Delaware Management Business Trust is a privately owned investment manager. The firm provides its services to individuals, investment companies, charitable organizations, corporations, state or municipal government entities, insurance company accounts, pension plans, endowments, foundations, Taft-Hartley plans, nuclear decommissioning trusts, banks, brokers and dealers, DC plan providers, sub advisory clients, and third party administrators. It manages separate client-focused equity, debt, and balanced portfolios. The firm invests in the public equity and debt markets of the United States, non-US, and other emerging economies. It invests in growth-oriented value stocks of small-cap, mid-cap, and large-cap companies. The firm selects country by utilizing a top-down approach and stocks on the basis of a fundamental analysis with a bottom-up stock picking approach to create its equity portfolio mix. The firm benchmarks the performance of its equity portfolio against the S&P 500 Index, Russell 1000 Value Index, Russell Midcap Growth Index, Russell 2000 Growth Index, Russell 2500 Growth Index, Russell 2000 Value Index, and Lehman Aggregate Bond Index. It utilizes a combination of equity and debt strategies to manage its balanced portfolios. The firm uses in-house research to make its investments. Delaware Management Business Trust was founded in 1929 and is based in Philadelphia, Pennsylvania with additional offices in Fort Wayne, Indiana; Denver, Colorado; San Francisco, California; and Boston, Massachusetts. Delaware Management Business Trust operates as a subsidiary of Delaware Management Holdings, Inc.