• Ticker: DEVIX
  • Asset Class: U.S. Stock
  • Morningstar™ Rating:
  • Fund Family: Delaware Funds by Macquarie
  • Morningstar Category: Small Value
  • All Data as of: 03/31/2024

Risk Profile

  •   Low
  •   Low to
    Moderate
  •   Moderate
  •   Moderate
    to High
  •   High

General Information

Inception Date 11/09/1992
Total Net Assets ($M) $4.92B
Turnover Ratio 27%
Alpha -0.52
Beta 0.94
R-Squared 97
Standard Deviation 20.91
Net Expense Ratio 0.86%
Number of Holdings 109

Fund Manager

Kelley Carabasi11 Years
Kent Madden11 Years
Michael Foley4 Years

Contact Information

Website www.delawareinvestments.com
Phone 800-523-1918

Top 10 Holdings

Atkore Inc2.1%
Stifel Financial Corp2.0%
ITT Inc1.8%
Webster Financial Corp1.8%
East West Bancorp Inc1.7%
Hancock Whitney Corp1.7%
F N B Corp1.6%
Flex Ltd1.5%
Synovus Financial Corp1.4%
Meritage Homes Corp1.4%
Total: 16.7%
 

Fund Objective and Strategy

The investment seeks capital appreciation.

Under normal circumstances, at least 80% of the fund's net assets, plus the amount of any borrowings for investment purposes, will be in investments of small-capitalization companies. It invests primarily in investments of small companies whose stock prices, in the portfolio managers' opinion, appear low relative to their underlying value or future potential.


Trailing Returns as of 03/31/2024

Performance History

Historical trailing returns for 1, 3, 5 and 10 years and since inception

Fund Name 1YR 3YR 5YR 10YR Since
Inception
Delaware Small Cap Value Instl 18.3% 4.5% 8.9% 7.3% 10.1%
S&P 500 TR USD 29.9% 11.5% 15.0% 13.0% 11.0%

Growth of Hypothetical $10,000 Investment

Performance based on how $10,000 invested in the fund would have grown over time

Morningstar Style Box™

      Large
      Medium
      Small
Value Blend Growth  

Asset Allocation

Shareholder Fees and Restrictions

Shareholder Fees and Restrictions

Excessive Trading Policy restricts trading up to 1 Round Trips in a rolling 90 Days.
A Round Trip occurs when a shareholder redeems funds shares within 20 Days of the purchase date.
Shareholders violating the policy by having more than 1 Round Trips in a 90 Days period may be blocked from trading for a 0 period.


Figures shown are past results and are not predictive of future results. Current and future results may be lower or higher than those shown here. Share prices and returns will vary so you may lose money. Investing for short periods makes losses more likely. Prospectuses, annual reports, and fund fact sheets are available free of charge by calling 888-333-5859. Portfolio turnover, along with other more detailed information, is included in your investments’ summary prospectuses, which are available on your plan’s website as shown below. For additional details and information about the principal risks of each investment, go to your plan’s website as shown below and choose “Investment Choices” from the “My Account” option on the Main Menu. To help you better understand your options, a Glossary of Terms is also available at http://www.julyservices.com/glossary/index.html. You can obtain additional investment-related data, along with current investment performance at your plan’s website as shown below. You can request paper copies of the information on the website from your Plan Administrator as shown on page 2 of this report.

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Definitions

Alpha: Alpha measures a manager’s contribution to performance due to security selection or market timing to the relative broad-based index.

Beta: Beta measures a portfolio’s sensitivity to market movements in the broad-based index.

R-Squared: R-Squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of the broadbased index.

Standard Deviation: Standard Deviation is a measure of risk that gauges thee variability of actual returns from their expected values and dispersion of these variations over time.

Notices and Disclosures

Fund Performance Information - The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principle value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company. You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund’s Prospectus, which can be obtained by contacting the fund company. You should read the Prospectus carefully before choosing a Fund.

Morningstar - seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/divisions/marketreg/ratingagency.htm . Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time.

For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve.

For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixedincome fund's interest rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

The Morningstar Style Box™ reveals a fund’s investment strategy. For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.

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