Key features
A research-driven high yield bond fund seeking long-term growth and income
Leverages the team's credit expertise and presence in corporate bond market
A management team with experience managing through market cycles
Daily pricing
as of
11/29/2023
NAV 1-day net change
0.02
Total net assets
as of
10/31/2023
All share classes
$442.4 million
Overview
| Fund identifiers |
| NASDAQ |
DHOIX |
| CUSIP |
245908843 |
Benchmark and peer group
Portfolio
Number of credit issuers
140
Portfolio turnover (last fiscal year)
50%
Cash and cash equivalents
5.3%
Top 10 fixed income holdings as of 10/31/2023
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
ROYAL CARIBBEAN CRUISES LTD
1.24
MURPHY OIL CORPORATION
1.12
AMYNTA AGENCY BORROWER INC
1.05
Total % Portfolio in Top 10 holdings - 10.95%
Fixed income sectors
as of 10/31/2023
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
Technology & electric
8.7%
Credit quality as of 10/31/2023
Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC) receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs) — Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NSRO ratings and the index credit quality rules. For securities rated by an NRSRO other than S&P, that rating is converted to the equivalent S&P credit rating. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
1If a Fund makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Fund (if any).
2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.
3Includes both short- and long-term capital gains.
Management
Adam H. Brown, CFA
-
Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
November 2014
-
Years of industry experience:
25
-
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:
December 2012
-
Years of industry experience:
36
-
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.
Vivek Bommi
-
Managing Director, Head of Leveraged Credit
-
Read bio
Vivek Bommi
Managing Director, Head of Leveraged Credit
- Joined Macquarie in 2023
- Based in Philadelphia
Vivek is Head of Leveraged Credit within Macquarie Asset Management (MAM) Credit, a role he assumed in November 2023. He has overall responsibility for the team’s leveraged credit capabilities, including portfolio and business management.
Prior to joining Macquarie, he was Head of European and UK Fixed Income at Alliance Bernstein from August 2021 to November 2023, responsible for leadership and strategy of European Fixed Income. Before that, Vivek spent more than 10 years at Neuberger Berman within Leveraged Credit in various roles, including Director of Research, Portfolio Manager, and Head of Europe.
Vivek received a Bachelor of Science in finance from the University of Illinois and a Master of Business Administration in finance and management from Columbia Business School. He holds the Chartered Financial Analyst® designation and he is a Certified Public Accountant.
Fees
The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table below. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”
| Shareholder fees |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price |
none |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower |
none |
| Annual fund operating expenses |
| Management fees |
0.65% |
| Distribution and service (12b-1) fees |
none |
| Other expenses |
0.21% |
| Total annual fund operating expenses |
0.86% |
| Fee waivers and expense reimbursements1 |
(0.23%) |
| Total annual fund operating expenses after fee waivers and expense reimbursements |
0.63% |
Please see the prospectus and SAI for additional information.
1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from November 28, 2022 through November 28, 2023. Please see the fee table in the Fund's prospectus for more information.
Institutional Class shares are available only to certain investors. See the prospectus for more information.
Resources
Fact sheet and commentaries
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Other than Macquarie Bank Limited (MBL), none of the entities noted are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
The Funds are distributed by Delaware Distributors, L.P., an affiliate of Macquarie Investment Management Business Trust (MIMBT), Macquarie Management Holdings, Inc., and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.
Separately managed account advisory services are provided by Delaware Capital Management (DCM), a series of MIMBT. Separately managed account advisory services are referred through Delaware Capital Management Advisers, Inc., an SEC-registered investment advisor.