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 08/14/2024
NAV
$17.64
NAV 1-day net change
0.09
Max offer price
$17.64
Total net assets as of 07/31/2024
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 reimbursem*nts 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 reimbursem*nts.
Average annual total return as of month-end (07/31/2024)
- Chart
- Table
| YTD | 1 year | 3 year | 5 year | 10 year | Lifetime | Inception date | |
|---|---|---|---|---|---|---|---|
| NAV(%) (view definition) | 8.00% | 8.61% | 4.67% | 6.87% | 7.59% | 7.71% | 09/15/1998 |
| Russell 1000 Value Index(%) | 12.08% | 14.80% | 9.92% | 8.96% | n/a |
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 (06/30/2024)
- Chart
- Table
| 1 year | 3 year | 5 year | 10 year | Lifetime | Inception date | ||
|---|---|---|---|---|---|---|---|
| NAV(%) (view definition) | -4.75% | 6.54% | 3.48% | 6.20% | 7.08% | 7.55% | 09/15/1998 |
| Russell 1000 Value Index(%) | -2.17% | 13.06% | 9.01% | 8.23% | n/a |
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 07/31/2024
| Rating | No. of funds | |
|---|---|---|
| Overall | 2 | 1093 |
| 3 years | 2 | 1093 |
| 5 years | 1 | 1040 |
| 10 years | 2 | 810 |
| Morningstar category | Morningstar Large Value Category | |
(View Morningstar disclosure)
The Morningstar rating is based on risk-adjusted returns.
Morningstar disclosure
Past performance is not a guarantee of future results. Morningstar proprietary ratings reflect historical risk-adjusted performance as of 03/31/2020. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Morningstar load-waived ratings do not take into account Class A sales charges. Class A shares without a sales charge (load) are not available to all investors.
The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
© Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
| Morningstar ranking - as of 07/31/2024 | |
|---|---|
| 1 year | 1117 / 1176 |
| 3 years | 1000 / 1093 |
| 5 years | 1004 / 1040 |
| 10 years | 702 / 810 |
| Morningstar category | Morningstar Large Value Category |
(View Morningstar disclosure)
The Morningstar ranking is based on historical total returns.
Morningstar disclosure
Morningstar fund data for all time periods shown are as of the above indicated. Although a Fund may outperform peers when compared to its Morningstar peer group, the returns for that period may still be negative. Rankings shown are provided by Morningstar. Rankings and performance for other time periods are available from Morningstar.
Past performance is no guarantee of future results.
The Fund offers other share classes, and their performance and rankings may be lower than those of the class shown.
Morningstar rankings reflect a fund's historical total return performance, excluding sales charges as applicable, relative to peers as of the above date. The ratings are subject to change every month and are based on equal-rated average of percentile ranks for the total return metrics over 1-, 3-, 5-, and 10-year periods, if applicable. Morningstar rankings are not intended to predict future results, and Morningstar does not guarantee the accuracy of this information.
Expense waivers may have been in effect for some or all of the periods shown. Performance would have been lower if waivers did not apply or if sales charges were included. Morningstar rankings may have been lower if waivers did not apply or if sales charges were included.
© Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
| Lipper ranking - as of 07/31/2024 | |
|---|---|
| 1 year | 620 / 650 |
| 3 years | 527 / 603 |
| 5 years | 550 / 573 |
| 10 years | 349 / 423 |
| Lipper classification | Lipper Multi-Cap Value Funds |
(View Lipper disclosure)
The Lipper ranking is based on historical total returns.
Lipper disclosure
Lipper fund data for all time periods shown are as of the date shown. Although a Fund may outperform peers when compared to Lipper peer groups, the returns for that period may still be negative. Rankings shown are provided by Lipper, Inc., a leading independent analysis service. Rankings and performance for other time periods are available from Lipper.
Past performance is no guarantee of future results.
The Fund offers other share classes, and their performance and rankings may be lower than those of the class shown.
Lipper rankings reflect a fund's historical total return performance, excluding sales charges as applicable, relative to peers as of the above date. The ratings are subject to change every month and are based on equal-rated average of percentile ranks for the total return metrics over 1-, 3-, 5-, and 10-year periods, if applicable. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.
Expense waivers may have been in effect for some or all of the periods shown. Performance would have been lower if waivers did not apply or if sales charges were included. Lipper rankings may have been lower if waivers did not apply or if sales charges were included.
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 07/31/2024
Number of holdings
33
Market cap (median) Source: FactSet
$59.8 billion
Market cap (weighted average) Source: FactSet
$109.9 billion
Portfolio turnover (last fiscal year)
19%
Beta (relative to Russell 1000 Value Index) (view definition)
0.88
SEC 30-day yield with waiver (view definition)
1.78%
SEC 30-day yield without waiver (view definition)
1.78%
Annualized standard deviation, 3 years (view definition)
15.37
Portfolio composition as of 07/31/2024
Total may not equal 100% due to rounding.
Domestic equities
93.4%
International equities & depositary receipts
5.7%
Cash, cash equivalents and other assets
0.9%
Top 10 holdings as of 07/31/2024
Holdings are as of the date indicated and subject to change.
List may exclude cash and cash equivalents. Please see the Fund's complete list of holdings for more information.
Holdings based by issuer.
Holding
% of portfolio
Holding
% of portfolio
DUPONT DE NEMOURS INC
3.21
NORTHROP GRUMMAN CORP
3.15
MOTOROLA SOLUTIONS INC
3.15
LOWES COMPANIES INC
3.14
ELECTRONIC ARTS INC
3.14
TRAVELERS COMPANIES INC
3.14
ALLSTATE CORPORATION (THE)
3.13
FIDELITY NATIONAL INFORMATION SERVICES I
3.13
CIGNA HOLDING CO
3.12
Total % Portfolio in Top 10 holdings - 31.45%
List of monthly holdings
List of quarterly holdings
Sector allocation as of 07/31/2024
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
- Chart
- Table
Sector
Fund
Sector
Fund
Healthcare
17.6%
Financials
15.5%
Information technology
15.4%
Industrials
12.3%
Consumer discretionary
9.0%
Consumer staples
8.2%
Communication services
6.0%
Energy
5.7%
Materials
3.2%
Utilities
3.1%
Real estate
3.0%
Credit quality as of //
Rating
Fund
Rating
Fund
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2024
0.000
0.118
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,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
Biography
Nikhil Lalvani
Managing Director, Senior Portfolio Manager, Team Leader – US Large Cap Value Equity
- Joined Delaware Investments in 1997, acquired by Macquarie in 2010
- Based in Philadelphia
Nikhil is a Senior Portfolio Manager for the US Large Cap Value Equity Team at Macquarie Asset Management (MAM), a role he first assumed with Delaware Investments in October 2006. He has held the position of Team Leader since October 2018.
Previously, Nikhil worked as a Fundamental and Quantitative Analyst on several investment strategies. He joined Delaware Investments as an Account Analyst in the SMA Operations Group. Prior to that, he was a Research Associate with Bloomberg.
Nikhil holds a Bachelor of Science in finance from The Pennsylvania State University. He holds the Chartered Financial Analyst® designation and is a member of the CFA Institute and the CFA Society of Philadelphia.
Kristen Bartholdson
- Managing Director, Senior Portfolio Manager – US Large Cap Value Equity
- Start date on the Fund: December 2008
- Years of industry experience: 24
- Read bio
Biography
Kristen Bartholdson
Managing Director, Senior Portfolio Manager – US Large Cap Value Equity
- Joined Delaware Investments in 2006, acquired by Macquarie in 2010
- Based in Philadelphia
Kristen is a Senior Portfolio Manager for the US Large Cap Value Equity Team at Macquarie Asset Management (MAM). She first assumed portfolio management responsibilities with Delaware Investments in December 2008.
Prior to joining Delaware Investments as an Equity Analyst, Kristen worked at Susquehanna International Group, where she was in equity research sales and at Credit Suisse as an Associate Analyst in investment strategy.
Kristen holds a Bachelor of Arts in economics from Princeton University.
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
Biography
Erin Ksenak
Managing Director, Portfolio Manager – US Large Cap Value Equity
- Joined Macquarie in 2017
- Based in Philadelphia
Erin is a Portfolio Manager for the US Large Cap Value Equity Team at Macquarie Asset Management, a role she assumed in December 2020.
Prior to joining Macquarie as an Equity Analyst, she worked at Affinity Investment Advisors as a Portfolio Manager for the domestic and international equity investment team and at Miller Investment Management as a Research Associate.
Erin holds a Bachelor of Science in finance from Fordham University and graduated summa cum laude.
Fees
The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table below. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”
| 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 reimbursem*nts | none |
| Total annual fund operating expenses after fee waivers and expense reimbursem*nts | 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
Fact sheet and commentaries
Prospectuses and reports
Tailored Shareholder Report – Semi-annual
Additional information
You can check the background of your investment professional on FINRA's BrokerCheck.
