Key features
A research-driven high yield bond fund seeking long-term growth and income
Leverages the team’s deep credit expertise and sizable presence in the corporate bond market
An experienced management team with more than 25 years average industry experience
Daily pricing
as of
06/05/2023
NAV 1-day net change
0.01
Total net assets
as of
04/30/2023
All share classes
$761.2 million
Overview
Series identifiers |
CUSIP |
46600H620 |
Benchmark
Portfolio
Portfolio turnover (last fiscal year)
61%
Cash and cash equivalents
3.5%
Top 10 fixed income holdings as of 05/31/2023
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
FORM TECHNOLOGIES LLC
1.47
EQM MIDSTREAM PARTNERS LP
1.20
ROYAL CARIBBEAN CRUISES LTD
1.11
MURPHY OIL CORPORATION
1.10
NEW COTAI TL EXIT PIK
1.03
VANTAGE SPECIALTY CHEMICALS INC
1.01
Total % Portfolio in Top 10 holdings - 11.05%
Sector allocation
as of 04/30/2023
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Series’ complete list of holdings for more information.
Technology & electric
7.9%
Credit quality as of 04/30/2023
Total may not equal 100% due to rounding. The Series’ investment manager, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust, 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 NRSRO ratings. If two or more NRSROs have assigned a rating to a security the higher rating (lower value) is used. If only one NRSRO rates a security, that rating is used. 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 Series’ Statement of Additional Information.
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:
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.
Fees
The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table does not reflect any fees or sales charges imposed by variable insurance contracts. If it did, the expenses would be higher.
Annual series operating expenses |
Management fees |
0.62% |
Distribution and service (12b-1) fees |
none |
Other expenses |
0.05% |
Total annual Series operating expenses |
0.67% |
Fee waivers and expense reimbursements1 |
none |
Total annual series operating expenses after fee waivers and expense reimbursements |
0.67% |
Please see the prospectus and SAI for additional information.
1Other expenses contain a 0.03% acquired fund fees and expenses. Acquired fund fees and expenses sets forth the Portfolio's pro rata portion of the cumulative expenses charged by the registered investment companies (RICs) in which the Portfolio invested during the last fiscal year. The actual Acquired fund fees and expenses will vary with changes in the allocations of the Portfolio's assets. The Acquired fund fees and expenses shown are based on the total expense ratio of the RICs for the RICs' most recent fiscal period. These expenses are not direct costs paid by Portfolio shareholders, and are not used to calculate the Portfolio's NAV.