Fund Evaluator:
Nomura Healthcare Fund Class R (DLRHX)
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Fund Details
Nomura Healthcare Fund Class R Overview
Nomura Healthcare Fund Class R (DLRHX) is an actively managed Sector Equity Health fund. Nomura launched the fund in 2010.
The investment seeks maximum long-term capital growth through capital appreciation. Under normal circumstances, the fund will invest at least 80% of its assets, plus the amount of any borrowings for investment purposes, in the equity securities of healthcare companies, meaning companies that develop, produce, or distribute products or services related to the healthcare or medical industries and derive a substantial portion, that is, more than 50%, of their sales from products and services in the healthcare industry (80% policy). It is non-diversified.
About Nomura Healthcare Fund Class R (DLRHX)
There are 1 members of the management team with an average tenure of 18.85 years: Liu-Er Chen (2007). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 3000 Ind/HC TR USD index with a weighting of 100%. Nomura Healthcare Fund Class R has 108 securities in its portfolio. The top 10 holdings constitute 39.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Nomura Healthcare Fund Class R is part of the Equity global asset class and is within the Sector Equity fund group. Nomura Healthcare Fund Class R has 20.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 78.0%. There is 20.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Nomura Healthcare Fund Class R has 2.0% of the portfolio in cash.
Assets Under Management
The fund has $3 million in total assets, which is below the $884 million average for the Health 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.
DLRHX 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 Healthcare Fund Class R expense ratio is high compared to funds in the Health category. Nomura Healthcare Fund Class R has an expense ratio of 1.46%, which is 21% 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 Healthcare Fund Class R has a portfolio turnover rate of 4%, indicating that holds its assets around 0.3 years. By way of comparison, the average portfolio turnover is 61% for the Health category.
Recently, in the month of July 2026, Nomura Healthcare Fund Class R returned -0.6%, which earned it a grade of C, as the Health 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 Healthcare Fund Class R has a trailing yield of 2.21%, which is above the 0.39% category average. The fund normally distributes its income annually 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 Healthcare Fund Class R Grades
Year to date, the fund has returned 4.6%, 2.5 percentage points worse than the category, which translates into a grade of D. The fund has returned 31.7% over the past year (grade of C), 13.4% over the past three years (grade of B) and 7.8% per year over the past five years (grade of A) and 10.0% per year over the past 10 years (grade of B).
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DLRHX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DLRHX Return (NAV) | -0.6% | 7.3% | 31.7% | 13.4% | 7.8% | 10.0% |
| DLRHX Grade | C | F | C | B | A | B |
| +/- Category | -0.2% | -3.4% | -2.2% | 2.7% | 2.9% | 0.8% |
| Health Avg | -0.4% | 10.7% | 33.9% | 10.7% | 5.0% | 9.3% |
| DLRHX Tax Cost Ratio | na | na | 2.9% | 2.4% | 2.1% | 1.8% |
DLRHX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DLRHX Return (NAV) | 4.6% | 21.8% | 8.2% | 4.0% | -1.6% | 5.0% | 10.9% | 31.2% | -1.1% | 31.6% | -4.6% |
| DLRHX Grade | D | B | A | C | A | D | F | B | D | A | A |
| +/- Category | -2.5% | 1.2% | 5.7% | -1.6% | 7.8% | -3.7% | -13.6% | 2.8% | -1.5% | 8.2% | 6.3% |
| Health Avg | 7.1% | 20.6% | 2.5% | 5.6% | -9.4% | 8.7% | 24.5% | 28.4% | 0.4% | 23.4% | -10.9% |
| Risk Measures | |
| Standard Deviation: | 13.6% |
| Total Risk Index: | 1.11 - Above Average |
| Category Risk Index: | 0.85 - Low |
| Category Risk Grade: | A (17% Rank) |
| Beta: | 0.51 |
| R-Squared: | 22% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $745 Mil |
| Fund Total Assets: | $ 3 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 4% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 18.9 years | |||
| Average Tenure: 18.9 years | |||
| Managers (Year): Chen Liu-Er (2007) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 108 |
| % in Top 10 Holdings: | 39.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 20.0% |
Portfolio Allocation |
|
| Domestic Stock: | 78.0% |
| Foreign Stock: | 20.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.0% |
Purchase Information
| Fund Family: | Nomura |
| Phone Number: | 800-523-1918 |
| Website: | www.delawarefunds.com |
| Status: | Open |
| Inception Date: | January 28, 2010 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.50% |
Expenses and Fees | |
| Expense Ratio (%): | 1.46% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.21% |
| Share Class: | Nomura Healthcare Fund Class I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
