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 identifiers |
|---|
| NASDAQ | OASVX |
| CUSIP | 246118772 |
| Investment minimums |
|---|
| Initial investment | $1,000 |
| Subsequent investments | $100 |
| Account features |
|---|
| Payroll deduction | No |
| IRAs | Yes |
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 (11/30/2021)
as of quarter-end (09/30/2021)
| YTD | 1 year | 3 year | 5 year | 10 year | Lifetime | Inception date |
|---|
|
NAV (view definition) | 20.95%
| 29.38%
| 10.37%
| 7.58%
| 8.40%
| 7.55%
| 08/01/2003 |
| Max offer price | 14.01%
| 21.96%
| 8.20%
| 6.30%
| 7.76%
| 7.21%
| |
| | 1 year | 3 year | 5 year | 10 year | Lifetime | Inception date |
|---|
|
NAV (view definition) | -1.74%
| 52.60%
| 7.45%
| 8.81%
| 10.10%
| 7.61%
| 08/01/2003 |
| Max offer price | -7.41%
| 43.77%
| 5.35%
| 7.52%
| 9.45%
| 7.25%
| |
| Russell 2500 Value Index | -2.07% | 54.38% | 8.87% | 10.49% | 13.35% | n/a | |
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.
| Expense ratio |
|---|
| Gross | 1.50% |
| Net | 1.45% |
Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 29, 2021 to July 29, 2022. Please see the fee table in the Fund’s prospectus for more information.
| Calendar year total returns @ NAV |
|---|
| Year | Annual return |
|---|
|
| 2020 | 1.15% |
| 2019 | 24.31% |
| 2018 | -16.65% |
| 2017 | 9.49% |
| 2016 | 18.21% |
| 2015 | -11.06% |
| 2014 | -1.10% |
| 2013 | 32.64% |
| 2012 | 16.77% |
| 2011 | -2.78% |
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 price | 5.75% |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower | none |
| Annual fund operating expenses |
|---|
| Management fees | 0.94% |
| Distribution and service (12b-1) fees | 0.25% |
| Other expenses | 0.31% |
| Total annual fund operating expenses | 1.50% |
| Fee waivers and expense reimbursements | (0.05%) |
| Total annual fund operating expenses after fee waivers and expense reimbursements | 1.45% |
On Nov. 4, 2014, Class B shares of the Fund converted to Class A shares.
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 | Cardinal Capital Management, L.L.C. | LSV Asset Management | Total |
|---|
| 11/30/2020 | 49.39% | 50.61% | 100% |
| 12/31/2020 | 49.78% | 50.22% | 100% |
| 01/31/2021 | 50.18% | 49.82% | 100% |
| 02/28/2021 | 49.63% | 50.37% | 100% |
| 03/31/2021 | 48.53% | 51.47% | 100% |
| 04/30/2021 | 48.81% | 51.19% | 100% |
| 05/31/2021 | 48.20% | 51.80% | 100% |
| 06/30/2021 | 48.26% | 51.74% | 100% |
| 07/31/2021 | 48.45% | 51.55% | 100% |
| 08/31/2021 | 48.36% | 51.64% | 100% |
| 09/30/2021 | 48.78% | 51.22% | 100% |
| 10/31/2021 | 48.89% | 51.11% | 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.
Investing involves risk, including the possible loss of principal.
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.
Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.