Following free cash flow

A focus on free cash flow — looking for what companies can give back to their shareholders — is at the heart of the Small- and Mid-Cap Value Equity team’s investment philosophy. Learn more about the team and its process.

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Kelley A. McKee, CFA
Portfolio Manager, Equity Analyst

Over the past few years, we’ve found more opportunities in technology, materials, and industrials – areas of the market that tend to be a little more economically-sensitive and benefit from a growing economy, so as such, our portfolio has had a bit more of a pro-cyclical tilt.

Kent P. Madden, CFA
Portfolio Manager, Equity Analyst

When we construct our portfolio, we’re typically looking to find high-quality names that we can own over the long-term.

Christopher S. Beck, CFA
Chief Investment Officer — Small-Cap Value / Mid-Cap Value Equity

We want to let our winners work for us. If we’ve bought a stock and the valuation is still attractive, we want to own it for a long time — get the rewards for all the work that we’ve done. Free cash flow is important to us because we want to be treated as shareholders. Companies that give excess cash flow can give us dividends or initiate a dividend and if they get into a pinch, they can pay down their debt, which is good for their balance sheet. One of the things that we have is that there is a different perspective from everybody but we all definitely focus in on free cash flow and what companies can give back to us as shareholders – that will always be maintained.

Steven G. Catricks, CFA
Portfolio Manager, Equity Analyst

My background is electrical engineering, and I grew up in a house where we couldn’t wait for the next episode of Star Trek to come on. So, I get very excited about technology and having this job, which I really love, gives me the opportunity to understand what’s going on in the market and also, what’s going on in the tech world.

Michael Foley, CFA
Equity Analyst

What attracted me to Delaware is probably what attracts clients to Delaware – it’s our proven track record and our focus on the long term.

Christopher S. Beck, CFA
Chief Investment Officer — Small-Cap Value / Mid-Cap Value Equity

The best thing about our business and it’s been this way from day one is that you come in everyday and it’s always different.

Kelley A. McKee, CFA
Portfolio Manager, Equity Analyst

One of the things that I think really sets Delaware apart is the boutique nature of our teams. We really do have a lot of ownership in the product that we put together – I mean in a way, it kind of makes us small business owners within a much larger firm.

The views expressed represent the Managers’ assessment of the market environment as of August 2015 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.

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and summary prospectus, which may be obtained by visiting delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

Information is as of the date indicated and subject to change.

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

Neither Delaware Investments nor its affiliates noted in this document are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

©2015 Delaware Management Holdings, Inc.

(15067) 08/15


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