Delaware Small Cap Core Fund

Key features

Stocks are selected by a highly experienced small-cap focused investment team, averaging over 25 years of industry experience

Focused on uncovering the best opportunities across the traditionally under-researched US small company market

A daily review of the portfolio’s risk exposures ensures alpha is driven by stock selection

Daily pricing as of 05/28/2020

NAV
NAV 1-day net change
Max offer price
$20.59

Total net assets as of 04/30/2020

All share classes
$4.3 billion

Overview

Fund information
Inception date12/29/1998
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers
NASDAQDCCIX
CUSIP24610B859

Benchmark and peer group

Russell 2000® Index (view definition)

Morningstar Small Blend Category (view definition)

Lipper Small-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 (04/30/2020)

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.

Performance shown prior to Oct. 4, 2019, are as of the predecessor fund and investment team. Please see the Updated Significant Fund Event and prospectus for more information.

Average annual total return as of quarter-end (03/31/2020)

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.

Performance shown prior to Oct. 4, 2019, are as of the predecessor fund and investment team. Please see the Updated Significant Fund Event and prospectus for more information.

Overall Morningstar RatingTM

Institutional Class shares - as of 04/30/2020

MorningstarMorningstarMorningstarMorningstarMorningstar
RatingNo. of funds
Overall5623
3 years4623
5 years5497
10 years5355
Morningstar categoryMorningstar Small Blend Category
 

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 04/30/2020
YTD ranking 27 / 696
1 year 74 / 681
3 years 59 / 623
5 years 27 / 497
10 years 4 / 355
Morningstar categoryMorningstar Small Blend Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 04/30/2020
YTD ranking 47 / 931
1 year 81 / 908
3 years 79 / 841
5 years 44 / 688
10 years 7 / 489
Lipper classificationLipper Small-Cap Core Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.85%
Net
0.85%

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2019
26.03%
2018
-11.59%
2017
14.20%
2016
21.39%
2015
-3.35%
2014
8.84%
2013
43.24%
2012
15.62%
2011
0.58%
2010
28.72%

Portfolio

Portfolio characteristics as of 04/30/2020

Number of holdings
131
Market cap (median) Source: FactSet
$2.1 billion
Market cap (weighted average) Source: FactSet
$2.6 billion
Portfolio turnover (last fiscal year)
34%
Beta (relative to Russell 2000 Index) (view definition)
0.96
Annualized standard deviation, 3 years (view definition)
21.87

Portfolio composition as of 04/30/2020
Total may not equal 100% due to rounding.

Domestic equities
96.3%
Cash and cash equivalents
2.7%
International equities & depositary receipts
0.9%

Top 10 holdings as of 04/30/2020

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.

Holding
% of portfolio
Holding
% of portfolio
REPLIGEN CORP
1.69
South Jersey Industries Inc.
1.67
QUIDEL CORP
1.60
Spire Inc.
1.59
TELADOC HEALTH INC
1.53
First Industrial Realty Trust Inc.
1.46
j2 Global Inc.
1.44
Natera Inc.
1.43
Ultragenyx Pharmaceutical Inc.
1.42
Boise Cascade Co.
1.36

Total % Portfolio in Top 10 holdings - 15.19%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 04/30/2020

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.

Sector
Fund
Sector
Fund
Healthcare
20.6%
Technology
15.8%
Finance
15.7%
Capital goods
9.8%
Basic materials
7.7%
REIT
7.4%
Utilities
5.3%
Business services
4.7%
Consumer discretionary
2.8%
Consumer staples
2.1%
Consumer services
1.8%
Transportation
1.5%
Credit cyclicals
1.1%
Communications services
0.6%
Media
0.3%
Energy
0.1%

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2020
0.000
0.000
2019
0.384
0.096
2018
1.968
0.091
2017
1.922
0.025
2016
0.239
0.015
2015
0.590
0.000
2014
1.078
0.000
2013
0.498
0.000
2012
0.000
0.044
2011
0.000
0.000
2010
0.000
0.070

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

Francis X Morris

Francis X. Morris 

  • Executive Director, Chief Investment Officer — US Core Equity
  • Start date on the Fund: November 2004
  • Years of industry experience: 36
  • Read bio
Christopher Adams

Christopher S. Adams, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: November 2004
  • Years of industry experience: 31
  • Read bio
Michael Morris

Michael S. Morris, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: November 2004
  • Years of industry experience: 27
  • Read bio
Donald Padilla

Donald G. Padilla, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: November 2004
  • Years of industry experience: 33
  • Read bio
David Reidinger

David E. Reidinger 

  • Senior Portfolio Manager
  • Start date on the Fund: October 2016
  • Years of industry experience: 26
  • Read bio

Fees

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 fees0.64%
Distribution and service (12b-1) feesnone
Other expenses0.21%
Total annual fund operating expenses0.85%
Fee waivers and expense reimbursements1none
Total annual fund operating expenses after fee waivers and expense reimbursements0.85%

Resources

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

*Effective at the close of business on Oct. 19, 2018, Delaware Small Cap Core Fund was closed to certain new investors. Existing shareholders of the Fund and certain eligible investors, as outlined in the prospectus, may continue to purchase additional shares in existing or new accounts, including purchases through reinvestment of dividends or capital gains distributions and exchanges. Please read the latest prospectus and the summary prospectus for more information concerning this event. Please request a prospectus by calling 877 693-3546 or visiting delawarefunds.com/literature

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.

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.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

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.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

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.

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.

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