Delaware Investments Delaware Investments Delaware Investments

Core Equity team

Core Equity team

Decision making

Francis X. Morris

Francis X. Morris, chief investment officer for the Core Equity team, discusses the importance that fundamental research plays in his team’s investment process. Run time (1:17)

The views expressed represent the Manager’s assessment of the Fund and market environment as of August 2012, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice.

Our team

Investment philosophy

We believe that markets misprice securities. Our mission is to exploit this inefficiency and attempt to generate above-average risk-adjusted long-term returns for our clients. We seek to accomplish this through the integration of fundamental research, proprietary quantitative modeling, and a differentiated portfolio construction process.

Investment team

Francis X. Morris

Francis X. Morris

Chief Investment Officer — Core Equity

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Christopher S. Adams, CFA

Senior Portfolio Manager

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Donald G. Padilla, CFA

Senior Portfolio Manager

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Michael S. Morris, CFA

Senior Portfolio Manager

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McAfee S. Burke, CFA

Senior Equity Analyst

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Video: Decision making
Investment philosophy:
Our quantitative model

stocks are ranked

using these metrics

Russell 2000
Index

Valuation

Expectations

Quality

Traditional value

Price to book

Price to sales

Price to cash flow

Price to trailing earning

Price to forward earnings

Earnings revisions

One month trends

Time weighted

Up/down ratio

Historical earnings
surprise

Cash flow

Financial strength

Change in working
capital

Ability to fund capital
expenditures internally

Opportunity
universe

Investment philosophy: Our quantitative model

Our quantitative model performs two functions: it helps us reduce our universe to a more manageable level while also identifying stocks that have the potential to generate alpha (a measure of risk-adjusted performance) for the portfolio. As active managers, we aim to outperform the Russell 2000® Index, the benchmark index, as often as possible.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. An index is unmanaged and one cannot invest directly in an index.

Diversification may not protect against market risk.

Our team
Distinguishing characteristics / Fund we manage

Distinguishing characteristics

  • Enhanced risk-adjusted return potential
  • Systematic, disciplined approach attempts to generate consistent long-term returns over various market cycles
  • Stability of team
  • Maintains style consistency

Learn more about the Fund we manage:

Fund Load waived
With load
Delaware Small Cap Core Fund1
Learn more
4 stars
3 stars

1 (View Morningstar disclosure)

Investment philosophy:
Our quantitative model
Video: Decision making

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by visiting our fund literature page or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

IMPORTANT RISK CONSIDERATIONS

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Not FDIC Insured | No Bank Guarantee | May Lose Value