Optimum Small-Mid Cap Value Fund
OISVX
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- Optimum Small-Mid Cap Value Fund (OISVX) is an open-end mutual fund that seeks long-term growth of capital by investing at least 80% of its net assets in equity securities of small- and mid-market capitalization companies defined by reference to the Russell 2000 Value Index and Russell Midcap Value Index; it employs a multi-manager approach with sub-advisors LSV Asset Management, which utilizes a quantitative model ranking securities on value measures and appreciation potential, and Wellington Management Company LLP, which applies a bottom-up fundamental strategy emphasizing undervalued companies with strong free cash flows and shareholder-friendly management. The fund offers institutional class shares with a net expense ratio of approximately 1.24%, features a portfolio turnover rate of around 26%, and maintains a diversified portfolio across sectors such as financial services (24.44%), consumer cyclical (16.03%), industrials (12.89%), and technology (12.21%), with top holdings including DICK'S Sporting Goods Inc., Stifel Financial Corp., Brixmor Property Group Inc., Kemper Corp., and US Foods Holding Corp.; total net assets stand at roughly $606 million to $657 million. The fund, part of Optimum Fund Trust managed by Delaware Management Company, a Macquarie Investment Management business, was incepted in August 2003 and is domiciled in the United States with primary operations focused on U.S. equities (95.65% allocation), supplemented by minor non-U.S. stock (2.94%) and cash positions (1.41%); it targets institutional and other investors seeking exposure to small-value and mid-cap value segments without minimum initial investment requirements for institutional shares. In a significant sub-advisor change effective June 12, 2024, Wellington Management Company LLP replaced Cardinal Capital Management, joining LSV Asset Management to co-manage allocated portions of the fund's assets under Delaware Management Company's oversight, which retains discretion to adjust allocations; this transition introduced new portfolio managers including Gregory Garabedian (start date June 2024) and reflects ongoing enhancements to the fund's investment process amid a net expense ratio waiver through July 30, 2026, limiting operating expenses to 1.14%.