Delaware Smid Cap Growth Fund

Delaware Smid Cap Growth Fund

Key features

Building a portfolio of leading small- and mid-cap growth companies

Focuses on companies that have the potential for strong growth, increasing profitability, stable and sustainable revenue and earnings streams, attractive valuations and sound capital structures

Emphasis on fundamental, active stock selection driving risk and return

Daily pricing as of 01/27/2023

NAV
NAV 1-day net change
Max offer price
$25.71

Total net assets as of 12/31/2022

All share classes
$1.4 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 (12/31/2022)

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 (12/31/2022)

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 12/31/2022

Rating No. of funds
Overall 2 534
3 years 1 534
5 years 1 495
10 years 2 389
Morningstar category Morningstar Mid-Cap Growth Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 12/31/2022
1 year 566 / 586
3 years 463 / 534
5 years 356 / 499
10 years 214 / 389
Morningstar category Morningstar Mid-Cap Growth Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Expense ratio

Gross
0.79%
Net
0.79%

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2022
-45.34%
2021
-8.20%
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%

Portfolio

Portfolio characteristics as of 12/31/2022

Number of holdings
35
Market cap (median) Source: FactSet
$9.4 billion
Market cap (weighted average) Source: FactSet
$13.4 billion
Portfolio turnover (last fiscal year)
81%
Beta (relative to Russell 2500 Growth Index) (view definition)
1.12
Annualized standard deviation, 3 years (view definition)
31.03

Portfolio composition as of 12/31/2022
Total may not equal 100% due to rounding.

Domestic equities
94.3%
International equities & depositary receipts
5.4%
Cash, cash equivalents and other assets
0.3%

Top 10 holdings as of 12/31/2022

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
Shift4 Payments Inc.
6.47
Inspire Medical Systems Inc.
5.74
on Holding Ltd.
5.38
Lattice Semiconductor Corp.
5.10
ON Semiconductor Corp.
5.09
Inari Medical Inc.
4.50
PROGYNY Inc.
4.32
Celsius Holdings Inc.
4.02
Sprout Social Inc.
3.89
Trade Desk Inc.
3.85

Total % Portfolio in Top 10 holdings - 48.36%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 12/31/2022

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
37.0%
Healthcare
27.0%
Consumer discretionary
17.6%
Consumer staples
7.5%
Industrials
6.7%
Communication services
3.9%

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2022
3.548
0.000
2021
10.118
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

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

Kimberly A Scott

Kimberly A. Scott, CFA 

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: December 2022
  • Years of industry experience: 36
  • Read bio
Nathan Brown

Nathan Brown, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: December 2022
  • Years of industry experience: 24
  • Read bio
Bradley P Halverson

Bradley P. Halverson, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: December 2022
  • Years of industry experience: 21
  • Read bio

The portfolio management team for the Fund changed effective December 5, 2022. Please read the latest prospectus, including the supplement dated December 5, 2022, for more information concerning this event. Because everyone’s tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in the Fund.

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 0.15%
Total annual fund operating expenses 0.79%

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 it's 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 it's 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 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 (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell..

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.