Investment objective & strategy
As of March 27, 2026 · prospectusObjective. Nomura Small Cap Value Fund seeks capital appreciation.
Strategy. The Fund invests primarily in investments of small companies whose stock prices, in the portfolio managers opinion, appear low relative to their underlying value or future potential. Among other factors, the Funds investment manager, Delaware Management Company (Manager), considers the financial strength of a company, its management, the prospects for its industry, and any anticipated changes within the company that might suggest a more favorable outlook going forward. The Manager focuses on free cash flow in its individual stock selection, seeking companies that it believes have a sustainable ability to buy back shares, lower debt, and/or increase or initiate dividends. Under normal circumstances, at least 80% of the Funds net assets, plus the amount of any borrowings for investment purposes, … The Fund invests primarily in investments of small companies whose stock prices, in the portfolio managers opinion, appear low relative to their underlying value or future potential. Among other factors, the Funds investment manager, Delaware Management Company (Manager), considers the financial strength of a company, its management, the prospects for its industry, and any anticipated changes within the company that might suggest a more favorable outlook going forward. The Manager focuses on free cash flow in its individual stock selection, seeking companies that it believes have a sustainable ability to buy back shares, lower debt, and/or increase or initiate dividends. Under normal circumstances, at least 80% of the Funds net assets, plus the amount of any borrowings for investment purposes, will be in investments of small-capitalization companies (80% policy). The Fund considers small-capitalization companies to be companies with a market capitalization generally less than 3.5 times the dollar-weighted, median market capitalization of the Russell 2000 Index at the time of purchase. The Fund may invest up to 15% of its net assets in real estate investment trusts (REITs). The Funds 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days notice prior to any such change.
Top holdings
As of Feb. 27, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| WEBSTER FINL | — | $67.28M | 1.85% |
| VALLEY NATL BANCORP | — | $64.61M | 1.77% |
| FIRST FIN BANCRP | — | $61.36M | 1.68% |
| TTM TECHNOLOGIES INC | — | $60.24M | 1.65% |
| HANCOCK WHITNEY CORP | — | $59.39M | 1.63% |
| OLD NATL BANCORP | — | $58.80M | 1.61% |
| MASTEC INC | — | $58.54M | 1.61% |
| CACI INTL-A | — | $58.18M | 1.60% |
| AXIS CAPITAL HOLDINGS LTD | — | $57.32M | 1.57% |
| KODIAK GAS SERVICES INC | — | $56.78M | 1.56% |
Portfolio moves
Nov 28, 2025 → Feb 27, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Nomura VIP Small Cap Value Series | 95% | 0.74% |
| Goldman Sachs Small Cap Value Fund · GSSIX, GSSSX, GSSMX, GSSCX, GSQRX, GSQTX, GSSUX, GSYPX | 20% | 0.96% |
| MFS New Discovery Value Portfolio | 20% | 0.88% |
Advisers
| Firm | Role |
|---|---|
| Macquarie Investment Management Business Trust | Adviser |
| Macquarie Investment Management Global Limited | Sub-adviser |
Footnotes
- Expense ratio as of March 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of February 27, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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