Delaware Mid Cap Value Fund

Objective

 Delaware Mid Cap Value Fund seeks capital appreciation.

Strategy

The Fund invests primarily in investments of medium-sized companies whose stock prices appear low relative to their underlying value or future potential.

 

Fund information
Inception date02/01/2008
Dividends paid (if any)Annually
Capital gains paid (if any)December
Fund identifiers
NASDAQDLMIX
CUSIP246093835

Institutional Class shares are only available to certain investors. See the prospectus for more information. 

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 (07/31/2014)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)4.58%16.04%12.18%16.19%n/a7.69%02/01/2008
Russell Midcap Value Index7.90%17.76%17.80%19.98%n/an/a
Average annual total return as of quarter-end (06/30/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)4.44%7.81%25.46%12.20%18.88%n/a8.31%02/01/2008
Russell Midcap Value Index5.63%11.14%27.76%17.56%22.97%n/an/a

Returns for less than one year are not annualized.

Prior to July 31, 2008, the Fund had not engaged in a broad distribution of its shares and had been subject to limited redemption requests. The returns reflect expense limitations that were in effect during certain periods and which may have been lower than the Fund’s current expenses. The returns would have been lower without expense limitations.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Expense ratio
Gross1.97%
Net1.00%

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

Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
20143.23%4.44%n/an/an/a
201311.48%-0.28%5.92%9.87%29.37%
201211.87%-5.10%3.01%3.70%13.40%
20117.51%-1.70%-22.13%14.68%-5.62%
20109.03%-9.16%13.12%14.30%28.06%
2009-11.13%17.89%18.55%4.76%30.12%
2008n/a1.72%-10.16%-23.28%n/a

Institutional Class shares are only available to certain investors. See the prospectus for more information. 

Portfolio characteristics - as of 07/31/2014
Share assets$1.0 million
Number of holdings81
Market cap (median)$7.54 billion
Market cap (weighted average)$11.62 billion
Portfolio turnover (last fiscal year)22%
Beta - (relative to Russell Midcap Value Index) (view definition)1.13
Annualized standard deviation, 3 years (view definition)16.04
Portfolio composition as of 07/31/2014Total may not equal 100% due to rounding.
Domestic equities94.9%
Cash and cash equivalents4.1%
International equities & depository receipts1.0%
Top 10 holdings as of 07/31/2014
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Whiting Petroleum Corp.2.8%
United Rentals Inc.2.6%
East West Bancorp Inc.2.4%
Comerica Inc.2.3%
American Financial Group Inc.2.3%
Celanese Corp.2.1%
Torchmark Corp.2.1%
Cytec Industries Inc.1.9%
Newfield Exploration Co.1.9%
Superior Energy Services Inc.1.7%
Total % Portfolio in Top 10 holdings22.1%

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

Top sectors as of 07/31/2014
List excludes cash and cash equivalents.
Sector% of portfolio
Financial Services20.1%
Technology11.9%
Energy10.9%
Basic Industry9.5%
Health Care8.1%
Capital Spending7.9%
Consumer Services7.9%
Consumer Cyclical4.8%
Reits4.6%
Utilities3.9%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20140.0000.000
20136.2500.143
20120.2770.078
20110.0000.036
20100.0000.041
20090.0000.055
20080.0000.038
20070.0000.000
20060.0000.000
20050.0000.000
20040.0000.000

1If a Fund 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 Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund'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 Fund (if any).

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

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

Institutional Class shares are only available to certain investors. See the prospectus for more information. 

Chris Beck

Christopher S. Beck, CFA

Senior Vice President, Chief Investment Officer — Small-Cap Value / Mid-Cap Value Equity

Start date on the Fund: February 2008

(View bio)


Steve Catricks

Steven G. Catricks, CFA

Vice President, Portfolio Manager, Equity Analyst

Start date on the Fund: July 2012

(View bio)


Kent Madden

Kent P. Madden, CFA

Vice President, Portfolio Manager, Equity Analyst

Start date on the Fund: July 2012

(View bio)


Kelly McKee

Kelley A. McKee, CFA

Vice President, Portfolio Manager, Equity Analyst

Start date on the Fund: July 2012

(View bio)


Institutional Class shares are only available to certain investors. See the prospectus for more information. 

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

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
Annual fund operating expenses
Management fees0.75%
Distribution and service (12b-1) feesnone
Other expenses1.22%
Total annual fund operating expenses1.97%
Fee waivers and expense reimbursements(0.97%)
Total annual fund operating expenses after fee waivers and expense reimbursements1.00%

Institutional Class shares are only available to certain investors. See the prospectus for more information. 

1The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse 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) in order to prevent annual fund operating expenses from exceeding 1.00% of the Fund's average daily net assets from Feb. 27, 2014 through Feb. 27, 2015. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

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 clicking the prospectus link located in the right-hand sidebar or calling 800 362-7500. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

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

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

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

The Funds are 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 08/29/2014)

Institutional ClassPriceNet changeYTD
NAV$6.400.038.66%
Max offer price$6.40n/an/a

Total net assets (as of 07/31/2014)

$5.3 million all share classes

Lipper ranking (as of 07/31/2014)

YTD ranking88 / 189
1 year54 / 182
3 years146 / 154
5 years111 / 137
10 yearsn/a
Lipper classificationMid-Cap Value Funds

(View Lipper disclosure)

Benchmark, peer group

Russell Midcap® Value Index (view)

Lipper Mid-Cap Value Funds Average (view)

Additional information