Delaware Small Cap Value Fund

Objective

Delaware Small Cap Value Fund seeks capital appreciation.

Strategy

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

Fund information
Inception date11/09/1992
Dividends paid*Annually
Capital gains paid*December

*If any.

Fund identifiers
NASDAQDEVIX
CUSIP246097208

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 (03/31/2014)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)2.95%21.77%12.64%25.23%9.58%12.14%11/09/1992
Russell 2000 Value Index1.78%22.65%12.74%23.33%8.07%n/a
Average annual total return as of quarter-end (03/31/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)2.95%2.95%21.77%12.64%25.23%9.58%12.14%11/09/1992
Russell 2000 Value Index1.78%1.78%22.65%12.74%23.33%8.07%n/a

Returns for less than one year are not annualized.

Expense ratio
Gross1.00%
Net1.00%
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
20142.95%n/an/an/an/a
201312.02%0.93%7.38%9.14%32.50%
201210.82%-4.27%3.97%2.80%13.37%
20117.23%-1.89%-19.12%16.47%-0.91%
20109.66%-7.43%12.90%14.57%31.30%
2009-13.57%16.80%22.86%6.68%32.31%
2008-4.37%1.22%-4.39%-24.73%-30.34%
20072.65%4.82%-7.08%-7.20%-7.22%
200611.45%-2.97%1.25%5.64%15.67%
2005-0.57%3.52%3.96%1.82%8.96%
20045.47%-0.20%0.86%14.32%21.37%

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

Portfolio characteristics - as of 03/31/2014
Share assets$1372.7 million
Number of holdings105
Market cap (median)$2.13 billion
Market cap (weighted average)$2.94 billion
Portfolio turnover (last fiscal year)28%
P/E ratio (weighted average FY1) (view definition)16.38x
Beta (relative to Russell 2000 Value Index) (view definition)0.91
Annualized standard deviation, 3 years (view definition)15.10
Portfolio composition as of 03/31/2014Total may not equal 100% due to rounding.
Domestic equities96.5%
Cash and cash equivalents3.5%
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
United Rentals Inc.2.7%
Whiting Petroleum Corp.2.6%
East West Bancorp Inc.2.5%
ITT Corp.1.9%
Chemtura Corp.1.8%
HB Fuller Co.1.7%
Hancock Holding Co.1.6%
Patterson-UTI Energy Inc.1.6%
Helix Energy Solutions Group Inc.1.6%
Platinum Underwriters Holdings Ltd.1.5%
Total % Portfolio in Top 10 holdings19.5%
Top sectors as of 03/31/2014
List excludes cash and cash equivalents.
Sector% of portfolio
Financial Services21.3%
Technology14.1%
Capital Spending10.6%
Basic Industry9.8%
Consumer Services8.9%
Energy8.5%
Reits6.5%
Health Care5.8%
Consumer Cyclical3.8%
Transportation2.7%

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

Distribution history - annual distributions (Institutional Class)
Distributions ($ per share)
YearCapital gainsDividends
20140.0000.000
20131.1010.173
20120.2540.190
20111.8060.000
20100.1400.000
20090.0000.076
20080.0000.133
20073.4180.000
20063.2730.000
20053.0530.000
20044.6250.000

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

Chris Beck

Chris Beck, CFA

Chief Investment Officer — Small-Cap Value / Mid-Cap Value Equity

Start date on the Fund: May 1997

(View bio)


Steve Catricks

Steven G. Catricks, CFA

Portfolio Manager, Equity Analyst

Start date on the Fund: July 2012

(View bio)


Kent Madden

Kent P. Madden, CFA

Portfolio Manager, Equity Analyst

Start date on the Fund: July 2012

(View bio)


Kelly McKee

Kelley A. McKee, CFA

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 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 fees0.70%
Distribution and service (12b-1) feesnone
Other expenses0.30%
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. 

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 04/16/2014)

Institutional ClassPriceNet changeYTD
NAV$55.630.471.33%
Max offer price$55.63n/an/a

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

$2.5 billion all share classes

Lipper ranking (as of 03/31/2014)

YTD ranking99 / 780
1 year520 / 740
3 years325 / 664
5 years161 / 591
10 years104 / 356
Lipper classificationSmall-Cap Core Funds

(View Lipper disclosure)

Literature

Prospectuses and reports

Benchmark, peer group

Russell 2000® Value Index (view)

Lipper Small-Cap Core Funds Average (view)

Additional information