Delaware U.S. Growth Fund


Delaware U.S. Growth Fund seeks long-term capital appreciation by investing in equity securities of companies we believe have the potential for sustainable free cash flow growth.


The Fund invests in stocks of medium- to large-sized companies that are believed to have long-term capital appreciation potential and are expected to grow faster than the U.S. economy.

Fund information
Inception date02/03/1994
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 (06/30/2015)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)4.25%11.75%18.50%19.99%9.29%7.96%02/03/1994
Average annual total return as of quarter-end (06/30/2015)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)1.43%4.25%11.75%18.50%19.99%9.29%7.96%02/03/1994

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 06/30/2015
Number of holdings33
Market cap (median)$55.01 billion
Market cap (weighted average)$88.64 billion
Portfolio turnover (last fiscal year)25%
Beta, 3 years (relative to Russell 1000 Growth Index) (view definition)1.02
Annualized standard deviation, 3 years (view definition)9.60
Portfolio composition as of 06/30/2015Total may not equal 100% due to rounding.
Domestic equities92.7%
International equities & depositary receipts5.8%
Cash and cash equivalents1.5%
Top 10 holdings as of 06/30/2015
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Celgene Corp.5.5%
eBay Inc.5.1%
Visa Inc.5.0%
MasterCard Inc.4.6%
Walgreens Boots Alliance Inc.4.5%
Equinix Inc.4.4%
Valeant Pharmaceuticals International Inc.3.8%
Liberty Interactive Corp. QVC Group3.7%
Allergan plc3.6%
Total % Portfolio in Top 10 holdings45.6%
Top sectors as of 06/30/2015
List excludes cash and cash equivalents.
Sector% of portfolio
Consumer Discretionary23.7%
Financial Services20.4%
Health Care19.5%
Consumer Staples4.5%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ 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: April 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: April 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: September 2005

Years of industry experience: 21

(View bio)

Daniel J. Prislin, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: April 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 fees0.57%
Distribution and service (12b-1) feesnone
Other expenses0.24%
Total annual fund operating expenses0.81%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements0.81%

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

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Delaware U.S. Growth Fund Quarterly commentary March 31, 2015

Within the Fund

For the first quarter of 2015, Delaware U.S. Growth Fund (Institutional Class shares and Class A shares at net asset value) underperformed its benchmark, the Russell 1000® Growth Index. Strong relative performance in the healthcare and consumer staples sectors was unable to overcome weak relative performance in the technology and consumer discretionary sectors.

Novo Nordisk contributed to performance during the quarter. The stock reported financial results that were relatively in-line and experienced several positive regulatory developments during the quarter. The company reported positive clinical trial developments for several drugs used in the treatment of diabetes and obesity and European approval to begin marketing a drug to help in the treatment of obesity. We believe the company should continue to see a growing need for its products; unfortunately, diabetes is increasing globally due to rising obesity rates in developing markets and a growing middle class in emerging markets.

Electronic Arts, a more recent addition to the Fund’s portfolio, was a contributor to performance during the quarter. The stock rose after the company reported better-than-expected financial results driven, in part, by strong holiday season console video game sales. Additionally, the company benefited from growth within the digital downloads and mobile phone gaming channels, which we believe should be increasingly important for the company's growth moving forward.

Allergan also contributed to performance during the quarter. The stock appreciated as Actavis, a generic and specialty drug manufacturer, completed its acquisition of Allergan at a premium to its stock price. We continue to believe Allergan operates at a high level driven by the core ophthalmology franchise and by the broader use of Botox in both cosmetic and other medical indications. While we currently hold Actavis as a result of the completed acquisition, we are assessing the investment merits of a combined Actavis/Allergan entity.

QUALCOMM detracted from performance during the quarter. While the company reported better-than-expected earnings results, it lowered its full-year revenue and earnings forecasts. This is due, in part, to one of its largest customers switching to internally developed processors and downward pricing pressure from increased competition and lower handset costs. During the quarter, QUALCOMM was able to settle its anti-monopoly suit with the Chinese government that had added to downward pressure on the security. We believe that despite these concerns, QUALCOMM continues to benefit from its unique intellectual property and patent position in the semiconductor industry and its technology applications to the significant growth and proliferation of wireless devices.

Discovery Communications also detracted from performance during the quarter. The stock experienced weakness as the company reported financial results that missed consensus estimates; this was driven, in part, by weakness in U.S. advertising and the negative currency effect on revenues. While there are ongoing concerns related to weakness in U.S. TV advertising and rating trends, we continue to believe that the proliferation of pay-TV services within a growing middle class outside the United States is in strong secular growth (this is similar to the historical industry dynamics that have played out in the U.S. pay-TV industry). We believe Discovery Communications could be a key participant in that trend as the company continues to acquire non-U.S. brands and increase its global presence.

Finally, Baidu was a detractor from performance during the quarter after reporting financial results and future guidance that were below expectations. While Baidu’s heavy capital investments in its mobile-related services is already providing growth for the company, its transition has affected margins and revenue, as mobile monetizes at a lower rate than its legacy desktop services. We agree with the heavy investment spending strategy and continue to believe the company stands to benefit widely from the proliferation of wireless and streaming technologies in China, which makes Baidu’s services even more accessible. We feel the company has upside potential given the sheer size of the Chinese market population and with ancillary businesses that are becoming significant drivers of growth including social media, multi-media sharing services, and mobile search.


Despite positive absolute returns in the equity market during the past few years, we believe the relatively tepid market sentiment demonstrate 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.

Jackson Square Partners, LLC (JSP) 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, 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.

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 07/02/2015)

Institutional ClassPriceNet changeYTD
Max offer price$28.71n/an/a

Total net assets (as of 06/30/2015)

$3.8 billion all share classes

Overall Morningstar RatingTM

Institutional Class shares (as of 05/31/2015)
RatingNo. of funds
3 Yrs41543
5 Yrs51326
10 Yrs4920
Morningstar categoryLarge Growth

(View Morningstar disclosure)

Lipper ranking (as of 05/31/2015)

YTD ranking302 / 715
1 year195 / 696
3 years202 / 619
5 years21 / 538
10 years65 / 394
Lipper classificationLarge-Cap Growth Funds

(View Lipper disclosure)

Benchmark, peer group

Russell 1000® Growth Index (view definition)

Lipper Large-Cap Growth Funds Average (view definition)

Additional information