Delaware Growth Equity Fund** (formerly, First Investors Select Growth Fund)

Key features

  • Concentrated approach that seeks high-quality companies with undiscovered growth potential
  • Systematic integration of technology and fundamental analysis leads to strong risk controls and drives performance
  • Straightforward investment philosophy that has been applied consistently for more than 30 years
Fund information
Inception date10/25/2000
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers
Investment minimums
Initial investment$1,000
Subsequent investments$100
Systematic withdrawal balance$5,000
Account features
Payroll deductionYes

On Sept. 25, 2014, Class B shares of the Fund converted to Class A shares.

Please click below to view Fund performance:

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 (12/31/2019)

as of quarter-end (12/31/2019)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)24.14%24.14%16.37%10.93%13.64%n/a10/25/2000
Max offer price17.01%17.01%14.09%9.62%12.97%n/a
Russell 1000 Growth Index36.39%36.39%20.49%14.63%15.22%n/a
Russell 3000 Growth Index35.85%35.85%19.89%14.23%15.05%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)11.20%24.14%16.37%10.93%13.64%n/a10/25/2000
Max offer price4.79%17.01%14.09%9.62%12.97%n/a
Russell 1000 Growth Index10.62%36.39%20.49%14.63%15.22%n/a
Russell 3000 Growth Index10.67%35.85%19.89%14.23%15.05%n/a

Returns for less than one year are not annualized.

Class A shares have a maximum up-front sales charge of 5.75% and are subject to an annual distribution fee.

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

Please click here to view monthly holdings.

Portfolio characteristics - as of 12/31/2019Russell 1000 Growth Index
Number of holdings39518
Market cap (median) Source: FactSet$48.6 billion13894320500.000000000
Market cap (weighted average) Source: FactSet$207.9 billion389180952079.650000000
Portfolio turnover (last fiscal year)37%n/a
Portfolio composition as of 12/31/2019Total may not equal 100% due to rounding.
Domestic equities98.8%
Cash and cash equivalents1.2%
Top 10 holdings as of 12/31/2019

Holdings are as of the date indicated and subject to change.

List may exclude cash, cash equivalents, and exchanged-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.

Holdings based by issuer.

Holding% of portfolio
Fortinet Inc.3.84%
Adobe Inc.3.67%
Alphabet Inc.3.45%
Cadence Design Systems Inc.3.29%
Facebook Inc.3.17%
Apple Inc.2.99%
Total % Portfolio in Top 10 holdings33.81%
Distribution history - annual distributions (Class A)1,2
Distributions ($ per share)
YearCapital gains3Net investment

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.

Investment manager

Delaware Management Company (DMC)


Smith Asset Management Group

Stephen Smith

Stephen S. Smith, CFA

Chief Executive Officer, Chief Investment Officer

Start date on the Fund: October 2019

Years of industry experience: 43

(View bio)

John Brim

John D. Brim, CFA

Chief Investment Officer

Start date on the Fund: October 2019

Years of industry experience: 29

(View bio)

Eivind Olsen

Eivind Olsen, CFA

Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 25

(View bio)

You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Funds® by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

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 price5.75%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.65%
Distribution and service (12b-1) fees0.25%
Other expenses0.21%
Total annual fund operating expenses1.11%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements1.11%

1 The Fund’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 acquired fund fees and expenses, taxes, interest, 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 fund operating expenses from exceeding 1.17% of the Fund’s average daily net assets from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

*The Fund changed its broad-based index from the Russell 3000 Growth Index as of Jan. 31, 2019. The Fund elected to use the new index because it more closely reflects the Fund’s investment strategy.

**On April 6, 2019, Foresters Investment Management Company, Inc. (FIMCO), the investment adviser to the First Investors Funds, entered into an agreement with Macquarie Management Holdings, Inc. (MMHI), whereby MMHI, on behalf of its affiliate Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), would acquire FIMCO’s asset management business (the “Transaction”). In connection with the Transaction, the Board of Trustees of the First Investors Trusts and the First Investors Fund shareholders approved, pursuant to an Agreement and Plan of Reorganization (the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds by Macquarie family of funds. The Transaction closed on Oct. 4, 2019.

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 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

Smith Asset Management Group, L.P. (Smith), a US registered investment advisor, is the sub-advisor to the Fund. As sub-advisor, Smith is responsible for day-to-day management of the Fund’s assets. Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), has ultimate responsibility for all investment advisory services.

Investing involves risk, including the possible loss of principal.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

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.

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

All third-party marks cited are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 01/17/2020)

Class APriceNet change
Max offer price$13.29n/a

Total net assets (as of 12/31/2019)

$663.4 million all share classes

Overall Morningstar RatingTM

Class A shares (as of 12/31/2019)
Class ANo. of funds
3 Yrs21218
5 Yrs21086
10 Yrs3811
Morningstar categoryMorningstar Large Growth Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking (as of 12/31/2019)

YTD ranking1312 / 1360
1 year1312 / 1360
3 years854 / 1218
5 years772 / 1086
10 years377 / 811
Morningstar categoryMorningstar Large Growth Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking (as of 12/31/2019)

YTD ranking496 / 549
1 year496 / 549
3 years443 / 493
5 years358 / 434
10 years198 / 305
Lipper classificationLipper Multi-Cap Growth Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.


Prospectuses and reports

Benchmark and peer group

Russell 1000® Growth Index (view definition)

Russell 3000® Growth Index (view definition)

Morningstar Large Growth Category (view definition)

Lipper Multi-Cap Growth Funds Average (view definition)

Additional information