0.030 | OrdinaryDividend |
Jun 11, 2009 | $0.045 | OrdinaryDividend |
Mar 12, 2009 | $0.050 | OrdinaryDividend |
Dec 11, 2008 | $0.112 | OrdinaryDividend |
Dec 11, 2008 | $0.006 | CapitalGainShortTerm |
Sep 11, 2008 | $0.040 | OrdinaryDividend |
Jun 12, 2008 | $0.055 | OrdinaryDividend |
Mar 13, 2008 | $0.060 | OrdinaryDividend |
Dec 13, 2007 | $0.046 | OrdinaryDividend |
Dec 13, 2007 | $0.327 | CapitalGainShortTerm |
Dec 13, 2007 | $1.641 | CapitalGainLongTerm |
Sep 13, 2007 | $0.020 | OrdinaryDividend |
Jun 14, 2007 | $0.020 | OrdinaryDividend |
Mar 15, 2007 | $0.015 | OrdinaryDividend |
Dec 14, 2006 | $0.054 | OrdinaryDividend |
Dec 14, 2006 | $0.200 | CapitalGainShortTerm |
Dec 14, 2006 | $0.768 | CapitalGainLongTerm |
Sep 14, 2006 | $0.040 | OrdinaryDividend |
Jun 15, 2006 | $0.040 | OrdinaryDividend |
Mar 16, 2006 | $0.030 | OrdinaryDividend |
Dec 15, 2005 | $0.060 | OrdinaryDividend |
Dec 15, 2005 | $0.281 | CapitalGainShortTerm |
Dec 15, 2005 | $0.514 | CapitalGainLongTerm |
Sep 15, 2005 | $0.040 | OrdinaryDividend |
Jun 16, 2005 | $0.050 | OrdinaryDividend |
Mar 10, 2005 | $0.005 | OrdinaryDividend |
Dec 16, 2004 | $0.160 | OrdinaryDividend |
Dec 16, 2004 | $0.320 | CapitalGainShortTerm |
Dec 16, 2004 | $0.369 | CapitalGainLongTerm |
Sep 16, 2004 | $0.050 | OrdinaryDividend |
Jun 17, 2004 | $0.030 | OrdinaryDividend |
Mar 11, 2004 | $0.020 | OrdinaryDividend |
Dec 18, 2003 | $0.165 | OrdinaryDividend |
Dec 18, 2003 | $0.142 | CapitalGainShortTerm |
Dec 18, 2003 | $0.049 | CapitalGainLongTerm |
IRSAX - Fund Manager Analysis
Managers
Lowell Bolken
Start Date
Tenure
Tenure Rank
Apr 30, 2006
16.1
16.1%
Lowell R. Bolken serves as Vice President and Portfolio Manager for Securian Asset Management, Inc. since March 2012. Mr. Bolken received a BA in Computer Science from the University of North Dakota in 1985. He earned an MBA in Real Estate and Financial Markets from Columbia University in 1989. He is a CFA charterholder and a member of the National Association of Real Estate Investment Trusts (NAREIT).
Matthew Richmond
Start Date
Tenure
Tenure Rank
Jan 02, 2014
8.41
8.4%
Matthew K. Richmond serves as Senior Vice President and Portfolio Manager for Securian Asset Management, Inc. since December 2018, previously Vice President and Portfolio Manager since December 2013.
Joshua Klaetsch
Start Date
Tenure
Tenure Rank
Apr 30, 2018
4.09
4.1%
M. Klaetsch has been an Investment Officer with Securian AM since November 2016 and has been an analyst at Securian AM since joining the firm in June 2008. Mr. Klaetsch received a BA in Economics from Luther College and an MBA in Real Estate Finance from the University of Wisconsin. He is a Chartered Financial Analyst (CFA) Charterholder
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.01 | 28.42 | 8.12 | 2.68 |