Delaware Small Cap Value Fund

Delaware Small Cap Value 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 05/28/2024

NAV
NAV 1-day net change
Max offer price
$73.32

Total net assets as of 04/30/2024

All share classes
$4.5 billion

Overview

Fund information
Inception date 11/09/1992
Dividends paid (if any) Annually
Capital gains paid (if any) November or December
Fund identifiers
NASDAQ DEVIX
CUSIP 246097208

Benchmark and peer group

Russell 2000® Value Index (view definition)

Morningstar Small Value 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 (as applicable) 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 (04/30/2024)

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 04/30/2024

MorningstarMorningstarMorningstar
Rating No. of funds
Overall 3 453
3 years 2 453
5 years 2 423
10 years 3 332
Morningstar category Morningstar Small Value Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 04/30/2024
1 year 238 / 484
3 years 303 / 453
5 years 303 / 423
10 years 153 / 332
Morningstar category Morningstar Small Value Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 04/30/2024
1 year 387 / 979
3 years 408 / 940
5 years 559 / 879
10 years 401 / 654
Lipper classification Lipper Small-Cap Core Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.86%
Net
0.86%

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2023
9.50%
2022
-12.21%
2021
34.23%
2020
-1.23%
2019
28.16%
2018
-17.35%
2017
12.00%
2016
31.35%
2015
-6.21%
2014
5.64%

Portfolio

Portfolio characteristics as of 04/30/2024

Number of holdings
106
Market cap (median) Source: FactSet
$4.6 billion
Market cap (weighted average) Source: FactSet
$5.3 billion
Portfolio turnover (last fiscal year)
27%
Beta (relative to Russell 2000 Value Index) (view definition)
0.94
Annualized standard deviation, 3 years (view definition)
21.03

Portfolio composition as of 04/30/2024
Total may not equal 100% due to rounding.

Domestic equities
96.5%
International equities & depositary receipts
2.2%
Cash, cash equivalents and other assets
1.3%

Top 10 holdings as of 04/30/2024

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
ATKORE INC
2.18
STIFEL FINANCIAL CORP
1.97
EAST WEST BANCORP INC.
1.64
HANCOCK WHITNEY CORP
1.63
WEBSTER FINANCIAL CORPORATION
1.63
MASTEC INC.
1.59
ITT INC
1.58
F.N.B CORP
1.57
MERITAGE HOMES CORP
1.46
CACI INTERNATIONAL INC
1.43

Total % Portfolio in Top 10 holdings - 16.68%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 04/30/2024

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
24.9%
Industrials
16.6%
Consumer discretionary
11.3%
Energy
9.8%
Technology
9.6%
Basic industry
8.1%
REITs
6.8%
Healthcare
3.5%
Utilities
3.3%
Consumer staples
2.6%
Transportation
2.3%

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
3.993
0.958
2022
2.312
0.676
2021
3.104
0.440
2020
0.000
0.537
2019
2.038
0.740
2018
3.962
0.605
2017
0.614
0.421
2016
0.000
0.433
2015
2.895
0.454
2014
2.616
0.312

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: July 2012
  • 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: July 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 0.64%
Distribution and service (12b-1) fees none
Other expenses 0.22%
Total annual fund operating expenses 0.86%

Please see the prospectus and SAI for additional information.

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

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 affiliate, Macquarie Investment Management Global Limited (MIMGL) 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. Investment strategies that hold securities issued by companies principally engaged in the infrastructure industry have greater exposure to the potential adverse economic, regulatory, political, and other changes affecting such entities.

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 disruptions caused by natural disasters, pandemics, or similar events 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 and the value of the Fund’s investments.

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.

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.