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Trending ETFs

Name

As of 04/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$13.05

$655 M

1.45%

$0.19

1.50%

Vitals

YTD Return

0.4%

1 yr return

11.9%

3 Yr Avg Return

-0.4%

5 Yr Avg Return

5.7%

Net Assets

$655 M

Holdings in Top 10

18.5%

52 WEEK LOW AND HIGH

$13.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.50%

SALES FEES

Front Load 5.75%

Deferred Load N/A

TRADING FEES

Turnover 17.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$250


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 04/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$13.05

$655 M

1.45%

$0.19

1.50%

OASVX - Profile

Distributions

  • YTD Total Return 0.4%
  • 3 Yr Annualized Total Return -0.4%
  • 5 Yr Annualized Total Return 5.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.26%
DIVIDENDS
  • Dividend Yield 1.4%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    OPTIMUM SMALL-MID CAP VALUE FUND
  • Fund Family Name
    Delaware Funds by Macquarie
  • Inception Date
    Jul 23, 2003
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Puneet Mansharamani

Fund Description

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of small- and mid-market capitalization companies (80% policy). This policy may be changed only upon 60 days’ prior notice to shareholders. For purposes of this Fund, small-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell 2000® Value Index, and mid-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell Midcap® Value Index. As of June 30, 2023, the Russell 2000® Value Index had a market capitalization range between $43.64 million and $7.31 billion, and the Russell Midcap® Value Index had a market capitalization range between $521.37 million and $51.23 billion. The market capitalization ranges for these indices will change on a periodic basis. A company’s market capitalization is based on its current market capitalization or its market capitalization at the time of the Fund’s investment. Companies whose market capitalization no longer meets the respective definition above after purchase continue to be considered either small- or mid-capitalization companies, as applicable, for purposes of this 80% policy. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

The Fund intends to invest primarily in common stocks of US companies, but it may also invest in other securities that a sub-advisor believes provide opportunities for capital growth, such as preferred stocks, warrants, and securities convertible into common stocks. In keeping with the Fund’s investment objective, the Fund may also invest in foreign securities, including American depositary receipts (ADRs) and other depositary receipts and shares; derivatives, including futures and options; and fixed income securities, including those rated below investment grade.

The Fund’s manager, Delaware Management Company (Manager), has selected LSV Asset Management (LSV) and Cardinal Capital Management, L.L.C. (Cardinal) to serve as the Fund’s sub-advisors. Each sub-advisor is responsible for the day-to-day investment management of the portion of the Fund’s assets that the Manager allocates to the sub-advisor. The Manager may change the allocation at any time. The relative values of each sub-advisor’s share of the Fund’s assets also may change over time. Each sub-advisor selects investments for its portion of the Fund based on its own investment style and strategy.

In managing its portion of the Fund’s assets, LSV uses a quantitative investment model to make investment decisions for its sleeve of the Fund. LSV relies extensively on its quantitative investment model regarding the advisability of investing in a particular company. Any investment decisions are generally made based on whether a buy or sell signal is received from the proprietary quantitative investment model. The investment model ranks securities based on fundamental measures of value (such as the price-to-earnings ratio) and indicators of near-term appreciation potential (such as recent price appreciation). The investment model selects stocks to buy from the higher-ranked stocks and selects stocks to sell from those whose rankings have decreased, subject to overall risk controls.

In managing its portion of the Fund’s assets, Cardinal employs a cash-flow-oriented investment process. Cardinal believes that a company’s stock price is ultimately determined by its ability to generate excess cash flow and redeploy that cash to enhance shareholder value. The investment process is based on detailed five-year projections that include an analysis of a company’s financials and interviews with a company’s management. Cardinal looks for companies with significant free cash flow, stable and predictable business models, and competent management.

In response to market, economic, political, or other conditions, a sub-advisor may temporarily use a different investment strategy for defensive purposes. If a sub-advisor does so, different factors could affect the Fund’s performance and the Fund may not achieve its investment objective. The Fund’s investment objective is nonfundamental and may be changed without shareholder approval. However, the Fund’s Board of Trustees (Board) must approve any changes to nonfundamental investment objectives, and the Fund’s shareholders would be given at least 60 days’ notice prior to any such change.

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OASVX - Performance

Return Ranking - Trailing

Period OASVX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.4% -12.0% 7.1% 17.74%
1 Yr 11.9% -3.2% 31.3% 67.85%
3 Yr -0.4%* -14.2% 67.4% 84.88%
5 Yr 5.7%* -3.9% 47.3% 79.70%
10 Yr 3.7%* -3.9% 25.8% 92.38%

* Annualized

Return Ranking - Calendar

Period OASVX Return Category Return Low Category Return High Rank in Category (%)
2023 8.6% -18.4% 33.6% 64.90%
2022 -21.6% -36.7% 212.9% 80.86%
2021 20.7% -62.0% 147.6% 47.80%
2020 -3.0% -24.8% 31.3% 80.05%
2019 20.7% -30.1% 34.0% 36.32%

Total Return Ranking - Trailing

Period OASVX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.4% -12.0% 7.1% 17.74%
1 Yr 11.9% -3.2% 31.3% 67.85%
3 Yr -0.4%* -14.2% 67.4% 84.88%
5 Yr 5.7%* -3.9% 47.3% 79.70%
10 Yr 3.7%* -3.9% 25.8% 92.38%

* Annualized

Total Return Ranking - Calendar

Period OASVX Return Category Return Low Category Return High Rank in Category (%)
2023 10.3% -15.5% 35.4% 87.42%
2022 -14.3% -36.7% 250.0% 80.63%
2021 28.8% -3.2% 157.9% 61.25%
2020 1.1% -13.5% 33.4% 67.22%
2019 24.3% -17.4% 34.3% 30.35%

NAV & Total Return History


OASVX - Holdings

Concentration Analysis

OASVX Category Low Category High OASVX % Rank
Net Assets 655 M 2.13 M 52.9 B 41.14%
Number of Holdings 254 10 1578 21.66%
Net Assets in Top 10 121 M 180 K 3.01 B 38.51%
Weighting of Top 10 18.49% 0.3% 88.4% 53.73%

Top 10 Holdings

  1. Nexstar Media Group Inc 2.44%
  2. Silgan Holdings Inc 2.27%
  3. Gaming and Leisure Properties Inc 1.99%
  4. Lithia Motors Inc 1.80%
  5. BWX Technologies Inc 1.76%
  6. DT Midstream Inc 1.70%
  7. GXO Logistics Inc 1.69%
  8. Spectrum Brands Holdings Inc 1.67%
  9. Axalta Coating Systems Ltd 1.60%
  10. Starwood Property Trust Inc 1.56%

Asset Allocation

Weighting Return Low Return High OASVX % Rank
Stocks
98.45% 0.99% 104.11% 50.77%
Cash
1.55% 0.00% 99.01% 48.14%
Preferred Stocks
0.00% 0.00% 2.62% 80.53%
Other
0.00% -1.78% 40.01% 80.74%
Convertible Bonds
0.00% 0.00% 2.63% 79.60%
Bonds
0.00% 0.00% 73.18% 79.87%

Stock Sector Breakdown

Weighting Return Low Return High OASVX % Rank
Financial Services
16.63% 0.00% 35.71% 85.01%
Consumer Cyclical
14.48% 0.00% 51.62% 26.62%
Industrials
13.83% 0.65% 48.61% 83.89%
Real Estate
11.21% 0.00% 44.41% 21.92%
Technology
10.88% 0.00% 34.03% 35.12%
Basic Materials
7.82% 0.00% 67.30% 13.20%
Energy
7.00% 0.00% 29.42% 62.42%
Communication Services
6.51% 0.00% 24.90% 5.59%
Consumer Defense
5.54% 0.00% 13.22% 22.37%
Healthcare
5.02% 0.00% 25.76% 61.97%
Utilities
1.08% 0.00% 13.86% 73.83%

Stock Geographic Breakdown

Weighting Return Low Return High OASVX % Rank
US
98.45% 0.96% 104.11% 37.86%
Non US
0.00% 0.00% 67.90% 85.56%

OASVX - Expenses

Operational Fees

OASVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.50% 0.05% 37.04% 30.42%
Management Fee 0.91% 0.00% 1.50% 81.36%
12b-1 Fee 0.25% 0.00% 1.00% 60.00%
Administrative Fee 0.05% 0.01% 0.35% 24.11%

Sales Fees

OASVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.75% 2.50% 5.75% 38.71%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

OASVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

OASVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 17.00% 7.00% 252.00% 5.51%

OASVX - Distributions

Dividend Yield Analysis

OASVX Category Low Category High OASVX % Rank
Dividend Yield 1.45% 0.00% 14.50% 59.52%

Dividend Distribution Analysis

OASVX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annual

Net Income Ratio Analysis

OASVX Category Low Category High OASVX % Rank
Net Income Ratio -0.26% -1.43% 4.13% 86.35%

Capital Gain Distribution Analysis

OASVX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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OASVX - Fund Manager Analysis

Managers

Puneet Mansharamani


Start Date

Tenure

Tenure Rank

Jan 19, 2016

6.37

6.4%

Puneet Mansharamani, CFA, is a Partner, Portfolio Manager and Quantitative Analyst of LSV. Mr. Mansharamani has more than 14 years of investment experience. At LSV, Mr. Mansharamani is part of our quantitative and implementation team, which is responsible for the day-to-day data management, portfolio implementation and ongoing enhancement of our models and systems. Prior to joining LSV, Mr. Mansharamani was an Analyst at Institutional Trust National City Corporation. His responsibilities included project management, systems development and designing financial and analytical applications fo

Greg Sleight


Start Date

Tenure

Tenure Rank

Jan 19, 2016

6.37

6.4%

Greg Sleight is a Partner, Portfolio Manager and Quantitative Analyst of LSV. At LSV, Mr. Sleight is part of our quantitative and implementation team, which is responsible for the day-to-day data management, portfolio implementation and ongoing enhancement of our models and systems. Mr. Sleight received a B.S. in Material Science & Engineering from the University of Illinois in 2000 and an M.B.A. in Econometrics, Economics & Analytic Finance from the University of Chicago in 2006.

Guy Lakonishok


Start Date

Tenure

Tenure Rank

Jan 19, 2016

6.37

6.4%

Guy Lakonishok, CFA is a Partner, Portfolio Manager and Quantitative Analyst at LSV. Prior to joining LSV, Mr. Lakonishok was a Vice President in the Quantitative Equity group at BlackRock. His responsibilities included research, portfolio implementation, system development and performance attribution. Prior to this experience, Mr. Lakonishok was an analyst in the Quantitative Equity group at Weiss, Peck, and Greer, where he was responsible for developing portfolio analytics and assisting in the day-to-day management of the portfolios. Mr. Lakonishok received a B.S. in Applied Science with

Josef Lakonishok


Start Date

Tenure

Tenure Rank

Jan 19, 2016

6.37

6.4%

Dr. Lakonishok joined LSV in 1994, where he currently serves as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager Dr. Lakonishok has more than 30 years of investment and research experience. Dr. Lakonishok was, until 2004, the William G. Karnes Professor of Finance at the College of Commerce & Business Administration at the University of Illinois at Urbana-Champaign. Before that, he held staff and visiting professorships at Tel Aviv University, Cornell University, the University of North Carolina at Chapel Hill, and the University of British Columbia.

Menno Vermeulen


Start Date

Tenure

Tenure Rank

Jan 19, 2016

6.37

6.4%

Menno Vermeulen, CFA, is a Partner, Portfolio Manager and Senior Quantitative Analyst of LSV. Dr. Lakonishok joined LSV in 1994. Vermeulen has more than 21 years of investment experience. At LSV, Mr. Vermeulen has developed and written the software for our quantitative models and portfolio management system. He leads our quantitative and implementation team, which is responsible for the day-to-day data management, portfolio implementation and ongoing enhancement of our models and systems. Mr. Vermeulen is also involved in the research process at LSV. Prior to joining LSV, he worked at ABP

Rachel Matthews


Start Date

Tenure

Tenure Rank

Oct 14, 2020

1.63

1.6%

Rachel D. Matthews is a partner of Cardinal Capital. She is responsible for investment research and portfolio management. She has been in the investment industry since 1989. Prior to joining Cardinal in 2001, Rachel spent three years as a high yield bond trader at OppenheimerFunds, Inc. responsible for trade execution and relative value trades for $7 billion in assets. She was previously a sell-side trader of short-term U.S. government securities at HSBC Securities for two years, responsible for a gross trading position of $500 million. Previously, Rachel was a private placement credit analyst at the Mutual Life Insurance Company of New York for three years specializing in the manufacturing, chemical, railroad, and finance industries. She started her career at MONY in 1988 as a systems analyst in the real estate area. Rachel holds a BA in economics from Columbia University and a MBA in finance from New York University.

Robert Fields


Start Date

Tenure

Tenure Rank

Oct 14, 2020

1.63

1.6%

Robert H. Fields is a partner of Cardinal Capital. He is responsible for investment research and portfolio management. He has been in the investment industry since 1998. Prior to joining Cardinal in 2013, Robert was a partner and portfolio manager for two years at Ana Capital Management, a long-biased opportunistic value investment firm. Previously, he was a partner and director of research at Breeden Capital Management, a concentrated, long-only investment firm and an analyst covering value equities and distressed debt at MFP Investors, the personal investment firm of Michael F. Price. Robert holds a BS from Ball State University and a MBA from The Wharton School at The University of Pennsylvania.

Eugene Fox


Start Date

Tenure

Tenure Rank

Oct 14, 2020

1.63

1.6%

Eugene Fox, III is a managing partner of Cardinal Capital. He is responsible for investment research and portfolio management. He has been in the investment industry since 1987. Before leaving for Cardinal in 1995, Eugene was a managing director of Deltec Asset Management where he and Amy Minella, a retired partner, built the value equity investment management business. Eugene joined Deltec from D.S. Kennedy & Co., a small cap value equity firm, where he was an investment analyst and previously held financial positions at FMC Corporation from 1984 to 1991. These included five years as the dire

Robert Kirkpatrick


Start Date

Tenure

Tenure Rank

Oct 14, 2020

1.63

1.6%

Robert B. Kirkpatrick, CFA is a managing partner of Cardinal Capital. He is responsible for investment research and portfolio management. He has been in the investment industry since 1985. Prior to joining Cardinal in 2000, Robert was a partner at Breeco Management, a $125 million equity hedge fund for three years. Previously, he held senior equity portfolio management positions with Unifund S.A., a Swiss-based global private investment company with over $1 billion in capital. Robert also served for six years as a managing director at Bigler/Crossroads, a $700 million venture capital and small

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 37.45 8.15 3.58