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 07/30/2021

NAV
NAV 1-day net change
Max offer price
$31.48

Total net assets as of 06/30/2021

All share classes
$7.4 billion

Overview

Fund information
Inception date 12/29/1998
Dividends paid (if any) Annually
Capital gains paid (if any) November or December
Fund identifiers
NASDAQ DCCIX
CUSIP 24610B859

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 (06/30/2021)

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.

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

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.

Overall Morningstar RatingTM

Institutional Class shares - as of 06/30/2021

MorningstarMorningstarMorningstarMorningstar
Rating No. of funds
Overall 4 603
3 years 3 603
5 years 4 512
10 years 5 356
Morningstar category Morningstar Small Blend Category
 

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 06/30/2021
1 year 494 / 653
3 years 262 / 603
5 years 139 / 512
10 years 40 / 356
Morningstar category Morningstar Small Blend Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 06/30/2021
1 year 648 / 859
3 years 289 / 808
5 years 166 / 710
10 years 44 / 488
Lipper classification Lipper 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
2020
15.37%
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%

Portfolio

Portfolio characteristics as of 06/30/2021

Number of holdings
149
Market cap (median) Source: FactSet
$3.2 billion
Market cap (weighted average) Source: FactSet
$3.9 billion
Portfolio turnover (last fiscal year)
37%
Beta (relative to Russell 2000 Index) (view definition)
0.94
Annualized standard deviation, 3 years (view definition)
24.37

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

Domestic equities
97.8%
Cash, cash equivalents and other assets
1.3%
International equities & depositary receipts
0.9%

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
American Eagle Outfitters Inc.
1.74
Pdc Energy Inc. (DELAWARE)
1.33
Shockwave Medical Inc.
1.31
MYR Group Inc.
1.28
Minerals Tech Inc.
1.26
Rapid7 Inc.
1.25
Wesco International Inc.
1.23
j2 Global Inc.
1.19
Exlservice Holdings Inc.
1.13
Boise Cascade Co.
1.12

Total % Portfolio in Top 10 holdings - 12.84%

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
Healthcare
18.4%
Finance
15.4%
Technology
13.8%
Capital goods
10.4%
Basic materials
7.2%
Consumer discretionary
6.9%
REIT
5.6%
Consumer services
4.3%
Business services
3.9%
Consumer staples
3.3%
Utilities
2.6%
Credit cyclicals
2.6%
Energy
1.9%
Transportation
1.4%
Media
0.8%
Communications services
0.3%

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
0.185
0.054
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

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 

  • Senior Managing Director, Chief Investment Officer — US Core Equity
  • Start date on the Fund: November 2004
  • Years of industry experience: 38
  • Read bio
Christopher Adams

Christopher S. Adams, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2004
  • Years of industry experience: 32
  • Read bio
Michael Morris

Michael S. Morris, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2004
  • Years of industry experience: 28
  • Read bio
Donald Padilla

Donald G. Padilla, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2004
  • Years of industry experience: 34
  • Read bio
David Reidinger

David E. Reidinger 

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: October 2016
  • Years of industry experience: 28
  • 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 0.64%
Distribution and service (12b-1) fees none
Other expenses 0.21%
Total annual fund operating expenses 0.85%
Fee waivers and expense reimbursements none
Total annual fund operating expenses after fee waivers and expense reimbursements 0.85%

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. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

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.

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