DELAWARE TAX-FREE USA FUND
Name
As of 11/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
3.7%
1 yr return
15.4%
3 Yr Avg Return
-0.8%
5 Yr Avg Return
2.4%
Net Assets
$1.22 B
Holdings in Top 10
18.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.70%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 40.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
DTFIX - Profile
Distributions
- YTD Total Return 3.7%
- 3 Yr Annualized Total Return -0.8%
- 5 Yr Annualized Total Return 2.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.09%
- Dividend Yield 4.3%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameDELAWARE TAX-FREE USA FUND
-
Fund Family NameDelaware Funds by Macquarie
-
Inception DateDec 31, 2008
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerStephen Czepiel
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 securities the income from which is exempt from federal income tax, including the federal alternative minimum tax. This is a fundamental investment policy that may not be changed without prior shareholder approval.
The Fund will invest primarily in municipal debt obligations that are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. The Fund may invest up to 20% of its net assets in high yield fixed income securities (junk bonds).The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity of between 5 and 30 years. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund’s income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation.
DTFIX - Performance
Return Ranking - Trailing
Period | DTFIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.7% | -5.6% | 31.6% | 3.60% |
1 Yr | 15.4% | 0.1% | 42.6% | 0.73% |
3 Yr | -0.8%* | -11.3% | 3.3% | 53.93% |
5 Yr | 2.4%* | -6.9% | 1103.7% | 3.49% |
10 Yr | 3.0%* | -0.9% | 248.7% | 3.98% |
* Annualized
Return Ranking - Calendar
Period | DTFIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.6% | -1.4% | 41.0% | 0.47% |
2022 | -19.1% | -39.7% | 0.3% | 95.67% |
2021 | 1.1% | -5.6% | 6.9% | 7.09% |
2020 | 4.1% | -2.6% | 310.0% | 2.85% |
2019 | 4.2% | 0.0% | 26.0% | 33.83% |
Total Return Ranking - Trailing
Period | DTFIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.7% | -5.6% | 31.6% | 3.60% |
1 Yr | 15.4% | 0.1% | 42.6% | 0.73% |
3 Yr | -0.8%* | -11.3% | 3.3% | 53.93% |
5 Yr | 2.4%* | -6.9% | 1103.7% | 3.49% |
10 Yr | 3.0%* | -0.9% | 248.7% | 3.98% |
* Annualized
Total Return Ranking - Calendar
Period | DTFIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.8% | -1.3% | 41.0% | 0.33% |
2022 | -15.8% | -39.7% | 1.1% | 94.72% |
2021 | 5.8% | -4.8% | 23761504.0% | 2.25% |
2020 | 8.7% | -1.5% | 17057.9% | 2.50% |
2019 | 8.4% | 0.2% | 3514.6% | 10.42% |
NAV & Total Return History
DTFIX - Holdings
Concentration Analysis
DTFIX | Category Low | Category High | DTFIX % Rank | |
---|---|---|---|---|
Net Assets | 1.22 B | 3.22 M | 71.9 B | 26.58% |
Number of Holdings | 288 | 4 | 13418 | 41.15% |
Net Assets in Top 10 | 230 M | -317 M | 3.09 B | 16.05% |
Weighting of Top 10 | 18.88% | 1.8% | 100.3% | 44.30% |
Top 10 Holdings
- Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 4.24%
- GDB Debt Recovery Authority of Puerto Rico 2.64%
- Commonwealth of Puerto Rico 2.01%
- California Health Facilities Financing Authority 1.79%
- George L Smith II Congress Center Authority 1.52%
- California Educational Facilities Authority 1.48%
- New York Counties Tobacco Trust V 1.48%
- Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 1.41%
- New Jersey Transportation Trust Fund Authority 1.16%
- Florida Development Finance Corp 1.14%
Asset Allocation
Weighting | Return Low | Return High | DTFIX % Rank | |
---|---|---|---|---|
Bonds | 100.80% | 0.00% | 150.86% | 13.44% |
Stocks | 0.00% | 0.00% | 99.78% | 79.57% |
Preferred Stocks | 0.00% | 0.00% | 0.07% | 77.76% |
Other | 0.00% | -3.69% | 51.88% | 74.57% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 77.41% |
Cash | 0.00% | -50.86% | 44.62% | 95.47% |
Bond Sector Breakdown
Weighting | Return Low | Return High | DTFIX % Rank | |
---|---|---|---|---|
Municipal | 99.95% | 44.39% | 100.00% | 15.17% |
Derivative | 0.00% | -3.69% | 51.88% | 73.44% |
Cash & Equivalents | 0.00% | 0.00% | 44.41% | 90.21% |
Securitized | 0.00% | 0.00% | 5.93% | 77.47% |
Corporate | 0.00% | 0.00% | 9.41% | 81.08% |
Government | 0.00% | 0.00% | 52.02% | 78.74% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | DTFIX % Rank | |
---|---|---|---|---|
US | 100.80% | 0.00% | 142.23% | 13.05% |
Non US | 0.00% | 0.00% | 23.89% | 79.76% |
DTFIX - Expenses
Operational Fees
DTFIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.70% | 0.01% | 8.02% | 53.70% |
Management Fee | 0.53% | 0.00% | 1.20% | 91.82% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
DTFIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.50% | 4.75% | N/A |
Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
DTFIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 1.00% | 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.
DTFIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 40.00% | 0.00% | 283.00% | 87.37% |
DTFIX - Distributions
Dividend Yield Analysis
DTFIX | Category Low | Category High | DTFIX % Rank | |
---|---|---|---|---|
Dividend Yield | 4.32% | 0.00% | 14.51% | 0.60% |
Dividend Distribution Analysis
DTFIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
DTFIX | Category Low | Category High | DTFIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 3.09% | -0.53% | 5.33% | 6.13% |
Capital Gain Distribution Analysis
DTFIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Oct 31, 2024 | $0.039 | OrdinaryDividend |
Sep 30, 2024 | $0.037 | OrdinaryDividend |
Aug 30, 2024 | $0.040 | OrdinaryDividend |
Jul 31, 2024 | $0.040 | OrdinaryDividend |
Apr 30, 2024 | $0.038 | OrdinaryDividend |
Mar 28, 2024 | $0.039 | OrdinaryDividend |
Feb 29, 2024 | $0.037 | OrdinaryDividend |
Jan 31, 2024 | $0.039 | OrdinaryDividend |
Dec 29, 2023 | $0.039 | OrdinaryDividend |
Nov 30, 2023 | $0.038 | OrdinaryDividend |
Oct 31, 2023 | $0.040 | OrdinaryDividend |
Sep 29, 2023 | $0.037 | OrdinaryDividend |
Aug 31, 2023 | $0.037 | OrdinaryDividend |
Jul 31, 2023 | $0.036 | OrdinaryDividend |
Jun 30, 2023 | $0.035 | OrdinaryDividend |
May 31, 2023 | $0.037 | OrdinaryDividend |
Apr 28, 2023 | $0.036 | OrdinaryDividend |
Mar 31, 2023 | $0.037 | OrdinaryDividend |
Feb 28, 2023 | $0.033 | OrdinaryDividend |
Jan 31, 2023 | $0.037 | OrdinaryDividend |
Dec 30, 2022 | $0.037 | OrdinaryDividend |
Nov 30, 2022 | $0.035 | OrdinaryDividend |
Oct 31, 2022 | $0.036 | OrdinaryDividend |
Sep 30, 2022 | $0.034 | OrdinaryDividend |
Aug 31, 2022 | $0.037 | OrdinaryDividend |
Jul 29, 2022 | $0.038 | OrdinaryDividend |
Jun 30, 2022 | $0.037 | OrdinaryDividend |
May 31, 2022 | $0.034 | OrdinaryDividend |
Apr 29, 2022 | $0.029 | OrdinaryDividend |
Mar 31, 2022 | $0.028 | OrdinaryDividend |
Feb 28, 2022 | $0.024 | OrdinaryDividend |
Jan 31, 2022 | $0.027 | OrdinaryDividend |
Dec 31, 2021 | $0.027 | OrdinaryDividend |
Nov 30, 2021 | $0.026 | OrdinaryDividend |
Nov 22, 2021 | $0.057 | CapitalGainShortTerm |
Nov 22, 2021 | $0.114 | CapitalGainLongTerm |
Oct 29, 2021 | $0.027 | OrdinaryDividend |
Sep 30, 2021 | $0.027 | OrdinaryDividend |
Aug 31, 2021 | $0.029 | OrdinaryDividend |
Jul 30, 2021 | $0.030 | OrdinaryDividend |
Jun 30, 2021 | $0.030 | OrdinaryDividend |
May 28, 2021 | $0.032 | OrdinaryDividend |
Apr 30, 2021 | $0.032 | OrdinaryDividend |
Mar 31, 2021 | $0.033 | OrdinaryDividend |
Feb 26, 2021 | $0.031 | OrdinaryDividend |
Jan 29, 2021 | $0.034 | OrdinaryDividend |
Dec 31, 2020 | $0.035 | OrdinaryDividend |
Dec 01, 2020 | $0.084 | CapitalGainLongTerm |
Nov 30, 2020 | $0.034 | OrdinaryDividend |
Oct 30, 2020 | $0.044 | OrdinaryDividend |
Sep 22, 2020 | $0.034 | OrdinaryDividend |
Aug 21, 2020 | $0.035 | OrdinaryDividend |
Jul 22, 2020 | $0.034 | OrdinaryDividend |
Jun 22, 2020 | $0.032 | OrdinaryDividend |
May 22, 2020 | $0.037 | OrdinaryDividend |
Apr 22, 2020 | $0.035 | OrdinaryDividend |
Mar 20, 2020 | $0.032 | OrdinaryDividend |
Feb 21, 2020 | $0.036 | OrdinaryDividend |
Jan 22, 2020 | $0.035 | OrdinaryDividend |
Dec 20, 2019 | $0.028 | OrdinaryDividend |
Nov 22, 2019 | $0.037 | OrdinaryDividend |
Nov 22, 2019 | $0.010 | CapitalGainShortTerm |
Nov 22, 2019 | $0.024 | CapitalGainLongTerm |
Oct 22, 2019 | $0.034 | OrdinaryDividend |
Sep 20, 2019 | $0.035 | OrdinaryDividend |
Aug 22, 2019 | $0.034 | OrdinaryDividend |
Jul 22, 2019 | $0.033 | OrdinaryDividend |
Nov 21, 2018 | $0.003 | CapitalGainLongTerm |
Nov 22, 2016 | $0.011 | CapitalGainShortTerm |
Nov 22, 2016 | $0.109 | CapitalGainLongTerm |
Nov 21, 2012 | $0.009 | CapitalGainShortTerm |
Nov 21, 2012 | $0.071 | CapitalGainLongTerm |
DTFIX - Fund Manager Analysis
Managers
Stephen Czepiel
Start Date
Tenure
Tenure Rank
Jul 16, 2007
14.88
14.9%
Stephen J. Czepiel Senior Vice President, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager Stephen J. Czepiel leads the portfolio management of the firm’s municipal bonds strategies, a role he assumed in February 2019. He is a co-portfolio manager of the firm’s municipal bond funds and client accounts, a role he has held since August 2007. He joined Macquarie Investment Management (MIM) in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. Czepiel earned his bachelor’s degree in finance and economics from Duquesne University.
Gregory Gizzi
Start Date
Tenure
Tenure Rank
Dec 28, 2012
9.43
9.4%
Gregory A. Gizzi Senior Vice President, Head of Municipal Bonds, Senior Portfolio Manager Gregory A. Gizzi is head of municipal bonds in the Americas, a role he assumed in February 2019. In this role, he is responsible for the overall operation of the strategy and is team lead on several of the tax-exempt strategies. Additionally, Gizzi continues to be responsible for the taxable municipal business and the marketing efforts for the municipal product. Previously, Gizzi was co-portfolio manager of the firm’s municipal bond funds and several client accounts, a role he held since November 2011. Before joining Macquarie Investment Management (MIM) in January 2008 as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm’s tax-exempt institutional sales effort. Prior to that, he spent two years trading corporate bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in 1984, where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. Gizzi earned his bachelor’s degree in economics from Harvard University.
Jake van Roden
Start Date
Tenure
Tenure Rank
Feb 26, 2019
3.26
3.3%
Delaware Management Company Senior Vice President, Head of Municipal Trading, Portfolio Manager Jake van Roden is head of Macquarie’s municipal trading team. He is also a portfolio manager for the firm’s nine open-end state-specific municipal bond funds, as well as for several municipal bond client accounts, a role he assumed in December 2017. In February 2019, his portfolio management role expanded to include the closed-end municipal bond funds and the three national municipal open-end funds.He joined the municipal department in July 2004 as a generalist and became head of municipal trading in December 2012. Before that, van Roden interned at Macquarie Investment Management (MIM), which includes the former Delaware Investments, in the client services department. He received a bachelor’s degree in American studies with a minor in government from Franklin & Marshall College.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.35 | 1.58 |