Think You Need a Manager for International Small Caps? Think Again.

DLS versus the Morningstar Foreign Small/Mid-Cap Value Peer Group (7/1/2006 to 3/31/2015)

DLS v. Morningstar Foreign Small-Cap Value Peer Group (fig. 2)

Beating 80% Since Inception: DLS has beaten 80% of its peer group since its inception, with a return of 5.1%. The MSCI EAFE Small Cap Index—an important benchmark for this category—beat nearly two-thirds of the peer group over the same period. Contrary to what many might initially believe—that you need active managers to outperform in small caps outside the U.S., the evidence over this period may suggest otherwise.

Important Risks Related to this Article

There are risks associated with investing, including possible loss of principal. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Funds focusing their investments on certain sectors and/or smaller companies increase their vulnerability to any single economic or regulatory development. This may result in greater share price volatility. Please read the Fund’s prospectus for specific details regarding the Fund’s risk profile.