FISSX — Delaware Special Situations Fund

FISSX Fund Overview

FISSX — Delaware Special Situations Fund is a US mutual fund managed by Delaware Group Equity Funds IV, categorised as Global (incl. US) Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Delaware Group Equity Funds IV
• Category: Global (incl. US) Real Estate
• Assets under management: $355.55M
• 1-year return: 64.1%
• Ticker: FISSX
• SEC CIK: 0000778108
• SEC series ID: S000065920
• Share class ID: C000212943

FISSX Investment Objective and Strategy

Delaware Special Situations Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Delaware Group Equity Funds IV.

Investment objective

Delaware Special Situations Fund seeks long-term growth of capital.

Principal investment strategy

The Fund invests primarily in common stocks of small sized companies that the investment manager, Delaware Management Company (Manager), believes appear low relative to their underlying value or long-term potential. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its total assets (net assets plus the amount of any borrowings for investment purposes) in securities of companies that are deemed by the Manager to be special situations which are defined as investments primarily in common stocks of small-size companies that in the Managers opinion, appear low relative to their underlying value or future potential. The Fund uses a bottom-up approach to selecting investments. The Fund uses fundamental research to search for companies that have one or more of the following: a strong balance sheet, experienced management, and stocks that are attractively priced.

Considerations used when determining a special situation include, among other factors, the financial strength of a company, its management, the prospects for its industry, and any anticipated changes within the company that might suggest a more favorable outlook going forward. The Manager focuses on free cash flow in its individual stock selection, seeking companies that it believes have a sustainable ability to buy back shares, lower debt, and/or increase or initiate dividends. The Fund considers small-capitalization companies to be companies with a market capitalization generally less than 3.5 times the dollar-weighted, median market capitalization of the Russell 2000 Index at the time of purchase. The Fund may invest in exchange-traded funds (ETFs) to gain exposure to stocks and up to 15% of its net assets in real estate investment trusts (REITs).

The Manager may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Fund Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

FISSX Performance

Total returns for FISSX (as of 2026-10-01), from SEC filings.

FISSX Risk Information

Risk metrics for FISSX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 21.7%

FISSX Costs and Fees

FISSX costs about $127 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.27%
• Gross expense ratio: 1.31%
• Portfolio turnover: 129%
• Brokerage commissions: 5.16 bps of average net assets (SEC N-CEN)

FISSX Cashflows

Over the 12 months to 2021-06, Delaware Special Situations Fund had net inflows of $148.31M, from monthly SEC N-PORT filings.

FISSX Debt Constituents

No individual debt constituents are reported in Delaware Special Situations Fund's latest SEC N-PORT filing.

FISSX Prospectus and SEC Filings

Official Delaware Special Situations Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2021-01-28
• Prospectus (485BPOS) — filed 2020-02-12
• Prospectus (485BPOS) — filed 2019-10-25
• Portfolio holdings (N-PORT) — filed 2021-08-30
• Portfolio holdings (N-PORT) — filed 2021-05-20
• Portfolio holdings (N-PORT) — filed 2021-03-01
• Annual census (N-CEN) — filed 2020-12-03

Related Funds

Other Global (incl. US) Real Estate funds tracked on ABC INVEST:

• MFS Global Real Estate Fund (MGLAX)
• Global Real Estate Securities Fund (POSAX)
• PGIM Global Real Estate Fund (PURCX)
• Global Real Estate Securities Fund (RIFSX)
• Global Real Estate Index Fund (NGREX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.