Key features
A research-driven high yield bond fund seeking long-term growth and income
An actively managed portfolio built on a foundation of strong fundamental research
A management team with experience managing through market cycles
Daily pricing
as of
07/16/2026
NAV 1-day net change
No Change
Total net assets
as of
06/30/2026
All share classes
$1.6 billion
Overview
| Fund identifiers |
| NASDAQ |
IVHIX |
| CUSIP |
466000122 |
Benchmark and peer group
Portfolio
Number of credit issuers
357
Portfolio turnover (last fiscal year)
34%
Cash and cash equivalents
6.1%
Top 10 fixed income holdings as of 06/30/2026
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
CCO HLDGS LLC/CAP CORP
1.38
NEW COTAI TL EXIT PIK
1.13
FORTRESS TRANSPORTATION AND INFRAS
0.88
STANDARD BUILDING SOLUTIONS INC
0.84
ARSENAL AIC PARENT LLC
0.69
NGL ENERGY OPERATING LLC
0.68
Total % Portfolio in Top 10 holdings - 9.19%
Fixed income sectors
as of 06/30/2026
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
Technology & electric
1.8%
Credit quality as of 06/30/2026
Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC) receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs) — Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NSRO ratings and the index credit quality rules. For securities rated by an NRSRO other than S&P, that rating is converted to the equivalent S&P credit rating. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
1If a Fund makes a distribution from any source other than net income, it is required to
provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The
amounts and sources of distributions reported above and in each Notice are only estimates and are not
provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the
calendar year that will provide definitive information on how to report the Fund's distributions for
federal income tax purposes. The information in the table above will not be updated to reflect any
subsequent recharacterization of dividends and distributions. Click here to see recent
Notices pertaining to the Fund (if any).
2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.
3Includes both short- and long-term capital gains.
Management
John McCarthy, CFA
-
Senior Portfolio Manager
-
Start date on the Fund:
November 2021
-
Years of industry experience:
39
-
Read bio
John McCarthy
Senior Portfolio Manager
John is a Senior Portfolio Manager for Leveraged Credit at Nomura Asset Management International, a role he assumed in July 2016 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025. He manages high yield portfolios and serves as a Co-Portfolio Manager for bank loans, fixed rate multisector, and core plus strategies.
Previously, he was Co-Head of Credit Research at Macquarie Asset Management. Before that, he held a number of roles with Delaware Investments (which was acquired by Macquarie in 2010), including Senior Research Analyst, Senior High Yield Analyst, High Yield Trader, and Municipal Bond Trader. John was also a Senior High Yield Analyst and Trader at Chartwell Investment Partners for five years.
John earned a Bachelor of Science in business administration from Babson College. He holds the Chartered Financial Analyst® designation and is a member of the CFA Society of Philadelphia.
Sub-advisor
Nomura Corporate Research and Asset Management Inc.
David Crall, CFA
-
President, Chief Executive Officer, Chief Investment Officer, and a Managing Director with NCRAM
-
Read bio
David Crall
President, Chief Executive Officer, Chief Investment Officer, and a Managing Director with NCRAM
David Crall, CFA, is the President, Chief Executive Officer (CEO), Chief Investment Officer (CIO), and a Managing
Director with Nomura Corporate Research and Asset Management Inc. (NCRAM). He is also a member of NCRAM’s Board of
Directors. Mr. Crall became President and CEO of NCRAM in June 2019, and in this capacity he is responsible for the
firm’s overall management and business strategy. In addition, as CIO since January 2010, he leads the investment
activities and investment team of NCRAM. He is the Chair of NCRAM’s Management Oversight, Investment, New Product,
Risk Monitoring, and ESG Committees. Previously, he was a portfolio manager and co-head of the high yield bond team
at NCRAM, encompassing primarily high yield bonds but also public-side management of loans and distressed
investments, since 2000. Prior to that, he was a portfolio manager of various high yield accounts at NCRAM since
1997, and an analyst in the high yield group at NCRAM for various industries since 1992. Mr. Crall received his B.A.
in English from Yale University in 1992. He is a CFA® charterholder, a member of the CFA institute, and a member of
the New York Society of Security Analysts.
Stephen Kotsen, CFA
-
Managing Director and Portfolio Manager with NCRAM
-
Read bio
Stephen Kotsen
Managing Director and Portfolio Manager with NCRAM
Stephen Kotsen, CFA, is a Managing Director and Portfolio Manager with Nomura Corporate Research and Asset Management Inc. (NCRAM). He has been the lead portfolio manager for NCRAM’s flagship High Yield Total Return Strategy since 2000, including numerous separate accounts, mutual funds, UCITS funds, and other commingled vehicles. He joined NCRAM in 1998 and initially worked as a high yield credit analyst covering various sectors. Previously, he was a portfolio manager at Lazard Frères Asset Management, managing fixed income portfolios exceeding $2bn, and prior to that role, he served as a credit analyst at Lazard. Mr. Kotsen received his M.B.A. in Finance from Columbia Business School in 1995, and his B.A. in International Relations from Princeton University in 1991. Mr. Kotsen is a CFA® charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts.
Amy Yu Chang, CFA
-
Managing Director and Portfolio Manager with NCRAM
-
Read bio
Amy Yu Chang
Managing Director and Portfolio Manager with NCRAM
Amy Yu Chang, CFA, is a Managing Director and Portfolio Manager with Nomura Corporate Research and Asset Management Inc. (NCRAM). She manages NCRAM's higher credit quality accounts, including the BB-B High Yield Strategy, and also assists in managing accounts in the full spectrum High Yield Total Return Strategy. She has been a high yield bond Portfolio Manager since 2007. Prior to that, she was an Assistant Portfolio Manager of various long-only high yield accounts at NCRAM since 2004, and an analyst in the high yield group at NCRAM for various industries including Retail, Apparel, Food, Restaurants, Technology, and Business Services since 1999. Ms. Yu Chang received her B.S. in Biology from Yale University in 1999. She is a CFA® charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts.
Christopher Parham, CFA
-
Executive Director and Assistant Portfolio Manager with NCRAM
-
Read bio
Christopher Parham
Executive Director and Assistant Portfolio Manager with NCRAM
Christopher Parham, CFA, is an Executive Director and Assistant Portfolio Manager with Nomura Corporate Research and Asset Management Inc. (NCRAM). He became an Assistant Portfolio Manager of NCRAM’s high yield strategies in January of 2018, and has formally served as Assistant Portfolio Manager for a subset of NCRAM’s US high yield funds since June of 2025. Mr. Parham joined NCRAM in August 2007 as a Credit Analyst and currently covers the Banking & Financials industries, in addition to his assistant portfolio manager responsibilities. His previous coverage includes the Printing & Publishing and Broadcasting industries. Mr. Parham graduated cum laude from Harvard University with a B.A. in Government and a minor in Economics. He is a CFA® charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts.
Fees
The table below describes the fees and expenses that you may pay if you buy, hold, and sell
shares of the Fund.
You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the table below. You may
qualify for sales-charge discounts if you and your family invest, or agree to invest in the
future, at least $100,000 in Nomura Funds. More information about these and other
discounts is available from your financial intermediary, in the Fund’s Prospectus under the
section entitled “About your account,” and in the Fund’s statement of additional information
(SAI) under the section entitled “Purchasing Shares.”
| Shareholder fees |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price |
none |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower |
none |
| Annual fund operating expenses |
| Management fees |
0.55% |
| Distribution and service (12b-1) fees |
none |
|
Other expenses1 |
0.16% |
| Total annual fund operating expenses |
0.71% |
| Fee waivers and expense
reimbursements2 |
(0.08%) |
| Total annual fund operating expenses after fee
waivers and expense reimbursements |
0.63% |
1"Other expenses" include the expenses of any wholly-owned
subsidiaries of the Fund.
2Net expense ratio reflects a contractual waiver of certain fees
and/or expense reimbursements from July 31, 2025 through July 30, 2026. Please see the fee table in
the Fund's prospectus for more information.
Institutional Class shares are available only to certain investors.
Please see the prospectus and SAI for additional information.
Resources
Fact sheet and commentaries
Shareholder report – Annual
Shareholder report – Semi-annual