Delaware Small Cap Growth Fund

Key features

Thematically oriented, concentrated approach to portfolio management

Focused on competitively advantaged companies well positioned to participate in major demand trends

Dedicated investment team has utilized the same investment philosophy since 1997

Daily pricing as of 10/27/2020

NAV
NAV 1-day net change
Max offer price
$17.44

Total net assets as of 09/30/2020

All share classes
$111.8 million

Overview

Fund information
Inception date06/30/2016
Dividends paid (if any)Annually
Capital gains paid (if any)December
Fund identifiers
NASDAQDSGGX
CUSIP24610A802

Benchmark and peer group

Russell 2000® Growth Index (view definition)

Morningstar Small Growth Category (view definition)

Lipper Small-Cap Growth 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 (09/30/2020)

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of 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. Please see the Updated Significant Fund Event and prospectus for more information.

Average annual total return as of quarter-end (09/30/2020)

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of 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. Please see the Updated Significant Fund Event and prospectus for more information.

Overall Morningstar RatingTM

Institutional Class shares - as of 09/30/2020

MorningstarMorningstarMorningstarMorningstarMorningstar
RatingNo. of funds
Overall5579
3 years5579
Morningstar categoryMorningstar Small Growth Category
 

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 09/30/2020
YTD ranking 6 / 633
1 year 6 / 624
3 years 4 / 579
5 years n/a
10 years n/a
Morningstar categoryMorningstar Small Growth Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 09/30/2020
YTD ranking 7 / 658
1 year 7 / 648
3 years 4 / 602
5 years n/a
10 years n/a
Lipper classificationLipper Small-Cap Growth Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.40%
Net
1.05%

Net expense ratio reflects contractual waivers of certain fees and/or expense reimbursements from July 29, 2020 through July 29, 2021. Please see the fee table in the Fund’s prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2019
31.16%
2018
1.65%
2017
34.62%

Portfolio

Portfolio characteristics as of 09/30/2020

Number of holdings
36
Market cap (median) Source: FactSet
$4.3 billion
Market cap (weighted average) Source: FactSet
$4.8 billion
Portfolio turnover (last fiscal year)
139%
Beta (relative to Russell 2000 Growth Index) (view definition)
1.12
Annualized standard deviation, 3 years (view definition)
28.07

Portfolio composition as of 09/30/2020
Total may not equal 100% due to rounding.
Values in excess of 100% and negative values may appear as the result of certain assets and liabilities.

Domestic equities
97.0%
International equities & depositary receipts
2.6%
Cash and cash equivalents
0.4%

Top 10 holdings as of 09/30/2020

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
iRhythm Technologies Inc.
4.23
TopBuild Corp.
4.21
Invitae Corp.
4.10
Pacira Pharmaceuticals Inc.
4.03
BILL.COM HOLDINGS INC
3.96
LGI Homes Inc.
3.91
PROGYNY INC
3.85
SiteOne Landscape Supply Inc.
3.80
BANDWIDTH INC
3.73
Novocure Ltd.
3.71

Total % Portfolio in Top 10 holdings - 39.53%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 09/30/2020

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
33.7%
Information technology
25.0%
Consumer discretionary
18.9%
Consumer staples
9.6%
Industrials
7.4%
Communication services
5.0%

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
0.146
0.000
2018
3.391
0.000
2017
0.715
0.000
2016
0.349
0.000
2015
0.000
0.000
2014
0.000
0.000
2013
0.000
0.000
2012
0.000
0.000
2011
0.000
0.000
2010
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

Alex Ely

Alex Ely 

  • Managing Director, Chief Investment Officer — US Growth Equity
  • Start date on the Fund: June 2016
  • Years of industry experience: 28
  • 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 fees0.75%
Distribution and service (12b-1) feesnone
Other expenses0.65%
Total annual fund operating expenses1.40%
Fee waivers and expense reimbursements1(0.35%)
Total annual fund operating expenses after fee waivers and expense reimbursements1.05%

1The 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 12b-1 fees, 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 1.05% of the Fund's average daily net assets from July 29, 2020 through July 29, 2021. 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.

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.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

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.