The Large-Cap Growth Equity Portfolio


The Large-Cap Growth Equity Portfolio seeks capital appreciation.


The Portfolio invests primarily in common stocks of growth-oriented companies that we believe have long-term capital appreciation potential and expect to grow faster than the U.S. economy. For purposes of the Portfolio, we will generally consider large-capitalization companies to be those that, at the time of purchase, have total market capitalizations within the range of market capitalizations of companies in the Russell 1000® Growth Index. While the market capitalization of companies in the Russell 1000 Growth Index ranged from approximately $1,371.7 million to approximately $446.8 billion as of Jan. 31, 2014, the Portfolio will normally invest in common stocks of companies with market capitalizations of at least $3 billion at the time of purchase.

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large-capitalization companies (80% Policy). The Portfolio's 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.

Using a bottom-up approach, we seek to select securities of companies that have large market opportunities. Companies that have large market opportunities are those that, in our opinion, may have a large demand or market for their goods or services. We also consider a company’s operational efficiencies, management’s plans for capital allocation, and the company’s shareholder orientation. All of these factors give us insight into the outlook for a company, helping us identify companies poised for sustainable free cash flow growth. We believe that sustainable free cash flow growth, if it occurs, may result in price appreciation for the company’s stock.

Although we tend to hold a relatively focused portfolio of between 25 and 40 stocks, we maintain a diversified portfolio representing a number of different industries. Such an approach helps to minimize the impact that any one security or industry could have on the portfolio if it were to experience a period of slow or declining earnings growth.

Because our objective is capital appreciation, the amount of dividend income that a stock provides is only an incidental consideration for us.

The Portfolio may also invest in other securities, including preferred stock, real estate investment trusts (REITs), warrants, equity and debt securities that are convertible into stocks, debt securities of government and corporate issuers and investment company securities, futures, and options. To the extent that this Portfolio invests in convertible debt securities, those securities will be purchased on the basis of their equity characteristics, and ratings of those securities, if any, will not be an important factor in their selection.

Portfolio information
Inception date11/01/2005
Dividends paid*Annually
Capital gains paid*December

*If any.

Portfolio identifiers
Investment minimums
Initial investment**$1,000,000
Subsequent InvestmentsNo minimum

**In the aggregate across all Portfolios of the Delaware Pooled Trust.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return as of month-end (03/31/2014)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)0.00%22.28%16.97%22.71%n/a7.89%11/01/2005
Russell 1000 Growth Index1.12%23.22%14.62%21.68%n/an/a
Average annual total return as of quarter-end (03/31/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)0.00%0.00%22.28%16.97%22.71%n/a7.89%11/01/2005
Russell 1000 Growth Index1.12%1.12%23.22%14.62%21.68%n/an/a

Returns for less than one year are not annualized.

Expense ratio
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
Portfolio characteristics - as of 03/31/2014
Share assets$254.5 million
Number of holdings30
Market cap (median)$33.10 billion
Market cap (weighted average)$85.56 billion
Portfolio turnover (last fiscal year)38%
P/E ratio (weighted average FY1) (view definition)20.24x
Beta (relative to Russell 1000 Growth Index) (view definition)0.98
Annualized standard deviation, 3 years (view definition)13.04
Top 10 holdings as of 03/31/2014
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Visa Inc.5.8%
EOG Resources Inc.5.5%
MasterCard Inc.5.3%
Microsoft Corp.5.2%
Walgreen Co.4.7%
Google Inc.4.7%
Crown Castle International Corp.4.6%
Adobe Systems Inc.4.3%
Liberty Interactive Corp.4.3%
Total % Portfolio in Top 10 holdings49.3%

Holdings are as of the date indicated and subject to change.

Top sectors as of 03/31/2014
List excludes cash and cash equivalents.
Sector% of portfolio
Financial Services23.2%
Consumer Discretionary19.4%
Health Care13.3%
Consumer Staples4.7%
Materials & Processing1.8%

*List excludes cash and cash equivalents.

Distribution history - annual distributions (Original Class)
Distributions ($ per share)
YearCapital gainsDividends
Chris Bonavico

Christopher J. Bonavico, CFA

Senior Portfolio Manager, Equity Analyst

Start date on the Fund: November 2005

(View bio)

Chris Ericksen

Christopher M. Ericksen, CFA

Portfolio Manager, Equity Analyst

Start date on the Fund: November 2005

(View bio)

Daniel J. Prislin, CFA

Senior Portfolio Manager, Equity Analyst

Start date on the Fund: November 2005

(View bio)

Jeff VanHarte

Jeffrey S. Van Harte, CFA

Chief Investment Officer — Focus Growth Equity

Start date on the Fund: November 2005

(View bio)

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering pricenone
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Purchase reimbursement feesnone
Redemption reimbursement feesnone
Annual portfolio operating expenses
Management fees0.55%
Distribution and service (12b-1) feesnone
Other expenses0.10%
Total annual portfolio operating expenses0.65%
Fee waivers and expense reimbursementsnone
Total annual portfolio operating expenses after fee waivers and expense reimbursements0.65%

1The Portfolio’s investment manager, Delaware Management Company (Manager), is contractually waiving its investment advisory fees and/or paying Portfolio expenses (excluding any 12b-1 fees, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, acquired fund fees and expenses, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) to the extent necessary to prevent total annual portfolio operating expenses from exceeding 0.65% of the Portfolio's average daily net assets from Feb. 27, 2014 through Feb. 27, 2015. The waivers and reimbursements may only be terminated by agreement of the Manager and the Portfolio.

Carefully consider the Portfolio's investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Portfolio's prospectus, if available, its summary prospectus, which may be obtained by clicking the prospectus link located in the right-hand sidebar or calling 800 231-8002. Investors should read the prospectus, and, if available, the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

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

The Portfolio is distributed by Delaware Distributors L.P., an affiliate of Delaware Management Holdings, Inc., and Macquarie Group Limited.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 04/23/2014)

Original ClassPriceNet changeYTD
Max offer price$15.74n/an/a

Total net assets (as of 03/31/2014)

$254.5 million all share classes

Lipper ranking (as of 03/31/2014)

YTD ranking356 / 754
1 year422 / 724
3 years16 / 613
5 years48 / 537
10 yearsn/a
Lipper classificationLarge-Cap Growth Funds

(View Lipper disclosure)

Benchmark, peer group

Russell 1000® Growth Index (view)

Lipper Large-Cap Growth Funds Average (view)

Additional information