Morningstar

Nomura Diversified Income Fund Class C DPCFX

Morningstar Medalist Rating
Medalist Rating as of | See Nomura Investment Hub
  • NAV / 1-Day Return 7.60  /  −0.13 %
  • Total Assets 2.2B
  • Adj. Expense Ratio
    1.420%
  • Expense Ratio 1.420%
  • Distribution Fee Level Below Average
  • Share Class Type Level Load
  • Category Intermediate Core-Plus Bond
  • Credit Quality / Interest Rate Sensitivity Medium/Moderate
  • Min. Initial Investment 1,000
  • Status Open
  • TTM Yield 3.60%
  • Effective Duration 5.50 years

USD | NAV as of Jul 21, 2026 | 1-Day Return as of Jul 21, 2026, 12:11 AM GMT+0

Morningstar’s Analysis DPCFX

Will DPCFX outperform in the 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.

New developments for a fund that has been faced with quite a few over the years.

Principal Maciej Kowara

Maciej Kowara

Principal

Summary

In April 2025, Macquarie announced an agreement to sell its US and European public asset-management business—including the group that manages this fund—to Nomura for USD 1.8 billion, with the transaction expected to close by year-end 2025. This marks another ownership transition for a fund with origins in Delaware Investments, which Macquarie acquired in 2010. The implications of Nomura's stewardship remain uncertain, though the Japanese firm has said it is committed to retaining the existing management team and investment platform. This ownership change follows a turbulent period for the firm, which, in September 2024, was fined USD 80 million by the Securities and Exchange Commission for improper cross-trading between funds and other client accounts between 2017 and April 2021. Macquarie wouldn't comment on whether the abrupt departures of the fund’s previous management in May 2024 had anything to do with the fine.

by Maciej Kowara
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