DGCRX: Delaware Corporate Bond R

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DGCRX Delaware Corporate Bond R

  • Fund
  • DGCRX
  • Price as of: Dec 10, 2019
  • $6.10
    - $0.00 - 0.00%

Profile

DGCRX - Profile

Vitals

  • YTD Return 11.9%
  • 3 Yr Annualized Return 6.0%
  • 5 Yr Annualized Return 3.8%
  • Net Assets $1.11 B
  • Holdings in Top 10 10.8%

52 WEEK LOW AND HIGH

$6.10
$5.43
$6.15

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.17%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 173.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $0
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return 11.9%
  • 3 Yr Annualized Total Return 6.0%
  • 5 Yr Annualized Total Return 3.8%
  • Capital Gain Distribution Frequency Semi-Monthly
  • Net Income Ratio 3.43%
DIVIDENDS
  • Dividend Yield 0.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Delaware Corporate Bond Fund
  • Fund Family Name
    Delaware Funds by Macquarie
  • Inception Date
    Jun 02, 2003
  • Shares Outstanding
    N/A
  • Share Class
    Retirement
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Roger A. Early

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 corporate bonds (80% policy). It may also invest up to 20% of its net assets in high yield corporate bonds ("junk bonds"). In addition, the fund may invest up to 40% of its total assets in foreign securities, but the fund's total non-U.S.-dollar currency exposure will be limited, in the aggregate, to no more than 25% of net assets.


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Categories

Performance

DGCRX - Performance

Return Ranking - Trailing

Period DGCRX Return Category Return Low Category Return High Rank in Category (%)
YTD 11.9% -0.1% 83.9% 1.01%
1 Yr 15.7% -1.1% 26.6% 0.98%
3 Yr 6.0%* -2.5% 9.6% 1.44%
5 Yr 3.8%* -2.9% 7.6% 2.94%
10 Yr 5.7%* -8.6% 8.7% 1.83%

* Annualized

Return Ranking - Calendar

Period DGCRX Return Category Return Low Category Return High Rank in Category (%)
2018 -7.6% -12.4% 0.8% 98.58%
2017 3.5% -2.8% 17.1% 4.48%
2016 1.8% -58.1% 8.6% 12.57%
2015 -5.4% -18.3% 3.0% 96.77%
2014 1.4% -60.4% 26.9% 66.92%

Total Return Ranking - Trailing

Period DGCRX Return Category Return Low Category Return High Rank in Category (%)
YTD 11.9% -0.1% 83.9% 1.23%
1 Yr 15.7% -2.1% 26.6% 0.90%
3 Yr 6.0%* -2.5% 9.6% 1.48%
5 Yr 3.8%* -2.9% 7.6% 3.22%
10 Yr 5.7%* -8.6% 8.7% 1.96%

* Annualized

Total Return Ranking - Calendar

Period DGCRX Return Category Return Low Category Return High Rank in Category (%)
2018 -7.6% -11.7% 6.5% 98.77%
2017 3.5% -2.7% 27.0% 11.36%
2016 1.8% -58.1% 10.7% 20.39%
2015 -5.4% -14.6% 4.2% 97.59%
2014 2.4% -60.4% 26.9% 60.49%

NAV & Total Return History


Holdings

DGCRX - Holdings

Concentration Analysis

DGCRX Category Low Category High DGCRX % Rank
Net Assets 1.11 B 691 K 247 B 35.43%
Number of Holdings 255 2 17572 54.70%
Net Assets in Top 10 121 M -203 M 25.7 B 48.34%
Weighting of Top 10 10.80% 2.5% 138.1% 82.91%

Top 10 Holdings

  1. Verizon Communications Inc. 4.5% 1.38%
  2. U.S. Treasury Bond Dec19 1.24%
  3. U.S. Bancorp 3% 1.18%
  4. Bristol-Myers Squibb Company 2.9% 1.10%
  5. Amphenol Corporation 2.8% 1.04%
  6. Global Payments 2.65% 0.99%
  7. The Bank of New York Mellon Corporation 3.25% 0.99%
  8. KeyBank National Association 3.4% 0.97%
  9. Centerpoint Energy Inc 2.95% 0.96%
  10. MPLX LP 4.12% 0.95%

Asset Allocation

Weighting Return Low Return High DGCRX % Rank
Bonds
93.78% 80.25% 160.29% 79.26%
Convertible Bonds
3.45% 0.00% 6.26% 1.32%
Cash
2.61% -60.29% 28.73% 40.65%
Preferred Stocks
0.94% 0.00% 8.19% 2.75%
Stocks
0.00% -17.64% 26.52% 83.05%
Other
-0.78% -36.80% 29.62% 98.21%

Bond Sector Breakdown

Weighting Return Low Return High DGCRX % Rank
Corporate
95.15% 0.00% 98.80% 1.14%
Cash & Equivalents
2.61% -60.29% 28.73% 40.90%
Government
1.99% -86.06% 125.80% 51.34%
Securitized
0.83% 0.00% 136.75% 49.80%
Municipal
0.20% 0.00% 149.42% 69.29%
Derivative
0.00% -25.78% 41.91% 78.76%

Bond Geographic Breakdown

Weighting Return Low Return High DGCRX % Rank
US
83.02% 60.74% 157.48% 84.48%
Non US
10.76% -27.08% 24.33% 17.91%

Expenses

DGCRX - Expenses

Operational Fees

DGCRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.17% 0.00% 209.96% 26.53%
Management Fee 0.49% 0.00% 1.25% 80.73%
12b-1 Fee 0.50% 0.00% 1.00% 69.73%
Administrative Fee N/A 0.00% 0.63% N/A

Sales Fees

DGCRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 0.00% 5.50% N/A

Trading Fees

DGCRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 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.

DGCRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 173.00% 0.00% 2053.00% 87.16%

Distributions

DGCRX - Distributions

Dividend Yield Analysis

DGCRX Category Low Category High DGCRX % Rank
Dividend Yield 0.91% 0.00% 95.93% 51.16%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

DGCRX Category Low Category High DGCRX % Rank
Net Income Ratio 3.43% 0.00% 6.30% 11.08%

Capital Gain Distribution Analysis

DGCRX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Monthly Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

DGCRX - Fund Manager Analysis

Managers

Roger A. Early


Start Date

Tenure

Tenure Rank

May 24, 2007

12.53

12.5%

Roger A. Early, CPA, CFA, CFP Senior Vice President, Co-Chief Investment Officer – Total Return Fixed Income Strategy Roger A. Early rejoined Delaware Investments in March 2007 as a member of the firm’s taxable fixed income portfolio management team, with primary responsibility for portfolio construction and strategic asset allocation. During his previous time at the firm, from 1994 to 2001, he was a senior portfolio manager in the same area, and he left Delaware Investments as head of its U.S. investment grade fixed income group. In recent years, Early was a senior portfolio manager at Chartwell Investment Partners and Rittenhouse Financial and served as the chief investment officer for fixed income at Turner Investments. Prior to joining Delaware Investments in 1994, he worked for more than 10 years at Federated Investors where he managed more than $25 billion in mutual fund and institutional portfolios in the short-term and investment grade markets. He left the firm as head of institutional fixed income management. Earlier in his career, he held management positions with the Federal Reserve Bank, PNC Financial, Touche Ross, and Rockwell International. Early earned his bachelor’s degree in economics from The Wharton School of the University of Pennsylvania and an MBA with concentrations in finance and accounting from the University of Pittsburgh. He is a member of the CFA Society of Philadelphia.

Paul A. Matlack


Start Date

Tenure

Tenure Rank

Dec 04, 2012

6.99

7.0%

Paul A. Matlack, CFA Senior Vice President, Senior Portfolio Manager, Fixed Income Strategist Paul A. Matlack is a strategist and senior portfolio manager for Delaware's fixed income team. Matlack rejoined the firm in May 2010. During his previous time at Delaware Investments, from September 1989 to October 2000, he was senior credit analyst, senior portfolio manager, and left the firm as co-head of the high yield group. Most recently, he worked at Chartwell Investment Partners from September 2003 to April 2010 as senior portfolio manager in fixed income, where he managed core, core plus, and high yield strategies. Prior to that, Matlack held senior roles at Turner Investment Partners, PNC Bank, and Mellon Bank. He earned a bachelor’s degree in international relations from the University of Pennsylvania and an MBA with a concentration in finance from George Washington University.

John P. McCarthy


Start Date

Tenure

Tenure Rank

Dec 04, 2012

6.99

7.0%

John P. McCarthy is a senior portfolio manager for Delaware Management Company's high yield strategies, a role he assumed in July 2016. He is also co-head of credit research on the firm’s taxable fixed income team. McCarthy rejoined Delaware Investments 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 Delaware Investments, 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.

Craig C. Dembek


Start Date

Tenure

Tenure Rank

Dec 04, 2012

6.99

7.0%

Craig C. Dembek is co-head of credit research and senior research analyst on Delaware Management Company's taxable fixed income team with primary responsibility for banks, brokers, insurance companies, and real estate investment trusts (REITs), as well as oversight for other sectors. He rejoined the firm in March 2007. During his previous time at Delaware Investments, from April 1999 to January 2001, he was a senior investment grade credit analyst. Most recently, he spent four years at Chartwell Investment Partners as a senior fixed income analyst and Turner Investment Partners as a senior fixed income analyst and portfolio manager. Dembek also spent two years at Stein, Roe & Farnham as a senior fixed income analyst. Earlier in his career, he worked for two years as a lead bank analyst at the Federal Reserve Bank of Boston. Dembek earned a bachelor’s degree in finance from Michigan State University and an MBA with a concentration in finance from the University of Vermont.

Kashif Ishaq


Start Date

Tenure

Tenure Rank

Nov 29, 2013

6.01

6.0%

Kashif Ishaq, Senior Vice President, Global Head of Corporate Bond Trading Kashif Ishaq is global head of corporate bond trading. He plays an integral role in the investment process, managing investment grade corporate bond exposure within all the portfolios and performing relative value analysis across corporate curves and capital structures. He is also responsible for managing all corporate credit traders and maintaining key industry relationships. He started his fixed income career with Macquarie Investment Management (MIM) as a portfolio analyst on the firm’s insurance portfolio management team before taking a position as an investment grade trader. For the three years prior to joining MIM in August 2005, he participated in Lincoln Financial Group’s rotational Professional Development Program. He started the program as a financial analyst in the Hartford office, followed by a position in information technology, and lastly he spent a year in the client services department of Delaware Investments. Ishaq received his bachelor’s degree in corporate finance and accounting from Bentley College.

Michael G. Wildstein


Start Date

Tenure

Tenure Rank

Nov 06, 2014

5.07

5.1%

Michael G. Wildstein is a member of Macquarie Investment Management's fixed income portfolio management team. Before joining the team, he was a senior corporate bond analyst focused on the telecommunications sector for high grade and high yield portfolios. Prior to joining Macquarie Investment Management (MIM), which includes the former Delaware Investments, in March 2007 as a senior research analyst, Wildstein spent five years at Merrill Lynch Investment Managers in various roles that included portfolio manager for the core bond team, corporate bond research analyst, and corporate bond trader. Before moving into investment management, Wildstein worked in finance, corporate strategy, and business development with several firms including RCN Corporation and AT&T Local Services. He earned a bachelor’s degree from the University of Tampa and an MBA from Drexel University.

J. David Hillmeyer


Start Date

Tenure

Tenure Rank

Nov 06, 2014

5.07

5.1%

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.

Wayne A. Anglace


Start Date

Tenure

Tenure Rank

Jul 27, 2016

3.35

3.4%

Wayne A. Anglace currently serves as a senior portfolio manager for Macquarie Investment Management's corporate and convertible bond strategies. Prior to joining Macquarie Investment Management (MIM), which includes the former Delaware Investments, in March 2007 as a research analyst for the firm’s high grade, high yield, and convertible bond portfolios, he spent more than two years as a research analyst at Gartmore Global Investments for its convertible bond strategy. From 2000 to 2004, Anglace worked in private client research at Deutsche Bank Alex. Brown in Baltimore, where he focused on equity research, and he started his financial services career with Ashbridge Investment Management in 1999. Prior to moving to the financial industry, Anglace worked as a professional civil engineer. He earned his bachelor’s degree in civil engineering from Villanova University and an MBA with a concentration in finance from Saint Joseph’s University, and he is a member of the CFA Society of Philadelphia.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.0 33.02 7.7 7.54