Delaware Opportunity Fund

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 07/30/2021

NAV
NAV 1-day net change
Max offer price
$35.78

Total net assets as of 06/30/2021

All share classes
$701.9 million

Overview

Fund information
Inception date 04/01/2013
Dividends paid (if any) Annually
Capital gains paid (if any) November or December
Fund identifiers
NASDAQ FIVUX
CUSIP 24611D763

Benchmark and peer group

Russell Midcap® Value Index (primary) (view definition)

S&P MidCap 400® Index (view definition)

Morningstar Mid-Cap Value Category (view definition)

Lipper Mid-Cap Core Funds Average (view definition)

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 (06/30/2021)

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.

Performance shown prior to Oct. 4, 2019, are as of the predecessor fund and investment team.

Average annual total return as of quarter-end (06/30/2021)

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.

Performance shown prior to Oct. 4, 2019, are as of the predecessor fund and investment team.

Overall Morningstar RatingTM

Institutional Class shares - as of 06/30/2021

MorningstarMorningstarMorningstar
Rating No. of funds
Overall 3 395
3 years 2 395
5 years 3 346
10 years 3 246
Morningstar category Morningstar Mid-Cap Value Category
 

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 06/30/2021
1 year 160 / 414
3 years 248 / 395
5 years 180 / 346
10 years n/a
Morningstar category Morningstar Mid-Cap Value Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 06/30/2021
1 year 54 / 308
3 years 236 / 282
5 years 165 / 232
10 years n/a
Lipper classification Lipper Mid-Cap Core Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.04%
Net
0.90%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from Jan. 28, 2021 through Jan. 31, 2022. Please see the fee table in the Fund's prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2020
0.42%
2019
29.89%
2018
-15.51%
2017
19.00%
2016
8.23%
2015
-0.91%
2014
6.02%

Portfolio

Portfolio characteristics as of 06/30/2021

Number of holdings
95
Market cap (median) Source: FactSet
$13.8 billion
Market cap (weighted average) Source: FactSet
$18.9 billion
Portfolio turnover (last fiscal year)
120%
Beta (relative to Russell Midcap Value Index) (view definition)
1.04
SEC 30-day yield with waiver (view definition)
0.63%
SEC 30-day yield without waiver (view definition)
0.59%
Annualized standard deviation, 3 years (view definition)
24.45

Portfolio composition as of 06/30/2021
Total may not equal 100% due to rounding.

Domestic equities
99.9%
Cash, cash equivalents and other assets
0.1%

Top 10 holdings as of 06/30/2021

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

List may exclude cash and cash equivalents. Please see the Fund's complete list of holdings for more information.

Holdings based by issuer.

Holding
% of portfolio
Holding
% of portfolio
Hess Corporation
2.45
East West Bancorp Inc.
2.35
Teradyne Inc.
2.03
Raymond James Financial Inc.
2.00
Synchrony Financial
1.93
Itt Inc.
1.88
KBR Inc.
1.78
Quanta Serv Inc.
1.77
Synopsys Inc.
1.76
D R Horton Inc.
1.72

Total % Portfolio in Top 10 holdings - 19.67%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 06/30/2021

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.

Sector
Fund
Sector
Fund
Financial services
20.5%
Technology
13.0%
Capital spending
10.5%
Consumer services
9.3%
REITs
8.3%
Basic industry
7.7%
Utilities
5.8%
Consumer cyclical
5.8%
Healthcare
5.7%
Energy
5.3%
Transportation
3.1%
Consumer staples
3.0%
Business services
1.7%

Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2021
0.000
0.000
2020
0.000
0.302
2019
11.439
0.000
2018
3.406
0.405
2017
2.382
0.147
2016
1.352
0.243
2015
3.176
0.067
2014
2.695
0.085
2013
2.429
0.000
2012
0.000
0.000
2011
0.000
0.000

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.

Management

Christopher Beck

Christopher S. Beck, CFA

  • Chief Investment Officer — US Small-Mid Cap Value Equity
  • Start date on the Fund: October 2019
  • Years of industry experience: 40
  • Read bio
Kelley McKee

Kelley McKee Carabasi, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: October 2019
  • Years of industry experience: 19
  • Read bio
Steven Catricks

Steven G. Catricks, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: October 2019
  • Years of industry experience: 22
  • Read bio
Kent P Madden

Kent P. Madden, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: October 2019
  • Years of industry experience: 24
  • Read bio
Michael Foley

Michael Foley, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: October 2019
  • Years of industry experience: 11
  • Read bio

Fees

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 0.74%
Distribution and service (12b-1) fees none
Other expenses 0.30%
Total annual fund operating expenses 1.04%
Fee waivers and expense reimbursements1 (0.14%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.90%

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 dividend and 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 0.90% of the Fund’s average daily net assets from Jan. 28, 2021 through Jan. 31, 2022. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Resources

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

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 under the Resources section, or calling 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

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 are located under the Resources section, or calling 800 523-1918. 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.

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.

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.

Not FDIC Insured • No Bank Guarantee • May Lose Value

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Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

You can check the background of your investment professional on FINRA's BrokerCheck.