Objective
The primary investment objective of the Fund is to seek high current income with capital appreciation as a secondary objective.
Strategy
The Fund is a diversified closed-end fund. The primary investment objective is to seek high current income; capital appreciation is a secondary objective. The Fund seeks to achieve its objectives by investing, under normal circumstances, at least 65% of its total assets in income-generating equity securities, including dividend-paying common stocks, convertible securities, preferred stocks, and other equity-related securities. Up to 35% of the Fund's total assets may be invested in nonconvertible debt securities consisting primarily of high-yield, high-risk corporate bonds. In addition, the Fund utilizes leveraging techniques in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its investment objectives.
Total net assets
as of
11/30/2022
All share classes
$71.9 million
Portfolio
Fund information as of 10/31/2023 |
Ticker symbol (NAV) |
XDDFX |
Ticker symbol |
DDF |
Trading Exchange |
NYSE |
SEC yield |
n/a |
Expense ratio |
1.03% |
Turnover ratio |
21% |
Inception date |
03/26/1993 |
For Fund distributions declared please see the fact sheet and/or dividend press releases.
Holdings are as of the date indicated and subject to change.
Management
Kristen Bartholdson
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Managing Director, Senior Portfolio Manager – US Large Cap Value Equity
-
Start date on the Fund:
December 2008
-
Years of industry experience:
22
-
Read bio
Kristen Bartholdson
Managing Director, Senior Portfolio Manager – US Large Cap Value Equity
- Joined Delaware Investments in 2006, acquired by Macquarie in 2010
- Based in Philadelphia
Kristen is a Senior Portfolio Manager for the US Large Cap Value Equity Team at Macquarie Asset Management (MAM). She first assumed portfolio management responsibilities with Delaware Investments in December 2008.
Prior to joining Delaware Investments as an Equity Analyst, Kristen worked at Susquehanna International Group, where she was in equity research sales and at Credit Suisse as an Associate Analyst in investment strategy.
Kristen holds a Bachelor of Arts in economics from Princeton University.
Adam H. Brown, CFA
-
Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
July 2016
-
Years of industry experience:
24
-
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Adam H. Brown
Managing Director, Senior Portfolio Manager
Adam H. Brown is a Senior Portfolio Manager for the firm’s high yield strategies within Macquarie Asset
Management Fixed Income (MFI). He manages MFI’s bank loan portfolios and is a co-portfolio manager for the
high yield, fixed rate multisector, and core plus strategies. Brown joined Macquarie Asset Management (MAM) in
April 2011 as part of the firm’s integration of Macquarie Four Corners Capital Management, where he had
worked since 2002. At Four Corners, he was a co-portfolio manager on the firm’s collateralized loan obligations
(CLOs) and a senior research analyst supporting noninvestment grade portfolios. Before that, Brown was with
the predecessor of Wells Fargo Securities, where he worked in the leveraged finance group arranging senior
secured bank loans and high yield bond financings for financial sponsors and corporate issuers. He earned an
MBA from the A.B. Freeman School of Business at Tulane University and a bachelor’s degree in Accounting
from the University of Florida.
Chris Gowlland, CFA
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Senior Vice President, Head of Equity Quantitative Research
-
Start date on the Fund:
June 2020
-
Years of industry experience:
24
-
Read bio
Chris Gowlland
Senior Vice President, Head of Equity Quantitative Research
Chris Gowlland is the Head of Equity Quantitative Research, a role he assumed in July 2019. As part of his role, he also serves as portfolio manager for certain portfolios managed by the Global Equity team and for several different strategies in the firm’s multi-asset class offerings. Previously, he was a senior quantitative analyst for the firm’s equity department. Prior to joining Macquarie Asset Management (MAM) in May 2007, he spent seven years working in fundamental equity research and corporate finance for Morgan Stanley and Commerzbank Securities, followed by two years as a quantitative strategist at Morgan Stanley and at State Street Global Markets. Gowlland holds a bachelor’s degree in Chinese and Spanish from the University of Leeds (U.K.), a master’s degree in development studies from Brown University, and another master’s degree in international management from Thunderbird. He also spent several years in a Ph.D. program in political economy at Harvard University. Gowlland is a member of the CFA Institute, the CFA Society New York, the CFA Society of Philadelphia, and the Society of Quantitative Analysts.
Erin Ksenak
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Managing Director, Portfolio Manager – US Large Cap Value Equity
-
Start date on the Fund:
December 2020
-
Years of industry experience:
13
-
Read bio
Erin Ksenak
Managing Director, Portfolio Manager – US Large Cap Value Equity
- Joined Macquarie in 2017
- Based in Philadelphia
Erin is a Portfolio Manager for the US Large Cap Value Equity Team at Macquarie Asset Management, a role she assumed in December 2020.
Prior to joining Macquarie as an Equity Analyst, she worked at Affinity Investment Advisors as a Portfolio Manager for the domestic and international equity investment team and at Miller Investment Management as a Research Associate.
Erin holds a Bachelor of Science in finance from Fordham University and graduated summa cum laude.
Nikhil Lalvani, CFA
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Managing Director, Senior Portfolio Manager, Team Leader – US Large Cap Value Equity
-
Start date on the Fund:
October 2006
-
Years of industry experience:
25
-
Read bio
Nikhil Lalvani
Managing Director, Senior Portfolio Manager, Team Leader – US Large Cap Value Equity
- Joined Delaware Investments in 1997, acquired by Macquarie in 2010
- Based in Philadelphia
Nikhil is a Senior Portfolio Manager for the US Large Cap Value Equity Team at Macquarie Asset Management (MAM), a role he first assumed with Delaware Investments in October 2006. He has held the position of Team Leader since October 2018.
Previously, Nikhil worked as a Fundamental and Quantitative Analyst on several investment strategies. He joined Delaware Investments as an Account Analyst in the SMA Operations Group. Prior to that, he was a Research Associate with Bloomberg.
Nikhil holds a Bachelor of Science in finance from The Pennsylvania State University. He holds the Chartered Financial Analyst® designation and is a member of the CFA Institute and the CFA Society of Philadelphia.
Benjamin Leung, CFA
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Division Director, Co-Head of Systematic Investments, Head of Research
-
Start date on the Fund:
January 2021
-
Years of industry experience:
20
-
Read bio
Benjamin Leung
Division Director, Co-Head of Systematic Investments, Head of Research
- Joined Macquarie in 2001
- Based in Sydney
Ben is the Co-Head of the Macquarie Systematic Investments Team, a role he assumed in August 2014. He is responsible for the day-to-day management of the global portfolios, oversight of the trading function, development of new strategies, and client engagement. Ben is also the Head of Research, responsible for setting the research agenda to drive the ongoing evolution of investment techniques and technology.
During his tenure with the firm, he has held roles in software development, quantitative research, and portfolio management for a range of Australian, Developed, and Emerging Market Equity strategies.
Ben is a member of MAM APAC Awards Committee, and he serves on the FTSE EPRA NAREIT Asia Regional Advisory Committee.
He earned a Bachelor of Engineering (Honours) in software engineering (First Class) and a Master of Commerce in finance from the University of New South Wales. He holds the Chartered Financial Analyst® designation and he is a member of the CFA Institute.
Stefan Löwenthal, CFA
-
Managing Director, Chief Investment Officer – Global Multi-Asset
-
Start date on the Fund:
October 2020
-
Years of industry experience:
14
-
Read bio
Stefan Löwenthal
Managing Director, Chief Investment Officer – Global Multi-Asset
- Joined Macquarie in 2008
- Based in Vienna
Stefan is the Chief Investment Officer for the Global Multi-Asset Team at Macquarie Asset Management (MAM). The team has engineered multi-asset solutions for more than 25 years. With its highly differentiated investment process, the team serves clients around the globe. He leads the team responsible for asset allocation and portfolio construction; the management of multi-asset funds, model portfolios, and institutional accounts; and the development of new multi-asset investment strategies. He oversees all research, portfolio management, and thought leadership activities of the team.
Stefan joined Macquarie in February 2008 as a Portfolio Manager on the Global Multi-Asset Team. He was appointed Chief Investment Officer for the team in 2013.
He chairs the MAM Investment Policy Committee and is a member of the MAM Environmental, Social, and Governance (ESG) Working Group, the MAM Professional Series Multi Manager Committee, and the MAM Private Infrastructure Fund Governance Committee.
He is a frequent speaker at industry events and universities. Stefan received a Master of Management Science from the Vienna University of Economics and Business. He holds the Chartered Financial Analyst® designation and is a member of the CFA Society Austria.
John P. McCarthy, CFA
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Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
December 2012
-
Years of industry experience:
35
-
Read bio
John P. McCarthy
Managing Director, Senior Portfolio Manager
John P. McCarthy is a Senior Portfolio Manager for the Macquarie Investment Management Fixed Income (MFI) high yield strategies, a role he assumed in July 2016. From December 2012 to June 2016, he was co-head of credit research for MFI. McCarthy rejoined Macquarie Investment Management in March 2007 as a senior research analyst, after he worked in the firm’s fixed income area from 1990 to 2000 as a senior high yield analyst and high yield trader, and from 2001 to 2002 as a municipal bond trader. Prior to rejoining the firm, he was a senior high yield analyst/trader at Chartwell Investment Partners. McCarthy earned a bachelor’s degree in business administration from Babson College, and he is a member of the CFA Society of Philadelphia.
Scot Thompson
-
Division Director, Co-Head of Systematic Investments, Portfolio Manager
-
Start date on the Fund:
January 2021
-
Years of industry experience:
24
-
Read bio
Scot Thompson
Division Director, Co-Head of Systematic Investments, Portfolio Manager
- Joined Macquarie in 2001
- Based in Sydney
Scot is Co-Head of the Macquarie Systematic Investments Team, a role he assumed in August 2014. He is responsible for the day-to-day management of the global portfolios, oversight of the trading function, development of new strategies, and client engagement. Scot has been a member of the team since 2004.
Previously, Scot was the Equities Head of Product, responsible for product design, development, and client relationships for the Australian and Global equities product range.
Prior to joining Macquarie, Scot worked on the performance analytics team for Cogent Investment Administration. Scot also worked in civil engineering for seven years before moving across to finance, working for several Australian companies as a Project Manager focusing on underground installations, quarrying, and mining.
He serves as a board member for one of Macquarie Asset Management’s investment management entities in Australia.
He earned his Bachelor of Civil Engineering from the University of Sydney majoring in civil engineering and a Master of Applied Finance from Macquarie University.
Michael G. Wildstein, CFA
-
Senior Managing Director, Head of US Credit and Insurance
-
Start date on the Fund:
September 2020
-
Years of industry experience:
21
-
Read bio
Michael G. Wildstein
Senior Managing Director, Head of US Credit and Insurance
Michael G. Wildstein is Head of US Credit and Insurance for Macquarie Asset Management Fixed Income (MFI). He manages corporate credit-related portfolios. Before joining the team, he was a senior corporate bond analyst for MFI, focused on the telecommunications sector for high-grade and high yield portfolios. Prior to joining Macquarie Asset Management 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. Prior to this, Wildstein worked in finance, corporate strategy, and business development with several firms including RCN Corporation and AT&T Local Services. He earned an MBA from Drexel University and a bachelor’s degree from the University of Tampa.
Jürgen Wurzer
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Managing Director, Deputy Head – Global Multi-Asset
-
Start date on the Fund:
October 2020
-
Years of industry experience:
15
-
Read bio
Jürgen Wurzer
Managing Director, Deputy Head – Global Multi-Asset
- Re-joined Macquarie in 2018
- Based in Vienna
Jürgen is the Deputy Head of the Global Multi-Asset Team at Macquarie Asset Management (MAM), a role he assumed in April 2018. The team, led by Stefan Löwenthal, has engineered multi-asset solutions for more than 25 years. With its highly differentiated investment process, the team serves clients around the globe. Jürgen is responsible for designing and managing multi-asset strategies, overseeing quantitative research and modelling, and analysing global equity markets.
He initially joined Macquarie in 2007, focusing on multi-asset solutions. He worked for Erste Asset Management between 2016 and 2018, prior to re-joining Macquarie in 2018.
In addition to his role at Macquarie, Jürgen serves as a lecturer for asset allocation, quantitative finance, and portfolio and risk management at several educational institutions.
Jürgen received a Master of Arts from the University of Applied Sciences Wiener Neustadt. He holds the Chartered Financial Analyst® designation, the CFA Institute Certificate in ESG Investing and is a member of the CFA Society Austria.
Supplemental data
Ratios and supplemental data
Year ended
|
11/30/2021 |
11/30/20 |
11/30/19 |
11/30/18 |
11/30/17 |
Net assets, end of period (000 omitted) |
$ 80,233
|
$72,838 |
$84,481 |
$85,244 |
$92,916 |
Ratio of expenses to average net assets1,2,3, 4 |
1.75%
|
2.12% |
3.15% |
2.48% |
2.09% |
Ratio of net investment income to average net assets5 |
2.35%
|
2.78% |
2.88% |
2.37% |
2.94% |
Portfolio turnover |
38%
|
56% |
52% |
29% |
36% |
1Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
2The ratio of expenses before interest expense to adjusted average net assets (excluding debt outstanding) for the years ended Nov. 30, 2021, 2020, 2019, 2018, and 2017 were 1.02%, 1.08%, 1.26%, 0.86%, and 0.87%, respectively.
3The ratio of interest expense to average net assets for the years ended Nov. 30, 2021, 2020, 2019, 2018, and 2017 were 0.36%, 0.61%, 1.35%, 1.23%, and 0.84% respectively.
4The ratio of interest expense to adjusted average net assets (excluding debt outstanding) for the years ended Nov. 30, 2021, 2020, 2019, 2018, and 2017 were 0.27%, 0.43%, 0.95%, 0.85%, and 0.58%, respectively.
5The ratio of net investment income to adjusted average net assets (excluding debt outstanding) for the years ended Nov. 30, 2021, 2020, 2019, 2018, and 2017 were 1.73%, 1.99%, 2.03%, 1.64%, and 2.05%, respectively.
Resources
Fact sheet and commentaries