Delaware Equity Income Fund** (formerly, First Investors Equity Income Fund)

Key features

  • Focus on high-quality companies with attractive valuations
  • A diversified portfolio with exposure to all economic sectors, seeking protection from downside risks
  • Team-based, consensus-driven process that has been applied consistently for more than 40 years
Fund information
Inception date04/01/2013
Dividends paid (if any)Quarterly
Capital gains paid (if any)November or December
Fund identifiers
NASDAQFIUUX
CUSIP24611D508

Institutional Class 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)-13.86% -2.94% 2.51% 4.04% n/a6.95% 04/01/2013
Russell 1000 Value Index-11.63%0.54%3.78%5.51%n/a8.53%
MSCI USA Value Index (gross)-11.95%0.11%4.40%6.16%n/a8.87%
S&P 500 Index-8.27%8.19%9.87%9.23%n/a11.85%
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)6.27% 22.65% 9.06% 7.76% n/a9.52% 04/01/2013
Russell 1000 Value Index7.41%26.54%9.68%8.29%n/a10.76%
MSCI USA Value Index (gross)7.39%25.73%10.42%9.06%n/a11.18%
S&P 500 Index9.07%31.49%15.27%11.70%n/a13.61%

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
Gross0.87%
Net0.85%
Calendar year total returns @ NAV
YearAnnual return
201922.65%
2018-8.46%
201715.53%
201613.20%
2015-1.04%
20148.19%
2013n/a

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

Please click here to view monthly holdings.

Portfolio characteristics - as of 02/29/2020Russell 1000 Value Index
Number of holdings34742
Market cap (median) Source: FactSet$53.9 billion8657455000.000000000
Market cap (weighted average) Source: FactSet$93.0 billion114139280295.400000000
Portfolio turnover (last fiscal year)39%n/a
Beta (relative to Russell 1000 Value Index) (view definition)0.95n/a
SEC 30-day yield with waiver (view definition)1.99%
SEC 30-day yield without waiver (view definition)1.88%
Annualized standard deviation, 3 years (view definition)12.94n/a
Portfolio composition as of 02/29/2020Total may not equal 100% due to rounding.
Domestic equities99.3%
Cash and cash equivalents0.7%
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
AT&T Inc.3.34%
Mondelez International Inc.3.28%
MARSH & MCLENNAN COMPANIES INC3.27%
Johnson & Johnson3.24%
Verizon Communications Inc.3.21%
Cardinal Health Inc.3.20%
Edison International3.18%
Equity Residential3.18%
Northrop Grumman Corp.3.18%
Abbott Laboratories3.17%
Total % Portfolio in Top 10 holdings32.25%
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.

SectorFund
Healthcare21.8%
Financials15.3%
Information technology12.3%
Energy10.1%
Industrials9.3%
Consumer staples9.2%
Communication services6.7%
Consumer discretionary5.9%
Utilities3.2%
Real estate3.2%
Materials2.4%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20200.0000.036
20192.9120.040
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

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 available only to certain investors. See the prospectus for more information.

Nik Lalvani

Nikhil G. Lalvani, CFA

Managing Director, Senior Portfolio Manager, Team Leader

Start date on the Fund: October 2019

Years of industry experience: 23

(View bio)


Bob Vogel

Robert A. Vogel Jr., CFA

Managing Director, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 28

(View bio)


Kristen Bartholdson

Kristen E. Bartholdson 

Managing Director, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 19

(View bio)


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 fees0.65%
Distribution and service (12b-1) feesnone
Other expenses0.22%
Total annual fund operating expenses0.87%
Fee waivers and expense reimbursements(0.02%)
Total annual fund operating expenses after fee waivers and expense reimbursements0.85%

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

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 0.85% 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 securities index to the Russell 1000 Value Index as of Oct. 4, 2019. The Fund had previously changed its primary broad-based securities index to the MSCI USA Value Index as of Jan. 31, 2019. In each case the Fund elected to use the new index because it more closely reflected the Fund’s investment strategies. The Fund’s secondary benchmark, the S&P 500 Index was removed as of Oct. 4, 2019.

**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. 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.

The Fund’s investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

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.

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.

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 03/30/2020)

Institutional ClassPriceNet change
NAV$5.460.18
Max offer price$5.46n/a

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

$364.5 million all share classes

Overall Morningstar RatingTM

 
Institutional Class shares (as of 02/29/2020)
RatingNo. of funds
Overall31094
3 Yrs21094
5 Yrs3943
10 Yrs2690
Morningstar categoryMorningstar Large Value Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking (as of 02/29/2020)

YTD ranking1059 / 1249
1 year897 / 1203
3 years787 / 1094
5 years650 / 943
10 yearsn/a
Morningstar categoryMorningstar Large Value Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking (as of 02/29/2020)

YTD ranking494 / 527
1 year439 / 513
3 years365 / 463
5 years302 / 396
10 yearsn/a
Lipper classificationLipper Equity Income Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Literature

Prospectuses and reports

Benchmark and peer group

Russell 1000® Value Index (view definition)

MSCI USA Value Index (view definition)

S&P 500® Index (view definition)

Morningstar Large Value Category (view definition)

Lipper Equity Income Funds Average (view definition)

Additional information