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This section of our site includes
research - both Sector Updates and Research
White Papers - written by Delaware's investment professionals.
These articles cover such diverse subjects as economic conditions,
security selection, current events and other topics relevant
to institutional investors. Please view
our latest research paper below.
For more information on our research or
investment personnel, don't hesitate to contact our Marketing
and Client Service Officers in Philadelphia.
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order to view documents in this section of the Library, you
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If you do not have Acrobat, download
it now.
Sector
Updates
The equity research analysts at
Delaware cover companies in a myriad of sectors and industries.
We like to share with clients and consultants some of the more
noteworthy trends and patterns we see emerging in these sectors.
Below is our most recent sector update.
Energy
Sector Update
January 13, 2003
Research
White Papers
The Changing Role of
the Dividend
Our Large-Cap Value team's focus on value stocks that return
cash to investors in the form of high dividend yields has served
our institutional clients well over the past 25 years. In 2000,
we decided to take a fresh look at that process with an eye
toward enhancing it. After review, we remained convinced by
our initial conclusion that the return of a significant portion
of free cash flow to stockholders was paramount. An evolution
we observed in corporate behavior relating to that free cash
flow return, however, led to an important incremental step for
us. While dividends continue to be a crucial component of return,
we now also include in our opportunity universe companies who
return cash to shareholders through stock buybacks.
Our team's white paper discusses their findings in greater detail.
For a copy, please contact:
Lee
Giannone
Investment Specialist, Value Equities
Tel: 215-255-8860
E-mail: lgiannone@delinvest.com
David
Prince
Client Services
Tel: 215-255-1086
E-mail: dprince@delinvest.com
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