When clients are looking at us, they’re typically looking for people, process, and performance. Our
team has been together for over a decade. On average, we have more than 20 years of experience in
small- and mid-cap growth investing. Process — our process is very disciplined. We’re concentrated
on the strongest areas of the economy and only investing in the leaders of those strong growth
trends. Finally, performance. We’re looking to do the best we can for our investors.
We believe fundamentals is what drives stock prices over time. To get to the best fundamentals, we
look at the macroeconomic setup; we then try and find trends, we find the leaders of these trends, and
we insist on there being great growth in the companies we invest in. What you end up with is an elite
group of companies within your portfolio that is growing dramatically above whatever general
corporate earnings rates are.
Another thought in that regard is, what would be the next great growth company in your mind? How
would you find that next great growth company? The company would be a leader. There would be a
trend that was behind that particular company. The economy would be supportive of that kind of
company. They would have good strong fundamentals. These are all the things that we’re looking for.
You have to be disciplined when it comes to investing. Anything can happen to any company at any
point in time. So we limit ourselves to not invest too much in any one company, not too much in any
one trend. I don’t know which company will be the next great growth stock, but we know it will be
among the names in our portfolio. If we get a few of them right, it can add a lot of alpha and it can
help us outperform.
The views expressed represent the Managers’ assessment of the market environment as of January
2017 and should not be considered a recommendation to buy, hold, or sell any security, and should
not be relied on as research or investment advice.
Past performance does not guarantee future results.
Investing involves risk, including the possible loss of principal.
Carefully consider a Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectuses and its
summary prospectuses, which may be obtained by visiting elawareinvestments.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.
Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility
than larger, more established companies.
Holding a relatively concentrated portfolio of a limited number of securities may increase risk because
each investment has a greater effect on the Fund’s overall performance than would be the case for a
more diversified fund.
Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, (DMC) and the Fund's distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. DMC, a series of Delaware Management Business Trust, is a U.S. registered investment advisor.
Neither Delaware Investments nor its affiliates noted in this document are authorized deposit-taking
institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of
these entities do not represent deposits or other liabilities of Macquarie Bank Limited (MBL). MBL
does not guarantee or otherwise provide assurance in respect of the obligations of these entities,
unless noted otherwise.
©2017 Delaware Management Holdings, Inc.