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Name

As of 09/22/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

DELAWARE NATIONAL HIGH-YIELD MUNICIPAL BOND FUND

CXHYX | Fund

$9.46

$2.18 B

4.75%

$0.45

0.88%

Vitals

YTD Return

0.2%

1 yr return

1.3%

3 Yr Avg Return

-1.3%

5 Yr Avg Return

1.6%

Net Assets

$2.18 B

Holdings in Top 10

18.7%

52 WEEK LOW AND HIGH

$9.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.88%

SALES FEES

Front Load 4.50%

Deferred Load N/A

TRADING FEES

Turnover 16.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 09/22/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

DELAWARE NATIONAL HIGH-YIELD MUNICIPAL BOND FUND

CXHYX | Fund

$9.46

$2.18 B

4.75%

$0.45

0.88%

CXHYX - Profile

Distributions

  • YTD Total Return 0.2%
  • 3 Yr Annualized Total Return -1.3%
  • 5 Yr Annualized Total Return 1.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.65%
DIVIDENDS
  • Dividend Yield 4.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    DELAWARE NATIONAL HIGH-YIELD MUNICIPAL BOND FUND
  • Fund Family Name
    Delaware Funds by Macquarie
  • Inception Date
    Jan 03, 1994
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Czepiel

Fund Description

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax. This is a fundamental investment policy that may not be changed without prior shareholder approval.

Municipal debt obligations are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity between 5 and 30 years. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund’s income will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. Under normal circumstances, the Fund will invest primarily in lower-rated municipal securities, which typically offer higher income potential and involve greater risk than higher-quality securities.

Read More

CXHYX - Performance

Return Ranking - Trailing

Period CXHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.2% -49.7% 2.5% 58.77%
1 Yr 1.3% -52.8% -1.7% 61.14%
3 Yr -1.3%* -24.6% -1.3% 27.94%
5 Yr 1.6%* -15.4% 0.4% 12.77%
10 Yr 3.8%* -6.9% 0.9% 21.77%

* Annualized

Return Ranking - Calendar

Period CXHYX Return Category Return Low Category Return High Rank in Category (%)
2022 -18.7% -20.9% -3.5% 72.12%
2021 4.0% -1.9% 5.6% 9.27%
2020 1.7% -10.1% 4.2% 17.73%
2019 5.7% -0.7% 9.1% 31.98%
2018 -3.2% -5.7% 4.2% 76.14%

Total Return Ranking - Trailing

Period CXHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.2% -48.7% 5.2% 58.77%
1 Yr 1.3% -51.8% 0.6% 61.14%
3 Yr -1.3%* -24.1% 2.2% 27.94%
5 Yr 1.6%* -14.0% 522.8% 12.77%
10 Yr 3.8%* -4.1% 156.2% 21.77%

* Annualized

Total Return Ranking - Calendar

Period CXHYX Return Category Return Low Category Return High Rank in Category (%)
2022 -14.6% -20.1% 4.3% 63.94%
2021 8.2% -0.8% 10.0% 7.80%
2020 6.2% -4.1% 10.1% 14.78%
2019 11.1% -0.7% 1028633.9% 13.20%
2018 0.5% -2.2% 10.7% 79.55%

NAV & Total Return History

CXHYX - Holdings

Concentration Analysis

CXHYX Category Low Category High CXHYX % Rank
Net Assets 2.18 B 1.93 M 33.6 B 33.33%
Number of Holdings 555 1 3950 44.02%
Net Assets in Top 10 391 M -102 M 3.41 B 25.84%
Weighting of Top 10 18.65% 5.8% 97.0% 26.44%

Top 10 Holdings

  1. Buckeye Tobacco Settlement Financing Authority 3.13%
  2. GDB Debt Recovery Authority of Puerto Rico 2.50%
  3. Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 2.23%
  4. Tobacco Settlement Financing Corp/VA 2.07%
  5. Board of Regents of the University of Texas System 1.88%
  6. Golden State Tobacco Securitization Corp 1.63%
  7. California Educational Facilities Authority 1.37%
  8. Commonwealth of Puerto Rico 1.35%
  9. Commonwealth of Puerto Rico 1.29%
  10. Commonwealth of Puerto Rico 1.21%

Asset Allocation

Weighting Return Low Return High CXHYX % Rank
Bonds 		99.22% 0.00% 146.69% 35.85%
Cash 		0.78% -3.16% 100.00% 63.16%
Stocks 		0.00% 0.00% 5.80% 71.70%
Preferred Stocks 		0.00% -47.61% 0.32% 60.77%
Other 		0.00% 0.00% 0.18% 60.29%
Convertible Bonds 		0.00% 0.00% 0.00% 61.24%

Bond Sector Breakdown

Weighting Return Low Return High CXHYX % Rank
Municipal 		100.00% 0.00% 100.00% 5.26%
Derivative 		0.00% 0.00% 0.02% 53.11%
Cash & Equivalents 		0.00% 0.00% 100.00% 79.43%
Securitized 		0.00% 0.00% 22.44% 63.64%
Corporate 		0.00% 0.00% 4.15% 77.03%
Government 		0.00% 0.00% 0.09% 64.11%

Bond Geographic Breakdown

Weighting Return Low Return High CXHYX % Rank
US 		99.22% 0.00% 139.84% 31.58%
Non US 		0.00% 0.00% 21.09% 66.51%

CXHYX - Expenses

Operational Fees

CXHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.88% 0.07% 3.44% 50.96%
Management Fee 0.49% 0.00% 1.41% 47.17%
12b-1 Fee 0.25% 0.00% 1.00% 50.00%
Administrative Fee N/A 0.02% 0.35% N/A

Sales Fees

CXHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.50% 1.00% 4.50% 13.95%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

CXHYX 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.

CXHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 16.00% 2.00% 121.00% 37.44%

CXHYX - Distributions

Dividend Yield Analysis

CXHYX Category Low Category High CXHYX % Rank
Dividend Yield 4.75% 0.00% 5.32% 75.47%

Dividend Distribution Analysis

CXHYX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

CXHYX Category Low Category High CXHYX % Rank
Net Income Ratio 3.65% 1.11% 5.70% 23.58%

Capital Gain Distribution Analysis

CXHYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

CXHYX - Fund Manager Analysis

Managers

Stephen Czepiel

Start Date

Tenure

Tenure Rank

Jul 16, 2007

14.88

14.9%

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

Dec 28, 2012

9.43

9.4%

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.

Jake van Roden

Start Date

Tenure

Tenure Rank

Feb 26, 2019

3.26

3.3%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.06 21.43 7.3 2.52

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