Delaware Healthcare Fund

Objective

Delaware Healthcare Fund seeks maximum long-term capital growth through capital appreciation.

Strategy

The Fund typically invests in companies that develop, produce, or distribute products related to the healthcare or medical industries and derive a substantial portion of their sales from products and services in the healthcare industry. The Fund invests in U.S. and non-U.S. companies across all market capitalizations.

Fund information
Inception date09/28/2007
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers
NASDAQDLHIX
CUSIP24610E408

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 (01/31/2017)

as of quarter-end (12/31/2016)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)3.65%7.97%8.98%16.65%n/a16.16%09/28/2007
Russell 3000 Healthcare Index2.66%9.38%9.39%16.94%n/a10.29%
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-4.62%-4.09%7.90%17.75%n/a15.87%09/28/2007
Russell 3000 Healthcare Index-4.22%-3.33%9.10%17.25%n/a10.08%

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the month end after the Fund's inception date.

Prior to Jan. 28, 2010, the Fund had not engaged in a broad distribution effort of its shares and had been subject to limited redemption requests. The returns reflect expense limitations that were in effect during certain periods and which may have been lower than the Fund's current expenses. The returns would have been lower without expense limitations.

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
Gross1.10%
Net1.10%
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
2016-6.41%3.99%3.32%-4.62%-4.09%
20156.85%8.22%-12.07%9.83%11.66%
20147.41%5.36%1.17%2.47%17.32%
201317.54%8.81%9.89%7.43%50.98%
201218.59%-5.47%3.28%3.07%19.34%
20119.26%4.49%-15.90%7.33%3.06%
20107.96%-12.31%10.96%10.53%16.10%
2009-2.72%20.44%22.95%11.97%61.31%
2008-7.00%1.91%4.63%-12.08%-12.81%
2007n/an/an/a2.66%n/a

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

Portfolio characteristics - as of 01/31/2017Russell 3000 Healthcare Index
Number of holdings63445
Market cap (median)$4.86 billion$0.75 billion
Market cap (weighted average)$54.18 billion$96.52 billion
Portfolio turnover (last fiscal year)46%n/a
Beta (relative to Russell 3000 Healthcare Index) (view definition)0.96n/a
Annualized standard deviation, 3 years (view definition)14.95n/a
Portfolio composition as of 01/31/2017Total may not equal 100% due to rounding.Values in excess of 100% and negative values may appear as the result of certain assets and liabilities.
Domestic equities64.6%
International equities & depositary receipts36.3%
Cash and cash equivalents-0.8%
Top 10 equity holdings as of 01/31/2017
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holdings based by issuer.
Holding% of portfolio
Sanofi9.7%
Eli Lilly & Co7.4%
MorphoSys AG5.9%
Amgen Inc5.2%
Chugai Pharmaceutical Co Ltd5.1%
GlaxoSmithKline PLC4.6%
Pfizer Inc3.9%
Perrigo Co PLC3.8%
Boston Scientific Corp3.5%
Gilead Sciences Inc3.3%
Total % Portfolio in Top 10 holdings52.4%

Equity sectors as of 01/31/2017

List excludes cash and cash equivalents.

SectorFundBenchmark
Blue chip medical products54.0%0.0%
Biotechnology15.3%0.0%
Small/mid-cap medical products12.3%0.0%
Healthcare services8.5%0.0%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20170.0000.000
20161.2160.223
20151.3430.221
20142.0720.062
20130.4200.000
20120.0000.065
20110.7550.031
20100.6510.033
20091.2800.022
20080.3400.007
20070.3010.000

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. 

Liu-Er Chen

Liu-Er Chen, CFA

Senior Vice President, Chief Investment Officer — Emerging Markets and Healthcare

Start date on the Fund: September 2007

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 fees0.85%
Distribution and service (12b-1) feesnone
Other expenses0.25%
Total annual fund operating expenses1.10%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements1.10%

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

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.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

Healthcare companies are subject to extensive government regulation and their profitability can be affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, and malpractice or other litigation.

International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.

Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

“Nondiversified” funds may allocate more of their net assets to investments in single securities than “diversified” funds. Resulting adverse effects may subject these funds to greater risks and volatility.

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 02/24/2017)

Institutional ClassPriceNet change
NAV$19.17no chg
Max offer price$19.17n/a

Total net assets (as of 01/31/2017)

$345.5 million all share classes

Overall Morningstar RatingTM

 
Institutional Class shares (as of 01/31/2017)
RatingNo. of funds
Overall3125
3 Yrs4125
5 Yrs3118
Morningstar categoryHealth

(View Morningstar disclosure)

Morningstar ranking (as of 01/31/2017)

YTD ranking74 / 148
1 year67 / 136
3 years36 / 125
5 years60 / 118
10 yearsn/a
Morningstar categoryHealth

(View Morningstar disclosure)

Lipper ranking (as of 01/31/2017)

YTD ranking55 / 102
1 year54 / 90
3 years23 / 80
5 years41 / 73
10 yearsn/a
Lipper classificationHealth/Biotech Funds

(View Lipper disclosure)

Benchmark, peer group

Russell 3000® Healthcare Index (view definition)

Morningstar Health Category (view definition)

Lipper Health/Biotechnology Funds Average (view definition)

Additional information