Delaware Special Situations Fund** (formerly, First Investors Special Situations Fund)

Key features

  • Highly experienced, value-focused investment team of five sector specialists, averaging more than 20 years’ industry experience
  • Focus on a company's ability to effectively deploy and generate sustainable free-cash flow
  • Disciplined investment process with a focus on risk mitigation, applied consistently for more than 20 years
Fund information
Inception date04/01/2013
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers

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)20.34%20.34%5.81%6.45%n/a8.58%04/01/2013
Russell 2000 Value Index22.39%22.39%4.77%6.99%n/a8.74%
MSCI USA Small Cap Value Index (gross)22.92%22.92%5.90%7.23%n/a9.35%
Russell 2000 Index25.52%25.52%8.59%8.23%n/a10.18%
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)7.73%20.34%5.81%6.45%n/a8.58%04/01/2013
Russell 2000 Value Index8.49%22.39%4.77%6.99%n/a8.74%
MSCI USA Small Cap Value Index (gross)7.93%22.92%5.90%7.23%n/a9.35%
Russell 2000 Index9.94%25.52%8.59%8.23%n/a10.18%

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 C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC). Class C shares are eligible to automatically convert to Class A shares with a lower 12b-1 fee approximately 10 years after you buy Class C shares.

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 2000 Value Index
Number of holdings1051,162
Market cap (median) Source: FactSet$3.1 billion643985000.000000000
Market cap (weighted average) Source: FactSet$4.0 billion2212911376.700000000
Portfolio turnover (last fiscal year)48%n/a
SEC 30-day yield with waiver (view definition)1.14%
SEC 30-day yield without waiver (view definition)0.97%
Portfolio composition as of 12/31/2019Total may not equal 100% due to rounding.
Domestic equities97.5%
International equities & depositary receipts1.6%
Cash and cash equivalents0.9%
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 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
MasTec Inc.2.75%
East West Bancorp Inc.2.66%
ITT Inc.2.34%
Hancock Whitney Corp.2.07%
Teradyne Inc.1.71%
F.N.B CORP1.67%
Western Alliance Bancorp1.52%
Total % Portfolio in Top 10 holdings19.72%
Sector allocation as of 12/31/2019

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.

Financial services29.1%
Capital spending9.6%
Consumer services8.9%
Basic industry5.2%
Consumer cyclical3.9%
Consumer staples3.6%
Business services1.1%
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.

Chris Beck

Christopher S. Beck, CFA

Executive Director, Chief Investment Officer — US Small-Mid Cap Value Equity

Start date on the Fund: October 2019

Years of industry experience: 38

(View bio)

Kelly McKee

Kelley McKee Carabasi, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 17

(View bio)

Steve Catricks

Steven G. Catricks, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 21

(View bio)

Kent Madden

Kent P. Madden, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 23

(View bio)

Michael Foley

Michael Foley, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 10

(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 fees0.75%
Distribution and service (12b-1) feesnone
Other expenses0.10%
Total annual fund operating expenses0.85%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements0.85%

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 0.87% 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 2000 Value Index as of Oct. 4, 2019. The Fund had previously changed its broad-based securities index to the MSCI USA Small Cap Value Index as of Jan. 31, 2019. In each case Fund elected to use the new index because it more closely reflected the Fund’s investment strategies. The Fund’s secondary benchmark, the Russell 2000 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.

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

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

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.

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 01/27/2020)

Class R6PriceNet change
Max offer price$23.42n/a

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

$475.5 million all share classes

Overall Morningstar RatingTM

Class J shares (as of 12/31/2019)
Class JNo. of funds
3 Yrs4387
5 Yrs4346
10 Yrs4237
Morningstar categoryMorningstar Small Value Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking (as of 12/31/2019)

YTD ranking296 / 419
1 year296 / 419
3 years84 / 387
5 years112 / 346
10 yearsn/a
Morningstar categoryMorningstar Small Value Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking (as of 12/31/2019)

YTD ranking773 / 923
1 year773 / 923
3 years493 / 833
5 years413 / 682
10 yearsn/a
Lipper classificationLipper Small-Cap Core Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.


Prospectuses and reports

Benchmark and peer group

MSCI USA Value Index (view definition)

Russell 2000® Index (view definition)

Morningstar Small Blend Category (view definition)

Lipper Small-Cap Core Funds Average (view definition)

Additional information