Key features
Highly experienced small-cap-focused investment team
Focus on uncovering the best opportunities across the traditionally under-researched US small company market
Daily review of the portfolio's risk exposures ensures alpha is driven by stock selection
Daily pricing
as of
04/24/2024
NAV 1-day net change
No Change
Total net assets
as of
03/31/2024
All share classes
$80.7 million
Overview
| Series identifiers |
| CUSIP |
246493464 |
Benchmark
Portfolio
Market cap (median) Source: FactSet
$6.0 billion
Market cap (weighted average) Source: FactSet
$8.0 billion
Portfolio turnover (last fiscal year)
19%
Cash, cash equivalents and other assets
1.5%
International equities & depositary receipts
0.8%
Top 10 holdings
as of 03/31/2024
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.
CHESAPEAKE ENERGY CORPORATION
1.63
DICKS SPORTING GOODS INC.
1.56
EAST WEST BANCORP INC.
1.53
BEACON ROOFING SUPPLY INC
1.40
REINSURANCE GROUP OF AMERICA INCORPORATE
1.34
WILLSCOT MOBILE MINI HOLDINGS CORP
1.32
Total % Portfolio in Top 10 holdings - 15.17%
Sector allocation
as of 03/31/2024
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
5.0%
Management
Francis Morris
-
Senior Managing Director, Head of US Core Equity
-
Start date on the Fund:
October 2019
-
Years of industry experience:
40
-
Read bio
Francis Morris
Senior Managing Director, Head of US Core Equity
- Joined Delaware Investments in 1997, acquired by Macquarie in 2010
- Based in Philadelphia
Frank is Head of Core Equity, a role he first assumed with Delaware Investments in November 2004. Frank is responsible for management of the team’s investment portfolios and business, and he performs analysis and research.
Frank joined Delaware Investments as Vice President and Portfolio Manager. Prior to joining the firm, Frank was Vice President and Director of Equity Research at PNC Asset Management, where he began his investment career in 1983.
Frank holds a Bachelor of Arts from Providence College and a Master of Business Administration from Widener University. He is a former member of the Business Advisory Council of the Providence College School of Business. Frank is a past President of the CFA Society of Philadelphia.
Christopher Adams, CFA
-
Managing Director, Senior Portfolio Manager – US Core Equity
-
Start date on the Fund:
October 2019
-
Years of industry experience:
35
-
Read bio
Christopher Adams
Managing Director, Senior Portfolio Manager – US Core Equity
- Joined Delaware Investments in 1995, acquired by Macquarie in 2010
- Based in Philadelphia
Chris is a Senior Portfolio Manager for Macquarie Asset Management’s (MAM’s) US Core Equity Team, a role he first assumed with Delaware Investments in November 2004. Chris performs analysis and research to support the portfolios managed by the investment team.
Chris joined the US Core Equity Team in 2000. He joined Delaware Investments as Assistant Vice President of Strategic Planning. Prior to joining the firm, Chris had approximately 10 years of experience in the financial services industry in the US and UK, including positions with Coopers & Lybrand, The Sumitomo Bank, Bank of America, and Lloyds Bank.
Chris holds Bachelor of Arts and Master of Arts degrees in history and economics from the University of Oxford and received a Master of Business Administration with dual concentrations in finance and insurance/risk management from The Wharton School of the University of Pennsylvania. Chris holds the Chartered Financial Analyst® designation, and he is a member of the CFA Institute and the CFA Society of Philadelphia. He is a past President of the CFA Society of Philadelphia.
Michael Morris, CFA
-
Managing Director, Senior Portfolio Manager – US Core Equity
-
Start date on the Fund:
October 2019
-
Years of industry experience:
31
-
Read bio
Michael Morris
Managing Director, Senior Portfolio Manager – US Core Equity
- Joined Delaware Investments in 1999, acquired by Macquarie in 2010
- Based in Philadelphia
Mike is a Senior Portfolio Manager for Macquarie Asset Management’s (MAM’s) US Core Equity Team, a role he first assumed with Delaware Investments in November 2004. Mike performs analysis and research to support the portfolios managed by the investment team.
Mike joined Delaware Investments as Assistant Vice President and Senior Equity Analyst. Prior to joining the firm, Mike was a Senior Equity Analyst at Newbold’s Asset Management, covering financial stocks. Mike began his investment career at Ohio Casualty in 1993.
Mike received a Bachelor of Science in finance from Indiana University and a Master of Business Administration from The Wharton School of the University of Pennsylvania. He is a former member of the Bank and Financial Analysts Association. Mike holds the Chartered Financial Analyst® designation, and he is a member of the CFA Institute and the CFA Society of Philadelphia.
Donald Padilla, CFA
-
Managing Director, Senior Portfolio Manager – US Core Equity
-
Start date on the Fund:
October 2019
-
Years of industry experience:
37
-
Read bio
Donald Padilla
Managing Director, Senior Portfolio Manager – US Core Equity
- Joined Delaware Investments in 1994, acquired by Macquarie in 2010
- Based in Philadelphia
Don is a Senior Portfolio Manager for Macquarie Asset Management’s (MAM’s) US Core Equity Team, a role he first assumed with Delaware Investments in November 2004. Don performs analysis and research to support the portfolios managed by the investment team.
Don joined Delaware Investments as Assistant Controller in the firm’s treasury function. In this role, he was 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, Don held various positions at The Vanguard Group, where he began his investment career in 1987.
Don received a Bachelor of Science in accounting from Lehigh University. Don holds the Chartered Financial Analyst® designation, and he is a member of the CFA Institute and the CFA Society of Philadelphia.
David Reidinger
-
Managing Director, Senior Portfolio Manager – US Core Equity
-
Start date on the Fund:
October 2019
-
Years of industry experience:
30
-
Read bio
David Reidinger
Managing Director, Senior Portfolio Manager – US Core Equity
- Joined Macquarie in 2016
- Based in Philadelphia
Dave is a Senior Portfolio Manager for Macquarie Asset Management’s (MAM’s) US Core Equity Team, a role he assumed in October 2016. Dave performs analysis and research to support the portfolios managed by the investment team.
Prior to joining the firm, Dave was a Senior Equity Analyst and Portfolio Manager at Chartwell Investment Partners, where he had worked on the firm’s small- and mid-cap growth strategies since 2004. Prior to Chartwell, Dave was a Portfolio Manager at Morgan Stanley Investment Management and a Senior Equity Analyst at Tiger Management. Dave began his investment career in 1993 as an Equity Research Analyst at Goldman Sachs.
Dave received a Bachelor of Arts in mathematics and economics from Fordham University and a Master of Business Administration 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 portfolio operating expenses |
| Management fees |
0.75% |
| Distribution and service (12b-1) fees |
none |
| Other expenses |
0.18% |
| Total annual portfolio operating expenses |
0.93% |
| Fee waivers and expense reimbursements1 |
(0.10%) |
| Total annual portfolio operating expenses after fee waivers and expense reimbursements |
0.83% |
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 Portfolios' prospectus for more information.