The Multi-Manager Large Cap Fund finished the quarter behind the Index, returning 9.64% compared with the benchmark return of 10.23%. The Fund benefited from strong relative results in the financials and consumer staples sectors. Performance within energy and technology issues represented a drag on returns. The Fund's overall positioning has changed very little, with a continued overweight to consumer stocks, health care and technology. For the full year, the Fund returned 32.04% versus the Russell 1000® Index return of 33.11%.
During the quarter, we made one sub-adviser change within the Fund. NWQ Investment Management was replaced by Huber Capital Management, LLC. Huber Capital manages a concentrated, traditional value portfolio that we expect to provide strong upside in value-driven markets. They also complement the lower-risk portfolio of Delaware Investments. Huber Capital began managing assets in the Fund in early October. Since their introduction, Huber has performed ahead of the benchmark.
If you're a long-term investor looking to diversify your investments by pursuing the growth potential of large-company stocks, then this Fund may be right for you.
- Invest in large-cap stocks through a variety of external large-cap managers who have distinct investment styles and strategies.
- Select complementary managers from a broad universe of investment managers.
- Blend managers into a single fund in an effort to provide an attractive combination of risk and return.