Fund Evaluator:
Nomura Global Bond Fund Class I (IVSIX)
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Best Performing in Global Bond Over the Last Year
| 6.3% | Destinations Global Fixed Income Opps Z (DGFZX) |
| 4.5% | Invesco International Bond Y (OIBYX) |
| 3.6% | Amana Participation Investor (AMAPX) |
| 3.0% | Nomura Global Bond Fund Class Y (IVSYX) |
| 2.7% | Invesco Global Strategic Income Y (OSIYX) |
Fund Details
Nomura Global Bond Fund Class I Overview
Nomura Global Bond Fund Class I (IVSIX) is an actively managed Taxable Bond Global Bond fund. Nomura launched the fund in 2008.
The investment seeks to provide a combination of current income and capital appreciation. The fund invests at least 80% of its net assets in a diversified portfolio of bonds of foreign and U.S. issuers. It invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its total assets in securities of non-U.S. issuers, including those located in at least three countries including the United States. The fund may invest up to 100% of its total assets in foreign securities and in securities denominated in currencies other than the U.S. dollar. It may invest in securities of any maturity.
About Nomura Global Bond Fund Class I (IVSIX)
There are 8 members of the management team with an average tenure of 0.82 years: Kashif Ishaq (2025), Janaki Rao (2025), Mansur Rasul (2025), Amy Chang (2026), Andrew Vonthethoff (2021), 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 Global Aggregate TR USD index with a weighting of 100% and Bloomberg Global Aggregate TR Hdg USD index with a weighting of 100%. Nomura Global Bond Fund Class I has 391 securities in its portfolio. The top 10 holdings constitute 24.7% 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 Global Bond Fund Class I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Nomura Global Bond Fund Class I has 50.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.2%. There is 0.0% allocated to foreign stock, and 0.6% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.4% (45.5% domestic bond, 50.9% foreign bond and 0.0% convertible bond). Nomura Global Bond Fund Class I has 2.9% of the portfolio in cash.
Assets Under Management
The fund has $177 million in total assets, which is below the $419 million average for the Global 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.
IVSIX 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 Global Bond Fund Class I expense ratio is above average compared to funds in the Global Bond category. Nomura Global Bond Fund Class I has an expense ratio of 0.69%, which is 28% lower than its category average, making the fund expense ratio grade a B. 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 Global Bond Fund Class I has a portfolio turnover rate of 141%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 158% for the Global Bond category.
Recently, in the month of June 2026, Nomura Global Bond Fund Class I returned 0.3%, which earned it a grade of A, as the Global 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 Global Bond Fund Class I has a trailing yield of 3.66%, which is below the 4.15% 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 Global Bond Fund Class I Grades
Year to date, the fund has returned 1.3%, 1.2 percentage points better than the category, which translates into a grade of B. The fund has returned 3.3% over the past year (grade of B), 4.9% over the past three years (grade of B) and 1.2% per year over the past five years (grade of B) and 2.9% per year over the past 10 years (grade of A).
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IVSIX 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 |
|
| IVSIX Return (NAV) | 0.3% | 1.6% | 3.3% | 4.9% | 1.2% | 2.9% |
| IVSIX Grade | A | C | B | B | B | A |
| +/- Category | 0.7% | -0.1% | 1.5% | 0.6% | 1.7% | 1.8% |
| Global Bond Avg | -0.4% | 1.7% | 1.7% | 4.3% | -0.6% | 1.1% |
| IVSIX Tax Cost Ratio | na | na | 1.5% | 1.5% | 1.4% | 1.2% |
IVSIX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IVSIX Return (NAV) | 1.3% | 4.7% | 3.0% | 7.1% | -8.8% | -0.9% | 8.2% | 7.9% | -0.1% | 5.1% | 8.6% |
| IVSIX Grade | B | F | A | B | A | A | C | B | A | F | A |
| +/- Category | 1.2% | -4.7% | 4.0% | 0.5% | 5.1% | 3.6% | 0.4% | 0.7% | 2.0% | -2.8% | 4.9% |
| Global Bond Avg | 0.1% | 9.5% | -1.0% | 6.5% | -13.9% | -4.5% | 7.8% | 7.2% | -2.1% | 7.9% | 3.6% |
| Risk Measures | |
| Standard Deviation: | 4.4% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 0.64 - Low |
| Category Risk Grade: | A (15% Rank) |
| Beta: | 0.76 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $388 Mil |
| Fund Total Assets: | $ 178 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 141% |
Management Team
| Number of Managers: 8 | |||
| Longest Tenure: 4.6 years | |||
| Average Tenure: 0.8 years | |||
| Managers (Year): Vonthethoff Andrew (2021), Ishaq Kashif (2025), Rao Janaki (2025), Rasul Mansur (2025), Chang Amy (2026), Parham Chris (2026), Kotsen Stephen (2026), Crall David (2026) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 391 |
| % in Top 10 Holdings: | 24.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 50.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.6% |
| Domestic Bond: | 45.5% |
| Foreign Bond: | 50.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.9% |
Purchase Information
| Fund Family: | Nomura |
| Phone Number: | 800-523-1918 |
| Website: | www.ivyinvestments.com |
| Status: | Open |
| Inception Date: | April 4, 2008 |
| 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 (%): | 0.69% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Nomura Global Bond Fund Class I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
