Delaware Diversified Income R DPRFX

Comanagers Daniela Mardarovici and David Hillmeyer, who had jointly managed Delaware Diversified Income since early 2019, abruptly departed in May 2024. Mardarovici had been a new hire when she started, while Hillmeyer had been at Delaware for more than 10 years. They were replaced by Janaki Rao and Andrew Vonthethoff. Rao came to Macquarie from AllianceBernstein in February 2023, while Vonthethoff had been with Macquarie since 2008. (Delaware Investments became Macquarie Investment Management in 2017, after being acquired by the latter in 2010.) Rao, now also the head of the firm’s US multisector group, plans to overhaul the strategy's process somewhat. Given the uncertainties surrounding both the new management team and the anticipated process changes, we have downgraded its People and Process ratings to Average.