Delaware Select Growth Fund*


Delaware Select Growth Fund seeks long-term capital appreciation.


The Fund invests in companies of any size or market capitalization that are believed to have long-term capital appreciation potential and are expected to grow faster than the U.S. economy.

Fund information
Inception date08/28/1997
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers

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 (09/30/2015)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-6.54%0.92%9.32%12.60%7.96%7.77%08/28/1997
Russell 3000 Growth Index-1.86%3.21%13.54%14.38%8.05%n/a
Average annual total return as of quarter-end (09/30/2015)
Current quarterYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-10.47%-6.54%0.92%9.32%12.60%7.96%7.77%08/28/1997
Russell 3000 Growth Indexn/a-1.86%3.21%13.54%14.38%8.05%n/a

Returns for less than one year are not annualized.

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
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return

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

Portfolio characteristics - as of 09/30/2015
Number of holdings67
Market cap (median)$9.08 billion
Market cap (weighted average)$67.85 billion
Portfolio turnover (last fiscal year)41%
Beta, 3 years (relative to Russell 3000 Growth Index) (view definition)1.08
Annualized standard deviation, 3 years (view definition)12.09
Portfolio composition as of 09/30/2015Total may not equal 100% due to rounding.
Domestic equities88.7%
International equities & depositary receipts9.3%
Cash and cash equivalents2.0%
Top 10 holdings as of 09/30/2015
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Zebra Technologies Corp.4.8%
Microsoft Corp.4.3%
Celgene Corp.4.3%
Biogen Inc.3.3%
Pandora Media Inc.2.9%
Equinix Inc.2.9%
Allergan plc2.8%
PayPal Holdings Inc.2.7%
Visa Inc.2.3%
Total % Portfolio in Top 10 holdings35.9%
Top sectors as of 09/30/2015
List excludes cash and cash equivalents.
Sector% of portfolio
Consumer discretionary22.7%
Financial services22.1%
Producer durables6.3%
Consumer staples1.9%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment

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 (if any) 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. 

Investment manager

Delaware Management Company, a series of Delaware Management Business Trust


Jackson Square Partners, LLC

Jeff VanHarte

Jeffrey S. Van Harte, CFA

Chairman, Chief Investment Officer — Jackson Square Partners, LLC

Start date on the Fund: May 2005

Years of industry experience: 34

(View bio)

Chris Bonavico

Christopher J. Bonavico, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: May 2005

Years of industry experience: 27

(View bio)

Ken Broad

Kenneth F. Broad, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: May 2005

Years of industry experience: 27

(View bio)

Chris Ericksen

Christopher M. Ericksen, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: July 2007

Years of industry experience: 21

(View bio)

Ian Ferry

Ian D. Ferry 

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: January 2013

Years of industry experience: 11

(View bio)

Patrick Fortier

Patrick G. Fortier, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: May 2005

Years of industry experience: 20

(View bio)

Greg Heywood

Gregory M. Heywood, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: August 2006

Years of industry experience: 21

(View bio)

Daniel J. Prislin, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: May 2005

Years of industry experience: 21

(View bio)

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

The table below 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 fees0.72%
Distribution and service (12b-1) feesnone
Other expenses0.28%
Total annual fund operating expenses1.00%
Fee waivers and expense reimbursementsnone
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. 

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Delaware Select Growth Fund* Quarterly commentary June 30, 2015

Within the Fund

For the second quarter of 2015, Delaware Select Growth Fund (Institutional Class shares and Class A shares at net asset value) outperformed its benchmark, the Russell 3000® Growth Index. Strong relative performance in the producer durables and energy sectors was partially offset by weak relative performance in the consumer discretionary and healthcare sectors.

Zebra Technologies contributed to the Fund’s performance during the quarter. The company has been the market leader in barcode printers and scanners for more than 30 years, and offers an assortment of products to support manufacturing and supply chain management. The stock rose as the company reported better-than-expected financial results driven, in part, by the recently acquired Motorola Solutions enterprise business. This merger was the catalyst for us to purchase the stock as the combined cost and product synergies seemed compelling to us. We continue to believe the acquired technology from this business should allow the company to offer enhanced next-generation products to fulfil today’s needs.

Core Laboratories was a contributor to performance during the quarter. After considerable weakness over the past year, investors seemed to warm to the idea that the company may hold up better than others in the oil and gas services industry given its low capital expenditures, attractive return on invested capital (ROIC), and value of its solutions-to-site analysis in various parts of the energy cycle. Although oil prices have seen a recent rise, investors continue to be concerned about the decrease in overall “rig count” and future projects. While this current industry cycle might be more volatile and challenging than in recent years, we believe the company’s competitive position and business model should hold up better than its peer group.

Equinix also contributed to performance during the quarter. The stock rose, in part, as the company received a favorable real estate investment trust (REIT) status ruling from the IRS. The company also reported financial results that beat consensus estimates and is in talks to buy a peer data-center company based out of Europe that should further strengthen its global presence. The company continues to benefit from significant opportunities associated with cloud computing and its disruption in the information technology supply chain. Increased globalization and the robust need for a secure and accessible network to meet the needs of a dispersed user base seems to be creating significant demand for a company like Equinix. We believe its innovative product offerings could allow the company to be positioned well in a technology spending environment that is focused on addressing the needs of enterprises struggling to maintain the highest level of network performance and quality of service for global users.

QUALCOMM detracted from the Fund’s performance during the quarter. The stock experienced weakness amid an increasingly competitive environment within the semiconductor space. Recently there has been a wave of mergers among peers which could lead to further cost-cutting synergies and scale among rivals. In order to stay competitive, there is pressure for QUALCOMM to pursue various strategies including a potential acquisition, spin-out of the company’s chip business and patent-licensing business, or funding of aggressive share buybacks. While we are closely monitoring the company for any future developments, we believe QUALCOMM continues to benefit from its unique intellectual property and patent position in the semiconductor industry as well as its technology applications to aid in the significant growth and proliferation of wireless devices.

Shutterstock also detracted from performance during the quarter. While the company reported relatively light future financial guidance, other news included Adobe’s launch of a new stock photo service. Adobe’s entrance into the stock photo space, while no surprise, could pose a competitive threat given its potential synergies with the existing Adobe product suite (including InDesign, Photoshop, and Premier Pro). We continue to believe that Shutterstock provides an attractive alternative to traditional licensed digital image and sound providers by providing a pure-pricing model, transparent terms, and significantly lower cost compared to existing companies. As image and sound licensing has historically been very expensive and often under excessively complex terms, we feel Shutterstock should be able to gain considerable market share. Although it is a new entrant to the market, we believe recent acquisitions should help the company further strengthen its competitive position amid competitor struggles.

Finally, LendingClub was a detractor from performance during the quarter. The stock declined despite reporting financial results that beat consensus expectations. Considering that it’s a relatively new public company, we are prepared for a degree of stock volatility. While the company’s capital expenditures — including research and development, marketing, and staffing — should allow the company to capture more of the lending market, they will likely affect margins in the near term. Over the long term, we believe these investments into the business should help position the company to benefit widely from the shift from local banks towards an online commoditized marketplace for lending needs.


Despite positive absolute returns in the equity market during the past few years, we believe the relatively tepid market sentiment demonstrates that there are more than just fundamental factors affecting stock prices. A lack of significant bull market sentiment suggests to us that many investors appear to be struggling with accurately predicting the pace of global economic recovery and are assessing factors that threaten economic fundamentals (for example, central bank actions and fiscal policy debates across the globe). While some fundamentals in various geographies may be trending in a positive direction (from a very low base during the global financial crisis in 2008-2009), we don’t believe we are entering into a typical post-recessionary global boom cycle. Rather, we believe the lingering effects of the credit crisis years ago could lead to moderate growth, at best, for the intermediate term. In such a tenuous environment, we believe the quality of a company’s business model, competitive position, and management may prove to be of utmost importance.

Regardless of the economic outcome, we remain consistent in our long-term investment philosophy: We want to own what we view as strong secular-growth companies with solid business models and competitive positions that we believe can grow market share and have the potential to deliver shareholder value in a variety of market environments.


The views expressed represent the Manager's assessment of the Fund and market environment as of the date indicated, 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. Information is as of the date indicated and subject to change.

Document must be used in its entirety.

*Effective after the close of business on June 8, 2012, Delaware Select Growth Fund was closed to new investors. Existing shareholders of the Fund; certain retirement plans and IRA transfers and rollovers from these plans; and certain advisory or fee-based programs sponsored by and/or controlled by financial intermediaries where the financial intermediary has entered into an arrangement with the Fund’s Distributor or transfer agent (mutual fund wrap accounts) may continue to purchase shares. Please read the latest prospectus and the summary prospectus for more information concerning this event.

Jackson Square Partners, LLC (JSP), a U.S. registered investment advisor, is the sub-advisor to the Fund. As sub-advisor, JSP is responsible for day-to-day management of the Fund’s assets. Although JSP serves as sub-advisor, the investment manager, Delaware Management Company (DMC), a series of Delaware Management Business Trust, has ultimate responsibility for all investment advisory services.

All third-party marks cited are the property of their respective owners.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

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.

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.

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 10/07/2015)

Institutional ClassPriceNet changeYTD
Max offer price$49.23n/an/a

Total net assets (as of 09/30/2015)

$845.1 million all share classes

Lipper ranking (as of 09/30/2015)

YTD ranking542 / 630
1 year374 / 622
3 years486 / 533
5 years226 / 464
10 years94 / 313
Lipper classificationMulti-Cap Growth Funds

(View Lipper disclosure)

Benchmark, peer group

Russell 3000® Growth Index (view definition)

Lipper Multi-Cap Growth Funds Average (view definition)

Additional information