Delaware Value® Fund

Objective

Delaware Value® Fund seeks long-term capital appreciation.

Strategy

The Fund invests in large-capitalization companies, seeking consistent long-term performance. The Fund follows a traditional value-oriented investment philosophy using a research-intensive approach.

Fund information
Inception date09/15/1998
Dividends paid*Quarterly
Capital gains paid*December

*If any.

Fund identifiers
NASDAQDDVIX
CUSIP24610C857

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)2.79%22.20%16.69%21.26%8.24%7.60%09/15/1998
Russell 1000 Value Index3.02%21.57%14.80%21.75%7.58%n/a
Average annual total return as of quarter-end (03/31/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)2.79%2.79%22.20%16.69%21.26%8.24%7.60%09/15/1998
Russell 1000 Value Index3.02%3.02%21.57%14.80%21.75%7.58%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
Gross0.77%
Net0.77%
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
20142.79%n/an/an/an/a
201312.24%3.91%4.47%9.52%33.44%
20128.25%-0.42%4.79%1.35%14.48%
20117.86%1.71%-12.91%14.23%9.14%
20103.75%-9.68%12.60%9.96%16.03%
2009-10.67%10.53%11.45%7.03%17.77%
2008-9.70%-5.74%-8.79%-13.55%-32.88%
20070.45%6.44%-2.85%-6.39%-2.77%
20066.33%0.34%8.44%7.07%23.88%
20051.85%0.00%3.82%0.00%5.74%
20042.92%0.20%0.97%8.99%13.48%

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

Portfolio characteristics - as of 03/31/2014
Share assets$2507.1 million
Number of holdings33
Market cap (median)$39.80 billion
Market cap (weighted average)$73.38 billion
Portfolio turnover (last fiscal year)6%
P/E ratio (weighted average FY1) (view definition)14.20x
Beta (relative to Russell 1000 Value Index) (view definition)0.83
Annualized standard deviation, 3 years (view definition)11.27
Portfolio composition as of 03/31/2014Total may not equal 100% due to rounding.
Domestic equities98.7%
Cash and cash equivalents1.3%
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
Baxter International Inc.3.2%
Edison International3.2%
AT&T Inc.3.1%
Quest Diagnostics Inc.3.1%
Marathon Oil Corp.3.1%
Johnson Controls Inc.3.1%
Bank of New York Mellon Corp.3.0%
Halliburton Co.3.0%
Xerox Corp.3.0%
Northrop Grumman Corp.3.0%
Total % Portfolio in Top 10 holdings30.8%

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

Top sectors as of 03/31/2014
List excludes cash and cash equivalents.
Sector% of portfolio
Health Care18.1%
Energy15.0%
Information Technology14.9%
Financials11.8%
Consumer Staples11.8%
Industrials9.0%
Telecommunication Services6.1%
Consumer Discretionary5.9%
Utilities3.2%
Materials2.9%
Distribution history - annual distributions (Institutional Class)
Distributions ($ per share)
YearCapital gainsDividends
20140.0000.073
20130.0000.258
20120.0000.199
20110.0000.221
20100.0000.202
20090.0000.209
20080.0000.279
20070.6500.274
20060.2240.223
20050.0710.152
20040.3630.116

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

Ty Nutt

Ty Nutt  

Senior Portfolio Manager, Team Leader

Start date on the Fund: July 2004

(View bio)


Anthony Lombardi

Anthony A. Lombardi, CFA

Senior Portfolio Manager

Start date on the Fund: July 2004

(View bio)


Bob Vogel

Robert A. Vogel Jr., CFA

Senior Portfolio Manager

Start date on the Fund: July 2004

(View bio)


Nik Lalvani

Nikhil G. Lalvani, CFA

Senior Portfolio Manager

Start date on the Fund: October 2006

(View bio)


Kristen Bartholdson

Kristen E. Bartholdson 

Senior Portfolio Manager

Start date on the Fund: December 2008

(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 expenses0.20%
Total annual fund operating expenses0.77%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements0.77%

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

1The Fund's Distributor, Delaware Distributors, L.P. (Distributor) has contracted to limit the Fund's Class B shares' 12b-1 fee to no more than 0.25% of average daily net assets from Nov. 1, 2013 through March 30, 2015. This waiver may only be terminated by agreement of the Distributor and the Fund. Additionally, the Fund's Class A shares are subject to a blended 12b-1 fee of 0.10% on all shares acquired prior to May 2, 1994, and 0.25% on all shares acquired on or after May 2, 1994. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board.

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.

Holding a relatively concentrated portfolio of a limited number of securities may increase risk because each investment has a greater effect on the Fund's overall performance than would be the case for a more diversified fund.

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 04/23/2014)

Institutional ClassPriceNet changeYTD
NAV$16.78no chg3.40%
Max offer price$16.78n/an/a

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

$4.7 billion all share classes

Lipper ranking (as of 03/31/2014)

YTD ranking119 / 503
1 year204 / 479
3 years6 / 423
5 years85 / 369
10 years30 / 242
Lipper classificationLarge-Cap Value Funds

(View Lipper disclosure)

Literature

Prospectuses and reports

Benchmark, peer group

Russell 1000® Value Index (view)

Lipper Large-Cap Value Funds Average (view)

Additional information