Key features
Stocks are selected by an experienced team of sector specialists focused on value investing
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
11/29/2023
NAV 1-day net change
0.16
Total net assets
as of
10/31/2023
All share classes
$512.1 million
Overview
Fund identifiers |
NASDAQ |
FIVUX |
CUSIP |
24611D763 |
Benchmark and peer group
Portfolio
Market cap (median) Source: FactSet
$13.3 billion
Market cap (weighted average) Source: FactSet
$20.0 billion
Portfolio turnover (last fiscal year)
17%
Cash, cash equivalents and other assets
1.1%
International equities & depositary receipts
0.4%
Top 10 holdings
as of 10/31/2023
Holdings are as of the date indicated and subject to change.
List may exclude cash and cash equivalents. Please see the Fund's complete list of holdings for more information.
Holdings based by issuer.
REINSURANCE GROUP OF AMERICA INCORPORATE
1.96
HARTFORD FINANCIAL SERVICES GROUP INC
1.95
WESCO INTERNATIONAL INC
1.95
QUANTA SERVICES INC.
1.88
MARRIOTT INTERNATIONAL INC
1.72
Total % Portfolio in Top 10 holdings - 19.10%
Sector allocation
as of 10/31/2023
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
Consumer discretionary
11.1%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ 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
Kelley Carabasi, CFA
-
Managing Director, Co-Chief Investment Officer – US Small-Mid Cap Value Equity
-
Start date on the Fund:
October 2019
-
Years of industry experience:
19
-
Read bio
Kelley Carabasi
Managing Director, Co-Chief Investment Officer – US Small-Mid Cap Value Equity
- Joined Delaware Investments in 2005, acquired by Macquarie in 2010
- Based in Philadelphia
Kelley is a Co-Chief Investment Officer for Macquarie Asset Management’s (MAM’s) US Small-Mid Cap Value Equity Team, a role she assumed in January 2022. Kelley assumed portfolio management responsibilities in July 2012. She joined Delaware Investments in July 2005 as an Equity Analyst.
Prior to joining Delaware Investments, Kelley participated in Lincoln Financial Group’s rotational Professional Development Program, where she began her investment career in 2002.
Kelley earned a Bachelor of Science in finance from Georgetown University and a Master of Business Administration from The Wharton School of the University of Pennsylvania. Kelley holds the Chartered Financial Analyst® designation, and he is a member of the CFA Institute and the CFA Society of Philadelphia.
Kent P. Madden, CFA
-
Managing Director, Co-Chief Investment Officer – US Small-Mid Cap Value Equity
-
Start date on the Fund:
October 2019
-
Years of industry experience:
27
-
Read bio
Kent P. Madden
Managing Director, Co-Chief Investment Officer – US Small-Mid Cap Value Equity
- Joined Delaware Investments in 2004, acquired by Macquarie in 2010
- Based in Philadelphia
Kent is a Co-Chief Investment Officer for Macquarie Asset Management’s (MAM’s) US Small-Mid Cap Value Equity Team, a role he assumed in January 2022. He assumed portfolio management responsibilities in July 2012. He joined Delaware Investments in December 2004 as an Equity Analyst and was promoted to Senior Equity Analyst in October 2010.
Prior to joining Delaware Investments, Kent was an Equity Analyst at Gartmore Global Investments. Kent worked at Federated Investors as an Equity Analyst, and he was a Corporate Finance Analyst at Lehman Brothers.
Kent earned a Bachelor of Arts in economics from DePauw University and a Master of Business Administration from the University of Chicago. He holds the Chartered Financial Analyst® designation.
Michael Foley, CFA
-
Managing Director, Senior Portfolio Manager – US Small-Mid Cap Value Equity
-
Start date on the Fund:
October 2019
-
Years of industry experience:
14
-
Read bio
Michael Foley
Managing Director, Senior Portfolio Manager – US Small-Mid Cap Value Equity
- Joined Macquarie in 2015
- Based in Philadelphia
Mike is a Senior Portfolio Manager for Macquarie Asset Management’s (MAM’s) US Small-Mid Cap Value Equity Team. He assumed portfolio management responsibilities in July 2019. He joined the investment team in February 2015 as a Senior Equity Analyst.
Prior to joining the firm, Mike was an Associate at Patriot Financial Partners, a private equity firm, where he focused on the analysis of companies in the financial services sector. He started his career with Janney Montgomery Scott as an Investment Banking Analyst within the financial institutions group in 2009.
Mike is on the board of directors of the McNamee Scholars Program.
Mike earned a Bachelor of Science in finance and accounting from The Wharton School of the University of Pennsylvania, he holds the Chartered Financial Analyst® designation, and he is a member of the CFA Institute and the CFA Society of Philadelphia.
Fees
The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table below. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”
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 |
0.21% |
Total annual fund operating expenses |
0.95% |
Fee waivers and expense reimbursements1 |
(0.06%) |
Total annual fund operating expenses after fee waivers and expense reimbursements |
0.89% |
Please see the prospectus and SAI for additional information.
1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from January 30, 2023 through January 30, 2024. Please see the fee table in the Fund's prospectus for more information.
Institutional Class shares are available only to certain investors. See the prospectus for more information.
Resources
Fact sheet and commentaries
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Thank you for visiting the Delaware Funds by Macquarie website.
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.