Fund Evaluator:
Nomura Corporate Bond A (DGCAX)
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Best Performing in Corporate Bond Over the Last Year
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Fund Details
Nomura Corporate Bond A Overview
Nomura Corporate Bond A (DGCAX) is an actively managed Taxable Bond Corporate Bond fund. Nomura launched the fund in 1998.
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 Corporate Bond A (DGCAX)
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 Corp Bond TR USD index with a weighting of 100%. Nomura Corporate Bond A has 247 securities in its portfolio. The top 10 holdings constitute 11.6% 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 Corporate Bond A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Nomura Corporate Bond A has 21.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.3%. There is 0.0% allocated to foreign stock, and 2.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.3% (75.4% domestic bond, 21.9% foreign bond and 0.0% convertible bond). Nomura Corporate Bond A has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $284 million in total assets, which is below the $720 million average for the Corporate 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.
DGCAX 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 Corporate Bond A expense ratio is above average compared to funds in the Corporate Bond category. Nomura Corporate Bond A has an expense ratio of 0.79%, which is 6% higher than its category average, making the fund expense ratio grade a D. 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 Corporate Bond A has a portfolio turnover rate of 144%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 116% for the Corporate Bond category.
Recently, in the month of June 2026, Nomura Corporate Bond A returned 0.1%, which earned it a grade of C, as the Corporate Bond category had an average return of 0.2%. 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 Corporate Bond A has a trailing yield of 4.87%, which is above the 4.33% category average. The fund normally distributes its income monthly and its capital gains annually.
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 Corporate Bond A Grades
Year to date, the fund has returned 0.9%, 0.2 percentage points better than the category, which translates into a grade of A. The fund has returned 4.0% over the past year (grade of C), 4.9% over the past three years (grade of D) and -0.4% per year over the past five years (grade of F) and 2.5% per year over the past 10 years (grade of D).
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DGCAX 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 |
|
| DGCAX Return (NAV) | 0.1% | 1.7% | 4.0% | 4.9% | -0.4% | 2.5% |
| DGCAX Grade | C | A | C | D | F | D |
| +/- Category | -0.0% | 0.3% | -0.0% | -0.3% | -0.6% | -0.1% |
| Corporate Bond Avg | 0.2% | 1.4% | 4.0% | 5.2% | 0.3% | 2.6% |
| DGCAX Tax Cost Ratio | na | na | 1.9% | 1.9% | 1.8% | 1.6% |
DGCAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DGCAX Return (NAV) | 0.9% | 6.6% | 2.5% | 7.2% | -17.1% | -0.9% | 11.4% | 15.9% | -4.0% | 7.2% | 5.4% |
| DGCAX Grade | A | F | D | F | F | C | B | A | F | A | D |
| +/- Category | 0.2% | -0.8% | -0.1% | -1.0% | -1.4% | 0.1% | 1.3% | 2.0% | -1.1% | 0.8% | -1.4% |
| Corporate Bond Avg | 0.7% | 7.4% | 2.7% | 8.2% | -15.7% | -1.0% | 10.1% | 13.9% | -2.9% | 6.3% | 6.9% |
| Risk Measures | |
| Standard Deviation: | 6.1% |
| Total Risk Index: | 0.50 - Below Average |
| Category Risk Index: | 1.02 - Below Average |
| Category Risk Grade: | B (38% Rank) |
| Beta: | 1.07 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $922 Mil |
| Fund Total Assets: | $ 285 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 144% |
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 4/30/26)
| # of Holdings: | 247 |
| % in Top 10 Holdings: | 11.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.3% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 2.2% |
| Domestic Bond: | 75.4% |
| Foreign Bond: | 21.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Fund Family: | Nomura |
| Phone Number: | 800-523-1918 |
| Website: | www.delawareinvestments.com |
| Status: | Open |
| Inception Date: | September 15, 1998 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | No |
| Front Load Maximum: | 4.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.79% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.75% |
| Share Class: | Nomura Corporate Bond Inst |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 25 |
