Key features
Stocks are selected by a highly experienced focused investment team, averaging over 25 years of industry experience
Focused on uncovering the best opportunities across the traditionally under-researched US small- and mid-cap company market
A daily review of the portfolio's risk exposures ensures alpha is driven by stock selection
Daily pricing
as of
05/26/2023
NAV 1-day net change
0.09
Total net assets
as of
04/30/2023
All share classes
$183.3 million
Overview
Series identifiers |
CUSIP |
46600H778 |
Benchmark
Portfolio
Market cap (median) Source: FactSet
$4.7 billion
Market cap (weighted average) Source: FactSet
$7.3 billion
Portfolio turnover (last fiscal year)
113%
Cash, cash equivalents and other assets
2.2%
International equities & depositary receipts
2.0%
Top 10 holdings
as of 04/30/2023
Holdings are as of the date indicated and subject to change.
List may exclude cash and cash equivalents. Please see the Series' complete list of holdings for more information.
Holdings based by issuer.
QUANTA SERVICES INC.
1.72
CHESAPEAKE ENERGY CORPORATION
1.55
EXLSERVICE HOLDINGS INC
1.53
RELIANCE STEEL & ALUMINUM CO
1.53
WILLSCOT MOBILE MINI HOLDINGS CORP
1.49
DICKS SPORTING GOODS INC.
1.44
CASEYS GENERAL STORES INC
1.41
Total % Portfolio in Top 10 holdings - 15.64%
Sector allocation
as of 04/30/2023
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Series’ complete list of holdings for more information.
Consumer discretionary
6.2%
Management
Francis X. Morris
-
Senior Managing Director, Chief Investment Officer — US Core Equity
-
Start date on the Fund:
November 2021
-
Years of industry experience:
39
-
Read bio
Francis X. Morris
Senior Managing Director, Chief Investment Officer — US Core Equity
Francis X. Morris joined Macquarie Asset Management (MAM) in 1997 as a vice president and portfolio manager, and became the Chief Investment Officer for US Core Equity investments in 2004. Prior to joining the firm, Morris was vice president and director of equity research at PNC Asset Management. He received a bachelor’s degree from Providence College and holds an MBA from Widener University. He is a former member of the Business Advisory Council of the Providence College School of Business. Morris is a past president of the CFA Society of Philadelphia. He is a former officer of the National Association of Petroleum Investment Analysts.
Christopher S. Adams, CFA
-
Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
November 2021
-
Years of industry experience:
34
-
Read bio
Christopher S. Adams
Managing Director, Senior Portfolio Manager
Christopher S. Adams is a Senior Portfolio Manager on the firm’s US Core Equity team and performs analysis and research to support the portfolio management function. He joined the team in 2000 and became a portfolio manager in November 2004. Prior to joining Macquarie Asset Management (MAM) in 1995 as assistant vice president of strategic planning, Adams had approximately 10 years of experience in the financial services industry in the United States and United Kingdom, including positions with Coopers & Lybrand, The Sumitomo Bank, Bank of America, and Lloyds Bank. Adams holds both bachelor’s and master’s degrees in history and economics from the University of Oxford, England, and received an MBA with dual concentrations in finance and insurance/risk management from The Wharton School of the University of Pennsylvania. He is a past president of the CFA Society of Philadelphia.
Michael S. Morris, CFA
-
Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
November 2021
-
Years of industry experience:
30
-
Read bio
Michael S. Morris
Managing Director, Senior Portfolio Manager
Michael S. Morris is a Senior Portfolio Manager on the firm’s US Core Equity team and performs analysis and research to support the portfolio management function. He joined the team in July 2004 and became a portfolio manager in November 2004. Morris joined Macquarie Investment Management (MIM) in 1999 as assistant vice president and senior analyst. Prior to joining the firm, he worked as a senior equity analyst at Newbold’s Asset Management, covering financial stocks. Morris began his investment career in 1993 at Ohio Casualty. He earned his bachelor’s degree in finance from Indiana University and an MBA from The Wharton School of the University of Pennsylvania. He is a former member of the Bank and Financial Analysts Association.
Donald G. Padilla, CFA
-
Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
November 2021
-
Years of industry experience:
36
-
Read bio
Donald G. Padilla
Managing Director, Senior Portfolio Manager
Donald G. Padilla is a Senior Portfolio Manager on the firm’s US Core Equity team and performs analysis and research to support the portfolio management function. He joined the team in 2000 and became a portfolio manager in November 2004. Padilla joined Macquarie Investment Management (MIM) in 1994 as assistant controller in the firm’s treasury function, responsible for managing corporate cash investments, developing financial models, and overseeing the financial operations of the Lincoln Life 401(k) annuities segment. Prior to joining the firm, he held various positions at The Vanguard Group. Padilla holds a bachelor’s degree in accounting from Lehigh University, and he is a member of the CFA Society of Philadelphia.
David E. Reidinger
-
Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
November 2021
-
Years of industry experience:
29
-
Read bio
David E. Reidinger
Managing Director, Senior Portfolio Manager
David E. Reidinger joined Macquarie Investment Management (MIM) in October 2016 as a Senior Portfolio Manager on the firm’s US Core Equity team. He also performs analysis and research to support the portfolio management function. From June 2004 to September 2016, Reidinger was a senior analyst and portfolio
manager at Chartwell Investment Partners, where he worked on the firm’s small- and mid-cap growth strategies. Before that, Reidinger was a portfolio manager with Morgan Stanley Investment Management from 2000 to 2003, and a senior equity analyst with Tiger Management from 1998 to 2000. Reidinger began his career in 1993 as an equity research analyst with Goldman Sachs. With more than 20 years of experience as an analyst, he has covered a broad range of industries within the information technology, consumer, and industrial sectors. Reidinger earned bachelor’s degrees in both mathematics and economics from Fordham University, and an MBA from Columbia Business School.
Fees
The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table does not reflect any fees or sales charges imposed by variable insurance contracts. If it did, the expenses would be higher.
Annual series operating expenses |
Management fees |
0.85% |
Distribution and service (12b-1) fees |
0.25% |
Other expenses |
0.12% |
Total annual Series operating expenses |
1.22% |
Fee waivers and expense reimbursements1 |
none |
Total annual series operating expenses after fee waivers and expense reimbursements |
1.22% |
Please see the prospectus and SAI for additional information.
1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from May 1, 2023 through April 30, 2024. Please see the fee table in the Series' prospectus for more information.