Optimum Small-Mid Cap Value Fund

Key features

  • The objective of Optimum Small-Mid Cap Value Fund is to seek long-term growth of capital.
  • LSV uses a quantitative investment model to make investment decisions by ranking securities based on fundamental measures of value and indicators of near-term appreciation potential.
  • Cardinal employs a cash-flow-oriented investment process. Cardinal looks for companies with significant free cash flow, stable and predictable business models, and competent management.
Fund information
Inception date08/01/2003
Dividends paid (if any)Annual
Capital gains paid (if any)December
Fund identifiers
NASDAQOASVX
CUSIP246118772
Investment minimums
Initial investment$1,000
Subsequent investments$100
Account features
Payroll deductionNo
IRAsYes

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 (12/31/2020)

as of quarter-end (12/31/2020)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)1.15% 1.15% 1.58% 6.29% 6.04% 6.79% 08/01/2003
Max offer price-4.70% -4.70% -0.42% 5.04% 5.41% 6.43%
Russell 2500 Value Index4.88%4.88%4.34%9.43%9.33%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)26.58% 1.15% 1.58% 6.29% 6.04% 6.79% 08/01/2003
Max offer price19.26% -4.70% -0.42% 5.04% 5.41% 6.43%
Russell 2500 Value Index28.51%4.88%4.34%9.43%9.33%n/a

Returns for less than one year are not annualized.

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
Gross1.52%
Net1.50%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 29, 2020 to July 29, 2021. Please see the fee table in the Fund’s prospectus for more information.

Performance characteristics - as of 12/31/2020
Annualized standard deviation, 3 years (view definition)26.04
Calendar year total returns @ NAV
YearAnnual return
20201.15%
201924.31%
2018-16.65%
20179.49%
201618.21%
2015-11.06%
2014-1.10%
201332.64%
201216.77%
2011-2.78%
201024.92%

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

Investment manager

Delaware Management Company

Sub-advisors

LSV Asset Management

Josef Lakonishok, Ph.D.

Founding Partner, Portfolio Manager, CEO, CIO

Start date on the Fund: January 2016

Josef Lakonishok shares primary responsibility for the day-to-day management of LSV’s share of the Fund’s assets. Dr. Lakonishok has served as CEO, CIO, partner and portfolio manager for LSV since its founding in 1994.

Menno Vermeulen, CFA

Partner, Portfolio Manager

Start date on the Fund: January 2016

Menno Vermeulen shares primary responsibility for the day-to-day management of LSV’s share of the Fund’s assets. Vermeulen has served as a portfolio manager for LSV since 1995 and a partner since 1998. Prior to joining LSV, he worked at ABP where he was responsible for the development and implementation of quantitative active investment strategies.

Puneet Mansharamani, CFA

Partner, Portfolio Manager

Start date on the Fund: January 2016

Puneet Mansharamani shares primary responsibility for the day-to-day management of LSV’s share of the Fund’s assets. He has served as a partner and portfolio manager for LSV since 2006. Prior to joining LSV, Mansharamani was an analyst at Institutional Trust National City Corporation. Prior to this experience, he was a systems consultant for Maximations, Inc.

Greg Sleight

Partner, Portfolio Manager

Start date on the Fund: January 2016

Greg Sleight shares primary responsibility for the day-to-day management of LSV’s share of the Fund’s assets. He has served as a quantitative analyst of LSV since 2006, a partner since 2012 and portfolio manager since 2014 and is part of LSV's quantitative and implementation team, which is responsible for the day-to-day data management, portfolio implementation and ongoing enhancement of LSV's models and systems.

Guy Lakonishok, CFA

Partner, Portfolio Manager

Start date on the Fund: January 2016

Guy Lakonishok shares primary responsibility for the day-to-day management of LSV’s share of the Fund’s assets. Lakonishok has served as a quantitative analyst of LSV since 2009, a partner since 2013 and a portfolio manager since 2014. Prior to joining LSV, he was a vice president in the quantitative equity group at BlackRock.


Cardinal Capital Management, L.L.C. (Cardinal)

Eugene Fox, III

Managing Partner

Start date on the Fund: October 2020

Eugene Fox III shares primary responsibility for the day-to-day management of Cardinal’s share of the Fund’s assets. He is responsible for investment research and portfolio management, and has been in the investment industry since 1987. Before leaving for Cardinal in 1995, Mr. Fox was a managing director of Deltec Asset Management.

Robert B. Kirkpatrick, CFA

Managing Partner

Start date on the Fund: October 2020

Robert B. Kirkpatrick shares primary responsibility for the day-to-day management of Cardinal’s share of the Fund’s assets. He is responsible for investment research and portfolio management, and has been in the investment industry since 1985. Prior to joining Cardinal in 2000, Mr. Kirkpatrick was a partner at Breeco Management.

Rachel D. Matthews

Partner

Start date on the Fund: October 2020

Rachel D. Matthews shares primary responsibility for the day-to-day management of Cardinal’s share of the Fund’s assets. She is responsible for investment research and portfolio management, and has been in the investment industry since 1989. Prior to joining Cardinal in 2001, Ms. Matthews worked as a high yield bond trader at Oppenheimer Funds, Inc.

Robert H. Fields

Partner

Start date on the Fund: October 2020

Robert H. Fields shares primary responsibility for the day-to-day management of Cardinal’s share of the Fund’s assets. He has been in the investment industry since 1998. Prior to joining Cardinal in 2013, Mr. Fields was a partner and portfolio manager at Ana Capital Management.

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 fees0.94%
Distribution and service (12b-1) fees0.25%
Other expenses0.33%
Total annual fund operating expenses1.52%
Fee waivers and expense reimbursements(0.02%)
Total annual fund operating expenses after fee waivers and expense reimbursements1.50%

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

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 1.25% of the Fund’s average daily net assets from July 29, 2020 through July 29, 2021. 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.

   

DateCardinal Capital Management, L.L.C.LSV Asset ManagementWestwood Management CorporationTotal
12/31/20190.00%49.63%50.37%100%
01/31/20200.00%48.68%51.32%100%
02/29/20200.00%48.26%51.74%100%
03/31/20200.00%45.46%54.54%100%
04/30/20200.00%45.86%54.14%100%
05/31/20200.00%45.56%54.44%100%
06/30/20200.00%46.31%53.69%100%
07/31/20200.00%46.06%53.94%100%
08/31/20200.00%45.89%54.11%100%
09/30/20200.00%46.24%53.76%100%
10/31/202049.75%50.25%0.00%100%
11/30/202049.39%50.61%0.00%100%

Total may not equal 100% due to rounding.

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

Significant Fund Event. The Board of Trustees of the Fund has approved the appointment of Cardinal Capital Management, L.LC.(Cardinal) as a sub-advisor to Optimum Small-Mid Cap Value Fund. Cardinal replaced Westwood Management Corp. as a sub-advisor to the Fund in mid-October 2020. The new sub-advisor intends to reposition its portion of the Fund’s investment portfolio in accordance with its current investment process and this repositioning may generate additional capital gains for the Fund. Estimated capital gains information for Optimum Small-Mid Cap Value Fund will be revised after the transition to Cardinal is completed. Please read the latest prospectus and any supplements for more information concerning this event.

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

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.

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.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 01/21/2021)

Class APriceNet change
NAV$13.41-0.09
Max offer price$14.23n/a

Total net assets (as of 12/31/2020)

$618.1 million all share classes

Lipper ranking (as of 12/31/2020)

YTD ranking733 / 899
1 year733 / 899
3 years723 / 846
5 years668 / 726
10 years478 / 504
Lipper classificationSmall-Cap Core Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Holdings

Benchmark and peer group

Russell 2500 Value Index (view definition)

Lipper Small-Cap Core Funds Average (view definition)

Additional information

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