ICKNX — Delaware Ivy Crossover Credit Fund
Data updated: 2023-08-29
ICKNX — Delaware Ivy Crossover Credit Fund. Bond · $14.63M AUM · 0.65% expense ratio · -9.8% 1-yr return. Holdings, fees, performance and SEC filings.
ICKNX Fund Overview
ICKNX — Delaware Ivy Crossover Credit Fund is a US mutual fund managed by Ivy Funds, categorised as Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Ivy Funds
- Category: Bond
- Assets under management: $14.63M
- 1-year return: -9.8%
- Ticker: ICKNX
- SEC CIK: 0000883622
- SEC series ID: S000056903
- Share class ID: C000180681
ICKNX Investment Objective and Strategy
Delaware Ivy Crossover Credit Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ivy Funds.
Investment objective
To seek to provide total return through a combination of high current income and capital appreciation.
Principal investment strategy
Ivy Crossover Credit Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in bonds (for this purpose, bonds includes any debt security with an initial maturity greater than one year). The Fund invests in a variety of fixed income securities, primarily, corporate debt securities, but also mortgage-backed securities, debt securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities (U.S. government securities) and other asset-backed securities. Certain of the mortgage-backed securities in which the Fund may invest are not backed by the full faith and credit of the U.S. government and, like other asset-backed securities in which the Fund may invest, may be backed only by the pool of assets pledged as security for the transaction.
The Fund generally invests in such bonds pursuant to a crossover credit strategy, which is designed to provide exposure to bonds with lower ratings that are still considered investment grade and bonds with higher ratings that are still considered non-investment grade. Investment grade bonds include bonds rated BBB- or higher by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by IICO to be of comparable quality. By contrast, non-investment grade debt securities, commonly called high yield or junk bonds, include bonds rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by IICO to be of comparable quality. Crossover debt generally refers to bonds rated at or near the point where the lower end of investment grade debt and the higher end of high yield debt meet.
Such bonds are on the verge of losing or regaining investment-grade status (i.e., they are on the verge of crossing over, falling to junk status or rising to investment grade status). In addition, crossover bonds include those that have been rated below investment grade since issuance, but may be close to achieving investment grade status (i.e., so-called rising stars), or those that at one time were considered to be investment grade and now are categorized as junk bonds due to a reduction in the issuers credit rating (i.e., so-called fallen angels). Dependent on the current Fund composition and market conditions, IICO expects that a majority of the crossover bonds will be rated either BBB or BB by S&P, or comparably rated by another NRSRO or, if unrated, determined by IICO to be of comparable quality.
Except as noted above, the Fund has no limitations regarding the maturity, duration or dollar-weighted average of its holdings, may invest in debt securities with varying maturities and can invest in debt securities issued by companies of any size, in a variety of sectors and industries. The Fund will primarily invest in debt securities issued by domestic companies, but also may invest up to 20% of its total assets in debt securities issued by foreign companies, including foreign securities that are denominated in U.S. dollars or foreign currencies. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.
The Fund typically will not invest more than 35% of its total assets in non-investment grade securities. The Fund typically holds a limited number of fixed income securities (generally 30 to 50). IICO may look at a number of factors in selecting securities for the Fund, beginning with a bottom-up (researching individual issuers) analysis of an issuers credit risk. This assessment is based primarily on an analysis of the issuers future cash flow, but also includes an assessment of other quantitative and qualitative factors such as leverage, interest coverage, margin stability, competition, management and industry trends. Following the credit risk assessment, IICO examines what it believes are an issuers reward potential, including the potential for income, yield and capital appreciation. IICO also performs a top-down (assessing the market environment) economic analysis as part of its investment process.
Generally, in determining whether to sell a security, IICO uses the same type of analysis that it uses in buying securities, including a review of the risk and reward potential for a specific issuer. IICO also may sell a security if, in IICOs opinion, the price of the security has risen to fully reflect the companys improved creditworthiness. IICO also may sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Funds holding in that security or to raise cash.
ICKNX Performance
Total returns for ICKNX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -9.8% |
| 3 years (annualised) | -3.4% |
ICKNX Risk Information
Risk metrics for ICKNX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.4%
ICKNX Costs and Fees
ICKNX costs about $65 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.65%
- Gross expense ratio: 0.87%
- Portfolio turnover: 60%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
ICKNX Cashflows
Over the 12 months to 2023-06, Delaware Ivy Crossover Credit Fund had net inflows of $16.41M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-06 | $1.47M |
| 2023-05 | $1.16M |
| 2023-04 | $981.83K |
| 2023-03 | $605.84K |
| 2023-02 | $1.11M |
| 2023-01 | $1.31M |
ICKNX Debt Constituents
No individual debt constituents are reported in Delaware Ivy Crossover Credit Fund's latest SEC N-PORT filing.
ICKNX Prospectus and SEC Filings
Official Delaware Ivy Crossover Credit Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-01-27
- Prospectus (485BPOS) — filed 2022-01-28
- Prospectus supplement (497) — filed 2021-02-04
- Portfolio holdings (N-PORT) — filed 2023-08-29
- Portfolio holdings (N-PORT) — filed 2023-05-23
- Portfolio holdings (N-PORT) — filed 2023-02-27
- Annual census (N-CEN) — filed 2022-12-13
- Annual census (N-CEN) — filed 2021-12-27
Related Funds
Other Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.