Delaware Small Cap Value Fund

Objective

Delaware Small Cap Value Fund seeks capital appreciation.

Strategy

The Fund invests primarily in investments of small companies whose stock prices appear low relative to their underlying value or future potential.

Fund information
Inception date11/09/1992
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers
NASDAQDEVIX
CUSIP246097208

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)0.99%42.44%10.75%13.09%7.95%11.14%11/09/1992
Russell 2000 Value Index-0.71%40.22%9.48%13.44%6.02%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)13.66%31.35%9.18%14.35%8.08%11.13%11/09/1992
Russell 2000 Value Index14.07%31.74%8.31%15.07%6.26%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
Gross0.96%
Net0.96%
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
20163.54%4.00%7.31%13.66%31.35%
20153.07%-1.08%-9.82%2.00%-6.21%
20142.95%3.73%-5.24%4.39%5.64%
201312.02%0.93%7.38%9.14%32.50%
201210.82%-4.27%3.97%2.80%13.37%
20117.23%-1.89%-19.12%16.47%-0.91%
20109.66%-7.43%12.90%14.57%31.30%
2009-13.57%16.80%22.86%6.68%32.31%
2008-4.37%1.22%-4.39%-24.73%-30.34%
20072.65%4.82%-7.08%-7.20%-7.22%

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

Portfolio characteristics - as of 01/31/2017Russell 2000 Value Index
Number of holdings1151,351
Market cap (median)$2.76 billion$0.70 billion
Market cap (weighted average)$3.49 billion$2.05 billion
Portfolio turnover (last fiscal year)20%n/a
Beta (relative to Russell 2000 Value Index) (view definition)0.92n/a
Annualized standard deviation, 3 years (view definition)14.78n/a
Portfolio composition as of 01/31/2017Total may not equal 100% due to rounding.
Domestic equities96.5%
Cash and cash equivalents2.9%
International equities & depositary receipts0.6%
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.
Holding% of portfolio
East West Bancorp Inc.3.1%
Berry Plastics Group Inc.2.1%
Webster Financial Corp.2.1%
Hancock Holding Co.1.8%
MasTec Inc.1.8%
Synopsys Inc.1.7%
Selective Insurance Group Inc.1.6%
Patterson-UTI Energy Inc.1.5%
Great Western Bancorp Inc.1.5%
Bank of Hawaii Corp.1.5%
Total % Portfolio in Top 10 holdings18.7%

Equity sectors as of 01/31/2017

List excludes cash and cash equivalents.

SectorFundBenchmark
Financial services28.5%0.0%
Technology13.4%0.0%
Basic industry9.4%0.0%
Consumer services7.7%0.0%
REITs7.5%0.0%
Capital spending7.3%0.0%
Energy6.5%0.0%
Healthcare4.1%0.0%
Consumer cyclical3.5%0.0%
Consumer staples2.8%0.0%
Utilities2.4%0.0%
Transportation2.4%0.0%
Business services1.1%0.0%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20170.0000.000
20160.0000.433
20152.8950.454
20142.6160.312
20131.1010.173
20120.2540.190
20111.8060.000
20100.1400.000
20090.0000.076
20080.0000.133
20073.4180.000

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. 

Chris Beck

Christopher S. Beck, CFA

Senior Vice President, Chief Investment Officer — Small-Cap Value / Mid-Cap Value Equity

Start date on the Fund: May 1997

Years of industry experience: 36

(View bio)


Steve Catricks

Steven G. Catricks, CFA

Vice President, Portfolio Manager, Equity Analyst

Start date on the Fund: July 2012

Years of industry experience: 18

(View bio)


Kent Madden

Kent P. Madden, CFA

Vice President, Portfolio Manager, Equity Analyst

Start date on the Fund: July 2012

Years of industry experience: 20

(View bio)


Kelly McKee

Kelley A. McKee, CFA

Vice President, Portfolio Manager, Equity Analyst

Start date on the Fund: July 2012

Years of industry experience: 14

(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 fees0.67%
Distribution and service (12b-1) feesnone
Other expenses0.29%
Total annual fund operating expenses0.96%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements0.96%

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.

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

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

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

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 02/17/2017)

Institutional ClassPriceNet change
NAV$65.15-0.15
Max offer price$65.15n/a

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

$3.5 billion all share classes

Overall Morningstar RatingTM

 
Institutional Class shares (as of 01/31/2017)
RatingNo. of funds
Overall4352
3 Yrs4352
5 Yrs3313
10 Yrs4199
Morningstar categorySmall Value

(View Morningstar disclosure)

Morningstar ranking (as of 01/31/2017)

YTD ranking57 / 441
1 year33 / 414
3 years41 / 352
5 years135 / 313
10 years34 / 199
Morningstar categorySmall Value

(View Morningstar disclosure)

Lipper ranking (as of 01/31/2017)

YTD ranking237 / 942
1 year17 / 877
3 years33 / 735
5 years245 / 641
10 years93 / 448
Lipper classificationSmall-Cap Core Funds

(View Lipper disclosure)

Benchmark, peer group

Russell 2000® Value Index (view definition)

Morningstar Small Value Category (view definition)

Lipper Small-Cap Core Funds Average (view definition)

Additional information