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 05/31/2023 |
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 E. Bartholdson
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Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
December 2008
-
Years of industry experience:
22
-
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Kristen E. Bartholdson
Managing Director, Senior Portfolio Manager
Kristen E. Bartholdson is a Senior Portfolio Manager for the firm’s US Large Cap Value Equity team. Prior to joining Macquarie Asset Management (MAM) in 2006 as an equity analyst, she worked at Susquehanna International Group from 2004 to 2006, where she was an equity research salesperson. From 2000 to 2004, she worked in equity research at Credit Suisse, most recently as an associate analyst in investment strategy. Bartholdson earned her bachelor’s degree 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
-
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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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Senior Vice President, Portfolio Manager
-
Start date on the Fund:
December 2020
-
Years of industry experience:
13
-
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Erin Ksenak
Senior Vice President, Portfolio Manager
Erin Ksenak is a Portfolio Manager on the firm’s US Large Cap Value Equity team, a role she assumed in December 2020. Prior to joining Macquarie Investment Management (MIM) in May 2017 as an equity analyst for the US Large Cap Value Equity team, she worked at Affinity Investment Advisors from 2014 to April 2017 as a portfolio manager for the domestic and international equity investment team. Before that, Ksenak worked at Miller Investment Management as a research associate. From 2009 to 2014, she worked at Morgan Stanley Investment Management (later known as Echo Point Investment Management) as a senior research analyst. Ksenak graduated summa cum laude from Fordham University with a bachelor’s degree in finance.
Nikhil G. Lalvani, CFA
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Managing Director, Senior Portfolio Manager,
Team Leader
-
Start date on the Fund:
October 2006
-
Years of industry experience:
25
-
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Nikhil G. Lalvani
Managing Director, Senior Portfolio Manager,
Team Leader
Nikhil G. Lalvani is a Senior Portfolio Manager for the firm’s US Large Cap Value Equity team and assumed the role of Team Leader in October 2018. At Macquarie Investment Management (MIM), Lalvani has worked as both a fundamental and quantitative analyst. Prior to joining the firm in 1997 as an account analyst, he was a research associate with Bloomberg. Lalvani holds a bachelor’s degree in finance from The Pennsylvania State University. He is a member of the CFA Institute and the CFA Society of Philadelphia.
Benjamin Leung, CFA
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Managing Director, Co-Head of Systematic Investments, Head of Research
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Start date on the Fund:
January 2021
-
Years of industry experience:
20
-
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Benjamin Leung
Managing Director, Co-Head of Systematic Investments, Head of Research
Benjamin Leung is the Co-Head of the Macquarie Systematic Investments (MSI) team, a role he assumed in August 2014. In addition to the day-to-day management of the global portfolios, he is also the head of research, responsible for driving the continual evolution of the systematic investment process. Leung joined the MSI team in May 2005 as a quantitative analyst, where his responsibilities included the development and maintenance of various quantitative models. Following his successful efforts to expand the quantitative capability to international markets, he formed the foundation of the current systematic investment approach. Prior to joining the MSI team, he worked as a software engineer for Macquarie’s Investment Banking Group Information Services Division in Sydney. Leung received a Bachelor of Engineering with Honours and a Masters in Commerce from the University of New South Wales.
Stefan Löwenthal, CFA
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Managing Director, Chief Investment Officer — Global Multi Asset Team
-
Start date on the Fund:
October 2020
-
Years of industry experience:
14
-
Read bio
Stefan Löwenthal
Managing Director, Chief Investment Officer — Global Multi Asset Team
Stefan Löwenthal is the Chief Investment Officer for Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), a role he assumed in February 2013. He heads the global multi asset team based in Vienna, which is responsible for all asset allocation and security selection decisions, the management of mutual funds, as well as the development of new investment strategies. In addition, Löwenthal oversees the investment policy committee, which is responsible for strategic investment decisions at MIMAK. He began his career with Macquarie in February 2008 as a portfolio manager. He holds a Master of Management Science from Vienna University of Economics and Business. Löwenthal is a lecturer for economics at the IMC University of applied sciences in Krems (Austria) and the Qiongzhou University in Sanya (China).
John P. McCarthy, CFA
-
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
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Managing Director, Co-Head of Systematic Investments, Portfolio Manager
-
Start date on the Fund:
January 2021
-
Years of industry experience:
24
-
Read bio
Scot Thompson
Managing Director, Co-Head of Systematic Investments, Portfolio Manager
Scot Thompson is the Co-Head of the Macquarie Systematic Investments (MSI) team, a role he assumed in August 2014. His responsibilities include the day-to-day management of the global portfolios, oversight of the trading function, development of new strategies, and client engagement. From June 2003 to August 2014, Thompson was the equities head of product, responsible for product design, development, and client relationships for the firm’s Australian and global equities product range. Before that, he was a member of the firm’s private equity fund-of-fund and performance analytics teams. Prior to joining Macquarie in November 2001 as a quantitative performance analyst, he worked on the performance analytics team for Cogent Investment Administration, where he was responsible for investment performance and attribution reporting for a variety of clients over all asset classes. Thompson also work in civil engineering before moving to finance, working for several Australian companies as a project manager focusing on underground installations, quarrying, and mining. He received a Bachelor of Civil Engineering from the University of Sydney and a Master of Applied Finance from Macquarie University.
Robert A. Vogel Jr., CFA
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Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
March 2005
-
Years of industry experience:
30
-
Read bio
Robert A. Vogel Jr.
Managing Director, Senior Portfolio Manager
Robert A. Vogel Jr. is a Senior Portfolio Manager for the firm’s US Large Cap Value Equity team. Prior to joining
Macquarie Asset Management (MAM) in 2004 as vice president and senior portfolio manager, he worked at
Merrill Lynch Investment Managers for more than seven years, where he rose to the position of director and
portfolio manager within the US Active Large-Cap Value team. He began his career in 1992 as a financial
consultant at Merrill Lynch. Vogel graduated from Loyola University Maryland, earning both bachelor’s and
master’s degrees in finance. He also earned an MBA with a concentration in finance from The Wharton School
of the University of Pennsylvania. Vogel is a member of the CFA Society New York, the CFA Institute, and the
CFA Society of Philadelphia.
Michael G. Wildstein, CFA
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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, CFA
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Senior Vice President, Deputy Head of Portfolio Management— Global Multi Asset Team
-
Start date on the Fund:
October 2020
-
Years of industry experience:
15
-
Read bio
Jürgen Wurzer
Senior Vice President, Deputy Head of Portfolio Management— Global Multi Asset Team
Jürgen Wurzer is the Deputy Head of Portfolio Management for Macquarie Asset Management’s Global Multi Asset team, a role he assumed in April 2018. He is responsible for designing and managing multi asset strategies, overseeing quantitative research and modelling, as well as analyzing global equity markets. He initially joined Macquarie in
January 2007, focusing on multi asset solutions. Prior to re-joining Macquarie in April 2018, he was part of the multi asset management team at Erste Asset Management from September 2016 to March 2018. He graduated from University of Applied Sciences Wiener Neustadt with a master’s degree. Wurzer is a lecturer for asset allocation, quantitative finance, and portfolio and risk management at several educational institutions.
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