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

Class R6 shares are available only to certain investors. See the prospectus for more information.

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 (02/29/2020)

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

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-4.42% 7.18% 7.20% n/an/a7.09% 08/01/2016
Russell 3000 Index-8.29%6.90%9.28%n/an/a10.78%
70% Russell 3000 / 30% ICE BofA U.S. 3-Month Treasury Bill I-5.74%5.68%7.16%n/an/a8.10%
ICE BofA US 3-Month Treasury Bill Index0.28%2.18%1.73%n/an/a1.52%
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)4.62% 22.40% 10.30% n/an/a8.87% 08/01/2016
Russell 3000 Index9.10%31.01%14.57%n/an/a14.19%
ICE BofA 3-Month T-Bill0.46%2.28%1.67%n/an/a1.51%

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.

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

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.

Calendar year total returns @ NAV
YearAnnual return

Please click here to view monthly holdings.

Portfolio characteristics - as of 02/29/2020Russell 3000 Index
Number of holdings2992,587
Market cap (median) Source: FactSet$18.9 billion1447755500.000000000
Market cap (weighted average) Source: FactSet$115.9 billion247213891111.000000000
Portfolio turnover (last fiscal year)124%n/a
Beta (relative to Russell 3000 Index) (view definition)0.62n/a
Annualized standard deviation, 3 years (view definition)8.64n/a
Portfolio composition as of 02/29/2020Total may not equal 100% due to rounding.
Domestic equities86.3%
Cash and cash equivalents8.2%
International equities & depositary receipts5.5%
Top 10 holdings as of 02/29/2020

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

List may exclude cash, cash equivalents, and exchange-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 & Johnson1.65% Inc.1.46%
UnitedHealth Group Inc.1.09%
Medtronic PLC1.04%
Chubb Ltd.0.90%
NIKE Inc.0.89%
Total % Portfolio in Top 10 holdings11.03%
Sector allocation as of 02/29/2020

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

Information technology18.8%
Consumer discretionary15.9%
Consumer staples7.5%
Real estate7.3%
Communication services5.8%

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 J)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.

Class R6 shares are available only to certain investors. See the prospectus for more information.

Investment manager

Delaware Management Company (DMC)


Wellington Management Company

Gregg R. Thomas, CFA

Senior Managing Director, Partner, and Director

Start date on the Fund: October 2019

Years of industry experience: 27

(View bio)

Roberto J. Isch, CFA

Managing Director, Research Manager

Start date on the Fund: October 2019

Years of industry experience: 13

(View bio)

Class R6 shares are available only 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 fees1.15%
Distribution and service (12b-1) feesnone
Other expenses0.40%
Total annual fund operating expenses1.55%
Fee waivers and expense reimbursements(0.35%)
Total annual fund operating expenses after fee waivers and expense reimbursements1.20%

Class R6 shares are available only to certain investors. See the prospectus for more information.

1 “Other expenses” for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled “Choosing a share class."

2 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 1.20% 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.

**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.

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.

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

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.

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.

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.

Futures and options risk is the possibility that a fund may experience a significant loss if it employs an options or futures strategy related to a security or a market index and that security or index moves in the opposite direction from what the portfolio manager anticipated. Futures and options also involve additional expenses, which could reduce any benefit or increase any loss to a fund from using the strategy.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 03/27/2020)

Class R6PriceNet change
Max offer price$9.54n/a

Total net assets (as of 02/29/2020)

$88.6 million all share classes

Overall Morningstar RatingTM

Class R6 shares (as of 02/29/2020)
Class R6No. of funds
3 Yrs5114
Morningstar categoryOptions-based

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking (as of 02/29/2020)

YTD ranking65 / 216
1 year7 / 176
3 years5 / 114
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 02/29/2020)

YTD ranking12 / 738
1 year158 / 709
3 years342 / 623
5 yearsn/a
10 yearsn/a
Lipper classificationLipper Multi-Cap Core Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.


Prospectuses and reports

Benchmark and peer group

Russell 3000® Index (view definition)

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

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

Morningstar Options-based Category (view definition)

Lipper Multi-Cap Core Funds Average (view definition)

Additional information