Key features
Stocks are selected by a highly experienced, value-focused investment team of five sector specialists, averaging over 20 years of industry experience
Focus on a company?s ability to effectively deploy and generate sustainable free-cash flow
A disciplined investment process with a focus on risk mitigation that has been consistently applied for over 20 years
Daily pricing
as of
01/26/2021
NAV 1-day net change
-0.28
Total net assets
as of
12/31/2020
All share classes
$682.3 million
Overview
Fund identifiers |
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NASDAQ | FIVUX |
CUSIP | 24611D763 |
Benchmark and peer group
Portfolio
Market cap (median) Source: FactSet
$13.5 billion
Market cap (weighted average) Source: FactSet
$17.0 billion
Portfolio turnover (last fiscal year)
120%
Cash and cash equivalents
1.0%
Top 10 holdings
as of 12/31/2020
Holdings are as of the date indicated and subject to change.
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund's complete list of holdings for more information.
Holdings based by issuer.
East West Bancorp Inc.
2.21
Raymond James Financial Inc.
2.06
Marriott International Inc.
1.87
Total % Portfolio in Top 10 holdings - 19.61%
Sector allocation
as of 12/31/2020
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
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.
Management
Christopher S. Beck, CFA
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Chief Investment Officer — US Small-Mid Cap Value Equity
-
Start date on the Fund:
October 2019
-
Years of industry experience:
39
-
Read bio
Christopher S. Beck
Chief Investment Officer — US Small-Mid Cap Value Equity
Christopher S. Beck leads the firm’s US Small-Mid Cap Value Equity team. He is also a member of the Macquarie Investment Management (MIM) Global Management Committee. Prior to joining MIM in 1997 as a vice president and senior portfolio manager, he was vice president at Pitcairn Trust from 1995 to 1997, where
he managed small-capitalization stocks and analyzed equity sectors. Before that he was chief investment officer of the University of Delaware from 1992 to 1995 and held management positions during his seven years at Cypress Capital Management and four years at Wilmington Trust. Beck earned a bachelor’s degree at the University of Delaware and an MBA from Lehigh University, and he is a member of the CFA Society of Philadelphia and past president of the Wilmington Society of Securities Analysts.
Kelley McKee Carabasi, CFA
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Vice President, Senior Portfolio Manager
-
Start date on the Fund:
October 2019
-
Years of industry experience:
18
-
Read bio
Kelley McKee Carabasi
Vice President, Senior Portfolio Manager
Kelley McKee Carabasi is a senior portfolio manager for the US Small-Mid Cap Value Equity team, a role she assumed in July 2012. She joined the team in July 2005 as an equity analyst. She is responsible for the analysis, purchase, and sale recommendations of basic industry, capital spending, and utilities securities for the firm’s US Small-Mid Cap Value Equity portfolios. Prior to joining Macquarie Investment Management (MIM) she participated in Lincoln Financial Group’s rotational Professional Development Program for three years. McKee earned a bachelor's degree in finance from Georgetown University and an MBA from The Wharton School of the University of Pennsylvania.
Steven G. Catricks, CFA
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Senior Portfolio Manager
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Start date on the Fund:
October 2019
-
Years of industry experience:
22
-
Read bio
Steven G. Catricks
Senior Portfolio Manager
Steven G. Catricks is a senior portfolio manager for the US Small-Mid Cap Value Equity team. He assumed portfolio management responsibilities in July 2012. He joined the team in October 2010 as a senior equity analyst. He is responsible for the analysis, purchase, and sale recommendations of technology and business services securities for the firm’s US Small-Mid Cap Value Equity portfolios. Prior to joining the US Small-Mid Cap Value Equity team, he was a portfolio manager for the firm’s Strategic Small-Cap Value team, focusing on the technology, healthcare, and telecommunication services sectors. He joined Macquarie Investment Management (MIM) in 2001 as an equity analyst, performing research and analysis for the firm’s Emerging Growth Equity team. Previously, Catricks was an equity analyst at BlackRock Financial from 1999 to 2001, where he specialized in small-capitalization growth stocks. He also worked as a systems engineer at Dow Jones/Factiva, and as a senior systems engineer at GE Aerospace/Lockheed Martin. He started his career as a systems engineer at the Naval Air Development Center, where he spent 15 years. Catricks holds a bachelor’s degree in electrical engineering from Drexel University and a master’s degree in engineering from the University of Pennsylvania, and has nearly 20 years of experience in the technology industry. Catricks is a member of the Institute of Electrical and Electronics Engineers.
Kent P. Madden, CFA
-
Senior Portfolio Manager
-
Start date on the Fund:
October 2019
-
Years of industry experience:
24
-
Read bio
Kent P. Madden
Senior Portfolio Manager
Kent P. Madden is a senior portfolio manager for the US Small-Mid Cap Value Equity team. He assumed portfolio management responsibilities in July 2012. He joined the team in December 2004 as an equity analyst and was promoted to senior equity analyst in October 2010. He is responsible for the analysis, purchase, and sale recommendations of consumer services, consumer cyclicals, consumer staples, healthcare, and transportation stocks for the firm’s US Small-Mid Cap Value Equity portfolios. Prior to joining Macquarie Investment Management (MIM) he was an equity analyst at Gartmore Global Investments, where he specialized in technology and telecommunications. He has also worked as an equity analyst for Federated Investors, where he gained experience covering small-capitalization consumer stocks, and Lehman Brothers as a corporate finance analyst. Madden holds a bachelor’s degree in economics from DePauw University and an MBA from the University of Chicago.
Michael Foley, CFA
-
Senior Portfolio Manager
-
Start date on the Fund:
October 2019
-
Years of industry experience:
11
-
Read bio
Michael Foley
Senior Portfolio Manager
Michael Foley is a senior portfolio manager for the US Small-Mid Cap Value Equity team. He assumed portfolio management responsibilities in July 2019. He joined Macquarie Investment Management (MIM) in February 2015 as a senior equity analyst for the US Small-Mid Cap Value Equity team. Foley is responsible for the analysis, purchase, and sale recommendations of financial services and real estate investment trust (REIT) securities for the firm’s US Small-Mid Cap Value Equity portfolios. Prior to joining the firm, Foley was an associate at Patriot Financial Partners, a private equity firm, from August 2011 to February 2015, focusing on the analysis of companies in the financial services sector. He started his career with Janney Montgomery Scott where he worked as an investment banking analyst within the financial institutions group from August 2009 to August 2011. Foley earned a bachelor’s degree in economics with dual concentrations in finance and accounting from The Wharton School of the University of Pennsylvania. Foley is on the board of directors of the McNamee Scholars Program.
Fees
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 price | none |
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower | none |
Annual fund operating expenses |
---|
Management fees | 0.75% |
Distribution and service (12b-1) fees | none |
Other expenses | 0.23% |
Total annual fund operating expenses | 0.98% |
Fee waivers and expense reimbursements1 | (0.08%) |
Total annual fund operating expenses after fee waivers and expense reimbursements | 0.90% |
Resources
Fact sheet and commentaries
Institutional Class shares are available only to certain investors. See the prospectus for more information.
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Other than Macquarie Bank Limited (MBL), none of the entities noted are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
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.
Separately managed account advisory services are provided by Delaware Capital Management (DCM), a series of MIMBT. Separately managed account advisory services are referred through Delaware Capital Management Advisers, Inc., an SEC-registered investment advisor.