ICDAX — Delaware International Equity Fund II
Data updated: 2024-06-11
ICDAX — Delaware International Equity Fund II. Europe Large Cap Value Information Technology Equity. Holdings, fees, performance and SEC filings.
ICDAX Fund Overview
ICDAX — Delaware International Equity Fund II is a US mutual fund managed by Ivy Funds, categorised as Europe Large Cap Value Information Technology Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Ivy Funds
- Category: Europe Large Cap Value Information Technology Equity
- Assets under management: $91.77M
- 1-year return: 5.6%
- Ticker: ICDAX
- SEC CIK: 0000883622
- SEC series ID: S000024834
- Share class ID: C000073921
ICDAX Investment Objective and Strategy
Delaware International Equity Fund II describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ivy Funds.
Investment objective
To seek to provide capital appreciation.
Principal investment strategy
Ivy Pzena International Value Fund invests at least 80% of its net assets in equity securities of issuers located in, or with significant business, assets, or operations in, countries throughout the world other than the United States. In managing the Funds assets, Pzena Investment Management, LLC (Pzena), the Funds subadviser, looks to invest in companies from a universe generally consisting of the 1,500 largest non-U.S. companies that it believes are undervalued on the basis of current price to an estimated normal level of earnings. The Fund generally invests up to 10% of its portfolio in emerging markets. A company is considered to be located in an emerging market country if it is organized under the laws of, or has a principal office in, an emerging country; if it has a class of securities whose principal securities market is in an emerging country; if it derives 50% or more of its total revenue from goods produced, sales made or services provided in one or more emerging countries; or if it maintains 50% or more of its assets in one or more emerging countries.
Pzena has discretion to determine which countries are regarded as emerging markets, although those classified by Morgan Stanley Capital International (MSCI) as emerging typically will be included, together with other countries having similar characteristics. The Funds portfolio generally will consist of 60 to 80 stocks identified through a research-driven, bottom-up security selection process based on fundamental research, with relative sizing based on valuation, risk and diversification. The Fund seeks to invest in stocks that, in the opinion of Pzena, sell at a substantial discount to their intrinsic value, but have solid long-term prospects. The Fund primarily invests in common stocks. From time to time, the Fund may have a significant portion of its assets invested in securities of companies in the same economic sector.
In evaluating an investment by the Fund, Pzena focuses on the companys underlying financial condition and business prospects, considering estimated earnings, economic conditions, degree of competitive or pricing pressures and the experience and competence of management, among other factors. In Pzenas opinion, normal earnings provide a more accurate measure for evaluating a companys performance by smoothing out extreme high and low periods of performance; therefore, this is the measure on which Pzena focuses. Securities considered for investment typically will include companies undergoing temporary stress in the present business environment, but where Pzena judges there is a management plan or other mechanism by which earnings can be restored to the normal level. Furthermore, Pzena seeks companies with attributes that provide downside valuation protection, such as trough levels of cash flow and liquidation value.
Pzena employs a classic value investment approach for the Fund (i.e., constructing a portfolio of securities that are undervalued relative to their long-term earnings power). Pzenas sell discipline is guided by the same ranking system with which Pzena originally screens the investment universe. Pzena typically sells a security when it reaches the midpoint of its proprietary screening model which Pzena judges to be fair value; however, Pzena may hold a security beyond this point in order to maintain a desired level of diversification. Pzena also may sell a security to take advantage of what it believes are more attractive opportunities, when there is a change in company fundamentals or to raise cash.
ICDAX Holdings
Top 10 holdings of Delaware International Equity Fund II by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| L'Oreal SA | 4.38% |
| Tesco PLC | 4.17% |
| Nestle SA | 3.73% |
| Seven & i Holdings Co Ltd | 3.33% |
| Asahi Group Holdings Ltd | 3.32% |
| Haleon PLC | 3.27% |
| Tsmc | 3.17% |
| Sap SE | 3.02% |
| Airbus SE | 2.95% |
| ASML Holding NV | 2.94% |
ICDAX Portfolio Allocation
Asset-class allocation of Delaware International Equity Fund II by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 98.0% |
ICDAX Performance
Total returns for ICDAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 5.6% |
| 3 years (annualised) | -1.2% |
ICDAX Risk Information
Risk metrics for ICDAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 15.8%
ICDAX Costs and Fees
ICDAX costs about $104 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.04%
- Gross expense ratio: 1.79%
- Portfolio turnover: 36%
- Brokerage commissions: 10.58 bps of average net assets (SEC N-CEN)
ICDAX Cashflows
Over the 12 months to 2024-03, Delaware International Equity Fund II had net inflows of $45.51M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-03 | −$4.08M |
| 2024-02 | −$4.04M |
| 2024-01 | −$2.17M |
| 2023-12 | $5.00M |
| 2023-11 | $2.99M |
| 2023-10 | $3.95M |
ICDAX Debt Constituents
No individual debt constituents are reported in Delaware International Equity Fund II's latest SEC N-PORT filing.
ICDAX Prospectus and SEC Filings
Official Delaware International Equity Fund II filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-07-28
- Prospectus (485BPOS) — filed 2022-07-29
- Prospectus (485BPOS) — filed 2021-11-15
- Portfolio holdings (N-PORT) — filed 2024-05-28
- Portfolio holdings (N-PORT) — filed 2024-02-27
- Portfolio holdings (N-PORT) — filed 2023-11-21
- Annual census (N-CEN) — filed 2024-06-11
- Annual census (N-CEN) — filed 2023-06-14
Related Funds
Other Europe Large Cap Value Information Technology Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.