Delaware Smid 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 09/24/2021

NAV
$65.26
NAV 1-day net change
-0.44
Max offer price
$65.26

Total net assets as of 08/31/2021

All share classes
$5.0 billion

Overview

Fund information
Inception date 11/09/1992
Dividends paid (if any) Annually
Capital gains paid (if any) December
Fund identifiers
NASDAQ DFDIX
CUSIP 245906201

Benchmark and peer group

Russell 2500™ Growth Index (view definition)

Morningstar Mid-Cap Growth Category (view definition)

Lipper Mid-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 (08/31/2021)

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 08/31/2021

MorningstarMorningstarMorningstarMorningstarMorningstar
Rating No. of funds
Overall 5 548
3 years 4 548
5 years 4 490
10 years 5 384
Morningstar category Morningstar Mid-Cap Growth Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 08/31/2021
1 year 521 / 582
3 years 51 / 548
5 years 35 / 490
10 years 13 / 384
Morningstar category Morningstar Mid-Cap Growth Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 08/31/2021
1 year 309 / 365
3 years 34 / 341
5 years 24 / 311
10 years 11 / 243
Lipper classification Lipper Mid-Cap Growth Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.80%
Net
0.80%

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2020
94.38%
2019
35.66%
2018
0.40%
2017
35.45%
2016
-4.10%
2015
7.30%
2014
3.09%
2013
41.20%
2012
10.65%
2011
8.28%

Portfolio

Portfolio characteristics as of 08/31/2021

Number of holdings
34
Market cap (median) Source: FactSet
$12.8 billion
Market cap (weighted average) Source: FactSet
$17.1 billion
Portfolio turnover (last fiscal year)
79%
Beta (relative to Russell 2500 Growth Index) (view definition)
1.06
Annualized standard deviation, 3 years (view definition)
27.64

Portfolio composition as of 08/31/2021
Total may not equal 100% due to rounding.

Domestic equities
100.3%
Cash, cash equivalents and other assets
-0.3%

Values in excess of 100% and negative values may appear as the result of certain assets and liabilities. See the Fund's prospectus for securities in which the Fund would typically invest.

Top 10 holdings as of 08/31/2021

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
PROGYNY Inc.
5.67
BILL.COM Holdings Inc.
5.36
Yeti Holdings Inc.
5.10
Inari Medical Inc.
4.19
Siteone Landscape Supply Inc.
3.89
Exact Sciences Corp.
3.88
Invitae Corp.
3.71
Trex Company Inc.
3.63
Pacira Pharmaceuticals Inc.
3.58
Topbuild Corp.
3.56

Total % Portfolio in Top 10 holdings - 42.57%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 08/31/2021

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
Information technology
39.5%
Healthcare
31.1%
Consumer discretionary
14.9%
Industrials
10.8%
Communication services
3.2%
Consumer staples
1.0%
Financials
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
2021
0.000
0.000
2020
3.622
0.000
2019
1.084
0.000
2018
3.127
0.000
2017
0.299
0.000
2016
9.234
0.008
2015
3.008
0.000
2014
4.122
0.000
2013
1.079
0.000
2012
1.582
0.000
2011
0.946
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: July 2016
  • Years of industry experience: 29
  • 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 0.65%
Distribution and service (12b-1) fees none
Other expenses 0.15%
Total annual fund operating expenses 0.80%
Fee waivers and expense reimbursements none
Total annual fund operating expenses after fee waivers and expense reimbursements 0.80%

Resources

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

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.

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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