Fund Evaluator:
Nomura Extended Duration Bond R6 (DEZRX)
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Best Performing in Long-Term Bond Over the Last Year
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Fund Details
Nomura Extended Duration Bond R6 Overview
Nomura Extended Duration Bond R6 (DEZRX) is an actively managed Taxable Bond Long-Term Bond fund. Nomura launched the fund in 2016.
The investment seeks total return. 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.
About Nomura Extended Duration Bond R6 (DEZRX)
There are 6 members of the management team with an average tenure of 4.07 years: Michael Wildstein (2014), Kashif Ishaq (2013), Amy Chang (2026), Chris Parham (2026), Stephen Kotsen (2026), David Crall (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Long Corporate TR USD index with a weighting of 100%. Nomura Extended Duration Bond R6 has 157 securities in its portfolio. The top 10 holdings constitute 16.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Nomura Extended Duration Bond R6 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Nomura Extended Duration Bond R6 has 10.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 2.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.3% (86.8% domestic bond, 10.6% foreign bond and 0.0% convertible bond). Nomura Extended Duration Bond R6 has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $11 million in total assets, which is below the $774 million average for the Long-Term Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DEZRX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Nomura Extended Duration Bond R6 expense ratio is average compared to funds in the Long-Term Bond category. Nomura Extended Duration Bond R6 has an expense ratio of 0.48%, which is 54% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Nomura Extended Duration Bond R6 has a portfolio turnover rate of 119%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 78% for the Long-Term Bond category.
Recently, in the month of June 2026, Nomura Extended Duration Bond R6 returned 0.3%, which earned it a grade of C, as the Long-Term Bond category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Nomura Extended Duration Bond R6 has a trailing yield of 5.27%, which is above the 4.95% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Nomura Extended Duration Bond R6 Grades
Year to date, the fund has returned 1.5%, 0.4 percentage points better than the category, which translates into a grade of A. The fund has returned 4.7% over the past year (grade of C), 3.8% over the past three years (grade of B) and -2.7% per year over the past five years (grade of B) and 2.0% per year over the past 10 years (grade of B).
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DEZRX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DEZRX Return (NAV) | 0.3% | 2.5% | 4.7% | 3.8% | -2.7% | 2.0% |
| DEZRX Grade | C | A | C | B | B | B |
| +/- Category | -0.1% | 0.5% | 0.2% | 0.3% | -0.2% | 0.4% |
| Long-Term Bond Avg | 0.4% | 2.0% | 4.6% | 3.5% | -2.5% | 1.5% |
| DEZRX Tax Cost Ratio | na | na | 2.1% | 2.0% | 2.1% | 2.1% |
DEZRX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DEZRX Return (NAV) | 1.5% | 6.3% | -1.3% | 9.8% | -26.5% | -0.6% | 14.8% | 23.1% | -7.7% | 12.5% | 7.4% |
| DEZRX Grade | A | D | A | B | C | B | C | A | F | A | B |
| +/- Category | 0.4% | -0.6% | 0.2% | 1.0% | -1.7% | 0.2% | 1.7% | 4.9% | -3.1% | 2.3% | 0.4% |
| Long-Term Bond Avg | 1.2% | 6.9% | -1.4% | 8.8% | -24.8% | -0.8% | 13.1% | 18.2% | -4.6% | 10.1% | 6.9% |
| Risk Measures | |
| Standard Deviation: | 10.9% |
| Total Risk Index: | 0.89 - Average |
| Category Risk Index: | 1.02 - Average |
| Category Risk Grade: | C (47% Rank) |
| Beta: | 1.88 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 5.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $256 Mil |
| Fund Total Assets: | $ 11 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 119% |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 12.6 years | |||
| Average Tenure: 4.1 years | |||
| Managers (Year): Ishaq Kashif (2013), Wildstein Michael (2014), Chang Amy (2026), Parham Chris (2026), Kotsen Stephen (2026), Crall David (2026) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 157 |
| % in Top 10 Holdings: | 16.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 10.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 2.4% |
| Domestic Bond: | 86.8% |
| Foreign Bond: | 10.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Fund Family: | Nomura |
| Phone Number: | 800-523-1918 |
| Website: | www.delawareinvestments.com |
| Status: | Open |
| Inception Date: | May 2, 2016 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.48% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.04% |
| Share Class: | Nomura Extended Duration Bond Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
