DELAWARE CORPORATE BOND FUND
Name
As of 11/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
4.0%
1 yr return
11.8%
3 Yr Avg Return
40.2%
5 Yr Avg Return
25.6%
Net Assets
$1.27 B
Holdings in Top 10
10.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.58%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 123.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
DGCZX - Profile
Distributions
- YTD Total Return 4.0%
- 3 Yr Annualized Total Return 40.2%
- 5 Yr Annualized Total Return 25.6%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.65%
- Dividend Yield 5.1%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameDELAWARE CORPORATE BOND FUND
-
Fund Family NameDelaware Funds by Macquarie
-
Inception DateJan 31, 2019
-
Shares OutstandingN/A
-
Share ClassR6
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKashif Ishaq
Fund Description
Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in corporate bonds (80% policy). Delaware Management Company (Manager) focuses on corporate bonds that have investment grade credit ratings from a nationally recognized statistical rating organization (NRSRO). The bonds the Manager selects for the portfolio are typically rated BBB- and above by Standard & Poor’s Financial Services LLC (S&P), Baa3 and above by Moody’s Investors Service, Inc. (Moody’s), or similarly rated by another NRSRO. The Manager may also invest in unrated bonds if it believes their credit quality is comparable to those that have investment grade ratings.
In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.
The Fund may also invest up to 20% of its net assets in high yield corporate bonds (“junk bonds”). In addition, the Fund may invest up to 40% of its total assets in foreign securities, but the Fund’s total non-US-dollar currency exposure will be limited, in the aggregate, to no more than 25% of net assets.
The average portfolio duration of the Fund will generally vary within two years (plus or minus) of the current average duration of the Bloomberg US Corporate Investment Grade Index, which as of December 31, 2022, was 7.14 years. Duration measures a bond’s sensitivity to interest rates by indicating the approximate change in a bond or bond fund’s price given a 1% change in interest rates.
The 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days’ notice prior to any such change.
DGCZX - Performance
Return Ranking - Trailing
Period | DGCZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 4.0% | -1.7% | 7.1% | 17.24% |
1 Yr | 11.8% | 2.8% | 15.1% | 32.18% |
3 Yr | 40.2%* | -8.0% | 40.2% | 0.58% |
5 Yr | 25.6%* | -7.1% | 25.6% | 0.62% |
10 Yr | N/A* | -0.2% | 14.3% | 23.48% |
* Annualized
Return Ranking - Calendar
Period | DGCZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.5% | -5.6% | 6.3% | 94.25% |
2022 | 142.1% | -28.7% | 142.1% | 0.58% |
2021 | -5.0% | -12.3% | 4.9% | 71.18% |
2020 | 7.5% | -8.0% | 10.6% | 18.07% |
2019 | N/A | 4.3% | 13.4% | N/A |
Total Return Ranking - Trailing
Period | DGCZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 4.0% | -1.7% | 7.1% | 17.24% |
1 Yr | 11.8% | 2.8% | 15.1% | 32.18% |
3 Yr | 40.2%* | -8.0% | 40.2% | 0.58% |
5 Yr | 25.6%* | -7.1% | 25.6% | 0.62% |
10 Yr | N/A* | -0.2% | 14.3% | 20.45% |
* Annualized
Total Return Ranking - Calendar
Period | DGCZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.4% | -5.6% | 12.9% | 85.63% |
2022 | 151.8% | -25.6% | 151.8% | 0.58% |
2021 | -0.3% | -5.1% | 7.5% | 35.88% |
2020 | 11.7% | -8.0% | 116.0% | 22.89% |
2019 | N/A | 6.7% | 17.4% | N/A |
NAV & Total Return History
DGCZX - Holdings
Concentration Analysis
DGCZX | Category Low | Category High | DGCZX % Rank | |
---|---|---|---|---|
Net Assets | 1.27 B | 4.83 M | 47.3 B | 44.83% |
Number of Holdings | 248 | 4 | 10364 | 86.78% |
Net Assets in Top 10 | 138 M | -29.6 M | 3.03 B | 50.57% |
Weighting of Top 10 | 10.92% | 1.7% | 143.7% | 60.34% |
Top 10 Holdings
- Bank of America Corp 1.47%
- Athene Global Funding 1.28%
- Frontier Issuer LLC 1.11%
- Freeport-McMoRan Inc 1.11%
- Targa Resources Partners LP / Targa Resources Partners Finance Corp 1.04%
- Boeing Co/The 1.04%
- Vistra Operations Co LLC 0.99%
- Morgan Stanley 0.98%
- AbbVie Inc 0.95%
- Goldman Sachs Group Inc/The 0.94%
Asset Allocation
Weighting | Return Low | Return High | DGCZX % Rank | |
---|---|---|---|---|
Bonds | 97.39% | 0.00% | 136.47% | 45.40% |
Convertible Bonds | 1.91% | 0.00% | 78.47% | 85.06% |
Cash | 1.41% | -43.80% | 45.89% | 67.82% |
Other | 1.11% | -4.61% | 11.28% | 28.74% |
Preferred Stocks | 0.08% | 0.00% | 9.18% | 25.29% |
Stocks | 0.00% | 0.00% | 99.98% | 66.67% |
Bond Sector Breakdown
Weighting | Return Low | Return High | DGCZX % Rank | |
---|---|---|---|---|
Corporate | 93.13% | 41.80% | 99.52% | 22.41% |
Government | 2.15% | 0.00% | 25.63% | 73.56% |
Cash & Equivalents | 1.22% | 0.00% | 45.89% | 54.60% |
Municipal | 0.51% | 0.00% | 3.62% | 21.26% |
Securitized | 0.15% | 0.00% | 23.18% | 81.03% |
Derivative | 0.00% | -2.67% | 2.14% | 71.84% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | DGCZX % Rank | |
---|---|---|---|---|
US | 97.39% | 0.00% | 110.12% | 40.80% |
Non US | 0.00% | 0.00% | 47.05% | 71.84% |
DGCZX - Expenses
Operational Fees
DGCZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.58% | 0.03% | 4.24% | 61.99% |
Management Fee | 0.48% | 0.00% | 1.35% | 81.03% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.02% | 0.45% | N/A |
Sales Fees
DGCZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.00% | 4.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
DGCZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
DGCZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 123.00% | 0.00% | 259.00% | 75.00% |
DGCZX - Distributions
Dividend Yield Analysis
DGCZX | Category Low | Category High | DGCZX % Rank | |
---|---|---|---|---|
Dividend Yield | 5.09% | 0.00% | 6.00% | 31.61% |
Dividend Distribution Analysis
DGCZX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
DGCZX | Category Low | Category High | DGCZX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.65% | 0.38% | 5.93% | 23.26% |
Capital Gain Distribution Analysis
DGCZX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Oct 31, 2024 | $0.072 | OrdinaryDividend |
Sep 30, 2024 | $0.065 | OrdinaryDividend |
Aug 30, 2024 | $0.064 | OrdinaryDividend |
Jul 31, 2024 | $0.062 | OrdinaryDividend |
Apr 30, 2024 | $0.059 | OrdinaryDividend |
Mar 28, 2024 | $0.060 | OrdinaryDividend |
Feb 29, 2024 | $0.055 | OrdinaryDividend |
Jan 31, 2024 | $0.059 | OrdinaryDividend |
Dec 29, 2023 | $0.056 | OrdinaryDividend |
Nov 30, 2023 | $0.052 | OrdinaryDividend |
Oct 31, 2023 | $0.055 | OrdinaryDividend |
Sep 29, 2023 | $0.053 | OrdinaryDividend |
Aug 31, 2023 | $0.054 | OrdinaryDividend |
Jul 31, 2023 | $0.056 | OrdinaryDividend |
Jun 30, 2023 | $0.054 | OrdinaryDividend |
May 31, 2023 | $0.057 | OrdinaryDividend |
Apr 28, 2023 | $0.053 | OrdinaryDividend |
Mar 31, 2023 | $0.056 | OrdinaryDividend |
Feb 28, 2023 | $0.050 | OrdinaryDividend |
Jan 31, 2023 | $0.055 | OrdinaryDividend |
Dec 30, 2022 | $0.054 | OrdinaryDividend |
Nov 30, 2022 | $0.051 | OrdinaryDividend |
Oct 31, 2022 | $0.052 | OrdinaryDividend |
Sep 30, 2022 | $0.040 | OrdinaryDividend |
Aug 31, 2022 | $0.016 | OrdinaryDividend |
Jul 29, 2022 | $0.018 | OrdinaryDividend |
Jun 30, 2022 | $0.017 | OrdinaryDividend |
May 31, 2022 | $0.016 | OrdinaryDividend |
Apr 29, 2022 | $0.015 | OrdinaryDividend |
Mar 31, 2022 | $0.016 | OrdinaryDividend |
Feb 28, 2022 | $0.014 | OrdinaryDividend |
Jan 31, 2022 | $0.016 | OrdinaryDividend |
Dec 31, 2021 | $0.016 | OrdinaryDividend |
Nov 30, 2021 | $0.015 | OrdinaryDividend |
Nov 22, 2021 | $0.054 | CapitalGainShortTerm |
Nov 22, 2021 | $0.044 | CapitalGainLongTerm |
Oct 29, 2021 | $0.016 | OrdinaryDividend |
Sep 30, 2021 | $0.015 | OrdinaryDividend |
Aug 31, 2021 | $0.017 | OrdinaryDividend |
Jul 30, 2021 | $0.016 | OrdinaryDividend |
Jun 30, 2021 | $0.016 | OrdinaryDividend |
May 28, 2021 | $0.016 | OrdinaryDividend |
Apr 30, 2021 | $0.016 | OrdinaryDividend |
Mar 31, 2021 | $0.017 | OrdinaryDividend |
Feb 26, 2021 | $0.015 | OrdinaryDividend |
Jan 29, 2021 | $0.016 | OrdinaryDividend |
Dec 31, 2020 | $0.016 | OrdinaryDividend |
Nov 30, 2020 | $0.015 | OrdinaryDividend |
Nov 20, 2020 | $0.037 | CapitalGainShortTerm |
Oct 30, 2020 | $0.020 | OrdinaryDividend |
Sep 22, 2020 | $0.015 | OrdinaryDividend |
Aug 21, 2020 | $0.017 | OrdinaryDividend |
Jul 22, 2020 | $0.016 | OrdinaryDividend |
Jun 22, 2020 | $0.015 | OrdinaryDividend |
May 22, 2020 | $0.018 | OrdinaryDividend |
Apr 22, 2020 | $0.017 | OrdinaryDividend |
Mar 20, 2020 | $0.016 | OrdinaryDividend |
Feb 21, 2020 | $0.018 | OrdinaryDividend |
Jan 22, 2020 | $0.018 | OrdinaryDividend |
Dec 20, 2019 | $0.016 | OrdinaryDividend |
Nov 22, 2019 | $0.019 | OrdinaryDividend |
Oct 22, 2019 | $0.017 | OrdinaryDividend |
Sep 20, 2019 | $0.018 | OrdinaryDividend |
Aug 22, 2019 | $0.018 | OrdinaryDividend |
Jul 22, 2019 | $0.018 | OrdinaryDividend |
DGCZX - Fund Manager Analysis
Managers
Kashif Ishaq
Start Date
Tenure
Tenure Rank
Nov 29, 2013
8.51
8.5%
Kashif Ishaq Managing Director, Head of Credit Trading, Portfolio Manager Kashif Ishaq is global head of corporate bond trading for Macquarie Investment Management Fixed Income (MFI). He plays an integral role in the investment process, managing investment grade corporate bond exposure within MFI’s portfolios and performing relative value analysis across corporate curves and capital structures. He is also responsible for managing all corporate credit traders and maintaining key industry relationships. He started his fixed income career with Macquarie Investment Management as a portfolio analyst on the firm’s insurance portfolio management team before taking a position as an investment grade trader. For the three years prior to joining MIM in August 2005, he participated in Lincoln Financial Group’s rotational Professional Development Program. He started the program as a financial analyst in the Hartford office, followed by a position in information technology, and lastly he spent a year in the client services department of Delaware Investments. Ishaq received his bachelor’s degree in corporate finance and accounting from Bentley College.
Michael Wildstein
Start Date
Tenure
Tenure Rank
Nov 06, 2014
7.57
7.6%
Michael G. Wildstein is a member of fixed income portfolio management team at Delaware Management Company, a series of Macquarie Investment Management Business Trust. Before joining the team, he was a senior corporate bond analyst focused on the telecommunications sector for high-grade and high yield portfolios. Prior to joining Macquarie Investment Management (MIM) in March 2007 as a senior research analyst, Wildstein spent five years at Merrill Lynch Investment Managers in various roles that included portfolio manager for the core bond team, corporate bond research analyst, and corporate bond trader. Before moving into investment management, Wildstein worked in finance, corporate strategy, and business development with several firms including RCN Corporation and AT&T Local Services. He earned a bachelor’s degree from the University of Tampa and an MBA from Drexel University.
Wayne Anglace
Start Date
Tenure
Tenure Rank
Jul 27, 2016
5.85
5.9%
Wayne A. Anglace currently serves as a senior portfolio manager for Macquarie Investment Management's corporate and convertible bond strategies. Prior to joining Macquarie Investment Management (MIM), which includes the former Delaware Investments, in March 2007 as a research analyst for the firm’s high grade, high yield, and convertible bond portfolios, he spent more than two years as a research analyst at Gartmore Global Investments for its convertible bond strategy. From 2000 to 2004, Anglace worked in private client research at Deutsche Bank Alex. Brown in Baltimore, where he focused on equity research, and he started his financial services career with Ashbridge Investment Management in 1999. Prior to moving to the financial industry, Anglace worked as a professional civil engineer. He earned his bachelor’s degree in civil engineering from Villanova University and an MBA with a concentration in finance from Saint Joseph’s University, and he is a member of the CFA Society of Philadelphia.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.33 | 24.76 | 6.78 | 2.47 |