Delaware Opportunity Fund

Delaware Opportunity Fund

 
Close of business on March 10, 2023, Delaware Mid Cap Value Fund reorganized into Delaware Opportunity Fund.

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 04/25/2024

NAV
$34.94
NAV 1-day net change
-0.08
Max offer price
$34.94

Total net assets as of 03/31/2024

All share classes
$612.0 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 (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 (03/31/2024)

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.

Average annual total return as of quarter-end (03/31/2024)

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.

Overall Morningstar RatingTM

Institutional Class shares - as of 03/31/2024

MorningstarMorningstarMorningstar
Rating No. of funds
Overall 3 380
3 years 3 380
5 years 3 363
10 years 3 281
Morningstar category Morningstar Mid-Cap Value Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 03/31/2024
1 year 118 / 399
3 years 194 / 380
5 years 174 / 363
10 years 157 / 281
Morningstar category Morningstar Mid-Cap Value Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 03/31/2024
1 year 127 / 338
3 years 144 / 318
5 years 190 / 300
10 years 144 / 220
Lipper classification Lipper Mid-Cap Core Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.90%
Net
0.86%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from January 29, 2024 through January 28, 2025. Please see the fee table in the Fund's prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2023
11.10%
2022
-9.29%
2021
31.40%
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 03/31/2024

Number of holdings
91
Market cap (median) Source: FactSet
$17.3 billion
Market cap (weighted average) Source: FactSet
$24.8 billion
Portfolio turnover (last fiscal year)
11%
Beta (relative to Russell Midcap Value Index) (view definition)
0.97
SEC 30-day yield with waiver (view definition)
0.99%
SEC 30-day yield without waiver (view definition)
0.89%
Annualized standard deviation, 3 years (view definition)
18.96

Portfolio composition as of 03/31/2024
Total may not equal 100% due to rounding.

Domestic equities
97.3%
Cash, cash equivalents and other assets
1.6%
International equities & depositary receipts
1.1%

Top 10 holdings as of 03/31/2024

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
REGAL REXNORD CORP
2.30
HARTFORD FINANCIAL SERVICES GROUP INC
2.09
QUANTA SERVICES INC.
1.98
REINSURANCE GROUP OF AMERICA INCORPORATE
1.92
PARKER HANNIFIN CORPORATION
1.92
MARRIOTT INTERNATIONAL INC
1.87
D R HORTON INC
1.86
KBR INC
1.78
ITT INC
1.65
EAST WEST BANCORP INC.
1.57

Total % Portfolio in Top 10 holdings - 18.94%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 03/31/2024

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
19.6%
Industrials
18.6%
Consumer discretionary
10.5%
Technology
10.0%
Basic industry
9.5%
Utilities
7.1%
Healthcare
6.8%
REITs
6.0%
Energy
5.8%
Consumer staples
3.1%
Transportation
1.5%

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2024
0.000
0.000
2023
0.393
0.360
2022
2.424
0.254
2021
1.592
0.561
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

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

Kelley Carabasi, CFA

  • Managing Director, Co-Head of US Small-Mid Cap Value
  • Read bio
Kent P Madden

Kent Madden, CFA

  • Managing Director, Co-Head of US Small-Mid Cap Value
  • Start date on the Fund: October 2019
  • Years of industry experience: 27
  • Read bio
Michael Foley

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

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 0.16%
Total annual fund operating expenses 0.90%
Fee waivers and expense reimbursements1 (0.04%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.86%

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 29, 2024 through January 28, 2025. 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.

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 January 28, 2022 through January 28, 2023. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Resources

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 visiting delawarefunds.com/literature 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 may be obtained by visiting delawarefunds.com/literature 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.

The risks of investing in an exchange-traded fund (ETF) typically reflect the risks of the types of instruments in which the ETFs invest. Because ETFs are investment companies, a fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, a fund’s expenses may be higher and performance may be lower.

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.

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Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell..

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.