Delaware Value® Fund

Delaware Value® Fund

Key features

Focus on high-quality companies with attractive valuations

A diversified portfolio with exposure to all economic sectors, seeking protection from downside risks

Team-based consensus-driven process that has been consistently applied for more than 40 years

Daily pricing as of 06/14/2024

NAV
NAV 1-day net change
Max offer price
$17.03

Total net assets as of 05/31/2024

All share classes
$3.7 billion

Overview

Fund information
Inception date 09/15/1998
Dividends paid (if any) Quarterly
Capital gains paid (if any) December
Fund identifiers
NASDAQ DDVIX
CUSIP 24610C857

Benchmark and peer group

Russell 1000® Value Index (view definition)

Morningstar Large Value Category (view definition)

Lipper Large-Cap Value 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 (05/31/2024)

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.

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 05/31/2024

Rating No. of funds
Overall 2 1102
3 years 2 1102
5 years 1 1039
10 years 2 808
Morningstar category Morningstar Large Value Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 05/31/2024
1 year 1134 / 1184
3 years 1034 / 1102
5 years 986 / 1039
10 years 688 / 808
Morningstar category Morningstar Large Value Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 05/31/2024
1 year 631 / 653
3 years 548 / 606
5 years 538 / 567
10 years 333 / 416
Lipper classification Lipper Multi-Cap Value Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.69%
Net
0.69%

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2023
2.10%
2022
-3.51%
2021
22.37%
2020
0.16%
2019
20.25%
2018
-2.91%
2017
13.64%
2016
14.78%
2015
-0.35%
2014
13.69%

Portfolio

Portfolio characteristics as of 05/31/2024

Number of holdings
33
Market cap (median) Source: FactSet
$60.9 billion
Market cap (weighted average) Source: FactSet
$112.9 billion
Portfolio turnover (last fiscal year)
19%
Beta (relative to Russell 1000 Value Index) (view definition)
0.89
SEC 30-day yield with waiver (view definition)
1.86%
SEC 30-day yield without waiver (view definition)
1.86%
Annualized standard deviation, 3 years (view definition)
15.25

Portfolio composition as of 05/31/2024
Total may not equal 100% due to rounding.

Domestic equities
92.8%
International equities & depositary receipts
6.4%
Cash, cash equivalents and other assets
0.8%

Top 10 holdings as of 05/31/2024

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
HONEYWELL INTERNATIONAL INC
3.32
TJX COMPANIES INC
3.31
DOVER CORP
3.31
DUPONT DE NEMOURS INC
3.30
FIDELITY NATIONAL INFORMATION SERVICES I
3.23
MERCK & CO INC
3.21
TRAVELERS COMPANIES INC
3.20
MOTOROLA SOLUTIONS INC
3.20
AMERICAN INTERNATIONAL GROUP INC
3.19
CISCO SYSTEMS INC
3.19

Total % Portfolio in Top 10 holdings - 32.46%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 05/31/2024

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
Financials
18.2%
Healthcare
16.8%
Information technology
15.0%
Industrials
9.8%
Consumer discretionary
9.0%
Consumer staples
8.6%
Energy
6.2%
Communication services
6.0%
Materials
3.3%
Real estate
3.1%
Utilities
3.1%

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
0.057
2023
1.661
0.339
2022
1.604
0.349
2021
4.940
0.389
2020
0.137
0.429
2019
0.670
0.422
2018
0.874
0.388
2017
0.518
0.345
2016
0.159
0.335
2015
0.243
0.332
2014
0.000
0.289

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

Nikhil Lalvani

Nikhil Lalvani, CFA

  • Managing Director, Senior Portfolio Manager, Team Leader – US Large Cap Value Equity
  • Start date on the Fund: October 2006
  • Years of industry experience: 27
  • Read bio
Kristen Bartholdson

Kristen Bartholdson 

  • Managing Director, Senior Portfolio Manager – US Large Cap Value Equity
  • Start date on the Fund: December 2008
  • Years of industry experience: 23
  • Read bio
Erin Ksenak

Erin Ksenak 

  • Managing Director, Portfolio Manager – US Large Cap Value Equity
  • Start date on the Fund: December 2020
  • Years of industry experience: 15
  • 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 0.53%
Distribution and service (12b-1) fees none
Other expenses 0.16%
Total annual fund operating expenses 0.69%
Fee waivers and expense reimbursements none
Total annual fund operating expenses after fee waivers and expense reimbursements 0.69%

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.

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.

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.