Objective
The Fund’s investment objective is to seek to provide total return through a combination of a high level of current income and capital appreciation.
Strategy
The Fund will seek to achieve its investment objective by investing primarily in a portfolio of high yield corporate bonds of varying maturities and other fixed income instruments of predominantly corporate issuers, including secured and unsecured loan assignments, loan participations and other loan instruments (“Loans”). Under normal circumstances, the Fund will invest at least 80% of its Managed Assets (as defined herein) in a portfolio of U.S. and foreign bonds, loans and other fixed income instruments, as well as other investments (including derivatives) with similar economic characteristics. The Fund will invest primarily in instruments that are, at the time of purchase, rated below investment grade (below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”) or below BBB- by either Standard & Poor’s Rating Services (“S&P”) or Fitch, Inc. (“Fitch”), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”)), or unrated but judged by the Adviser to be of comparable quality.
Total net assets
as of
11/30/2022
All share classes
$193.8 million
Portfolio
Fund information as of 05/31/2023 |
Ticker symbol (NAV) |
XIVHX |
Ticker symbol |
IVH |
Trading Exchange |
NYSE AMEX |
SEC yield |
n/a |
YTD distributions declared |
$0.24 |
Expense ratio |
1.12% |
Turnover ratio |
51% |
Inception date |
05/29/2013 |
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
Adam H. Brown, CFA
-
Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
November 2021
-
Years of industry experience:
24
-
Read bio
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.
John P. McCarthy, CFA
-
Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
November 2021
-
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.
Supplemental data
Ratios and supplemental data
Year ended
|
9/30/2022 |
9/30/2021 |
9/30/2020 |
9/30/2019 |
9/30/2018 |
Net asset value, beginning of period |
$14.93 |
$13.58 |
$15.05 |
$15.96 |
$16.34 |
Net investment income |
0.931 |
1.002 |
1.122 |
1.252 |
1.362 |
Net realized and unrealized gain (loss) on investments |
(3.75) |
1.32 |
(1.36) |
(0.84) |
(0.46) |
Total from investment operations |
(2.82) |
2.32 |
(0.24) |
0.41 |
0.90 |
Distributions from net investment income |
(0.88) |
(0.97) |
(1.23) |
(1.32) |
(1.28) |
Net asset value, end of period |
$11.23 |
$14.93 |
$13.58 |
$15.05 |
$15.96 |
Market value, end of period |
$10.09 |
$13.67 |
$11.90 |
$13.71 |
$14.26 |
Total return based on net asset value3 |
(19.18%) |
18.29% |
(0.24)% |
4.10% |
6.68% |
Total return based on market value3 |
(20.69%) |
23.59% |
(4.04)% |
6.07% |
(2.47)% |
Net assets, end of period (in millions) |
$186,029 |
$2474 |
$2254 |
$2494 |
$2644 |
Ratio of expenses to average net assets5 |
2.15% |
1.82% |
2.60% |
3.16% |
2.77% |
Ratio of expenses to average net assets excluding interest expense6 |
1.55% |
1.50% |
1.82% |
1.73% |
1.59% |
Ratio of net investment income to average net assets7 |
6.85% |
6.80% |
8.18% |
8.27% |
8.50% |
Portfolio turnover rate |
51% |
55% |
45% |
34% |
46% |
1Calculated using average shares outstanding.
2Based on average weekly shares outstanding.
3Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
4Net assets reported in millions.
5The ratio of expenses to adjusted average net assets (excluding debt outstanding) for the years ended September 30, 2022, 2021, 2020, 2019 and 2018 are 1.55%, 1.34%, 1.82%, 2.17%, and 1.90%, respectively.
6The ratio of expenses to adjusted average net assets excluding interest expense (excluding debt outstanding) for the years ended September 30, 2022, 2021, 2020, 2019 and
2018 are 1.12%, 1.11%, 1.27%, 1.19%, and 1.09%, respectively.
7The ratio of net investment income to adjusted average net assets (excluding debt outstanding) for the years ended September 30, 2022, 2021, 2020, 2019 and 2018 are 4.94%, 5.01%,
5.71%, 5.69%, and 5.81%, respectively.
Resources
Fact sheet and commentaries