Delaware Hedged U.S. Equity Opportunities Fund** (formerly, First Investors Hedged U.S. Equity Opportunities Fund)

Key features

  • A US equity portfolio balanced across styles and market capitalizations that seeks to provide total return
  • Utilizes a hedging strategy overlay to reduce market risk
  • Offers potential diversification benefits when added to an overall portfolio
Fund information
Inception date08/01/2016
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers
NASDAQFHEJX
CUSIP24611D847
Investment minimums
Initial investment$1,000
Subsequent investments$100
Systematic withdrawal balance$5,000
Account features
Payroll deductionYes
IRAsYes

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 (10/31/2019)

as of quarter-end (09/30/2019)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)17.17%12.89%9.19%n/an/a7.54%08/01/2016
Max offer price10.40%6.44%7.07%n/an/a5.60%
60% S&P500 Index/ 40% Bloomberg Barclays US Aggregate Index-36.37%-38.47%-10.06%n/an/a-9.71%
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)0.98%5.92%8.35%n/an/a7.59%08/01/2016
Max offer price-4.85%-0.20%6.24%n/an/a5.59%

Returns for less than one year are not annualized.

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

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

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
Gross1.73%
Net1.64%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from Oct. 4, 2019 through Oct. 31, 2021. Please see the fee table in the Fund's prospectus for more information.

Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
2019n/an/a0.98%n/an/a

Please click here to view monthly holdings.

Portfolio characteristics - as of 10/31/2019
Number of holdings295n/a
Market cap (median) $17.6 billionn/a
Market cap (weighted average) $100.9 billionn/a
Top 10 holdings as of 10/31/2019

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
Johnson & Johnson1.81%
HOME DEPOT INC1.10%
Amazon.com Inc.1.08%
Medtronic PLC1.07%
UnitedHealth Group Inc.1.06%
COCA-COLA CO1.06%
MCDONALDS CORP1.05%
Public Storage0.96%
Chubb Ltd.0.96%
AMERICAN EXPRESS COMPANY0.94%
Total % Portfolio in Top 10 holdings11.09%

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund's sector designations.

Distribution history - annual distributions (Class A)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20190.0000.000
20180.0000.000
20170.0000.000
20160.0000.000
20150.0000.000
20140.0000.000
20130.0000.000
20120.0000.000
20110.0000.000
20100.0000.000
20090.0000.000

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.

Investment manager

Delaware Management Company (DMC)

Sub-advisor

Wellington Management Company


Gregg R. Thomas, CFA

Senior Managing Director, Partner, and Director

Start date on the Fund: October 2019

Years of industry experience: 26

(View bio)


Roberto J. Isch, CFA

Managing Director, Research Manager

Start date on the Fund: October 2019

Years of industry experience: 13

(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 fees1.15%
Distribution and service (12b-1) fees0.25%
Other expenses0.33%
Total annual fund operating expenses1.73%
Fee waivers and expense reimbursements(0.09%)
Total annual fund operating expenses after fee waivers and expense reimbursements1.64%

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 1.64% 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.

**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), a leading global investment management company, whereby MMHI, on behalf of its affiliate Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (Macquarie), would acquire FIMCO's asset management business (the “Transaction”). In connection with the Transaction, the Board of Trustees of the First Investors Trusts 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 (each, an “Acquiring Fund,” and collectively, the “Acquiring Funds”) in the Delaware Funds by Macquarie family of funds (each, a “Reorganization” and together, the “Reorganizations”). Following the requisite approval of each Reorganization from shareholders of each First Investors Fund, each Acquiring Fund will be managed by DMC and each Acquiring Fund will have the same or substantially the same investment objective and the same or similar principal investment strategies and principal risks as the corresponding First Investors Fund. The Transaction closed on Oct. 4, 2019 (the “Closing Date”). Information, including without limitation historical holdings and performance information, relating to the Acquiring Funds for periods prior to the Closing Date has been provided by FIMCO and is attributable to the Acquired Funds.

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

Wellington Management Company LLP (Wellington Management), a US registered investment advisor, is the sub-advisor to the Fund. As sub-advisor, Wellington Management Company LLP (Wellington Management) 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.

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. For investors investing in Delaware Funds by Macquarie (formerly First Investors Funds) please call 800 423-4026. Investors should read the prospectus and the summary prospectus carefully before investing.

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.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

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

Hedging seeks to limit downside risks, but it also will limit the Fund’s return potential. This will especially be true during periods of rapid or large market gains. Hedging activities involve fees and expenses, which can further reduce the Fund’s returns. If the Fund uses a hedging instrument at the wrong time or judges market conditions incorrectly, or the hedged instrument does not correlate to the risk sought to be hedged, the hedge might be unsuccessful, reduce the Fund’s return, and/or create a loss.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 11/14/2019)

Class APriceNet change
NAV$12.530.02
Max offer price$13.29n/a

Total net assets (as of 10/31/2019)

$111.0 million all share classes

Overall Morningstar RatingTM

 
Class A shares (as of 10/31/2019)
Class ANo. of funds
Overall5103
3 Yrs5103
Morningstar categoryOptions-based

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking (as of 10/31/2019)

YTD ranking30 / 179
1 year17 / 162
3 years6 / 103
5 yearsn/a
10 yearsn/a
Morningstar categoryOptions-based

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking (as of 10/31/2019)

YTD ranking617 / 742
1 year280 / 734
3 years564 / 626
5 yearsn/a
10 yearsn/a
Lipper classificationLipper Multi-Cap Core Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Literature

Prospectuses and reports

Benchmark, peer group

Russell 3000® Index (view definition)

ICE BofAML US 3-Month Treasury Bill Index (view definition)

70% Russell 3000® Index / 30% ICE BofAML US 3-Month Treasury Bill Index (view definition)

Additional information