Fund Evaluator:
Nomura Strategic Income C (DUGCX)
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Fund Details
Nomura Strategic Income C Overview
Nomura Strategic Income C (DUGCX) is an actively managed Taxable Bond Multisector Bond fund. Nomura launched the fund in 1995.
The investment seeks high current income and, secondarily, long-term total return. Under normal circumstances, the Manager will invest at least 80% of the fund’s net assets, plus the amount of any borrowings for investment purposes, in U.S. and foreign debt securities, including those in emerging markets (80% policy). It may invest up to 100% of its net assets in high yield, lower-quality debt securities. The fund may invest up to 100% of its net assets in foreign securities, including emerging markets securities.
About Nomura Strategic Income C (DUGCX)
There are 7 members of the management team with an average tenure of 0.50 years: Brendan Dillon (2025), Janaki Rao (2024), Mansur Rasul (2025), 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 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Nomura Strategic Income C has 243 securities in its portfolio. The top 10 holdings constitute 13.3% 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 Strategic Income C is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Nomura Strategic Income C has 32.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.3% allocated to foreign stock, and 4.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.3% (62.9% domestic bond, 32.4% foreign bond and 0.0% convertible bond). Nomura Strategic Income C has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $3 million in total assets, which is below the $1 billion average for the Multisector 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.
DUGCX 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 Strategic Income C expense ratio is high compared to funds in the Multisector Bond category. Nomura Strategic Income C has an expense ratio of 1.60%, which is 68% higher than its category average, making the fund expense ratio grade a F. 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 Strategic Income C has a portfolio turnover rate of 106%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 162% for the Multisector Bond category.
Recently, in the month of June 2026, Nomura Strategic Income C returned 0.4%, which earned it a grade of B, as the Multisector 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 Strategic Income C has a trailing yield of 5.40%, which is above the 5.25% 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 Strategic Income C Grades
Year to date, the fund has returned 1.2%, 0.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.9% over the past year (grade of C), 6.4% over the past three years (grade of D) and 1.8% per year over the past five years (grade of F) and 2.6% per year over the past 10 years (grade of F).
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DUGCX 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 |
|
| DUGCX Return (NAV) | 0.4% | 2.6% | 4.9% | 6.4% | 1.8% | 2.6% |
| DUGCX Grade | B | A | C | D | F | F |
| +/- Category | 0.1% | 0.7% | -0.3% | -0.5% | -0.7% | -1.1% |
| Multisector Bond Avg | 0.2% | 1.9% | 5.3% | 6.9% | 2.6% | 3.7% |
| DUGCX Tax Cost Ratio | na | na | 2.2% | 2.1% | 1.8% | 1.6% |
DUGCX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DUGCX Return (NAV) | 1.2% | 6.9% | 5.7% | 8.4% | -11.2% | 0.3% | 8.8% | 11.1% | -5.3% | 5.0% | 1.5% |
| DUGCX Grade | D | F | C | C | C | F | B | B | F | D | F |
| +/- Category | -0.4% | -1.1% | -0.0% | 0.0% | -1.1% | -1.9% | 2.4% | 0.8% | -3.4% | -1.6% | -6.0% |
| Multisector Bond Avg | 1.6% | 8.1% | 5.7% | 8.4% | -10.1% | 2.2% | 6.4% | 10.3% | -1.9% | 6.6% | 7.5% |
| Risk Measures | |
| Standard Deviation: | 4.3% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 0.98 - Below Average |
| Category Risk Grade: | B (38% Rank) |
| Beta: | 0.66 |
| R-Squared: | 71% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 5.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $218 Mil |
| Fund Total Assets: | $ 3 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 106% |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 2.2 years | |||
| Average Tenure: 0.5 years | |||
| Managers (Year): Rao Janaki (2024), Rasul Mansur (2025), Dillon Brendan (2025), Chang Amy (2026), Parham Chris (2026), Kotsen Stephen (2026), Crall David (2026) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 243 |
| % in Top 10 Holdings: | 13.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 32.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.3% |
| Preferred Stock: | 4.0% |
| Domestic Bond: | 62.9% |
| Foreign Bond: | 32.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Fund Family: | Nomura |
| Phone Number: | 800-523-1918 |
| Website: | www.delawarefunds.com |
| Status: | Closed |
| Inception Date: | November 29, 1995 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.60% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.95% |
| Share Class: | Nomura Strategic Income A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 25 |
