Macquarie Pooled Core Plus Bond
Name
As of 07/23/2021Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-2.4%
1 yr return
4.7%
3 Yr Avg Return
7.1%
5 Yr Avg Return
4.4%
Net Assets
$159 M
Holdings in Top 10
25.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.45%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 108.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 07/23/2021Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
DCPFX - Profile
Distributions
- YTD Total Return -2.4%
- 3 Yr Annualized Total Return 7.1%
- 5 Yr Annualized Total Return 4.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.71%
- Dividend Yield 3.0%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameMacquarie Pooled Trust Core Plus Bond Portfolio
-
Fund Family NameMacquarie Investment Management
-
Inception DateJun 28, 2002
-
Shares OutstandingN/A
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerJ. Hillmeyer
Fund Description
The Portfolio allocates its investments principally among the following three sectors of the fixed income securities markets: the US investment grade sector, the US high yield sector, and the international sector. Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities (80% Policy). The Portfolio’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.
The Manager will determine how much of the Portfolio to allocate to each of the three sectors, based on its evaluation of economic and market conditions and its assessment of the returns and potential for appreciation that can be achieved from investments in each of the three sectors. The Manager will periodically reallocate the Portfolio’s assets, as deemed necessary. The relative proportion of the Portfolio’s assets to be allocated among sectors is described below.
·US investment grade sector Under normal circumstances, between 50% and 100% of the Portfolio’s total assets will be invested in the US investment grade sector. In managing the Portfolio’s assets allocated to the US investment grade sector, the Manager will invest principally in debt obligations issued or guaranteed by the US government, its agencies, or instrumentalities, and by US corporations. The corporate debt obligations in which the Portfolio may invest include bonds, notes, debentures, and commercial paper of US companies. The US government securities in which the Portfolio may invest include a variety of securities that are issued or guaranteed as to the payment of principal and interest by the US government, and by various agencies or instrumentalities that have been established or sponsored by the US government.
The US investment grade sector of the Portfolio’s assets may also be invested in mortgage-backed securities (MBS) issued or guaranteed by the US government, its agencies, or instrumentalities or by government-sponsored corporations. Other MBS in which the Portfolio may invest are issued by certain private, nongovernment entities. Subject to the quality limitations, the Portfolio may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle, and other loans, wholesale dealer floor plans, and leases.
Securities purchased by the Portfolio within this sector will be rated in one of the four highest rating categories or will be unrated securities that the Manager determines are of comparable quality.
·US high yield sector Under normal circumstances, up to 30% of the Portfolio’s total assets will be allocated to the high yield sector. The Manager will invest the Portfolio’s assets that are allocated to the high yield sector primarily in those securities having a liberal and consistent yield and those tending to reduce the risk of market fluctuations. The Portfolio may invest in corporate debt obligations, including, notes, which may be convertible or nonconvertible, commercial paper, units consisting of bonds with stock or warrants to buy stock attached, debentures, convertible debentures, zero-coupon bonds, and PIK securities.
The Portfolio will invest in both rated and unrated bonds. The rated bonds that the Portfolio may purchase in this sector will generally be rated lower than BBB- by S&P, Baa3 by Moody’s, or similarly rated by another NRSRO.
·International sector The Portfolio may invest up to 30% of its total assets in the international sector. The international sector invests primarily in fixed income securities of issuers organized or having a majority of their assets or deriving a majority of their operating income in foreign countries. These fixed income securities include foreign government securities, debt obligations of foreign companies, and securities issued by supranational entities. A supranational entity is an entity established or financially supported by the national governments of one or more countries to promote reconstruction or development. Examples of supranational entities include, among others, the International Bank for Reconstruction and Development (more commonly known as the World Bank), the European Economic Community, the European Investment Bank, the Inter-American Development Bank, and the Asian Development Bank.
The Portfolio may invest in securities issued in any currency and may hold foreign currencies. Securities of issuers within a given country may be denominated in the currency of another country or in multinational currency units, such as the euro. The Portfolio may, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency transactions in order to expedite settlement of Portfolio transactions and to minimize currency value fluctuations. Currency considerations carry a special risk for the Portfolio to the extent that it allocates a significant portion of its assets to foreign securities.
The Portfolio will invest in both rated and unrated foreign securities. It may purchase securities of issuers in any foreign country, developed and underdeveloped. These investments may include direct obligations of issuers located in emerging markets countries.
In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.
The Portfolio’s total non-US dollar currency exposure will be limited, in aggregate, to no more than 10% of net assets, and the Portfolio’s investments in emerging markets securities will be limited to no more than 15% of the Portfolio’s net assets.
The Portfolio may hold a substantial portion of its assets in cash or short-term fixed income obligations in unusual market conditions to meet redemption requests, for temporary defensive purposes, and pending investment. The Portfolio may also use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, and swaps. The Portfolio will use derivatives for both hedging and nonhedging purposes. For example, the Portfolio may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Portfolio will not use derivatives for reasons inconsistent with its investment objective.
The Portfolio may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, which are commonly known as “Rule 144A Securities.” Restricted securities that are determined to be illiquid may not exceed the Portfolio’s limit on investments in illiquid investments.
DCPFX - Performance
Return Ranking - Trailing
Period | DCPFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -2.4% | -83.5% | 1377.9% | 92.98% |
1 Yr | 4.7% | -9.0% | 21.3% | 11.55% |
3 Yr | 7.1%* | 0.2% | 10.6% | 6.10% |
5 Yr | 4.4%* | 0.8% | 7.7% | 11.76% |
10 Yr | 4.2%* | 1.1% | 8.1% | 20.73% |
* Annualized
Return Ranking - Calendar
Period | DCPFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.9% | -82.5% | 1027.9% | 50.91% |
2022 | 3.6% | -20.8% | 23.0% | 85.69% |
2021 | -4.5% | -12.9% | 2.7% | 85.21% |
2020 | 1.8% | -49.5% | 14.3% | 25.37% |
2019 | 0.2% | -49.3% | 192.8% | 59.97% |
Total Return Ranking - Trailing
Period | DCPFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -2.4% | -83.5% | 1377.3% | 93.07% |
1 Yr | 4.7% | -11.8% | 21.3% | 9.25% |
3 Yr | 7.1%* | -0.8% | 10.6% | 5.49% |
5 Yr | 4.4%* | 0.6% | 7.7% | 10.35% |
10 Yr | 4.2%* | 1.1% | 8.1% | 18.83% |
* Annualized
Total Return Ranking - Calendar
Period | DCPFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.9% | -82.5% | 1027.9% | 50.91% |
2022 | 3.6% | -20.8% | 23.0% | 85.79% |
2021 | -1.6% | -12.9% | 3.9% | 20.90% |
2020 | 4.9% | -6.0% | 17.4% | 4.36% |
2019 | 2.9% | -7.0% | 204.3% | 16.29% |
NAV & Total Return History
DCPFX - Holdings
Concentration Analysis
DCPFX | Category Low | Category High | DCPFX % Rank | |
---|---|---|---|---|
Net Assets | 159 M | 3.2 M | 312 B | 85.21% |
Number of Holdings | 574 | 1 | 18622 | 54.83% |
Net Assets in Top 10 | 39.9 M | -1.14 B | 45.3 B | 82.20% |
Weighting of Top 10 | 25.10% | 3.5% | 100.0% | 52.44% |
Top 10 Holdings
- 5 Year Treasury Note Future Sept 20 12.30%
- 5 Year Treasury Note Future Sept 20 12.30%
- 5 Year Treasury Note Future Sept 20 12.30%
- 5 Year Treasury Note Future Sept 20 12.30%
- 5 Year Treasury Note Future Sept 20 12.30%
- 5 Year Treasury Note Future Sept 20 12.30%
- 5 Year Treasury Note Future Sept 20 12.30%
- 5 Year Treasury Note Future Sept 20 12.30%
- 5 Year Treasury Note Future Sept 20 12.30%
- 5 Year Treasury Note Future Sept 20 12.30%
Asset Allocation
Weighting | Return Low | Return High | DCPFX % Rank | |
---|---|---|---|---|
Bonds | 97.21% | -51.48% | 176.88% | 31.44% |
Cash | 4.86% | -86.81% | 162.71% | 41.28% |
Convertible Bonds | 2.09% | 0.00% | 38.29% | 23.40% |
Preferred Stocks | 0.10% | 0.00% | 84.24% | 25.75% |
Stocks | 0.00% | -0.16% | 30.64% | 48.33% |
Other | -4.26% | -16.32% | 24.37% | 95.03% |
Bond Sector Breakdown
Weighting | Return Low | Return High | DCPFX % Rank | |
---|---|---|---|---|
Corporate | 37.05% | 0.00% | 100.00% | 36.22% |
Securitized | 36.64% | 0.00% | 98.86% | 27.01% |
Government | 18.89% | 0.00% | 80.07% | 60.43% |
Cash & Equivalents | 7.40% | 0.00% | 100.00% | 36.86% |
Municipal | 0.02% | 0.00% | 100.00% | 69.65% |
Derivative | 0.00% | 0.00% | 25.69% | 52.94% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | DCPFX % Rank | |
---|---|---|---|---|
US | 83.66% | -51.75% | 245.19% | 48.60% |
Non US | 13.55% | -108.35% | 39.51% | 33.79% |
DCPFX - Expenses
Operational Fees
DCPFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.45% | 0.01% | 2.91% | 70.21% |
Management Fee | 0.43% | 0.00% | 0.85% | 74.28% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.50% | N/A |
Sales Fees
DCPFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
DCPFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | 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.
DCPFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 108.00% | 6.00% | 496.00% | 45.81% |
DCPFX - Distributions
Dividend Yield Analysis
DCPFX | Category Low | Category High | DCPFX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.04% | 0.00% | 3.37% | 32.91% |
Dividend Distribution Analysis
DCPFX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annually | Annually | Monthly | Monthly |
Net Income Ratio Analysis
DCPFX | Category Low | Category High | DCPFX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.71% | -0.39% | 11.28% | 13.10% |
Capital Gain Distribution Analysis
DCPFX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 20, 2018 | $0.294 | |
Dec 20, 2017 | $0.309 | |
Dec 20, 2016 | $0.267 | |
Dec 18, 2015 | $0.229 | |
Dec 19, 2014 | $0.211 | |
Dec 19, 2013 | $0.225 | |
Dec 19, 2012 | $0.383 | |
Dec 19, 2011 | $0.290 | |
Dec 22, 2010 | $0.530 | |
Dec 17, 2009 | $0.693 | |
Dec 18, 2008 | $0.570 | |
Dec 19, 2007 | $0.726 | |
Dec 20, 2006 | $0.440 | |
Dec 21, 2005 | $0.270 |
DCPFX - Fund Manager Analysis
Managers
J. Hillmeyer
Start Date
Tenure
Tenure Rank
Feb 28, 2014
7.34
7.3%
J. David Hillmeyer is head of multisector/global fixed income in the Americas. He is co-portfolio manager for the fixed rate diversified multisector, core plus, and investment grade corporate bond strategies. Prior to joining Delaware Investments in August 2007 as a vice president and corporate bond trader, he worked for more than 11 years in various roles at Hartford Investment Management Company, including senior corporate bond trader, high yield portfolio manager / trader, and quantitative analyst. He began his career as an investment advisor in January 1989 at Shawmut Bank, leaving the firm as an investment officer in November 1995. Hillmeyer earned his bachelor’s degree from Colorado State University, and he is a member of the CFA Society of Philadelphia and the Philadelphia Council for Business Economics.
Daniela Mardarovici
Start Date
Tenure
Tenure Rank
Mar 19, 2019
2.28
2.3%
Ms. Mardarovici joined Macquarie Investment Management (MIM) in March 2019 as Senior Vice President and co-head of the firm’s multisector and core plus strategies. Prior to joining the firm, she spent more than 13 years at BMO Global Asset Management as a senior portfolio manager. Since 2014, she was a member of the management committee of TCH, BMO’s US fixed income group, and helped lead business strategy and development efforts. Mardarovici was also responsible for driving investment strategy and managing institutional portfolios and mutual funds across a wide spectrum of strategies,
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 32.51 | 6.76 | 0.25 |