Optimum International Fund


Optimum International Fund seeks long-term growth of capital. The Fund may also seek income.


The Fund invests primarily in non-US securities, including securities of issuers located in emerging markets, but, in any event, will invest at least 65% of its net assets in non-US securities. The Fund considers non-US securities to include those securities issued by companies: (i) whose principal securities trading markets are outside the US; (ii) that derive 50% or more of their total revenue from either goods or services produced or sales made in markets outside the US; (iii) that have 50% or more of their assets outside the US; (iv) that are linked to non-US dollar currencies; or (v) that are organized under the laws of, or with principal offices in, a country other than the US The Fund does not limit its investments to issuers within a specific market capitalization range.

The Fund intends to invest primarily in common stocks, but it may also invest in other securities that a sub-advisor believes provide opportunities for capital growth and income, 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 futures, options, and other derivatives; and fixed income securities, including those rated below investment grade.

The Fund’s manager, Delaware Management Company (Manager), has selected EARNEST Partners LLC (EARNEST) and Acadian Asset Management LLC (Acadian) 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 the sub-advisor’s own investment style and strategy.

In managing its portion of the Fund’s assets, EARNEST normally employs a fundamental, bottom-up investment process. The first step in EARNEST’s investment process is to screen the relevant universe to identify stocks that it believes are likely to outperform based on their financial characteristics and the current environment. Using an approach called Return Pattern Recognition®, EARNEST seeks to identify the financial and market characteristics that have been in place when an individual company has produced outstanding performance. These characteristics include valuation measures, market trends, operating trends, growth measures, and profitability measures. EARNEST screens companies and selects for an in-depth fundamental review those exhibiting the set of characteristics that it believes indicate outperformance. The screening process allows EARNEST to review the relative universe of companies and focus on those it considers the best prospects.

In managing its portion of the Fund's assets, Acadian utilizes a disciplined quantitative strategy to actively invest in non-US developed and emerging markets equity strategies. All stocks in the non-US equity universe are evaluated across multiple quantitative factors. Acadian’s quantitative investment process builds portfolios from the bottom up, using proprietary valuation models that measure approximately 20 stock factors, focusing on those that have proven most effective in predicting returns. The result is a rating of all securities in the Acadian database in terms of each stock’s expected return. A portfolio optimization program is used to balance the expected return on the stocks with factors such as company, country, or industry weightings of the Fund’s benchmark index; desired level of risk; estimated transaction costs; available liquidity; and other requirements.

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.

Fund information
Inception date08/01/2003
Dividends paid (if any)Annually
Capital gains paid (if any)December
Fund identifiers
Investment minimums
Initial investment$1,000
Subsequent Investments$100
Account features
Payroll DeductionNo

On Nov. 4, 2014, Class B shares of the Fund converted to Class A shares.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return

as of month-end (06/30/2018)

as of quarter-end (06/30/2018)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-2.56%7.95%7.46%6.03%2.34%6.16%08/01/2003
Max offer price-8.16%1.74%5.35%4.78%1.73%5.74%
MSCI ACWI ex USA (Net)-3.77%7.28%5.07%5.99%2.54%n/a
MSCI ACWI ex USA (Gross)-3.44%7.79%5.56%6.48%3.01%n/a
MSCI EAFE Index (Net)-2.75%6.84%4.90%6.44%2.84%n/a
MSCI EAFE Index (Gross)-2.37%7.37%5.41%6.93%3.33%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-2.63%7.95%7.46%6.03%2.34%6.16%08/01/2003
Max offer price-8.22%1.74%5.35%4.78%1.73%5.74%
MSCI ACWI ex USA (Net)-2.61%7.28%5.07%5.99%2.54%n/a
MSCI ACWI ex USA (Gross)-2.39%7.79%5.56%6.48%3.01%n/a
MSCI EAFE Index (Net)-1.24%6.84%4.90%6.44%2.84%n/a
MSCI EAFE Index (Gross)-0.97%7.37%5.41%6.93%3.33%n/a

Returns for less than one year are not annualized.

The Manager has changed the Fund's primary index from the MSCI EAFE Index to the MSCI ACWI ex USA Index in order to reflect the Fund's ability to invest in emerging market securities.

Class A shares have a maximum up-front sales charge of 5.75% and are subject to an annual distribution fee.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Expense ratio
Performance characteristics - as of 06/30/2018
Annualized standard deviation, 3 years (view definition)10.91
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return

On Nov. 4, 2014, Class B shares of the Fund converted to Class A shares.

Investment manager

Delaware Management Company



Paul E. Viera

Chief Executive Officer and Partner

Start date on the Fund: October 2013

Paul E. Viera is chief executive officer and partner of EARNEST and has primary responsibility for the day-to-day management of EARNEST’s share of the Fund. Prior to founding EARNEST in 1998, he was a partner and senior member of the investment team at Invesco from 1991 to 1998. Prior to Invesco, Mr. Viera was a vice president with Bankers Trust between 1985 and 1991. Mr. Viera has held his Fund responsibilities since October 2013.

Acadian Asset Management, LLC

John R. Chisholm, CFA

Executive Vice President and Chief Investment Officer

Start date on the Fund: January 2015

John R. Chisholm oversees Acadian's investment process and investment team. Chisholm continues to actively manage Acadian portfolios and direct research to enhance Acadian's approach, as he has since he joined the firm in 1987. Earlier in his career, Chisholm served as systems engineer at Draper Laboratories and as an analyst for the international asset management department at the State Street Bank and Trust Company (now SSgA). He earned a bachelor's degree in engineering and a master's degree in management from MIT.

Brendan O. Bradley, Ph.D.

Senior Vice President, Director of Portfolio Management and Deputy Chief Investment Officer

Start date on the Fund: January 2015

Brendan O. Bradley joined the company in September 2004 as a senior member of the research and portfolio management team. In 2010, he was appointed director of managed volatility strategies, and in 2013 became director, portfolio management, overseeing portfolio management policy. Early in 2017, he was named deputy chief investment officer. Prior to Acadian, Bradley was a vice president at Upstream Technologies, where he designed and implemented investment management systems and strategies. His professional background also includes work as a research analyst and consultant at Samuelson Portfolio Strategies. He earned a bachelor's degree in physics from Boston College and a Ph.D. in applied mathematics from Boston University.

On Nov. 4, 2014, Class B shares of the Fund converted to Class A shares.

You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $75,000 in Optimum Funds. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price5.75%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.75%
Distribution and service (12b-1) fees0.25%
Other expenses0.37%
Total annual fund operating expenses1.37%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers1.37%

On Nov. 4, 2014, Class B shares of the Fund converted to Class A shares.

1Management fees have been restated to reflect current fees.

2The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.13% of the Fund’s average daily net assets from July 29, 2017 through July 30, 2018. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

The chart below lists the percentage of the Fund's total assets under management that each sub-advisor manages on behalf of the Fund. The percentages include securities, cash, and any other assets managed by each sub-advisor in its sleeve of the Fund. These percentage allocations should be updated some time after 30 days following a given month end.

Date Acadian Delaware Management Company EARNEST Partners LLC Total
06/30/2017 52.63% 0.45% 46.92% 100%
07/31/2017 51.87% 0.46% 47.68% 100%
08/31/2017 52.90% 0.40% 46.70% 100%
09/30/2017 52.65% 0.46% 46.89% 100%
10/31/2017 52.64% 0.47% 46.90% 100%
11/30/2017 52.79% 0.39% 46.82% 100%
12/31/2017 52.82% 0.39% 46.79% 100%
01/31/2018 52.49% 0.41% 47.10% 100%
02/28/2018 53.10% 0.37% 46.52% 100%
03/29/2018 53.17% 0.38% 46.45% 100%
04/30/2018 53.41% 0.44% 46.15% 100%
05/31/2018 54.00% 0.48% 45.52% 100%

Total may not equal 100% due to rounding.

On Nov. 4, 2014, Class B shares of the Fund converted to Class A shares.

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, which may be obtained by visiting optimummutualfunds.com/literature or calling 800 914-0278. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

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

Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

All third-party marks cited are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 07/20/2018)

Class APriceNet change
Max offer price$15.16n/a

Total net assets (as of 06/30/2018)

$656.8 million all share classes

Lipper ranking (as of 06/30/2018)

YTD ranking100 / 424
1 year60 / 416
3 years18 / 329
5 years157 / 282
10 years106 / 182
Lipper classificationInternational Multi-Cap Core

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.


Benchmark, peer group

MSCI ACWI (All Country World Index) ex USA Index (view definition)

MSCI EAFE (Europe, Australasia, Far East) Index (view definition)

Lipper International Multi-Cap Growth Funds Average (view definition)

Additional information