Delaware Smid Cap Growth Fund

Objective

Delaware Smid Cap Growth Fund seeks long-term capital appreciation.

Strategy

The Fund invests primarily in common stocks of growth-oriented companies that its portfolio managers believe have long-term capital appreciation potential and expect to grow faster than the U.S. economy. The portfolio managers particularly seek small to mid-sized companies.

Fund information
Inception date11/09/1992
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers
NASDAQDFDIX
CUSIP245906201

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

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 (03/31/2017)

as of quarter-end (03/31/2017)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)6.97%1.33%5.85%8.66%9.00%9.81%11/09/1992
Russell 2500 Growth Index6.25%19.77%7.23%12.17%8.47%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)6.97%1.33%5.85%8.66%9.00%9.81%11/09/1992
Russell 2500 Growth Index6.25%19.77%7.23%12.17%8.47%n/a

Returns for less than one year are not annualized.

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
Gross0.94%
Net0.94%
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
20176.97%n/an/an/an/a
20161.24%0.09%4.96%-9.83%-4.10%
20155.94%2.23%-6.54%6.01%7.30%
2014-4.33%0.23%-1.94%9.62%3.09%
201310.41%4.10%10.61%11.06%41.20%
201217.00%-5.99%2.59%-1.94%10.65%
201114.41%3.26%-15.84%8.92%8.28%
20104.86%-1.73%14.72%14.57%35.43%
20090.54%14.93%17.01%7.16%44.89%
2008-13.89%6.23%-13.78%-25.76%-41.44%
20075.01%7.95%2.91%-3.40%12.68%

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

Portfolio characteristics - as of 03/31/2017Russell 2500 Growth Index
Number of holdings401,446
Market cap (median)$3.49 billion$1.24 billion
Market cap (weighted average)$4.36 billion$4.85 billion
Portfolio turnover (last fiscal year)24%n/a
Beta (relative to Russell 2500 Growth Index) (view definition)0.74n/a
Annualized standard deviation, 3 years (view definition)12.88n/a
Portfolio composition as of 03/31/2017Total may not equal 100% due to rounding.
Domestic equities99.8%
Cash and cash equivalents0.2%
Top 10 equity holdings as of 03/31/2017
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Pacira Pharmaceuticals Inc. DE4.8%
American Woodmark Corp.4.7%
Brunswick Corp. DE4.5%
JetBlue Airways Corp.3.7%
US Silica Holdings Inc.3.6%
Diamondback Energy Inc.3.6%
Yelp Inc.3.6%
MiMedx Group Inc.3.5%
Apogee Enterprises Inc.3.5%
LGI Homes Inc.3.5%
Total % Portfolio in Top 10 holdings39.0%

Equity sectors as of 03/31/2017

List excludes cash and cash equivalents.

SectorFundBenchmark
Industrials24.0%0.0%
Healthcare21.6%0.0%
Consumer discretionary19.5%0.0%
Information technology17.4%0.0%
Energy7.2%0.0%
Financials2.7%0.0%
Consumer staples2.6%0.0%
Real Estate2.5%0.0%
Materials2.3%0.0%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20170.0000.000
20169.2340.008
20153.0080.000
20144.1220.000
20131.0790.000
20121.5820.000
20110.9460.000
20100.9380.263
20090.0000.000
20081.6920.000
20072.7520.000

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

Alexander Ely

Alex Ely 

Senior Vice President, Chief Investment Officer — Small/Mid-Cap Growth Equity

Start date on the Fund: July 2016

Years of industry experience: 24

(View bio)


Institutional Class shares are only available 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 fees0.71%
Distribution and service (12b-1) feesnone
Other expenses0.23%
Total annual fund operating expenses0.94%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements0.94%

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

Effective July 1, 2016, the Small/Mid-Cap Growth team, of Delaware Management Company, replaced the Fund's sub-advisor, Jackson Square Partners, LLC. In connection with the investment team change, the board approved certain changes to the Fund's investment strategy. These changes may result in higher portfolio turnover in the near term. 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 or calling 800 523-1918 (individual investors), 877 693-3546 (financial advisors), or 800 362-7500 (institutional investors). These changes are significant and may affect future performance, as well as create tax implications.

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

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

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 or calling 800 362-7500. Investors should read the prospectus and the summary prospectus carefully before investing.

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.

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.

The Funds are distributed by Delaware Distributors, L.P., an affiliate of Macquarie Investment Management Business Trust (MIMBT), Macquarie Management Holdings, Inc., and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 04/21/2017)

Institutional ClassPriceNet change
NAV$23.26-0.01
Max offer price$23.26n/a

Total net assets (as of 03/31/2017)

$946.2 million all share classes

Overall Morningstar RatingTM

 
Institutional Class shares (as of 03/31/2017)
RatingNo. of funds
Overall3580
3 Yrs3580
5 Yrs2500
10 Yrs4368
Morningstar categoryMid-Cap Growth

(View Morningstar disclosure)

Morningstar ranking (as of 03/31/2017)

YTD ranking370 / 659
1 year632 / 635
3 years321 / 580
5 years401 / 500
10 years53 / 368
Morningstar categoryMid-Cap Growth

(View Morningstar disclosure)

Lipper ranking (as of 03/31/2017)

YTD ranking168 / 584
1 year557 / 561
3 years206 / 501
5 years362 / 442
10 years31 / 324
Lipper classificationSmall-Cap Growth Funds

(View Lipper disclosure)

Benchmark, peer group

Russell 2500 Growth Index (view definition)

Morningstar Mid-Cap Growth Category (view definition)

Lipper Small-Cap Growth Funds Average (view definition)

Additional information