Overview
Fund Tagline
A global approach to discovering long-term growth across asset classes.
Fund Description
View important disclosureProduct Facts
| Ticker Symbol | IEMHX |
| CUSIP | 92913W714 |
| Inception Date | October 11, 2011 |
| Dividends Paid | Annually |
| Min. Initial Investment | $1,000.00 |
- The Fund invests at least 80% of its net assets in equity securities of issuers in emerging markets.
- Invests primarily in equity securities, but may also invest in REITs and non-investment grade bonds (high yield or “junk bonds”).
- The Fund typically maintains full currency exposure to those markets in which it invests; however, it may hedge a portion of its foreign currency exposure into the U.S. dollar.
- Delaware Investments Fund Advisers and Macquarie Investment Management Global Limited (together, “DIFA”), Sustainable Growth Advisers, LP (“SGA”), and Voya Investment Management Co. LLC (“Voya IM”) (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.
The Fund seeks long-term capital appreciation.
- The Fund invests at least 80% of its net assets in equity securities of issuers in emerging markets.
- Invests primarily in equity securities, but may also invest in REITs and non-investment grade bonds (high yield or “junk bonds”).
- The Fund typically maintains full currency exposure to those markets in which it invests; however, it may hedge a portion of its foreign currency exposure into the U.S. dollar.
- Delaware Investments Fund Advisers and Macquarie Investment Management Global Limited (together, “DIFA”), Sustainable Growth Advisers, LP (“SGA”), and Voya Investment Management Co. LLC (“Voya IM”) (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.
The Fund seeks long-term capital appreciation.
Performance
Average Annual Total Returns %
As of July 31, 2025
As of June 30, 2025
| Most Recent Month End | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Expense Ratios | |
|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||
| Net Asset Value | +19.27 | +12.86 | +10.74 | +3.49 | +4.99 | 1.75% | 1.48% |
| With Sales Charge | +12.37 | +6.40 | +8.57 | +2.26 | +4.37 | ||
| Net Asset Value | +21.21 | +13.80 | +11.75 | +5.58 | +4.34 | 1.75% | 1.48% |
| With Sales Charge | +14.20 | +7.24 | +9.58 | +4.33 | +3.72 | ||
| MSCI Emerging Markets Index | +17.51 | +17.18 | +10.50 | +5.40 | +5.77 | — | — |
| MSCI Emerging Markets Index | +15.27 | +15.29 | +9.70 | +6.81 | +4.81 | — | — |
Inception Date - Class A: October 11, 2011
Current Maximum Sales Charge: 5.75%
The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.
Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.
Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.
The MSCI Emerging Markets (EM) Index captures large and mid cap representation across 24 Emerging Markets (EM) countries. With 1,387 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
Past performance does not guarantee future results.
Growth of a $10,000 Investment
For the period 08/31/2015 through 07/31/2025
Ending Value: $16,278.00
The performance quoted in the "Growth of a $10,000 Investment" chart represents past performance. Performance shown is without sales charges; had sales charges been deducted, performance would have been less. Ending value includes reinvestment of distributions.
Average Annual Total Returns %
As of July 31, 2025
As of June 30, 2025
| Most Recent Month End | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Expense Ratios | |
|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||
| Net Asset Value | +19.27 | +12.86 | +10.74 | +3.49 | +4.99 | 1.75% | 1.48% |
| With Sales Charge | +12.37 | +6.40 | +8.57 | +2.26 | +4.37 | ||
| Net Asset Value | +21.21 | +13.80 | +11.75 | +5.58 | +4.34 | 1.75% | 1.48% |
| With Sales Charge | +14.20 | +7.24 | +9.58 | +4.33 | +3.72 | ||
| MSCI Emerging Markets Index | +17.51 | +17.18 | +10.50 | +5.40 | +5.77 | — | — |
| MSCI Emerging Markets Index | +15.27 | +15.29 | +9.70 | +6.81 | +4.81 | — | — |
Inception Date - Class A: October 11, 2011
Current Maximum Sales Charge: 5.75%
The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.
Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.
Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.
The MSCI Emerging Markets (EM) Index captures large and mid cap representation across 24 Emerging Markets (EM) countries. With 1,387 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
Past performance does not guarantee future results.
Growth of a $10,000 Investment
For the period 08/31/2015 through 07/31/2025
Ending Value: $16,278.00
The performance quoted in the "Growth of a $10,000 Investment" chart represents past performance. Performance shown is without sales charges; had sales charges been deducted, performance would have been less. Ending value includes reinvestment of distributions.
Portfolio
Portfolio Statistics
As of July 31, 2025
| Net Assets millions Net Assets The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding. | $210.0 |
| Number of Holdings Number of Holdings Number of Holdings in the investment. | 292 |
| Number of Holdings Number of Holdings Number of Holdings in the investment. | 353 |
| P/E next 12 months P/E P/E (next 12 months) calculates the price of a stock divided by its earnings per share. | 14.56 |
| P/B trailing 12 months P/B Price to book ratio (trailing 12 month) calculates the ratio of a stock’s price to its book value. | 2.86 |
| Weighted Average Market Cap millions Weighted Average Market Cap Weighted Average Market Capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. | $103,670.5 |
| EPS Growth (3-5 Year Estimate) EPS Growth (3-5 Year Estimate) The portion of a company's profit allocated to each outstanding share of common stock. EPS growth serves as an indicator of a company's profitability. | 9.67 |
| Active Share Active Share Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index. | 69.12 |
| Price to Cash Flow Price to Cash Flow The ratio of a stock’s price to its cash flow per share. The price-to-cash flow ratio is an indicator of a stock’s valuation | 11.98 |
| ROA % ROA ROA is an indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings. | 9.34 |
| Total |
Top Holdings
As of July 31, 2025
| Taiwan Semiconductor Manufacturing Co., Ltd. - 6889106 | 9.33 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.76 |
| iShares MSCI China ETF - 46429B671 | 4.40 |
| SK Hynix, Inc. - 6450267 | 4.08 |
| SK Square Co. Ltd. - BMG3GS6 | 3.64 |
| Tencent Holdings Ltd. - BMMV2K8 | 3.27 |
| Reliance Industries Ltd. - 6099626 | 2.63 |
| Samsung Electronics Co., Ltd. - 6771720 | 2.40 |
| HDFC Bank Ltd. - 40415F101 | 1.99 |
| Emaar Properties (P.J.S.C) | 1.89 |
| MercadoLibre, Inc. - 58733R102 | 1.66 |
| Alibaba Group Holding Ltd. - BK6YZP5 | 1.63 |
| Hon Hai Precision Industry Co., Ltd. | 1.52 |
| Tencent Holdings Ltd | 1.45 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 1.41 |
| PetroChina Co., Ltd. | 1.39 |
| SK hynix Inc. | 1.36 |
| Pegatron Corporation | 1.19 |
| Tenaga Nasional Bhd | 1.18 |
| Asustek Computer Inc. | 1.10 |
| Total | #,###.2 |
Portfolio Composition
As of July 31, 2025
| Cash | 1.10 |
| Foreign Stocks | 4.25 |
| Futures | 2.10 |
| EM Equity | 92.55 |
| Total | #,###.2 |
Sector Weightings
As of July 31, 2025
| INFORMATION TECHNOLOGY | 22.87 |
| INDUSTRIALS | 13.66 |
| CONSUMER DISCRETIONARY | 10.32 |
| COMMUNICATION SERVICES | 9.77 |
| FINANCIALS | 9.40 |
| ENERGY | 7.78 |
| CONSUMER STAPLES | 6.79 |
| MATERIALS | 6.37 |
| UTILITIES | 6.23 |
| REAL ESTATE | 3.95 |
| HEALTH CARE | 2.88 |
| Total | #,###.2 |
Top Country Weightings
As of July 31, 2025
| Taiwan, Province Of China | 21.85 |
| China | 14.39 |
| India | 13.51 |
| Korea, Republic Of | 7.62 |
| South Africa | 6.21 |
| Brazil | 5.91 |
| United Arab Emirates | 4.49 |
| Mexico | 4.41 |
| Malaysia | 2.87 |
| Hungary | 2.40 |
| Total | #,###.2 |
Portfolio Statistics
As of July 31, 2025
| Net Assets millions Net Assets The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding. | $210.0 |
| Number of Holdings Number of Holdings Number of Holdings in the investment. | 292 |
| Number of Holdings Number of Holdings Number of Holdings in the investment. | 353 |
| P/E next 12 months P/E P/E (next 12 months) calculates the price of a stock divided by its earnings per share. | 14.56 |
| P/B trailing 12 months P/B Price to book ratio (trailing 12 month) calculates the ratio of a stock’s price to its book value. | 2.86 |
| Weighted Average Market Cap millions Weighted Average Market Cap Weighted Average Market Capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. | $103,670.5 |
| EPS Growth (3-5 Year Estimate) EPS Growth (3-5 Year Estimate) The portion of a company's profit allocated to each outstanding share of common stock. EPS growth serves as an indicator of a company's profitability. | 9.67 |
| Active Share Active Share Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index. | 69.12 |
| Price to Cash Flow Price to Cash Flow The ratio of a stock’s price to its cash flow per share. The price-to-cash flow ratio is an indicator of a stock’s valuation | 11.98 |
| ROA % ROA ROA is an indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings. | 9.34 |
| Total |
Top Holdings
As of July 31, 2025
| Taiwan Semiconductor Manufacturing Co., Ltd. - 6889106 | 9.33 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.76 |
| iShares MSCI China ETF - 46429B671 | 4.40 |
| SK Hynix, Inc. - 6450267 | 4.08 |
| SK Square Co. Ltd. - BMG3GS6 | 3.64 |
| Tencent Holdings Ltd. - BMMV2K8 | 3.27 |
| Reliance Industries Ltd. - 6099626 | 2.63 |
| Samsung Electronics Co., Ltd. - 6771720 | 2.40 |
| HDFC Bank Ltd. - 40415F101 | 1.99 |
| Emaar Properties (P.J.S.C) | 1.89 |
| MercadoLibre, Inc. - 58733R102 | 1.66 |
| Alibaba Group Holding Ltd. - BK6YZP5 | 1.63 |
| Hon Hai Precision Industry Co., Ltd. | 1.52 |
| Tencent Holdings Ltd | 1.45 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 1.41 |
| PetroChina Co., Ltd. | 1.39 |
| SK hynix Inc. | 1.36 |
| Pegatron Corporation | 1.19 |
| Tenaga Nasional Bhd | 1.18 |
| Asustek Computer Inc. | 1.10 |
| Total | #,###.2 |
Portfolio Composition
As of July 31, 2025
| Cash | 1.10 |
| Foreign Stocks | 4.25 |
| Futures | 2.10 |
| EM Equity | 92.55 |
| Total | #,###.2 |
Sector Weightings
As of July 31, 2025
| INFORMATION TECHNOLOGY | 22.87 |
| INDUSTRIALS | 13.66 |
| CONSUMER DISCRETIONARY | 10.32 |
| COMMUNICATION SERVICES | 9.77 |
| FINANCIALS | 9.40 |
| ENERGY | 7.78 |
| CONSUMER STAPLES | 6.79 |
| MATERIALS | 6.37 |
| UTILITIES | 6.23 |
| REAL ESTATE | 3.95 |
| HEALTH CARE | 2.88 |
| Total | #,###.2 |
Top Country Weightings
As of July 31, 2025
| Taiwan, Province Of China | 21.85 |
| China | 14.39 |
| India | 13.51 |
| Korea, Republic Of | 7.62 |
| South Africa | 6.21 |
| Brazil | 5.91 |
| United Arab Emirates | 4.49 |
| Mexico | 4.41 |
| Malaysia | 2.87 |
| Hungary | 2.40 |
| Total | #,###.2 |
Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.
Distributions
Payment Frequency: Annually
| Distributions | Ex-Date
Ex-Date Date on which a stock begins trading without the benefit of the dividend. Typically, a stock’s price moves up by the dollar amount of the dividend as the ex-dividend date approaches, then falls by the amount of the dividend after that date. | Payable Date
Payable Date Date on which a declared stock dividend or a bond interest payment is scheduled to be paid. | Record Date
Record Date Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the date of record, the stock is said to be ex-dividend. | Amount |
|---|---|---|---|---|
| Income Dividend | 12/12/2024 | 12/13/2024 | 12/11/2024 | $0.397600 |
| Totals: $0.397600 | ||||
Income Dividend: Payout to shareholders of interest, dividends, or other income received by the Fund, net of operating expenses. By law, all such income must be distributed to shareholders, who may choose to take the money in cash or reinvest it in more shares of the Fund.
Short-Term Capital Gain: The profit realized from the sale of securities held for less than one year.
Long-Term Capital Gain: Gain on the sale of a security where the holding period was 12 months or more and the profit was subject to the long-term capital gains tax.
Investment Team
Portfolio Management Team
Voya Investments, LLC
Investment Adviser
Voya Investment Management Co. LLC
Investment Sub-Adviser
Delaware Investments Fund Advisers
Investment Sub-Adviser
Sustainable Growth Advisers, LP
Investment Sub-Adviser
Kai Yee Wong
Portfolio Manager
Years of Experience: 33
Years with Voya: 13
Lanyon Blair, CFA, CAIA
Head of Manager Research and Selection
Years of Experience: 17
Years with Voya: 10
Barbara Reinhard, CFA
CIO, Multi-Asset Strategies and Solutions
Years of Experience: 32
Years with Voya: 9
Disclosures
Principal Risks
All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. You could lose money on your investment and any of the following risks, among others, could affect investment performance. The following principal risks are presented in alphabetical order which does not imply order of importance or likelihood: China Investing Risks – Investing through Stock Connect; Company; Convertible Securities; Credit; Currency; Derivative Instruments; Energy Sector (Focused Investing Index); Environmental, Social, and Governance (Equity); Environmental, Social, and Governance (Multi-Manager); Focused Investing (Index); Foreign (Non-U.S.) Investments/ Developing and Emerging Markets; Growth Investing; High-Yield Securities; Index Strategy (Fund); Initial Public Offerings; Interest Rate; Investment Model; Liquidity; Market; Market Capitalization; Market Disruption and Geopolitical; Materials Sector (Focused Investing Index); Other Investment Companies; Preferred Stocks; Prepayment and Extension; Real Estate Companies and Real Estate Investment Trusts; Securities Lending; Technology Sector (Focused Investing Index); Value Investing. Investors should consult the Fund’s Prospectus and Statement of Additional Information for a more detailed discussion of the Fund’s risks.
The fund discussed may be available to you as part of your employer sponsored retirement plan. There may be additional plan level fees resulting in personal performance that varies from stated performance. Please call your benefits office for more information.