| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 3.4% | 1.0% | 7.3% |
| 2025 | 2024 |
|---|---|
| 7.3% | 1.5% |
The Optimum Fixed Income Fund delivered 1.07% net returns in 4Q2025, closely matching the Bloomberg US Aggregate Bond Index's 1.10% return. The fund employs a multi-manager approach with Delaware Management Company overseeing allocations to Nomura Diversified Income and PIMCO sub-advisory sleeves. Performance was driven by mixed contributions from the sub-advisors: Nomura underperformed due to overweight positions in high yield corporates, emerging markets, and CMBS, though benefited from duration positioning as rates fell. PIMCO outperformed through effective interest rate strategies, particularly underweighting the long end as the curve steepened, and overweight allocations to agency mortgage-backed securities. The broader fixed income market saw lower duration securities outperform, with securitized assets leading treasuries and corporates. Lower quality securities also outperformed higher quality bonds. The fund's diversified approach across multiple fixed income sectors and sub-advisors provides exposure to various return drivers while managing interest rate and credit risks in the current environment.
The fund maintains a diversified fixed income approach through multiple sub-advisors, positioning to benefit from interest rate dynamics while managing duration and credit risk across various bond sectors.
Markets benefited from steady earnings growth, easing financial conditions, and optimism heading into 2026.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 30 2026 | 2025 Q4 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, credit, duration, fixed income, interest rates, Mortgage, TIPS | - | Artificial intelligence remained a major investment theme during the quarter, driven by heavy spending from large technology companies. However, concerns emerged around profitability and rising… |
| Nov 5 2025 | 2025 Q3 | - | diversification, duration, Fed Rate Cuts, High Yield Bonds, Mortgage-Backed Securities | - | The fund outperformed its benchmark due to strong allocation to high yield corporates, securitized credit, and mortgage-backed securities. Managers highlight improving market sentiment on expectations… |
| Jul 22 2025 | 2025 Q2 | - | carry, credit, fixed income, Securitized Credit, yield curve | - | The commentary focuses on active fixed income positioning favoring credit over duration amid a steepening yield curve. Management highlights carry generation from high yield, securitized… |
| Mar 31 2025 | 2025 Q1 | - | - | - | - |
| Dec 31 2024 | 2024 Q4 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
| 2025 Q3 |
Fixed Income |
|
| 2025 Q2 |
CreditFund focuses on elevated carry in high yield credit markets with spreads remaining range bound below 300 basis points. Manager believes high yield credit is fundamentally strong but valuations are tight, particularly in higher quality BBs. Strategy emphasizes sourcing positions with higher income levels given limited price appreciation opportunities. |
High Yield Credit Spreads Carry Investment Grade |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| AAPL | The largest 10 companies, by market capitalization, had reached 40.7% of the S&P 500 by the end of 2025, up from roughly 30% at the end of 2021. At the top of this list are Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Broadcom (AVGO), Meta (META), and Tesla (TSLA). Apple: Market capitalization near $4 trillion. A double requires creating a company larger than the size of Walmart, JPMorgan, and Pfizer combined. |
| AMZN | We added to our holdings in Amazon.com Inc. |
| GOOGL | I'm willing to go bankrupt rather than lose this race. Larry Page, co-founder of Google |
| META | Meta was cited as a larger position that contributed little despite what I thought was positive operating progress, representing opportunity cost in the portfolio. |
| MSFT | OpenAI's well-documented 'circular' funding with its business partners (NVIDIA, Microsoft, among others) is additional cause for concern. |
| NVDA | Nvidia sits at the top of the S&P 500 as the designer in the AI ecosystem. |
| TSLA | The largest 10 companies, by market capitalization, had reached 40.7% of the S&P 500 by the end of 2025, up from roughly 30% at the end of 2021. At the top of this list are Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Broadcom (AVGO), Meta (META), and Tesla (TSLA). |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
