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Focus Growth Equity team

Focus Growth Equity team

A unique team structure

Jeffrey S. Van Harte, CFA

Jeff Van Harte, chief investment officer for the Focus Growth Equity team, outlines how his team’s investment philosophy differs from those of competitors. Run time (0:40)

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 are growth investors. We seek above-average returns through holding a concentrated portfolio of companies we believe have superior business models and opportunities to generate consistent, long-term growth of intrinsic business value.

Investment team

Jeff VanHarte

Jeffrey S. Van Harte, CFA

Chief Investment Officer — Focus Growth Equity

(View bio)

Jeff Van Harte on his team's makeup. Run time (0:24)

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.

Christopher J. Bonavico, CFA

Senior Portfolio Manager, Equity Analyst

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Daniel J. Prislin, CFA

Senior Portfolio Manager, Equity Analyst

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Patrick G. Fortier, CFA

Portfolio Manager, Equity Analyst

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Van Tran 

Portfolio Manager, Equity Analyst

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Kenneth F. Broad, CFA

Senior Portfolio Manager, Equity Analyst

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Christopher M. Ericksen, CFA

Portfolio Manager, Equity Analyst

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Gregory M. Heywood, CFA

Portfolio Manager, Equity Analyst

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Ian D. Ferry 

Equity Analyst

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Kevin J. Brown  

Senior Investment Specialist

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Video: What differenciates your team?
Investment philosophy:
Porter's Five Forces

Investment philosophy: Porter's Five Forces

One of our primary tools for identifying competitive companies is an analytical framework known as Porter’s Five Forces. Created by Harvard professor Michael Porter, the Five Forces, shown at left, function as:

  • A comprehensive analytical framework.
  • A system for identifying sustainable competitive advantages.
  • A way to shed light on long-term fundamentals (instead of dwelling on short-term data points).
  • A part of our team’s ownership mindset.
Our team
Investment philosophy: Fewer decisions, greater conviction

Investment philosophy: Fewer decisions, greater conviction

  # of holdings Turnover New ideas per year
Delaware Smid Cap Growth Fund 27 21% 6
Lipper Mid-Cap Growth Avg. 109 101% 110
Delaware Select Growth Fund 67 41% 27
Lipper Multi-Cap Growth Avg. 124 109% 135
Delaware U.S. Growth Fund 29 25% 7
Lipper Large-Cap Growth Avg. 88 79% 70
Delaware Focus Global Growth Fund 37 18% 7
Lipper Global Multi-Cap Growth Avg. 92 101% 93

Source: Lipper. Information ran as of 5/15/12 based on the Funds' most recent reported information. Most recent data available as of 6/30/12.

(View Lipper disclosure)

Our strong belief in the quality of our holdings results in relatively concentrated portfolios that we hold for long periods of time. In doing so, we “get to know” each company we hold very closely, performing in-depth research and analysis on a more limited number of companies than that of many of our competitors.

Investment philosophy: Porter's Five Forces
Investment philosophy: Declining marginal benefits of diversification

Investment philosophy: Declining marginal benefits of diversification

The sloping curve in this chart implies that as the number of stocks in a portfolio increases, risk reduction (as measured by standard deviation) becomes increasingly marginal. This concept further confirms our dedication to maintaining relatively concentrated portfolios. Our goal is to add enough uncorrelated stocks to attempt to diversify away a majority of the company-specific risk, while not becoming so diversified that aggregate returns regress to those for the market.

Diversification may not protect against market risk.

In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility. Standard deviation is also known as historical volatility and is used by investors as a gauge for the amount of expected volatility.

Investment philosophy: Fewer decisions, greater conviction
Distingushing characteristics / Funds we manage

Distinguishing characteristics

  • Differentiated growth philosophy, emphasizing intrinsic business value and cash economics
  • Concentrated portfolio construction reflects the portfolio managers' level of conviction about a stock rather than a benchmark weighting
  • Stable, veteran team with a high level of accountability and peer scrutiny
  • Flat team structure — all team members are analysts first and foremost
  • Entrepreneurial boutique structure and significant personal stakes in the products managed
  • Performance-driven investment culture that helps limit asset capacity

Learn more about the Funds we manage:

Fund Load waived
With load
Delaware Focus Global Growth Fund1
Learn more
4 stars
3 stars
Delaware U.S. Growth Fund2
Learn more
4 stars
3 stars
Delaware Select Growth Fund3
Learn more
4 stars
3 stars
Delaware Smid Cap Growth Fund4
Learn more
4 stars
3 stars

1,2,3,4 (View Morningstar disclosure)

Investment philosophy: Declining marginal benefits of diversification
Video: What differentiates your team?

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

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

International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.

Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

Because the Fund expects to hold a concentrated portfolio of a limited number of securities, the Fund's risk is increased because each investment has a greater effect on the Fund's overall performance.

Not FDIC Insured | No Bank Guarantee | May Lose Value