Distinguishing characteristics of our independent investment teams

Our independent investment teams provide a wealth of viewpoints. Learn more.

we rely on all members of the team for investment decisions were looking to portfolio managers Traders and analyst for ideas and recommendations for our portfolios most of us have been in the business for at least 12 years and we bring our diversity in terms of our backgrounds that really enhances our ability to help each other out and understand the various different ways that companies can perform well or poorly back stab each other in terms of the research work that we do and also bring a perspective that comes from a variety of different National Origins the fact that Delaware has a boutique structure to me is a major benefit for us because we really concentrate on the things that are important specifically to our team but it also gives us access to the other boutiques that have a specialty that we do not for instance to a nunnery team we have access to get there at their ideas as far as Real Estate Investment Trust large-cap value team we have access to company so clearly would be very important to a lot of power companies since theoretically they do dominate the business is at that power comes to operate in client to show Delaware Investments fixed-income team to manage money for them have typically done it for a number of reasons first is our size it puts us in a special Sweet Spot within the fixed income markets managing approximately 130 billion in assets were at the perfect size or we can still do things the old-fashioned way bottom-up fundamental research good ideas building portfolios one idea that I'm had we been 10 times that size we wouldn't be able to bring good ideas and make a difference for client portfolios if we were 1/10 our size we couldn't possibly have a team of almost 90 investment professionals who are size really does set us apart from any of our major competitors an important part of our process to work with the fixing come team and understand where credit spreads are affecting real estate Securities or the Securities in our dividend income fund our Democratic process is different from what in some cases others are doing we think it's one of the secrets of our success we really believe we can be wiser as a group of like-minded value investors than any one of us could be individually I think when you look at differentiating factors for any Services firm it really comes down to its people and I think what differentiates Delaware is the success they've had at hiring people to form this culture a culture that is based in work ethic based in integrity and shares the same passion to deliver results to our investors more than 80 years of investment experience through a variety of Market environments Delaware Investments steady forward
we think that certain things give us an edge over pure pure Benchmark investing one would be the concentrated nature of our portfolio we also think that only statistically inexpensive stocks is extremely important so if we put together a portfolio where the equity characteristics the price to sales price to cash-flow price-to-earnings are much lower than those of the Benchmark we think that gives us a chance to outperform over time you have the ability as an active manager to either under weight overweight certain Securities or industries that you feel will be either beneficiaries or being neglected in the current environment we believe that active management overtime law APA format passive management the reason for that is active managers are constantly looking for and seeking stocks that are undervalued to buy and stocks are overvalued to sell passive management whether it's an index or an ETF is just buying the index is just buying the Benchmark they're not looking for undervaluation to buy or overvaluation to sell so active management really is all about how we apply to human capital to to generate the returns and for us really what that's all about is no going out and visiting companies going out and seeing management talking to competitors talking to suppliers in the global and international value Equity team our approach to active management focuses first and foremost on where we think our process can add value rolled into a relatively efficient market we have to understand what works and what doesn't and that means understanding where the market gets it right where the market has the potential to get it wrong we like to focus on a total return strategy that allows good ideas to move into portfolios create potential for both income and price returns and ultimately when we've extracted the best value from those ideas move on to the next great idea without active management you really can't create this combination of income in price potential for fixed-income Investments we invite you to take a closer look at Delaware Investments
the contrast between Art and Science and think how they contribute to the investment processes to me what makes his business fascinating the accounting issues that most people associate with investment analysis really service simply the raw starting point you got to have that or you don't really know where to start but would really differentiate success and failure is an understanding. Of what companies are doing or how they stack up against each other but an understanding how the market perceives those things it comes down to it as much as psychology as it does to economics though obviously the two of them are intricately intertwined especially with respect to what we do Market psychology is very important it's at least as important as fundamentals and I would call that the more artistic side of our portfolio management making those judgments they're good they're both the concrete in the abstract those are abstract judgments on Market psychology and whether or not this is opportune timing to move into a security opportune timing to sell Purity an investor knows that it's not only the analytical modeling the metrics are the numbers that really Drive decisions but it's really developing that skill-set relying on the the intangibles that ultimately tip you in making your decisions the outside of this is all about going out and seeing the company talking to the management understanding how they operate and what's going to drive the return experience and art really go hand-in-hand and it's really dependent upon our most experienced professionals many of them with 20-plus years experience in the fixed-income marketplace to bring the art to the process of investment decision-making within our fixed-income portfolio portfolio is also somewhat artistic so the kinds of Securities that we're combining the ways that were waiting sectors or sub Indo three groups all of that has some art certainly mixed with the quantitative or more scientific side of what we do when we approach the markets we think of it like an architect and that you are creating something fun math is pretty straightforward understanding the intricacies involved in investing in bonds and how when you pull all those assets together and what it means at the portfolio level and how it performs in different Market environments is an art we invite you to take a closer look at Delaware Investments
We Believe fundamental research is the backbone to the investment process here at Delaware we spent 80% of our time on fundamental research what coming in every day and we're playing the same consistent philosophy process day in and day out really it's an appraisal process we're trying to determine what we believe is the intrinsic value of a company over a three to five-year time it's how we approach portfolio construction we rely on a team approach and input from portfolio managers Traders and analyst to come up with ideas for our clients to add value where are the best ideas only portfolio each of these ideas is gone through very rigorous very disciplined research and each one is a representation of intrinsic value trading at a discount in the market fundamental research can identify and derive Extra Value from Investments across the fixed income Marketplace and we really are where is quantitative analysis looks backwards in the numbers of the numbers of the numbers the human capital side the fundamental research side really is picking up the inflection point looking forward or as we like to say Unlocking The Catalyst to realize the full value of a particular Equity when clients and Trust Delaware with their tax-exempt that sets the key to successfully managing those assets is not only growth but more importantly the preservation of capital and that begins with a Bottoms Up fundamental look at each and bed each individual investment we hold in the portfolio and the respective ability of each issue or to meet at that obligation over a long period of time the primary focus that we bring to the analysis of any company were looking at is first of all understanding what it's relative competitive position within its industry that means really understanding the fundamentals of an operating bases in terms of leave the financial reporting but more broadly understanding what the markets the drive it's prospects look like how this varies from from one country to the next how this varies one region to the next and how they are affected by the various cycles that are pervasive throughout the global economy at Delaware we pride ourselves in being able to adapt to changing Mark and environments we look at the financial crisis as a transition event it turned municipal bonds from a rates Market into a credit Market with Delaware's focus on Bottoms Up individual security selection the market is gravitated towards our Forte we look at every individual security using fundamental research to try to maximize returns for each and every client we manage money for from the Great Depression to the Great Recession Delaware is helping you move steadily forward

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