Delaware U.S. Growth Fund

Objective

Delaware U.S. Growth Fund seeks long-term capital appreciation by investing in equity securities of companies we believe have the potential for sustainable free cash flow growth.

Strategy

The Fund invests in stocks of medium- to large-sized companies that its portfolio managers believe to have long-term capital appreciation potential and are expected to grow faster than the U.S. economy.

Fund information
Inception date02/03/1994
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers
NASDAQDEUIX
CUSIP245917802

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 (12/31/2016)

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

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-5.18%-5.18%3.97%11.83%7.13%7.21%02/03/1994
Russell 1000 Growth Index7.08%7.08%8.55%14.50%8.33%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-4.29%-5.18%3.97%11.83%7.13%7.21%02/03/1994
Russell 1000 Growth Index1.01%7.08%8.55%14.50%8.33%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
Gross0.79%
Net0.79%
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
2016-6.40%-1.34%7.27%-4.29%-5.18%
20152.78%1.43%-7.24%8.75%5.16%
2014-0.04%5.17%0.57%6.58%12.69%
201310.05%0.05%9.81%10.98%34.19%
201215.94%-5.21%6.29%-0.70%15.99%
20115.98%1.71%-10.34%11.75%8.00%
20102.45%-11.44%14.86%9.65%14.27%
2009-0.11%15.60%12.82%10.77%44.30%
2008-11.03%-3.85%-15.00%-22.31%-43.51%
20070.49%4.21%8.08%0.00%13.19%
20063.91%-6.06%-0.89%6.06%2.61%

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

Portfolio characteristics - as of 12/31/2016Russell 1000 Growth Index
Number of holdings29603
Market cap (median)$33.24 billion$9.32 billion
Market cap (weighted average)$125.02 billion$152.01 billion
Portfolio turnover (last fiscal year)22%n/a
Beta (relative to Russell 1000 Growth Index) (view definition)0.99n/a
Annualized standard deviation, 3 years (view definition)12.51n/a
Portfolio composition as of 12/31/2016Total may not equal 100% due to rounding.
Domestic equities99.2%
Cash and cash equivalents0.8%
Top 10 equity holdings as of 12/31/2016
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Celgene Corp.5.8%
Visa Inc.5.8%
Microsoft Corp.5.7%
PayPal Holdings Inc.5.6%
Mastercard Inc.4.7%
Crown Castle International Corp.4.6%
Liberty Interactive Corp. QVC Group4.3%
Allergan plc4.2%
eBay Inc.4.2%
Biogen Inc.4.0%
Total % Portfolio in Top 10 holdings48.9%

Equity sectors as of 12/31/2016

List excludes cash and cash equivalents.

SectorFundBenchmark
Information technology49.4%0.0%
Healthcare19.5%0.0%
Consumer discretionary13.7%0.0%
Real Estate7.0%0.0%
Financials5.8%0.0%
Industrials2.1%0.0%
Consumer staples1.9%0.0%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20161.6500.043
20152.9520.142
20140.6950.118
20130.0000.019
20120.0000.028
20110.0000.021
20100.0000.022
20090.0000.009
20080.0000.017
20070.0000.000
20060.0000.000

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. 

Investment manager

Delaware Management Company, a series of Delaware Management Business Trust (a Delaware statutory trust)

Sub-advisor

Jackson Square Partners, LLC


Jeff VanHarte

Jeffrey S. Van Harte, CFA

Chairman, Chief Investment Officer — Jackson Square Partners, LLC

Start date on the Fund: April 2005

Years of industry experience: 36

(View bio)


Chris Bonavico

Christopher J. Bonavico, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: April 2005

Years of industry experience: 29

(View bio)


Chris Ericksen

Christopher M. Ericksen, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: September 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: April 2005

Years of industry experience: 22

(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 fees0.55%
Distribution and service (12b-1) feesnone
Other expenses0.24%
Total annual fund operating expenses0.79%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements0.79%

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

Jackson Square Partners, LLC (JSP), a U.S. registered investment advisor, is the sub-advisor to the Fund. As sub-advisor, JSP is responsible for day-to-day management of the Fund’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 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.

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 01/20/2017)

Institutional ClassPriceNet change
NAV$23.120.02
Max offer price$23.12n/a

Total net assets (as of 12/31/2016)

$2.7 billion all share classes

Overall Morningstar RatingTM

 
Institutional Class shares (as of 12/31/2016)
RatingNo. of funds
Overall31315
3 Yrs21315
5 Yrs21154
10 Yrs3809
Morningstar categoryLarge Growth

(View Morningstar disclosure)

Morningstar ranking (as of 12/31/2016)

YTD ranking1406 / 1463
1 year1406 / 1463
3 years1041 / 1315
5 years859 / 1154
10 years368 / 809
Morningstar categoryLarge Growth

(View Morningstar disclosure)

Lipper ranking (as of 12/31/2016)

YTD ranking617 / 666
1 year617 / 666
3 years506 / 596
5 years398 / 531
10 years199 / 383
Lipper classificationLarge-Cap Growth Funds

(View Lipper disclosure)

Benchmark, peer group

Russell 1000® Growth Index (view definition)

Morningstar Large Growth Category (view definition)

Lipper Large-Cap Growth Funds Average (view definition)

Additional information