Management team
Mansur RasulHead of Emerging Markets Debt
Sean Simmons, CFA, CMTForeign Exchange Strategist, Senior Trader
Nomura Emerging Markets Debt Corporate Fund is an actively managed solution designed to deliver alpha through rigorous fundamental analysis of emerging market corporate issuers across diverse sectors and geographies.
Experienced team
Dedicated nine-person EMD team with 19 years' average industry experience
Research driven
Rigorous fundamental analysis filters expansive issuer universe in pursuit of alpha generation
Disciplined process
Investment process incorporates both top-down and bottom-up inputs to build a risk-managed portfolio
Emerging markets debt (EMD) is a heterogeneous, semi-efficient market with multiple sources of mispricing.
Detailed analysis across asset classes, countries, currencies, issuers and securities is conducted to help identify and seek to exploit investment opportunities.
A wide net is cast to identify attractive risk-adjusted returns. Sustainable EMD outperformance requires the alignment of global macro conditions, sovereign fundamentals, and corporate credit quality.
Methodical process filters global macro environment, sovereign risk, and corporate fundamentals to seek to construct diversified portfolios.
Analysis starts with developed market assessment (DM spreads, USD, Treasury yields), proceeds to sovereign evaluation, then rigorous corporate research reduces 750+ issuers to 100-150 high-conviction holdings.
Bottom-up selection emphasizes diversification while avoiding correlated clusters and unintended concentration risks.
J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified
Morningstar Emerging Markets Bond Category
Lipper Emerging Markets Hard Currency Debt Funds Average
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.
Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor (as applicable) for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.
Returns for less than one year are not annualized.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Performance at NAV assumes that no front-end sales charge applied or the investment was not redeemed. Performance at offer assumes that a front-end sales charge applied to the extent applicable.
Performance at NAV assumes that no contingent deferred sales charge applied or the investment was not redeemed. Performance at max offer price assumes that a contingent deferred sales charge applied to the extent applicable.
Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC). Class C shares are eligible to automatically convert to Class A shares with a lower 12b-1 fee approximately eight years after you buy Class C shares.
Class A shares have a maximum up-front sales charge of 4.50%.
A privately offered fund was reorganized into Delaware Emerging Markets Debt Fund, and the Fund commenced operations on Sept. 30, 2013. This privately offered fund commenced operations on Nov. 3, 2010 and had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the privately offered fund was not registered as an investment company under the Investment Company Act of 1940 (1940 Act). As a result, the privately offered fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended, which, if applicable, may have adversely affected its performance. The Fund's performance for the periods prior to its commencement of operations on Sept. 30, 2013 is that of the privately offered fund. Because the privately offered fund was a master fund that did not charge any management or other asset-based fees, the privately offered fund's performance shown has been restated, on a one-time basis, to reflect the fees, expenses, and waivers and reimbursements for each class of the Fund at the commencement of the Fund's operations. If the performance of the privately offered fund had not been restated, the performance for such classes may have been higher than the performance shown in the bar chart and average annual total returns table.
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Risk Disclosures
Carefully consider the Fund's investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund's prospectus and its summary prospectus, which may be obtained by visiting nomuraassetmanagement.com/literature or calling 800 523-1918 (for individual investors) or 877 693-3546 (for financial professionals). Investors should read the prospectus and the summary prospectus carefully before investing.
Employees of the Manager's affiliates outside the US participate in the management of certain Funds as “associated persons” of DMC under DMC's oversight, in accordance with SEC guidance as to “participating affiliate” arrangements. These associated persons may, on behalf of DMC, provide discretionary investment management services, trading, research and related services directly or indirectly to the Funds.
Investing involves risk, including the possible loss of principal.
International investing (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Investing in emerging markets involves greater risk than investing in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments, information about issuers may be less available or of a lesser quality, and securities markets may be smaller, less liquid, and subject to greater price volatility.
Investments in derivatives may involve additional expenses and are subject to significant loss if they perform differently than anticipated. Derivatives are also subject to the risk that the counterparty may fail to perform its obligations.
Fixed income securities can lose value, including the possible loss of principal. Fixed income securities are subject to credit risk and interest rate risk. Credit risk is the risk that an issuer of a fixed income security may be unable to make interest payments and/or repay principal in a timely manner. Interest rate risk is the risk that prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes.
High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than higher-rated securities.
Forward foreign currency contracts may substantially change a fund’s exposure to currency exchange rates and could result in losses to a fund if currencies do not perform as expected.
High portfolio turnover rates may increase transaction costs and lower returns.
Diversification may not protect against market risk.
Not FDIC Insured • No Bank Guarantee • May Lose Value
Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.
All third-party marks cited are the property of their respective owners.
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Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds mutual funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT. The Nomura Funds exchange-traded funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Nomura entity, including Delaware Management Company and Delaware Distributors, L.P.
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Investing involves risk including the possible loss of principal. The investment capabilities described in this website involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful. Past performance is not a reliable indication of future performance.
Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice.
This information is a general description of Nomura Asset Management only. The views expressed on this website represent those of the relevant investment team and are subject to change. No information set out above constitutes advice, an advertisement, an invitation, a confirmation, an offer or a solicitation, to buy or sell any security or other financial product or to engage in any investment activity, or an offer of any banking or financial service. Some products and/or services mentioned on this website may not be suitable for you and may not be available in all jurisdictions.