Nomura Value Fund, a series of Delaware Group Equity Funds II on McDonald’s Corporation

The fund initiated McDonald’s because it sees a combination of market leadership, a strong operational track record, a solid balance sheet and continued growth potential. Investor concerns around the macroeconomic environment created weakness in the opportunity set. The team believes those concerns created an attractive relative-value entry point rather than a deterioration in the core franchise. The thesis is to own a high-quality consumer business while valuation reflects elevated macro pessimism.