Effective Sept. 30, 2020, the named managers on this strategy will shrink to two from six. The two remaining managers will be David Hillmeyer and Daniela Mardarovici. Hillmeyer has been at Delaware since 2007, focusing on multisector strategies; he has been comanager on this fund since 2011. Mardarovici is a newer addition, having joined the firm in 2019 from BMO; multisector strategies have been her focus as well. Some impetus for the change has been Roger Early, Delaware’s fixed-income CIO’s, decision to retire effective June 1, 2021. Early had been a named manager on this strategy, though he was not involved in the day-to-day management. Perhaps more importantly, Delaware has decided to no longer follow the fashion of some investment houses who list multiple comanagers and instead decided to limit the manager roster to key decision-makers. Hillmeyer and Mardarovici are clearly emerging as the leading members of the firm’s multisector effort. This last consideration justifies the expectation that no large changes are to be expected from this reshuffle. Apart from Early, who will continue in an advisory role until his retirement, all the other future ex-managers--Adam Brown for bank loans, John McCarthy for high yield, Brian McDonnell for asset allocation and structured product--will continue to contribute to the effort. The strategy thus retains its Neutral rating.
Delaware Diversified Income C DPCFX
Adjusted Expense Ratio excludes certain variable investment-related expenses, such as interest from borrowings and dividends on borrowed securities, allowing for more consistent cost comparisons across funds.
Morningstar’s Analysis
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
Will DPCFX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable DPCFX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the DPCFX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar
The Parent Pillar is our rating of DPCFX’s parent organization’s priorities and whether they’re in line with investors’ interests.
Manager Roster Reshuffle Should Have Little Effect on Delaware Diversified Income
