Delaware Ivy California Municipal High Income Fund
Name
As of 09/15/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-2.2%
1 yr return
-1.6%
3 Yr Avg Return
-2.8%
5 Yr Avg Return
0.0%
Net Assets
$13.3 M
Holdings in Top 10
28.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.45%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 16.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 09/15/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
IMHIX - Profile
Distributions
- YTD Total Return -2.2%
- 3 Yr Annualized Total Return -2.8%
- 5 Yr Annualized Total Return 0.0%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.12%
- Dividend Yield 3.7%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameDelaware Ivy California Municipal High Income Fund
-
Fund Family NameDelaware Funds by Macquarie
-
Inception DateOct 03, 2016
-
Shares OutstandingN/A
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJake van Roden
Fund Description
Delaware Ivy California Municipal High Income Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in a diversified portfolio of municipal securities with income payments that are exempt from Federal and California income taxes. These municipal securities primarily include obligations issued by the State of California and its subdivisions, authorities, instrumentalities and corporations. It is possible that up to 20% of the Fund’s net assets may be in securities that pay taxable income. A significant portion of the current income paid by the Fund may be a tax preference item for purposes of the Federal alternative minimum tax (AMT) (Tax Preference Item). (Under 2017 legislation commonly known as the Tax Cuts and Jobs Act, corporations no longer are subject to the AMT for taxable years of the corporation beginning after December 31, 2017.)
The Fund typically invests at least 50% of its total assets in medium- and lower-quality municipal securities that include securities rated BBB+ by Standard & Poor’s (S&P) or similarly rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, in the Manager’s opinion, that are equivalent in quality. Such investments include non-investment grade debt securities, commonly called “high yield” or “junk” bonds, which typically are rated BBB- or lower by S&P or comparably rated by another NRSRO or, if unrated, of comparable quality. The Fund may invest up to 100% of its total assets in non-investment grade bonds.
The Fund may invest in higher-quality municipal securities at times when yield spreads are narrow and the Manager believes that the higher yields do not justify the increased risk, and/or when, in the opinion of the Manager, there is a lack of medium and lower-quality securities in which to invest.
After conducting a top-down (assessing the market environment) analysis, the Manager uses a research-oriented, bottom-up (researching individual issuers) credit-by-credit investment approach. The Manager considers a number of factors in selecting individual securities for the Fund’s portfolio, including the security’s current coupon, the maturity, relative value and market yield of the security, the creditworthiness of the particular issuer or of the private company involved, the sector in which the security is identified, and the structure of the security, including whether it has a call feature.
The Fund primarily invests in revenue bonds: revenue bonds are payable only from specific sources, such as the revenue from a particular project, a special tax, lease payments and/or appropriated funds. Revenue bonds include certain private activity bonds (PABs), which finance privately operated facilities. Revenue bonds also include housing bonds that finance pools of single-family home mortgages and student loan bonds that finance pools of student loans, as well as bonds that finance charter schools. Revenue bonds also include tobacco bonds that are issued by state-created special purpose entities as a means to securitize a state’s share of annual tobacco settlement revenues.
The Fund may invest in PABs in general, in revenue bonds payable from revenues derived from similar projects, such as those in the health care, life care, education, transportation and special tax sectors, and in municipal securities of issuers located in the same geographical area.
Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment for the Fund, including consideration of the security’s current credit quality. Additionally, the Manager may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.
IMHIX - Performance
Return Ranking - Trailing
Period | IMHIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -2.2% | -60.4% | 26.2% | 96.47% |
1 Yr | -1.6% | -14.1% | 8.5% | 97.79% |
3 Yr | -2.8%* | -9.3% | 50.1% | 83.94% |
5 Yr | 0.0%* | -4.5% | 28.8% | 87.47% |
10 Yr | N/A* | -1.7% | 14.1% | N/A |
* Annualized
Return Ranking - Calendar
Period | IMHIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -14.5% | -76.8% | 4.7% | 84.86% |
2022 | -0.6% | -69.5% | 9.0% | 49.87% |
2021 | 1.0% | -66.1% | 310.0% | 79.88% |
2020 | 6.1% | -57.4% | 26.0% | 5.69% |
2019 | -2.5% | -30.0% | 11.0% | 68.87% |
Total Return Ranking - Trailing
Period | IMHIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -2.2% | -60.4% | 26.2% | 96.47% |
1 Yr | -1.6% | -14.6% | 11.3% | 97.79% |
3 Yr | -2.8%* | -5.8% | 6071.3% | 83.94% |
5 Yr | 0.0%* | -1.6% | 1098.8% | 87.47% |
10 Yr | N/A* | -0.4% | 247.4% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | IMHIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -10.8% | -76.8% | 4.7% | 73.35% |
2022 | 3.4% | -69.5% | 23761504.0% | 11.90% |
2021 | 3.2% | -66.1% | 34671.4% | 79.42% |
2020 | 7.9% | -57.4% | 3514.6% | 22.07% |
2019 | 0.2% | -30.0% | 15.0% | 76.95% |
NAV & Total Return History
IMHIX - Holdings
Concentration Analysis
IMHIX | Category Low | Category High | IMHIX % Rank | |
---|---|---|---|---|
Net Assets | 13.3 M | 423 K | 437 B | 98.87% |
Number of Holdings | 57 | 1 | 14000 | 96.30% |
Net Assets in Top 10 | 3.8 M | -317 M | 8.64 B | 97.30% |
Weighting of Top 10 | 28.62% | 2.4% | 101.7% | 13.63% |
Top 10 Holdings
- California Municipal Finance Authority 3.83%
- California Municipal Finance Authority 3.66%
- Puerto Rico Electric Power Authority 3.31%
- GDB Debt Recovery Authority of Puerto Rico 3.30%
- M-S-R Energy Authority 2.77%
- California School Finance Authority 2.42%
- Southern California Public Power Authority 2.39%
- California School Finance Authority 2.36%
- City of Murrieta CA Community Facilities District 2.29%
- William S Hart Union High School District 2.28%
Asset Allocation
Weighting | Return Low | Return High | IMHIX % Rank | |
---|---|---|---|---|
Bonds | 98.90% | 65.51% | 150.86% | 43.29% |
Cash | 1.10% | -50.86% | 33.96% | 52.98% |
Stocks | 0.00% | -0.03% | 4.63% | 47.55% |
Preferred Stocks | 0.00% | -0.52% | 0.04% | 42.75% |
Other | 0.00% | -13.03% | 30.01% | 45.83% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 43.06% |
Bond Sector Breakdown
Weighting | Return Low | Return High | IMHIX % Rank | |
---|---|---|---|---|
Municipal | 99.30% | 44.39% | 100.00% | 34.17% |
Cash & Equivalents | 0.40% | 0.00% | 33.95% | 41.87% |
Derivative | 0.00% | 0.00% | 3.41% | 43.57% |
Securitized | 0.00% | 0.00% | 5.93% | 44.07% |
Corporate | 0.00% | 0.00% | 9.41% | 53.59% |
Government | 0.00% | 0.00% | 52.02% | 47.41% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | IMHIX % Rank | |
---|---|---|---|---|
US | 98.90% | 37.86% | 142.23% | 40.87% |
Non US | 0.00% | 0.00% | 62.14% | 47.33% |
IMHIX - Expenses
Operational Fees
IMHIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.45% | 0.02% | 6.50% | 17.75% |
Management Fee | 0.53% | 0.00% | 1.10% | 91.28% |
12b-1 Fee | N/A | 0.00% | 1.00% | 6.16% |
Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
IMHIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 4.75% | N/A |
Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
IMHIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 1.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
IMHIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 16.00% | 0.00% | 283.00% | 46.10% |
IMHIX - Distributions
Dividend Yield Analysis
IMHIX | Category Low | Category High | IMHIX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.68% | 0.00% | 4.53% | 11.54% |
Dividend Distribution Analysis
IMHIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
IMHIX | Category Low | Category High | IMHIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.12% | -0.53% | 5.33% | 39.61% |
Capital Gain Distribution Analysis
IMHIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Monthly | Monthly |
Distributions History
Date | Amount | Type |
---|---|---|
Nov 30, 2022 | $0.024 | DailyAccrualFund |
Oct 31, 2022 | $0.025 | DailyAccrualFund |
Sep 30, 2022 | $0.024 | DailyAccrualFund |
Aug 31, 2022 | $0.025 | DailyAccrualFund |
Jul 29, 2022 | $0.026 | DailyAccrualFund |
Jun 30, 2022 | $0.025 | DailyAccrualFund |
May 31, 2022 | $0.026 | DailyAccrualFund |
Apr 29, 2022 | $0.038 | DailyAccrualFund |
Mar 25, 2022 | $0.038 | DailyAccrualFund |
Feb 25, 2022 | $0.038 | DailyAccrualFund |
Jan 28, 2022 | $0.038 | DailyAccrualFund |
Dec 31, 2021 | $0.027 | DailyAccrualFund |
Nov 26, 2021 | $0.039 | DailyAccrualFund |
Oct 27, 2021 | $0.039 | DailyAccrualFund |
Sep 27, 2021 | $0.030 | DailyAccrualFund |
Aug 27, 2021 | $0.022 | DailyAccrualFund |
Jul 27, 2021 | $0.022 | DailyAccrualFund |
Jun 25, 2021 | $0.023 | DailyAccrualFund |
May 27, 2021 | $0.020 | DailyAccrualFund |
Apr 27, 2021 | $0.019 | DailyAccrualFund |
Mar 26, 2021 | $0.017 | DailyAccrualFund |
Feb 26, 2021 | $0.018 | DailyAccrualFund |
Jan 27, 2021 | $0.014 | DailyAccrualFund |
Dec 31, 2020 | $0.020 | DailyAccrualFund |
Nov 27, 2020 | $0.020 | DailyAccrualFund |
Oct 27, 2020 | $0.018 | DailyAccrualFund |
Sep 25, 2020 | $0.018 | DailyAccrualFund |
Aug 27, 2020 | $0.018 | DailyAccrualFund |
Jul 27, 2020 | $0.017 | DailyAccrualFund |
Jun 26, 2020 | $0.019 | DailyAccrualFund |
May 27, 2020 | $0.018 | DailyAccrualFund |
Apr 27, 2020 | $0.018 | DailyAccrualFund |
Mar 27, 2020 | $0.018 | DailyAccrualFund |
Feb 27, 2020 | $0.020 | DailyAccrualFund |
Jan 27, 2020 | $0.016 | DailyAccrualFund |
Dec 31, 2019 | $0.001 | DailyAccrualFund |
Nov 27, 2019 | $0.001 | DailyAccrualFund |
Oct 25, 2019 | $0.001 | DailyAccrualFund |
Sep 27, 2019 | $0.001 | DailyAccrualFund |
Aug 27, 2019 | $0.001 | DailyAccrualFund |
Jul 26, 2019 | $0.001 | DailyAccrualFund |
Jun 27, 2019 | $0.023 | DailyAccrualFund |
May 24, 2019 | $0.023 | DailyAccrualFund |
Apr 26, 2019 | $0.026 | DailyAccrualFund |
Mar 27, 2019 | $0.022 | DailyAccrualFund |
Feb 27, 2019 | $0.024 | DailyAccrualFund |
Jan 25, 2019 | $0.021 | DailyAccrualFund |
Dec 31, 2018 | $0.028 | DailyAccrualFund |
Nov 27, 2018 | $0.024 | DailyAccrualFund |
Oct 26, 2018 | $0.024 | DailyAccrualFund |
Aug 27, 2018 | $0.021 | DailyAccrualFund |
Jul 27, 2018 | $0.023 | DailyAccrualFund |
Jun 27, 2018 | $0.022 | DailyAccrualFund |
May 27, 2018 | $0.021 | DailyAccrualFund |
Apr 27, 2018 | $0.024 | DailyAccrualFund |
Mar 27, 2018 | $0.016 | DailyAccrualFund |
Feb 27, 2018 | $0.020 | DailyAccrualFund |
Jan 26, 2018 | $0.027 | DailyAccrualFund |
Dec 29, 2017 | $0.027 | DailyAccrualFund |
Nov 27, 2017 | $0.023 | DailyAccrualFund |
Oct 27, 2017 | $0.035 | DailyAccrualFund |
Sep 27, 2017 | $0.030 | DailyAccrualFund |
Aug 25, 2017 | $0.029 | DailyAccrualFund |
Jul 27, 2017 | $0.026 | DailyAccrualFund |
Jun 27, 2017 | $0.026 | DailyAccrualFund |
May 26, 2017 | $0.027 | DailyAccrualFund |
Apr 27, 2017 | $0.027 | DailyAccrualFund |
Mar 27, 2017 | $0.021 | DailyAccrualFund |
Feb 27, 2017 | $0.020 | DailyAccrualFund |
Jan 27, 2017 | $0.016 | DailyAccrualFund |
Dec 30, 2016 | $0.020 | DailyAccrualFund |
Nov 25, 2016 | $0.009 | DailyAccrualFund |
Oct 27, 2016 | $0.003 | DailyAccrualFund |
IMHIX - Fund Manager Analysis
Managers
Jake van Roden
Start Date
Tenure
Tenure Rank
Nov 15, 2021
0.54
0.5%
Delaware Management Company Senior Vice President, Head of Municipal Trading, Portfolio Manager Jake van Roden is head of Macquarie’s municipal trading team. He is also a portfolio manager for the firm’s nine open-end state-specific municipal bond funds, as well as for several municipal bond client accounts, a role he assumed in December 2017. In February 2019, his portfolio management role expanded to include the closed-end municipal bond funds and the three national municipal open-end funds.He joined the municipal department in July 2004 as a generalist and became head of municipal trading in December 2012. Before that, van Roden interned at Macquarie Investment Management (MIM), which includes the former Delaware Investments, in the client services department. He received a bachelor’s degree in American studies with a minor in government from Franklin & Marshall College.
Stephen Czepiel
Start Date
Tenure
Tenure Rank
Nov 15, 2021
0.54
0.5%
Stephen J. Czepiel Senior Vice President, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager Stephen J. Czepiel leads the portfolio management of the firm’s municipal bonds strategies, a role he assumed in February 2019. He is a co-portfolio manager of the firm’s municipal bond funds and client accounts, a role he has held since August 2007. He joined Macquarie Investment Management (MIM) in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. Czepiel earned his bachelor’s degree in finance and economics from Duquesne University.
Gregory Gizzi
Start Date
Tenure
Tenure Rank
Nov 15, 2021
0.54
0.5%
Gregory A. Gizzi Senior Vice President, Head of Municipal Bonds, Senior Portfolio Manager Gregory A. Gizzi is head of municipal bonds in the Americas, a role he assumed in February 2019. In this role, he is responsible for the overall operation of the strategy and is team lead on several of the tax-exempt strategies. Additionally, Gizzi continues to be responsible for the taxable municipal business and the marketing efforts for the municipal product. Previously, Gizzi was co-portfolio manager of the firm’s municipal bond funds and several client accounts, a role he held since November 2011. Before joining Macquarie Investment Management (MIM) in January 2008 as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm’s tax-exempt institutional sales effort. Prior to that, he spent two years trading corporate bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in 1984, where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. Gizzi earned his bachelor’s degree in economics from Harvard University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.28 | 1.58 |