IRBCX — Delaware Ivy Total Return Bond Fund

IRBCX Fund Overview

IRBCX — Delaware Ivy Total Return Bond Fund is a US mutual fund managed by Ivy Funds, categorised as Long Total / Aggregate 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: Long Total / Aggregate Bond
• Assets under management: $24.09M
• 1-year return: 4.1%
• Ticker: IRBCX
• SEC CIK: 0000883622
• SEC series ID: S000052348
• Share class ID: C000164625

IRBCX Investment Objective and Strategy

Delaware Ivy Total Return Bond 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 current income and capital appreciation.

Principal investment strategy

Ivy Pictet Targeted Return Bond Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in bonds. For this purpose, the term bonds includes any debt security with an initial maturity greater than one year. The Fund benchmarks itself against a benchmark of cash instruments (the Bloomberg Barclays U.S. Treasury Bills 1-3 Month Index) rather than a bond market index. The Fund is designed to pursue a positive return that exceeds its benchmark by using a flexible approach to bond investing. The Fund seeks to achieve returns that are largely independent of broad movements in the bond market. The Fund has the flexibility to invest in any form of debt security, including, but not limited to, U.S. government and foreign government securities, corporate bonds, convertible and non-convertible bonds, inflation-indexed bonds, asset- and mortgage-backed securities.

The Fund also may invest in currencies. The Fund may invest directly in the debt securities listed above, as well as in derivative instruments that provide investment exposure to such debt securities. The Fund is unconstrained in its investment approach, meaning that it is not limited by the types of investments in a particular securities index, nor is it limited to any single type of investment strategy. The Fund is non-diversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers. As described in more detail below, the Fund expects to use derivatives for various purposes. The Fund may take long positions in derivatives (the values of which typically move in the same direction as the prices of the underlying investments) and short positions in derivatives (the values of which typically move in the opposite direction from the prices of the underlying investments).

The Fund may invest in debt securities of any credit rating and may invest up to 50% of its total assets in non-investment grade debt securities, or high yield or junk bonds, which include bonds rated BB+ or below 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 to be of comparable quality by its investment subadviser, Pictet Asset Management SA (Pictet AM CH), and with its delegate Pictet Asset Management Limited (Pictet UK, and collectively with Pictet AM CH, Pictet AM). The Fund may invest in debt securities from any market or country or denominated in any currency, including issuers located in, and/or generating revenue from, both developed and emerging markets.

Depending on market conditions, Pictet AM may focus the Funds investments on issuers in a single country, a small number of countries, or a particular sector, currency or geographic region. The Fund will limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 75% of its total assets. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss from fluctuations in currency exchange rates, but is under no obligation to do so under any circumstances. The Fund expects to use a variety of derivative instruments for various purposes. The Funds investments in, and use of, derivatives may be significant. The Fund may, at any given time, use a combination of the following types of derivatives: futures contracts on securities, indexes and other underlying instruments, OTC options, options on securities and futures contracts, interest rate swaps, credit default swaps (single name or index; buying or selling credit protection) and options on credit default swap indexes, forward currency contracts and options on forward currency contracts.

The Fund may use derivatives in an attempt to hedge various instruments, to hedge an investment in one currency back to another currency, to enhance return, to invest in a position not otherwise available, to take a fundamental long or short position in a particular currency, security or other financial instrument, to mitigate the impact of rising interest rates or to change the effective duration of the Funds portfolio. In addition, the Fund may use derivatives as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies. It is anticipated that the average portfolio duration of the Funds portfolio may vary from negative eight (-8) years to positive eight (8) years. Duration is a measure, expressed as a number of years, of a securitys price sensitivity to changes in interest rates.

Generally, when interest rates rise, the price of an instrument with positive duration would be expected to decrease. For example, if a bond has a duration of six years, its price will rise about 6% if its yield drops by 1%, and its price will fall by about 6% if its yield rises by that amount. The value of an instrument with a longer duration generally is more sensitive to changes in interest rates than a similar instrument with a shorter duration. However, the Fund may use derivative instruments to seek to manage interest rate risk (for example, by taking short positions in futures contracts on U.S. Treasury securities). Such derivative positions generally would be expected to increase in value when interest rates rise, thereby offsetting losses from the Funds long positions in bonds. If the Funds short positions have a duration that exceeds those of its long positions, the Fund portfolio would have a negative duration a situation in which the price of an instrument moves in the same direction as interest rates.

There is no limit on the weighted average maturity of the Funds portfolio. Pictet AM uses a multi-staged, systematic investment process in selecting investments for inclusion in the Funds portfolio. The process combines a top-down (assessing the market environment) and bottom-up (researching individual issuers) analysis in an attempt to invest opportunistically in such instruments that Pictet AM believes can provide greater returns than the overall market, even after accounting for the risks inherent in those instruments. Pictet AM considers top-down factors such as the current interest rate environment, currency forecasts and current spreads. Following its top-down analysis, Pictet AM conducts a bottom-up analysis of the perceived value of an individual investment, including credit and currency opportunities, duration and yield curve positioning.

Generally, in determining whether to sell a security, Pictet continues to analyze the factors considered for buying the security. Pictet 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.

IRBCX Holdings

Top 10 holdings of Delaware Ivy Total Return Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all IRBCX holdings

IRBCX Portfolio Allocation

Asset-class allocation of Delaware Ivy Total Return Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.

IRBCX Performance

Total returns for IRBCX (as of 2026-10-01), from SEC filings.

IRBCX Risk Information

Risk metrics for IRBCX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 6.3%

IRBCX Costs and Fees

IRBCX costs about $195 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.95%
• Gross expense ratio: 3.15%
• Portfolio turnover: 127%
• Brokerage commissions: 2.46 bps of average net assets (SEC N-CEN)

IRBCX Cashflows

Over the 12 months to 2024-03, Delaware Ivy Total Return Bond Fund had net inflows of $47.28M, from monthly SEC N-PORT filings.

IRBCX Debt Constituents

Largest debt holdings of Delaware Ivy Total Return Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.

IRBCX Prospectus and SEC Filings

Official Delaware Ivy Total Return Bond 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 Long Total / Aggregate Bond funds tracked on ABC INVEST:

• Dodge & Cox Income Fund (DODIX)
• Bond Fund Of America (ABNDX)
• Fidelity U.S. Bond Index Fund (FUBFX)
• Baird Aggregate Bond Fund (BAGIX)
• PGIM Total Return Bond Fund (PDBAX)

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.