Delaware Hedged U.S. Equity Opportunities Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
5.7%
1 yr return
20.7%
3 Yr Avg Return
4.2%
5 Yr Avg Return
8.3%
Net Assets
$56.7 M
Holdings in Top 10
19.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.50%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 60.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
FHEKX - Profile
Distributions
- YTD Total Return 5.7%
- 3 Yr Annualized Total Return 4.2%
- 5 Yr Annualized Total Return 8.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.15%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameDelaware Hedged U.S. Equity Opportunities Fund
-
Fund Family NameFirst Investors
-
Inception DateAug 01, 2016
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerGregg Thomas
Fund Description
The Fund seeks to achieve its investment objective by investing in a broadly diversified portfolio of common stocks of any market capitalization while also investing in derivatives to help manage investment risk. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of US issuers and investments that provide exposure to such securities, including exchange-traded funds (80% policy). The Fund defines US issuers to include: (1) issuers that are incorporated or headquartered in the US; (2) issuers whose securities are principally traded in the US; (3) issuers with a majority of their business operations or assets in the US; and (4) issuers who derive a majority of their revenues or profits from the US. To a lesser extent, the Fund also may invest in the equity securities of foreign issuers. The portfolio management team also seeks to manage the Fund’s market risk and the risk of loss from significant events by investing in derivatives. The Fund may engage in active and frequent trading which may result in high portfolio turnover.
Wellington Management Company LLP (Wellington Management), the Fund’s sub-advisor, allocates the Fund’s equity investments across a range of equity market investment styles managed by Wellington Management that are focused on total return or growth of capital (underlying styles) to create a portfolio with broad market exposure.
Wellington Management allocates the Fund’s assets among the underlying styles to create a portfolio that represents a wide range of investment philosophies, companies, industries and market capitalizations. The underlying styles make investments based on their specific investment philosophies, for example, value, growth, high quality, or low volatility. The portfolio management team seeks to combine complementary underlying styles, monitoring the Fund’s risk profile and strategically rebalancing the portfolio. In selecting different underlying styles, Wellington Management considers, among other things, the relative level of an underlying style’s “active share” (i.e., the extent to which the underlying style’s holdings diverge from the underlying style’s benchmark index), and the “active share” of the Fund (i.e., the extent to which the Fund’s holdings diverge from the Fund’s benchmark index).
For each underlying style, Wellington Management has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale based on internal proprietary research. The underlying styles generally invest in equity securities, but may also use derivatives for investment purposes. The underlying styles do not use derivatives solely for the purpose of creating leverage. Wellington Management’s investment personnel for each underlying style are responsible for selecting the Fund’s investments within their specific underlying styles. In selecting prospective investments for each underlying style, Wellington Management may employ qualitative and quantitative portfolio management techniques.
In addition to allocating the Fund’s assets to the underlying styles, Wellington Management seeks to manage the Fund’s aggregate investment risks, specifically, the risk of loss associated with markets generally as well as the risk of loss from significant events, by investing in derivatives. This strategy principally involves the purchase and sale of put and call options on indices and the purchase and sale of index futures contracts.
The use of derivatives is intended to hedge overall risks to the Fund, but not the risks associated with single or groups of investments or single or groups of underlying styles. As a result, Wellington Management’s derivatives strategy may protect the Fund from losses associated with a general market decline, but would not protect the Fund from losses resulting from a single investment or group of investments held by the Fund. The Fund may invest in cash and cash equivalents.
FHEKX - Performance
Return Ranking - Trailing
Period | FHEKX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.7% | -10.3% | 17.3% | 50.29% |
1 Yr | 20.7% | -13.1% | 44.0% | 30.99% |
3 Yr | 4.2%* | -21.2% | 30.6% | 51.66% |
5 Yr | 8.3%* | -4.2% | 25.2% | 29.71% |
10 Yr | N/A* | -4.2% | 9.9% | N/A |
* Annualized
Return Ranking - Calendar
Period | FHEKX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 14.8% | -17.3% | 43.8% | 12.87% |
2022 | -20.7% | -54.0% | 17.4% | 86.54% |
2021 | -1.1% | -40.0% | 54.1% | 74.67% |
2020 | -10.4% | -47.6% | 88.4% | 86.81% |
2019 | 3.7% | -20.3% | 62.6% | 77.21% |
Total Return Ranking - Trailing
Period | FHEKX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.7% | -10.3% | 17.3% | 50.29% |
1 Yr | 20.7% | -13.1% | 44.0% | 30.99% |
3 Yr | 4.2%* | -21.2% | 30.6% | 51.66% |
5 Yr | 8.3%* | -4.2% | 25.2% | 29.71% |
10 Yr | N/A* | -4.2% | 9.9% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | FHEKX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 14.8% | -14.5% | 43.8% | 23.39% |
2022 | -13.4% | -54.0% | 50.3% | 76.92% |
2021 | 9.9% | -40.0% | 61.6% | 62.00% |
2020 | 16.1% | -29.9% | 91.0% | 25.69% |
2019 | 22.2% | -17.9% | 79.4% | 10.29% |
NAV & Total Return History
FHEKX - Holdings
Concentration Analysis
FHEKX | Category Low | Category High | FHEKX % Rank | |
---|---|---|---|---|
Net Assets | 56.7 M | 1.04 M | 6.15 B | 63.95% |
Number of Holdings | 313 | 2 | 1788 | 17.75% |
Net Assets in Top 10 | 11 M | 474 K | 1.98 B | 84.62% |
Weighting of Top 10 | 19.37% | 0.4% | 101.9% | 89.94% |
Top 10 Holdings
- Microsoft Corp 3.75%
- Alphabet Inc 2.26%
- Apple Inc 2.24%
- Amazon.com Inc 2.23%
- NVIDIA Corp 1.86%
- UnitedHealth Group Inc 1.65%
- Chubb Ltd 1.49%
- Meta Platforms Inc 1.42%
- American Tower Corp 1.39%
- Visa Inc 1.09%
Asset Allocation
Weighting | Return Low | Return High | FHEKX % Rank | |
---|---|---|---|---|
Stocks | 96.34% | 0.00% | 102.24% | 8.28% |
Cash | 4.21% | 0.00% | 102.08% | 92.31% |
Preferred Stocks | 0.00% | 0.00% | 8.72% | 66.27% |
Convertible Bonds | 0.00% | -0.02% | 4.48% | 58.90% |
Bonds | 0.00% | 0.00% | 95.60% | 71.01% |
Other | -0.55% | -45.12% | 99.51% | 80.47% |
Stock Sector Breakdown
Weighting | Return Low | Return High | FHEKX % Rank | |
---|---|---|---|---|
Technology | 18.86% | 0.00% | 43.24% | 45.07% |
Financial Services | 16.11% | 0.00% | 83.83% | 45.77% |
Healthcare | 14.70% | 0.00% | 100.00% | 52.82% |
Consumer Cyclical | 12.88% | 0.00% | 88.83% | 23.94% |
Industrials | 10.83% | 0.00% | 31.93% | 48.59% |
Communication Services | 7.79% | 0.00% | 32.32% | 33.80% |
Consumer Defense | 7.08% | 0.00% | 33.38% | 35.92% |
Basic Materials | 4.52% | 0.00% | 28.58% | 36.62% |
Real Estate | 3.50% | 0.00% | 10.93% | 23.94% |
Utilities | 2.13% | 0.00% | 21.71% | 48.59% |
Energy | 1.61% | 0.00% | 32.57% | 83.80% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | FHEKX % Rank | |
---|---|---|---|---|
US | 93.10% | 0.00% | 102.24% | 13.61% |
Non US | 3.24% | -3.09% | 67.69% | 15.38% |
FHEKX - Expenses
Operational Fees
FHEKX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.50% | 0.42% | 8.51% | 80.23% |
Management Fee | 1.15% | 0.00% | 2.50% | 44.77% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.03% | 1.54% | N/A |
Sales Fees
FHEKX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
FHEKX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
FHEKX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 60.00% | 0.00% | 479.00% | 37.04% |
FHEKX - Distributions
Dividend Yield Analysis
FHEKX | Category Low | Category High | FHEKX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 26.99% | 87.72% |
Dividend Distribution Analysis
FHEKX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Quarterly | Annual |
Net Income Ratio Analysis
FHEKX | Category Low | Category High | FHEKX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.15% | -3.33% | 2.16% | 30.00% |
Capital Gain Distribution Analysis
FHEKX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 31, 2018 | $0.000 | OrdinaryDividend |
Dec 30, 2016 | $0.002 | OrdinaryDividend |
FHEKX - Fund Manager Analysis
Managers
Gregg Thomas
Start Date
Tenure
Tenure Rank
Aug 01, 2016
5.83
5.8%
Mr. Thomas joined Wellington Management in 2002, where he currently serves as Senior Managing Director and Associate Director, Investment Strategy and Risk. As associate director of Investment Strategy and Risk, Gregg conducts original research on portfolio and risk-management topics, leads various Wellington Management internal investment oversight processes, and analyzes key trends and investment risks across the equity, fixed income, asset allocation, and hedge fund product suites. In addition, he is a portfolio manager on certain multi-manager solutions offered by the firm, including Global Equities, International Equities, Hedged Equities, Japan Equities, and US Alpha strategies. Gregg is a member of a number of Wellington Management’s committees and oversight groups, including the Risk Management Committee, Fixed Income Risk Advisory Council, Equity Risk Advisory Council, Multi Asset Strategy Review Group, Equity Review Group II, New Product Working Group, and Philosophy and Process Panel, and represents Wellington Management as a member of the Buy Side Risk Managers Forum. Previously, Gregg was an equity portfolio specialist and analyst at Wellington Management (2002 – 2006). Prior to rejoining the firm in 2002, he worked as a quantitative business analyst at Zurich Scudder Investments (2001), as a business analyst and data analyst in Wellington Management’s Information Services Group (1997 – 2001), and in various financial markets-related positions at IDD Information Services (1993 – 1997). Gregg received his BS in finance, with high distinction, from the University of Rhode Island (1992). He holds the Chartered Financial Analyst designation.
Roberto Isch
Start Date
Tenure
Tenure Rank
Dec 31, 2018
3.42
3.4%
Roberto is a member of the Fundamental Factor Platform Investment Team which applies a factor-based framework to create innovative, new strategies to solve client challenges and meet customized objectives. He is a member of Hedge Fund Review Group, Systematic Investor Review Group, and several risk advisory committees. Prior to joining Wellington Management in 2012, Roberto spent six years at FactSet Research Systems Inc. (2006 – 2012) as a quantitative specialist (2008 – 2012) and as a consultant (2006 – 2008). Roberto earned his BA in political science from the College of the Holy Cross (2006). Additionally, he holds the Chartered Financial Analyst designation and is a member of the CFA Society Boston.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 23.55 | 6.05 | 7.93 |