IPNAX — Delaware Ivy High Yield Fund
Data updated: 2024-05-28
IPNAX — Delaware Ivy High Yield Fund. Intermediate Corporate Bond · $26.81M AUM · 0.97% expense ratio. Holdings, fees, performance and SEC filings.
IPNAX Fund Overview
IPNAX — Delaware Ivy High Yield Fund is a US mutual fund managed by Ivy Funds, categorised as Intermediate Corporate 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: Intermediate Corporate Bond
- Assets under management: $26.81M
- 1-year return: 10.6%
- Ticker: IPNAX
- SEC CIK: 0000883622
- SEC series ID: S000057669
- Share class ID: C000184431
IPNAX Investment Objective and Strategy
Delaware Ivy High Yield 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 PineBridge High Yield Fund seeks to achieve its objective by investing primarily in a diversified portfolio of high-yield, lower-quality fixed income securities of U.S. and foreign issuers, the risks of which are, in the judgment of PineBridge Investments LLC (PineBridge), the Funds subadviser, consistent with the Funds investment objective. Under normal circumstances, the Fund invests at least 80% of its net assets in non-investment grade debt securities, commonly called high yield or junk bonds. Such bonds include debt securities rated BB+ or lower 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 PineBridge to be of comparable quality. The Fund may invest up to 100% of its total assets in non-investment grade debt securities; however, the Funds allocation to high yield securities rated CCC or lower by S&P (or comparably rated by another NRSRO, or, if unrated, determined by PineBridge to be of comparable quality), is capped so that the Funds exposure to such securities will never be greater than 1.2 times the CCC or lower exposure of the Funds benchmark, the Bloomberg Barclays U.S.
Corporate High-Yield Index. The Fund also may invest up to 20% of its total assets in lower-quality debt securities that are considered investment grade. Such securities include those rated BBB+, BBB or BBB- by S&P (or comparably rated by another NRSRO, or, if unrated, determined by PineBridge to be of comparable quality). The Fund may invest in fixed-income securities of any maturity and in companies of any size, but intends to invest primarily in intermediate and long-term corporate obligations. The Fund may invest up to 100% of its total assets in foreign debt 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.
In selecting securities for the Fund, PineBridge combines a top-down (assessing the market environment) and bottom-up (researching individual issuers) investment philosophy, with a strong focus on a securitys relative value. From a top-down perspective, PineBridge considers both industry specific trends and other macroeconomic events that are impacting issuers. PineBridge also employs a proprietary bottom-up credit analysis that independently rates credit risk, fundamental trends and market value. As part of this process, PineBridge assigns a risk rating to each issuer based upon PineBridges evaluation of the issuers credit risk. Those risk ratings are designed to assess an issuers potential risk of default in a similar approach to a ratings agency methodology. PineBridge continuously monitors the risks associated with each such issuer, including establishing a credit impairment catalyst (CIC) trigger for each.
These triggers are quantifiable, company-or sector-specific metrics, which, if met, require a re-evaluation of PineBridges original investment thesis on that issuer. Overall, investments with favorable valuation ratings relative to their credit risk are included in the Funds portfolio. PineBridge may actively trade the Funds securities in seeking to achieve the Funds investment objective. Generally, in determining whether to sell a security, PineBridge utilizes the same factors it considers for buying a security, with a particular emphasis on an issuers CIC triggers in addition to its relative valuation. PineBridge also may sell a security to reduce the Funds holding in that security, to take advantage of what it believes to be more attractive opportunities, or to raise cash.
IPNAX Holdings
Top 10 holdings of Delaware Ivy High Yield Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Cco Hldgs Llc/cap Corp. | 2.13% |
| Boyd Gaming Corp. | 1.75% |
| Aercap Holdings NV | 1.48% |
| Murphy Oil USA, Inc. | 1.42% |
| Directv Fin Llc/coinc | 1.39% |
| Connect Finco Sarl/conne | 1.39% |
| Vistra Corp. | 1.35% |
| Entegris, Inc. | 1.35% |
| Mauser Packaging Solut | 1.33% |
| Frontier Communications | 1.32% |
IPNAX Portfolio Allocation
Asset-class allocation of Delaware Ivy High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 101.5% |
IPNAX Performance
Total returns for IPNAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 10.6% |
| 3 years (annualised) | -0.3% |
IPNAX Risk Information
Risk metrics for IPNAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.8%
IPNAX Costs and Fees
IPNAX costs about $97 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.97%
- Gross expense ratio: 1.41%
- Portfolio turnover: 42%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
IPNAX Cashflows
Over the 12 months to 2024-03, Delaware Ivy High Yield Fund had net inflows of $13.40M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-03 | −$2.46M |
| 2024-02 | −$1.05M |
| 2024-01 | −$483.85K |
| 2023-12 | $1.55M |
| 2023-11 | $2.07M |
| 2023-10 | $1.08M |
IPNAX Debt Constituents
Largest debt holdings of Delaware Ivy High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Cco Hldgs Llc/cap Corp. | 2.13% |
| Boyd Gaming Corp. | 1.75% |
| Aercap Holdings NV | 1.48% |
| Murphy Oil USA, Inc. | 1.42% |
| Directv Fin Llc/coinc | 1.39% |
| Connect Finco Sarl/conne | 1.39% |
| Vistra Corp. | 1.35% |
| Entegris, Inc. | 1.35% |
| Mauser Packaging Solut | 1.33% |
| Frontier Communications | 1.32% |
IPNAX Prospectus and SEC Filings
Official Delaware Ivy High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-01-26
- Prospectus (485BPOS) — filed 2023-01-27
- Prospectus (485BPOS) — filed 2022-01-28
- Portfolio holdings (N-PORT) — filed 2024-05-28
- Portfolio holdings (N-PORT) — filed 2024-02-27
- Portfolio holdings (N-PORT) — filed 2023-11-21
- Annual census (N-CEN) — filed 2023-12-11
- Annual census (N-CEN) — filed 2022-12-13
Related Funds
Other Intermediate Corporate 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.