The process is our star

The Large-Cap Value team at Delaware Investments discusses why a fundamental research-driven process, with roots going back to the 1970s, is the true star of the team.


Ty Nutt
Senior Portfolio Manager

Ben Graham had a very important phrase: margin of safety. It’s created mainly when you buy a company at a much lower price than you believe is its intrinsic value. We try to do that day-in and day-out with our process.

Nikhil Lalvani, CFA
Senior Portfolio Manager

We have a very robust, in-depth fundamental research process. It’s really the heart of what we do.

Carl Rice, CFA
Senior Investment Specialist

They're usually, 6, 7, 8 methodologies being used whenever we’re valuing a company. And within that, we’re doing a bear case, a base case, and a bull case, looking both at what we think we can make on an investment, but also what we could potentially lose.

Ty Nutt
Senior Portfolio Manager

We think by doing that we have an opportunity to perform in poor markets because we’re already owners of securities that are trading at discounts.

Kristen Bartholdson
Senior Portfolio Manager

We truly feel that we’re buying the best possible names and that this is a best possible investment approach for our clients.

Robert Vogel, CFA
Senior Portfolio Manager

We tend to be very consistent practitioners of this discipline called value investing.

The views expressed represent the Managers’ assessment of the market environment as of September 2013 and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice.

Past performance does not guarantee future results.

Investing involves risk, including the possible loss of principal.

Ben Graham excelled as an investment manager and financial educator and is universally recognized as the father of two fundamental investment disciplines — security analysis and value investing.

Value investing focuses on buying stocks that are trading at bargain prices based on fundamental analysis, then holding them until they become fully valued.

A concentrated portfolio expects to hold a limited number of securities. Therefore its risk is increased because each investment has a greater effect on the portfolio’s overall performance.

A benchmark is a standard against which the performance of a security, mutual fund, or manager can be measured. It is usually an index of securities representing a particular market or a portion of it.

Indices are unmanaged and one cannot invest directly in an index.

Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

Investments in the Delaware Investments® Family of Funds are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies, and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.

©2015 Delaware Management Holdings, Inc.

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