IREAX — Delaware Global Real Estate Fund
Data updated: 2024-06-11
IREAX — Delaware Global Real Estate Fund. Global (incl. US) Real Estate · $13.14M AUM · 1.29% expense ratio. Holdings, fees, performance and SEC filings.
IREAX Fund Overview
IREAX — Delaware Global Real Estate Fund is a US mutual fund managed by Ivy Funds, categorised as Global (incl. US) Real Estate. 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: Global (incl. US) Real Estate
- Assets under management: $13.14M
- 1-year return: 6.9%
- Ticker: IREAX
- SEC CIK: 0000883622
- SEC series ID: S000040037
- Share class ID: C000124273
IREAX Investment Objective and Strategy
Delaware Global Real Estate Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ivy Funds.
Investment objective
To seek to provide total return through long-term capital appreciation and current income.
Principal investment strategy
Ivy LaSalle Global Real Estate Fund is a non-diversified fund that invests, under normal circumstances, at least 80% of its net assets in securities of companies in the real estate or real estate-related industries. The Fund intends to invest primarily in equity and equity-related securities issued by Global Real Estate Companies, which are companies that meet one of the following criteria: companies qualifying for U.S. Federal income tax purposes as real estate investment trusts (REITs); entities similar to REITs formed under the laws of a country other than the U.S.; companies located in any country that, at the time of initial purchase by the Fund, derive at least 50% of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate, or that have at least 50% of their assets invested in such real estate; or companies located in any country that are primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry.
The equity and equity-related securities in which the Fund invests include common stocks, rights or warrants to purchase common stocks, securities convertible into common stocks, and preferred stocks. The Fund does not directly invest in real estate. The Fund may invest in Global Real Estate Companies located in any country, including any emerging market country. As a result, the Fund may make substantial investments in non-U.S. dollar denominated securities and may invest up to 100% of its total assets in foreign securities. Under normal circumstances, the Fund invests at least 40% (or, if the portfolio managers deem it warranted by market conditions, at least 30%) of its total assets in securities of non-U.S. issuers. The Fund may invest in securities of any size, but typically will have more exposure to securities issued by large- and mid-capitalization companies.
The Fund is non-diversified, meaning that it may invest a significant portion of the Funds total assets in a limited number of issuers. Most of the Funds real estate securities portfolio is expected to consist of securities issued by REITs and other real estate operating companies (REOCs) that are listed on a securities exchange or traded over-the-counter. A REIT is a corporation (or a trust or association that otherwise would be taxable as a domestic corporation) that invests in real estate, mortgages on real estate or shares issued by other REITs, and qualifies for pass-through Federal income tax treatment provided it meets certain conditions, including the requirement that it distribute at least 90% of its taxable income. Global Real Estate Companies, including REITs, tend to be medium-sized companies in relation to the equity markets as a whole.
REITs (and certain non-U.S. entities taxed similar to REITs) are not taxed on their income if, among other things, they distribute to their shareholders substantially all of their taxable income (other than net capital gains) for each taxable year. In addition to dividends, REITs (and certain non-U.S. entities taxed similar to REITs) may realize capital gains by selling properties or other assets that have appreciated in value. The Fund intends to use dividends and capital gain distributions of REITs and other Global Real Estate Companies to achieve the current income component of its investment objective of total return. A REOC is a corporation or partnership (or an entity classified as such for Federal tax purposes) that is similar to a REIT, except that a REOC has not qualified to be taxed as a REIT and, therefore, does not have a requirement to distribute any of its taxable income.
REOCs also are more flexible than REITs in terms of the types of real estate investments they can make. Many of the Global Real Estate Companies in which the Fund may invest have diverse operations, with products or services in markets other than their home market. Therefore, the Fund may have indirect exposure to various additional foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. In selecting investments for the Fund, the Funds investment subadviser, LaSalle Investment Management Securities, LLC (LaSalle) employs a research-based investment process that combines top-down (assessing the market environment) market research, bottom-up (researching individual issuers) company analysis and a quantitative assessment of relative value.
Top-down market research is employed to yield an understanding of economic conditions and real estate fundamentals. In assessing fundamentals, LaSalle considers information derived from the extensive research and property management organization of its affiliates located in key markets around the world. Bottom-up company analysis is focused on understanding each companys risk profile and growth prospects through a detailed review of their property portfolio, business strategy, organizational issues, balance sheet, liquidity, capital structure and management capabilities. The quantitative assessment of relative value includes the use of a proprietary valuation model to rank companies on the basis of premiums and discounts to intrinsic value. Intrinsic value is an assessment of where a companys stock should trade, taking into consideration the value of its properties, the impact of its management and prevailing market conditions.
Supplementary to intrinsic value, LaSalle also estimates a companys NAV (i.e., estimated real estate market value of a companys assets less its liabilities), Warranted Value or WV (which essentially is NAV adjusted for factors that affect going concern, such as overheads, taxes and franchise value), capitalization rates, and adjusted funds from operations multiples to assist in its assessment of the relative values of companies in the investable universe. LaSalle utilizes a relative valuation process in which it analyzes the intrinsic value, NAV and WV calculation results in relation to company market prices in the buy/hold/sell decision-making process of the Fund. LaSalle considers several primary factors in determining to sell a security, which may include: (i) whether the securitys price, as compared to its intrinsic value, NAV and/or WV, is high relative to other companies in the same sector or the Funds investment universe; (ii) anticipated changes in earnings, real estate and capital market conditions, economic, political or social conditions and the companys risk profile; (iii) whether the securitys percentage of the total portfolio exceeds the target percentage; and (iv) tactical shifts among property and country sectors.
LaSalle also may sell a security to reduce the Funds holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.
IREAX Holdings
Top 10 holdings of Delaware Global Real Estate Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Welltower Inc | 7.61% |
| Equinix Inc | 6.73% |
| Prologis Inc | 5.77% |
| Digital Realty Trust Inc | 3.20% |
| Realty Income Corp | 3.20% |
| VICI Properties Inc | 3.19% |
| Public Storage | 3.04% |
| AvalonBay Communities Inc | 3.03% |
| Alexandria Real Estate Equitie | 2.87% |
| Invitation Homes Inc | 2.71% |
IREAX Portfolio Allocation
Asset-class allocation of Delaware Global Real Estate Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 100.6% |
IREAX Performance
Total returns for IREAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 6.9% |
| 3 years (annualised) | -6.1% |
IREAX Risk Information
Risk metrics for IREAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 17.5%
IREAX Costs and Fees
IREAX costs about $129 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.29%
- Gross expense ratio: 2.14%
- Portfolio turnover: 109%
- Brokerage commissions: 10.78 bps of average net assets (SEC N-CEN)
IREAX Cashflows
Over the 12 months to 2024-03, Delaware Global Real Estate Fund had net outflows of $574.47K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-03 | −$2.55M |
| 2024-02 | −$12.52M |
| 2024-01 | −$787.13K |
| 2023-12 | $1.62M |
| 2023-11 | $1.24M |
| 2023-10 | $1.54M |
IREAX Debt Constituents
No individual debt constituents are reported in Delaware Global Real Estate Fund's latest SEC N-PORT filing.
IREAX Prospectus and SEC Filings
Official Delaware Global Real Estate Fund 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 2021-07-28
- 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 Global (incl. US) Real Estate 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.