Macquarie Asset Management

 

 Optimum International Fund

Overview

Key features

The objective of Optimum International Fund is to seek long-term growth of capital, and it may also seek income.

Baillie Gifford Overseas Limited (Baillie Gifford) is a fundamental, bottom-up investment manager that believes durable and growing businesses that are managed by intelligent people should outperform peers over an extended time horizon. Baillie Gifford employs a qualitative investment process to construct a portfolio that consists of companies displaying a wide variety of growth.

Acadian Asset Management, LLC (Acadian) utilizes a quantitative investment process to build portfolios from the bottom up, using proprietary valuation models that measure approximately 20 stock factors.

Benchmark and peer group

MSCI ACWI (All Country World Index) ex USA Index

The MSCI ACWI ex USA Index epresents large- and mid-cap stocks across developed and emerging markets worldwide, excluding the United States. The index covers approximately 85% of the global investable equity opportunity set outside the United States. Index "gross" return approximates the maximum possible dividend reinvestment. Index "net" return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.

Lipper International Multi-Cap Core Funds Average

The Lipper International Multi-Cap Core Funds Average compares core funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time.

View quarterly holdings

Performance

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.

Returns for less than one year are not annualized.

Performance at NAV assumes that no front-end sales charge applied. Performance at max offer price assumes that a front-end sales charge applied.

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.

Returns for less than one year are not annualized.

Performance at NAV assumes that no contingent deferred sales charge applied or the investment was not redeemed. Performance at max offer price assumes that a contingent deferred sales charge applied to the extent applicable.

Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC). Class C shares are eligible to automatically convert to Class A shares with a lower 12b-1 fee approximately eight years after you buy Class C shares.

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

Returns for less than one year are not annualized.

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

Standard deviation measures historical volatility of returns.
Net expense ratio reflects a contractual waiver from certain fees and/or expense reimbursements from July 31, 2023 through July 30, 2024. Please see the fee table in the Fund’s prospectus for more information.

Lipper fund data for all time periods shown are as of the date shown. Although a Fund may outperform peers when compared to Lipper peer groups, the returns for that period may still be negative. Rankings shown are provided by Lipper, Inc., a leading independent analysis service. Rankings and performance for other time periods are available from Lipper.

Past performance is no guarantee of future results.

The Fund offers other share classes, and their performance and rankings may be lower than those of the class shown.

Lipper rankings reflect a fund's historical total return performance, excluding sales charges as applicable, relative to peers as of the above date. The ratings are subject to change every month and are based on equal-rated average of percentile ranks for the total return metrics over 1-, 3-, 5-, and 10-year periods, if applicable. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

Expense waivers may have been in effect for some or all of the periods shown. Performance would have been lower if waivers did not apply or if sales charges were included. Lipper rankings may have been lower if waivers did not apply or if sales charges were included.

Management

Investment manager

Delaware Management Company

Sub-advisors

Baillie Gifford Overseas Limited (Baillie Gifford)

Andrew Stobart - Investment Manager

Start date on the Fund: April 2021

Andrew Stobart has been a member of the International Alpha Portfolio Construction Group since 2008 and an investment manager in the Emerging Markets Equity team since 2007. Andrew previously worked in the UK, Japanese and North American teams. He joined Baillie Gifford as an investment analyst in 1991, having spent three years working in investment banking in London. Andrew graduated MA in Economics from the University of Cambridge in 1987.

Donald Farquharson - Investment Manager

Start date on the Fund: April 2021

Donald Farquharson heads the Japanese Equities team and has been a member of the International Alpha Portfolio Construction Group since 2014. He joined Baillie Gifford in 2008 and became a partner in 2017. He has 32 years' investment experience dedicated almost entirely to Japanese Equities. Donald spent 20 years working for Schroders as a Japanese specialist, latterly as Head of the Pan Pacific Equity team. Between 1991 and 1995, he headed Schroders' research team in Tokyo. Mr. Farquharson graduated MA (Hons) in Arabic studies from the University of St. Andrews in 1987 and is a CFA Charterholder.

Jenny Davis - Investment Manager

Start date on the Fund: April 2021

Ms. Davis conducts research for International Alpha portfolios and has been a member of the International Alpha Portfolio Construction Group since 2016. She joined Baillie Gifford in 2011 and worked on two of our global equity strategies, having started her career at Neptune Investment Management. Ms. Davis graduated MA in Music from the University of Oxford in 2008, and latterly undertook postgraduate studies in Psychotherapy at the University of Edinburgh.

Tom Walsh - Investment Manager

Start date on the Fund: April 2021

Tom Walsh conducts research for International Alpha portfolios and has been a member of the International Alpha Portfolio Construction Group (PCG) since 2018. He joined Baillie Gifford in 2009, working on the UK, European and Global Opportunities teams, as well as spending four years as a member of the International Focus PCG. Before joining Baillie Gifford, Tom worked at Fidelity International, Merrill Lynch and Deloitte & Touche. He graduated LLB (Hons) in Law & Economics from the University of Edinburgh in 1999 and is both CFA and ACA qualified.

Chris Davies - Investment Manager

Start date on the Fund: September 2021

Chris Davies conducts research for International Alpha portfolios and has been a member of the International Alpha Portfolio Construction Group (PCG) since 2021. He joined Baillie Gifford in 2012, and most recently served as an Investment Manager in the European Team. Chris graduated BA (Hons) in Music from the University of Oxford in 2009 and went on to gain an MMus in Music Performance from the Royal Welsh School of Music and Drama in 2010 and an MSc in Music, Mind and Brain from Goldsmiths College in 2011.

Steve Vaughan - Investment Manager

Start date on the Fund: September 2022

Steve Vaughan became a member of the International Alpha Portfolio Construction Group in September 2022. He joined Baillie Gifford in 2012 and has been an Investment Manager in the Smaller Companies Team. Prior to joining Baillie Gifford, Steve was an Officer in the British Army for nine years. He is a CFA Charterholder. He graduated BA (Hons) in Jurisprudence from the University of Oxford in 2001 and MA in International Relations from the University of Exeter in 2012.

Acadian Asset Management, LLC

Brendan O. Bradley, Ph.D. - Executive Vice President and Chief Investment Officer

Start date on the Fund: January 2015

Brendan O. Bradley, Ph.D., is Executive Vice President and Chief Investment Officer at Acadian. Dr. Bradley joined Acadian in 2004 and is the chief investment officer. Brendan has served as the firm’s director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian’s Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Management Team. Prior to Acadian, Brendan 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. Brendan earned a Ph.D. in applied mathematics from Boston University and a B.A. in physics from Boston College.

Ryan D. Taliaferro, Ph.D. - Senior Vice President, Director, Investment Strategies

Start date on the Fund: March 2019

Ryan D. Taliaferro, Ph.D. is Senior Vice President, Director, Investment Strategies at Acadian. Dr. Taliaferro joined Acadian in 2011 and currently serves as director of investment strategies and member of the Executive Committee. Previously, he was the lead portfolio manager for Acadian’s Managed Volatility strategies. Prior to joining Acadian, Dr. Taliaferro was a faculty member in the finance unit at Harvard Business School, where he taught corporate finance and asset pricing. Earlier, he was a consultant at the Boston Consulting Group. Dr. Taliaferro earned a Ph.D. in business economics (finance) from Harvard University and an MBA in finance and economics from the University of Chicago. He also holds an A.M. in economics, and an A.M. and A.B. in physics from Harvard University.

Fees and expenses

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, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table below.

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

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

1The 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 1.08% of the Fund’s average daily net assets from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

1Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC).

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 1.08% of the Fund’s average daily net assets from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Institutional Class shares are available only to certain investors. See the prospectus for more information.

1The 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 1.08% of the Fund’s average daily net assets from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Other expenses contain a 0.01% acquired fund fees and expenses. Acquired Fund Fees and Expenses sets forth the Fund's pro rata portion of the cumulative expenses charged by the registered investment companies (RICs) in which the Fund invested during the last fiscal year. The actual Acquired Fund Fees and Expenses will vary with changes in the allocations of the Fund's assets. The Acquired Fund Fees and Expenses shown are based on the total expense ratio of the RICs for the RICs' most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund's NAV.

Allocations

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.

 

Total may not equal 100% due to rounding.

Resources 

Fact sheet

Commentary

Prospectus

Annual report

Semiannual report

SAI

Portfolio holdings

Additional Information 

Nominating and corporate governance committee charter

Audit committee charter

Proxy voting information

 
 
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.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.
All third-party marks cited are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
 
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