The Large-Cap Growth Equity Portfolio*


The Large-Cap Growth Equity Portfolio seeks capital appreciation.


The Portfolio invests primarily in common stocks of growth-oriented companies that the portfolio managers believe have long-term capital appreciation potential and expect to grow faster than the U.S. economy. For purposes of the Portfolio, the portfolio managers will generally consider large-capitalization companies to be those that, at the time of purchase, have total market capitalizations within the range of market capitalizations of companies in the Russell 1000® Growth Index. While the market capitalization of companies in the Russell 1000 Growth Index ranged from approximately $717.61 million to approximately $583.6 billion as of Dec. 31, 2015, the Portfolio will normally invest in common stocks of companies with market capitalizations of at least $3 billion at the time of purchase. The market capitalization range for the Russell 1000 Growth Index will change on a periodic basis. A company’s market capitalization is determined based on its current market capitalization. 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 the Russell Investment Group.

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large-capitalization companies (80% Policy). The Portfolio's 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.

Using a bottom-up approach,  the portfolio managers seek to select securities of companies that have large market opportunities. Companies that have large market opportunities are those that, in our opinion, may have a large demand or market for their goods or services. The portfolio managers also consider a company’s operational efficiencies, management’s plans for capital allocation, and the company’s shareholder orientation. All of these factors give the portfolio managers insight into the outlook for a company, helping the portfolio managers identify companies poised for sustainable free cash-flow growth. The portfolio managers believe that sustainable free cash-flow growth, if it occurs, may result in price appreciation for the company’s stock.

Although the Portfolio tends to hold a relatively focused portfolio of between 25 and 40 stocks, it maintains a diversified portfolio representing a number of different industries. Such an approach helps to minimize the impact that any one security or industry could have on the portfolio if it were to experience a period of slow or declining earnings growth.

Because the Portfolio's objective is capital appreciation, the amount of dividend income that a stock provides is only an incidental consideration.

The Portfolio may also invest in other securities, including preferred stock, real estate investment trusts (REITs), warrants, equity and debt securities that are convertible into stocks, debt securities of government and corporate issuers and investment company securities, futures, and options. To the extent that this Portfolio invests in convertible debt securities, those securities will be purchased on the basis of their equity characteristics, and ratings of those securities, if any, will not be an important factor in their selection.

Portfolio information
Inception date11/01/2005
Dividends paid (if any)Annually
Capital gains paid (if any)December
Portfolio identifiers
Investment minimums
Initial investment**$1,000,000
Subsequent InvestmentsNo minimum

**In the aggregate across all Portfolios of the Delaware Pooled Trust.

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 (06/30/2016)

as of quarter-end (06/30/2016)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-7.63%-6.84%10.18%11.53%7.42%7.09%11/01/2005
Russell 1000 Growth Index1.36%3.02%13.07%12.35%8.78%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-1.33%-6.84%10.18%11.53%7.42%7.09%11/01/2005
Russell 1000 Growth Index0.61%3.02%13.07%12.35%8.78%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
Portfolio characteristics - as of 06/30/2016
Number of holdings32
Market cap (median)$31.48 billion
Market cap (weighted average)$112.21 billion
Portfolio turnover (last fiscal year)49%
Beta, 3 years (relative to Russell 1000 Growth Index) (view definition)0.99
Annualized standard deviation, 3 years (view definition)12.65
Top 10 holdings as of 06/30/2016
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Visa Inc.5.6%
Crown Castle International Corp.5.4%
Celgene Corp.5.0%
PayPal Holdings Inc.4.8%
Electronic Arts Inc.4.8%
Allergan plc4.8%
Microsoft Corp.4.6%
Liberty Interactive Corp. QVC Group4.5%
Walgreens Boots Alliance Inc.4.4%
Total % Portfolio in Top 10 holdings48.8%

Top sectors as of 06/30/2016

List excludes cash and cash equivalents.

Sector% of portfolio
Financial services26.7%
Consumer discretionary20.5%
Consumer staples4.4%

List excludes cash and cash equivalents.

Distribution history - annual distributions (Original Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment

1If a Portfolio 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 Portfolio will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Portfolio'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 Portfolio (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.

Investment manager

Delaware Management Company, a series of Delaware Management Business Trust (a Delaware statutory 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: November 2005

Years of industry experience: 35

(View bio)

Chris Bonavico

Christopher J. Bonavico, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: November 2005

Years of industry experience: 28

(View bio)

Chris Ericksen

Christopher M. Ericksen, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: November 2005

Years of industry experience: 22

(View bio)

Daniel J. Prislin, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: November 2005

Years of industry experience: 22

(View bio)

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

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
Purchase reimbursement feesnone
Redemption reimbursement feesnone
Annual portfolio operating expenses
Management fees0.55%
Distribution and service (12b-1) feesnone
Other expenses0.09%
Total annual portfolio operating expenses0.64%
Fee waivers and expense reimbursementsnone
Total annual portfolio operating expenses after fee waivers and expense reimbursements0.64%

1The Portfolio’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual portfolio operating expenses from exceeding 0.65% of the Portfolio's average daily net assets from Feb. 26, 2016 through Feb. 28, 2017. The waivers and reimbursements may only be terminated by agreement of the Manager and the Portfolio.

*Proposed reorganization

On May 19, 2016, the Board of Trustees of the Trust approved the submission of an Agreement and Plan of Reorganization to shareholders of The Large-Cap Growth Equity Portfolio, The Focus Smid-Cap Growth Equity Portfolio, and The Select 20 Portfolio (each an “Acquired Fund” and together, the “Acquired Funds”) providing for the reorganization of the Acquired Funds with and into Jackson Square Large-Cap Growth Fund, Jackson Square SMID-Cap Growth Fund, and Jackson Square Select 20 Growth Fund (each an “Acquiring Fund” and together, the “Acquiring Funds”), respectively (the “Reorganization”). Each Acquiring Fund is a series of Managed Portfolio Series administered by US Bancorp Fund Services, LLC. Jackson Square Partners, LLC (“JSP”), currently the sub-advisor to the Acquired Funds, is the investment advisor to the Acquiring Funds.

The Reorganization is subject to the approval of the shareholders of each Acquired Fund and is intended to be a tax-free transaction. On the date of the Reorganization, each Acquired Fund will exchange all of its assets at net asset value for shares of the corresponding Acquiring Fund. Shareholders of each Acquired Fund will receive shares of the corresponding Acquiring Fund with a value equal to the net asset value of their ownership interests in the Acquired Fund at the date of the Reorganization. More information about the proposed Reorganization will be provided to shareholders in the proxy materials. If approved by shareholders of the Acquired Funds, the Reorganization is expected to occur in the third quarter of 2016.

Jackson Square Partners, LLC (JSP), a U.S. registered investment advisor, is the sub-advisor to the Portfolio. As sub-advisor, JSP is responsible for day-to-day management of the Portfolio’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 Portfolio's investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Portfolio's prospectus, if available, its summary prospectus, which may be obtained by clicking the prospectus link located in the right-hand sidebar or calling 800 231-8002. Investors should read the prospectus, and, if available, the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

Because the Portfolio expects to hold a concentrated portfolio of a limited number of securities, the Portfolio's risk is increased because each investment has a greater effect on the Portfolio's overall performance.

The Portfolio is 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

(16765) 6/16

Fund Finder

Daily pricing (as of 07/26/2016)

Original ClassPriceNet change
Max offer price$14.16n/a

Total net assets (as of 06/30/2016)

$280.6 million all share classes

Lipper ranking (as of 06/30/2016)

YTD ranking691 / 715
1 year612 / 678
3 years462 / 621
5 years133 / 547
10 years200 / 395
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