The Large-Cap Value Equity Portfolio


The Large-Cap Value Equity Portfolio seeks long-term capital appreciation.


The Portfolio invests primarily in securities of large-capitalization companies that we believe have long-term capital appreciation potential. The Portfolio currently defines large-capitalization stocks as those with market capitalizations of $5 billion or greater at the time of purchase. We follow a value-oriented investment philosophy in selecting stocks for the Portfolio using a research-intensive approach that considers factors such as: security prices that reflect a market valuation that is judged to be below the estimated present or future value of the company; favorable earning prospects and dividend yield; the financial condition of the issuer; and various qualitative factors. Typically, we seek to select securities that we believe are undervalued in relation to their intrinsic value as indicated by multiple factors, including the earnings and cash flow potential or the asset value of the respective issuers. We also consider a company’s plans for future operations on a selective basis.

Under normal circumstances, at least 80% of the Portfolio’s net assets, plus any borrowings for investment purposes, will be invested 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.

We may sell a security if we no longer believe the security will contribute to meeting the investment objective of the Portfolio. In considering whether to sell a security, we may evaluate, among other things, the factors listed above, the condition of the U.S. economy, the condition of non-U.S. economies, and changes in the condition and outlook in the issuer’s industry sector.

Portfolio information
Inception date02/03/1992
Dividends paid (if any)Annually
Capital gains paid (if any)December
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 (11/30/2014)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)13.34%15.52%21.24%17.86%8.66%10.31%02/03/1992
Russell 1000 Value Index12.76%15.62%21.45%15.69%7.59%n/a
Average annual total return as of quarter-end (09/30/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)1.74%10.40%20.96%24.66%18.42%8.80%10.27%02/03/1992
Russell 1000 Value Index-0.19%8.07%18.89%23.93%15.26%7.84%n/a

Returns for less than one year are not annualized.

Expense ratio

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from Feb. 27, 2014 to Feb. 27, 2015. Please see the fee table in the Portfolio's prospectus for more information.

Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
Portfolio characteristics - as of 11/30/2014
Share assets$142.5 million
Number of holdings32
Market cap (median)$37.66 billion
Market cap (weighted average)$79.30 billion
Portfolio turnover (last fiscal year)9%
Beta - (relative to Russell 1000 Value Index) (view definition)0.82
Annualized standard deviation, 3 years (view definition)8.00
Top 10 holdings as of 11/30/2014
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Lowe's Cos. Inc.3.5%
Johnson Controls Inc.3.3%
Mondelez International Inc.3.2%
Cisco Systems Inc.3.2%
Broadcom Corp.3.2%
Cardinal Health Inc.3.2%
Intel Corp.3.2%
Northrop Grumman Corp.3.1%
Quest Diagnostics Inc.3.1%
Allstate Corp.3.1%
Total % Portfolio in Top 10 holdings32.1%
Top sectors as of 11/30/2014
List excludes cash and cash equivalents.
Sector% of portfolio
Health Care18.3%
Information Technology12.7%
Consumer Staples12.4%
Consumer Discretionary6.8%
Telecommunication Services5.9%
Distribution history - annual distributions (Original Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment

1If a Portfolio makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Portfolio will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Portfolio's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Portfolio (if any).

2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.

3Includes both short- and long-term capital gains.

Kristen Bartholdson

Kristen E. Bartholdson 

Vice President, Senior Portfolio Manager

Start date on the Fund: December 2008

Years of industry experience: 14

(View bio)

Nik Lalvani

Nikhil G. Lalvani, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: October 2006

Years of industry experience: 17

(View bio)

Anthony Lombardi

Anthony A. Lombardi, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: April 2006

Years of industry experience: 25

(View bio)

Ty Nutt

Ty Nutt  

Senior Vice President, Senior Portfolio Manager, Team Leader

Start date on the Fund: April 2006

Years of industry experience: 31

(View bio)

Bob Vogel

Robert A. Vogel Jr., CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: April 2006

Years of industry experience: 22

(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 expenses0.17%
Total annual portfolio operating expenses0.72%
Fee waivers and expense reimbursements(0.02%)
Total annual portfolio operating expenses after fee waivers and expense reimbursements0.70%

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 0.70% 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.

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 12/17/2014)

Original ClassPriceNet changeYTD
Max offer price$27.55n/an/a

Total net assets (as of 11/30/2014)

$142.5 million all share classes

Lipper ranking (as of 11/30/2014)

YTD ranking29 / 498
1 year51 / 494
3 years98 / 432
5 years1 / 384
10 years16 / 269
Lipper classificationLarge-Cap Value Funds

(View Lipper disclosure)

Benchmark, peer group

Russell 1000® Value Index (view)

Lipper Large-Cap Value Funds Average (view)

Additional information