A nimble approach

The Real Estate Securities and Income Solutions team at Delaware Investments sits together, in one office in Philadelphia. This unique setup helps differentiate the team from many of its peers and enhances its decision-making process.


Damon J. Andres, CFA
Senior Portfolio Manager

REITs are exciting because it’s part of everyday life. Anywhere you go, there’s real estate. And the neat thing is whether it’s on a business trip for a client, whether it’s travel on a vacation, we’re seeing, basically, what we own every day.

Scott P. Hastings, CFA, CPA
Senior Equity Analyst

How we really differentiate ourselves versus a lot of our competitors out there is that we simply have a different philosophy and different process in how we look at the world.

Bob Zenouzi
Chief Investment Officer – Real Estate Securities and Income Solutions (RESIS)

Namely, we believe that securitization has leveled the playing field of investing in real estate stocks. Securitization provides information on a uniform basis where all investors have transparency into the information flow in real estate.

(Background: It’s outperformed over 100 bips today.)

Over the long term, the cash flows for REITs can be very stable. That leads to higher-than-average dividend yield, dividend growth, as well as inflation protection.

Damon J. Andres, CFA
Senior Portfolio Manager

The fun thing about real estate is it’s constantly evolving. Whether it’s economic issues, or the interest rate environment, or the global issues…

(Background: to two pieces right, the actual property they’re doing the phase one on)

There’s always a challenge, there’s always something changing. And as a team, it’s great to sit down and discuss, with all of us together, the impacts of these changes in the economy on our portfolio.

Scott P. Hastings, CFA, CPA
Senior Equity Analyst

A lot of our peers have offices all over the globe (pause) — very siloed and understanding just what’s happening just in their individual markets. One of the things we really like about our team and one of the things we really think we thrive on is we have a cohesive unit that understands the global capital markets — understanding what happens in the U.S. and how that affects Hong Kong and vice versa.

Penghui Sun
Equity Analyst

We are a small team based in one location, so we probably enjoy the most efficient direct communication between each other.

Bob Zenouzi
Chief Investment Officer — Real Estate Securities and Income Solutions (RESIS)

We can access the data, analyze it, and make very nimble portfolio decisions on a real-time basis.

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.

Past performance does not guarantee future results.

The views expressed represent the Manager’s assessment of the market environment as of May 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. Views are subject to change without notice and may not reflect the Manager’s current views. The views expressed are general in nature and do not relate to a particular mutual fund.

The term REITs refer to real estate investment trusts.

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.

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

International investments entail risks not ordinarily associated with U.S. investments including fluctuations in currency values, differences in accounting principles, or economic or political instability in other nations.

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 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.

(14498) 05/15

Recent Get to know us Videos



Risk managed solutions



A blended approach



Following free cash flow



The process is our star



A nimble approach



Opportunity through adversity



Client-focused consistency



Helping clients move steadily forward