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Product Facts

Ticker SymbolIEMHX
CUSIP92913W714
Inception DateOctober 11, 2011
Dividends PaidAnnually
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 EndMost Recent Quarter EndMost Recent Month EndMost Recent Quarter End
Most Recent Month EndYTD1 YR3 YR5 YR10 YRExpense Ratios
GrossNet
Net Asset Value+19.27+12.86+10.74+3.49+4.991.75%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+4.341.75%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.

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 EndMost Recent Quarter EndMost Recent Month EndMost Recent Quarter End
Most Recent Month EndYTD1 YR3 YR5 YR10 YRExpense Ratios
GrossNet
Net Asset Value+19.27+12.86+10.74+3.49+4.991.75%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+4.341.75%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.

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. - 68891069.33
Taiwan Semiconductor Manufacturing Co., Ltd.6.76
iShares MSCI China ETF - 46429B6714.40
SK Hynix, Inc. - 64502674.08
SK Square Co. Ltd. - BMG3GS63.64
Tencent Holdings Ltd. - BMMV2K83.27
Reliance Industries Ltd. - 60996262.63
Samsung Electronics Co., Ltd. - 67717202.40
HDFC Bank Ltd. - 40415F1011.99
Emaar Properties (P.J.S.C)1.89
MercadoLibre, Inc. - 58733R1021.66
Alibaba Group Holding Ltd. - BK6YZP51.63
Hon Hai Precision Industry Co., Ltd.1.52
Tencent Holdings Ltd1.45
Yangzijiang Shipbuilding (Holdings) Ltd.1.41
PetroChina Co., Ltd. 1.39
SK hynix Inc.1.36
Pegatron Corporation1.19
Tenaga Nasional Bhd1.18
Asustek Computer Inc.1.10
Total#,###.2

Portfolio Composition

As of July 31, 2025

Cash1.10
Foreign Stocks4.25
Futures2.10
EM Equity92.55
Total#,###.2

Sector Weightings

As of July 31, 2025

INFORMATION TECHNOLOGY22.87
INDUSTRIALS13.66
CONSUMER DISCRETIONARY10.32
COMMUNICATION SERVICES9.77
FINANCIALS9.40
ENERGY7.78
CONSUMER STAPLES6.79
MATERIALS6.37
UTILITIES6.23
REAL ESTATE3.95
HEALTH CARE2.88
Total#,###.2

Top Country Weightings

As of July 31, 2025

Taiwan, Province Of China21.85
China14.39
India13.51
Korea, Republic Of7.62
South Africa6.21
Brazil5.91
United Arab Emirates4.49
Mexico4.41
Malaysia2.87
Hungary2.40
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. - 68891069.33
Taiwan Semiconductor Manufacturing Co., Ltd.6.76
iShares MSCI China ETF - 46429B6714.40
SK Hynix, Inc. - 64502674.08
SK Square Co. Ltd. - BMG3GS63.64
Tencent Holdings Ltd. - BMMV2K83.27
Reliance Industries Ltd. - 60996262.63
Samsung Electronics Co., Ltd. - 67717202.40
HDFC Bank Ltd. - 40415F1011.99
Emaar Properties (P.J.S.C)1.89
MercadoLibre, Inc. - 58733R1021.66
Alibaba Group Holding Ltd. - BK6YZP51.63
Hon Hai Precision Industry Co., Ltd.1.52
Tencent Holdings Ltd1.45
Yangzijiang Shipbuilding (Holdings) Ltd.1.41
PetroChina Co., Ltd. 1.39
SK hynix Inc.1.36
Pegatron Corporation1.19
Tenaga Nasional Bhd1.18
Asustek Computer Inc.1.10
Total#,###.2

Portfolio Composition

As of July 31, 2025

Cash1.10
Foreign Stocks4.25
Futures2.10
EM Equity92.55
Total#,###.2

Sector Weightings

As of July 31, 2025

INFORMATION TECHNOLOGY22.87
INDUSTRIALS13.66
CONSUMER DISCRETIONARY10.32
COMMUNICATION SERVICES9.77
FINANCIALS9.40
ENERGY7.78
CONSUMER STAPLES6.79
MATERIALS6.37
UTILITIES6.23
REAL ESTATE3.95
HEALTH CARE2.88
Total#,###.2

Top Country Weightings

As of July 31, 2025

Taiwan, Province Of China21.85
China14.39
India13.51
Korea, Republic Of7.62
South Africa6.21
Brazil5.91
United Arab Emirates4.49
Mexico4.41
Malaysia2.87
Hungary2.40
Total#,###.2
 

Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.

Ratings

Morningstar™ Ratings

As of July 31, 2025

Overall3 Year5 Year10 Year
714 Funds714 Funds629 Funds455 Funds

Category: US Fund Diversified Emerging Mkts

Distributions

Payment Frequency: Annually

DistributionsEx-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 Dividend12/12/202412/13/202412/11/2024$0.397600
Totals: $0.397600

Investment Team

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.

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