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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Optimum Fixed Income Fund returned 0.97% net in Q2 2026, outperforming the Bloomberg US Aggregate Bond Index which returned 0.67%. The fund employs a multi-manager structure with Delaware Management Company overseeing the Nomura Diversified Income sleeve and PIMCO serving as sub-advisor. Both sleeves outperformed the benchmark during the quarter. The Nomura sleeve benefited from overweight exposure to high yield corporates and security selection in emerging market debt, partially offset by detractors in investment grade corporates. The PIMCO sleeve gained from overweight positions in UK and Australian securities as yields fell, and from higher coupon agency mortgage-backed securities. Detractors included overweight US duration positioning as the yield curve rose, and underweight exposure to investment-grade non-financials as spreads tightened. The broader market environment saw equities rally strongly while bond markets weakened as interest rates rose modestly. Investors abandoned expectations for Fed rate cuts, instead anticipating a possible rate hike before year-end amid persistent inflation. Looking ahead, inflation, interest rates, Federal Reserve policy, and artificial intelligence enthusiasm remain key factors to watch.
The Optimum Fixed Income Fund employs a multi-manager approach combining Delaware Management Company's Nomura Diversified Income sleeve with PIMCO's sub-advisory expertise to generate returns through active sector allocation, security selection, and duration management across investment grade, high yield, emerging market debt, and mortgage-backed securities.
Looking ahead, investors are watching developments around inflation, interest rates, Federal Reserve policy, and continued enthusiasm for artificial intelligence, all of which could potentially have an outsized influence on markets in the months ahead.
As of Jul 30, 2026
J. David Hillmeyer has served as lead portfolio manager since April 2011, bringing over a decade of expertise in fixed income portfolio management and multisector bond strategies. Daniela Mardarovici joined as co-manager in March 2019, contributing strong experience in multisector fixed income approaches. Both managers are registered investment advisers operating under Delaware Management Company, which is now part of Nomura Asset Management International following the November 2025 acquisition. The management team benefits from sub-advisory support from Pacific Investment Management Company LLC (PIMCO), which provides specialized expertise in global bond markets through proprietary analytical software and relative value assessment. Recent organizational appointments include Janaki Rao as Head of US Multisector Fixed Income and Andrew Vonthethoff as portfolio manager.
The Optimum Fixed Income Fund seeks a high level of income and may also seek growth of capital through a diversified portfolio of fixed income securities. Under normal circumstances, the fund invests at least 80% of its net assets in fixed income securities including U.S. government securities, corporate debt, municipal bonds, mortgage-backed securities, and asset-backed securities. The fund may also invest in high yield securities, foreign securities, bank loans, preferred stocks, and derivatives. The investment approach utilizes both the Macquarie Diversified Income sleeve and PIMCO Total Return sleeve to provide active management across multiple fixed income sectors while maintaining focus on investment-grade securities with an average credit rating of A.
Lead Portfolio Manager
Neutral / Balanced
Market Conviction
Conviction is low-moderate. The fund is a diversified multi-manager fixed income vehicle with no individual securities named or sized. The letter discusses broad sector allocations (high yield corporates, emerging market debt, agency MBS, investment grade corporates) and geographic positioning (UK, Australian securities, US duration) but provides no specific holdings, position sizes, or company-level thesis. The commentary is entirely at the sector and duration level. Multiple scenarios are implied through the multi-manager structure and diversified approach. Per the hard rule, the absence of named positions caps the score below 0.54.
Growth Outlook
Market outlook remains high conviction: Fixed income fund declined 0.36% in Q1 2026, underperforming benchmark due to rising rates and geopolitical tensions. Oil price surge from Middle East conflicts increased inflation...
Risk Appetite
Risk appetite posture is very low conviction: Fixed income fund declined 0.36% in Q1 2026, underperforming benchmark due to rising rates and geopolitical tensions. Oil price surge from Middle East conflicts increased inflation...
Capital Deployment
Capital deployment cannot be assessed from this letter. No cash levels are disclosed, no changes in cash position are mentioned, and no explicit discussion of adding or reducing positions appears. The letter describes sector overweights and underweights but these appear to be ongoing positioning rather than changes during the quarter. The commentary focuses on performance attribution of existing positions. Without cash level data or explicit deployment language, the score defaults to 0.00.
Forward Guidance
Forward guidance signal: Fixed income fund declined 0.36% in Q1 2026, underperforming benchmark due to rising rates and geopolitical tensions. Oil price surge from Middle East conflicts increased inflation...
Language Signal
Language is slightly more positive than negative overall. Positive terms include outperformed (used twice), contributed positively, strong quarter, historic rally, optimistic, and favorable. Negative terms include weakened, detracted, persistent inflation concerns, and geopolitical tensions. The equity market commentary is notably bullish while the fixed income commentary is more cautious. The net balance leans mildly positive given the outperformance narrative and strong equity market backdrop, but the fixed income focus keeps this modest.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Fixed income fund declined 0.36% in Q1 2026, underperforming benchmark due to rising rates and geopolitical tensions. Oil price surge from Middle East conflicts increased inflation...
Opportunity Density
Opportunity density appears selective. The fund found opportunities in specific areas: high yield corporates, emerging market debt, higher coupon agency MBS, and UK/Australian securities. However, the letter also notes multiple detractors including investment grade corporates, US duration positioning, and investment-grade non-financials. The environment is characterized as one requiring active management and selectivity rather than broad opportunity. The strong equity market rally contrasts with bond market weakness, suggesting a bifurcated opportunity set. This points to selective opportunities in defined areas.
Time Horizon
Time horizon appears medium-term. This is a fixed income fund with quarterly reporting and active management across multiple sectors and duration positioning. The letter discusses quarterly performance drivers and near-term factors (Fed policy expectations by year-end, inflation developments in the months ahead). There is no discussion of multi-year holding periods or permanent capital. The active management approach with sector rotation and duration positioning suggests a 1-3 year investment horizon typical of actively managed fixed income strategies. No urgency is expressed, but the focus is on near to medium-term catalysts.
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Key Catalysts
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