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.
  • Westwood utilizes a value style of investing to choose common stocks that it believes have limited downside risk and it believes are currently undervalued in the market.
Fund information
Inception date08/01/2003
Dividends paid (if any)Annually
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 (11/30/2018)

as of quarter-end (09/30/2018)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-5.71%-6.27%4.54%2.01%11.26%7.01%08/01/2003
Max offer price-11.16%-11.67%2.49%0.82%10.61%6.60%
Russell 2500 Value Index-1.47%-1.07%9.11%7.13%13.56%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)2.07%5.58%9.98%4.64%7.45%7.64%08/01/2003
Max offer price-3.77%-0.49%7.83%3.41%6.82%7.22%
Russell 2500 Value Index2.67%10.24%14.51%9.99%10.53%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
Gross1.54%
Net1.46%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 27, 2018 to July 29, 2019. Please see the fee table in the Fund’s prospectus for more information.

Performance characteristics - as of 11/30/2018
Annualized standard deviation, 3 years (view definition)12.23
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
2018-2.57%2.42%2.07%n/an/a
20172.00%0.29%3.26%3.66%9.49%
20160.61%1.56%4.95%10.23%18.21%
20151.64%-0.22%-13.08%0.90%-11.06%
20141.22%2.46%-6.92%2.45%-1.10%
201310.18%1.67%9.45%8.18%32.64%
201213.63%-7.82%5.71%5.46%16.77%
20119.37%-2.54%-22.38%17.50%-2.78%
20109.10%-10.72%11.57%14.96%24.92%
2009-13.39%25.13%22.89%5.49%40.49%
2008-5.38%-0.03%-5.31%-33.03%-40.01%

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.


Westwood Management Corp.

Prashant Inamdar, CFA

Senior Vice President, Portfolio Manager, Research Analyst

Start date on the Fund: December 2013

Prashant Inamdar is part of a team of portfolio managers primarily responsible for the day-to-day management of Westwood’s share of the Fund’s assets. All of the portfolio team members participate in the investment decision process when determining the stock selection for the portfolio and the appropriate weight of the stocks selected. Inamdar is a vice president and portfolio manager who joined Westwood in December 2013. Prior to joining Westwood, Inamdar worked at Chilton Investment Company as vice president of research from 2010 to 2012. Most recently, he served as senior analyst at 3 Twelve Capital from 2012 to 2013. Inamdar has held his Fund responsibilities since December 2013.

Tom Lieu, CFA

Senior Vice President, Portfolio Manager, Research Analyst

Start date on the Fund: January 2011

Tom Lieu is part of a team of portfolio managers primarily responsible for the day-to-day management of Westwood's share of the Fund's assets. All of the portfolio team members participate in the investment process when determining the stock selection for the portfolio and the appropriate weight of the stocks selected. Lieu is a senior vice president and portfolio manager who joined the Westwood team in 2010. Prior to joining Westwood, Lieu held positions at Lazard and Bank of America. Most recently, he served as a research analyst at Persistency Capital, LLC, in New York City. He has held his Fund responsibilities since January 2011.

Susan Schmidt, CFA

Senior Vice President, Portfolio Manager, Research Analyst

Start date on the Fund: August 2015

Susan Schmidt is part of a team of portfolio managers primarily responsible for the day-to-day management of Westwood’s share of the Fund’s assets. All of the portfolio team members participate in the investment decision process when determining the stock selection for the portfolio and the appropriate weight of the stocks selected. Schmidt is a senior vice president and portfolio manager who joined Westwood in 2015. Prior to joining Westwood, Schmidt worked at Essex Investment Management Company from 2008 to 2009, and most recently, served as portfolio manager at Mesirow Financial from 2009 to 2015. She has held her Fund responsibilities since August 2015.

Grant Taber, CFA

Senior Vice President, Portfolio Manager, Research Analyst

Start date on the Fund: December 2008

Grant Taber is part of a team of portfolio managers primarily responsible for the day-to-day management of Westwood’s share of the Fund’s assets. All of the portfolio team members participate in the investment decision process when determining the stock selection for the portfolio and the appropriate weight of the stocks selected. Taber is a senior vice president and portfolio manager who joined Westwood in 2008. Prior to joining Westwood, Taber worked at Bessemer Trust Company from 2004 until 2008, where he served as vice president, large cap research analyst. He has held his Fund responsibilities since December 2008.

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 fees0.96%
Distribution and service (12b-1) fees0.25%
Other expenses0.33%
Total annual fund operating expenses1.54%
Fee waivers and expense reimbursements(0.08%)
Total annual fund operating expenses after fee waivers and expense reimbursements1.46%

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 and dividend 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 1.21% of the Fund’s average daily net assets from July 27, 2018 through July 29, 2019. 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.

 

DateLSV Asset ManagementWestwood Management CorporationTotal
11/30/201753.97%46.03%100%
12/31/201754.22%45.78%100%
01/31/201854.12%45.88%100%
02/28/201853.57%46.43%100%
03/31/201853.24%46.76%100%
04/30/201852.69%47.31%100%
05/31/201853.00%47.00%100%
06/30/201852.72%47.28%100%
07/31/201852.76%47.24%100%
08/31/201852.21%47.79%100%
09/30/201851.90%48.10%100%
10/31/201851.32%48.68%100%

Total may not equal 100% due to rounding.

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

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

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of the 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 12/18/2018)

Class APriceNet change
NAV$10.970.01
Max offer price$11.64n/a

Total net assets (as of 11/30/2018)

$516.4 million all share classes

Lipper ranking (as of 11/30/2018)

YTD ranking835 / 978
1 year852 / 976
3 years763 / 817
5 years653 / 679
10 years452 / 494
Lipper classificationSmall-Cap Core Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Holdings

Benchmark, 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.