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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Performing in-line with its benchmark as positive contributions from high yield and securitized credit were offset by CMBS and currency headwinds."
Optimum Fixed Income Fund (OIFIX) delivered a return of 1.21% (net of fees) for the second quarter of 2025, matching the performance of its benchmark, the Bloomberg US Aggregate Bond Index. The Fund’s assets are co-managed via a multi-sleeve structure: Delaware Management Company manages the Macquarie Diversified Income sleeve, while Pacific Investment Management Company LLC (PIMCO) serves as a sub-advisor managing another sleeve. During 2Q 2025, the US market experienced a rebound in equities driven by strong earnings, AI investments, and cooler inflation, despite geopolitical tensions and trade policy adjustments. In fixed income, lower duration and lower quality securities outperformed. The Macquarie sleeve outperformed the benchmark, driven by an overweight to high-yield corporates and emerging market debt, and strong security selection in those areas. Conversely, its security selection in commercial mortgage-backed securities (CMBS) was a slight detractor. The PIMCO sleeve also outperformed the benchmark, supported by a modest overweight to the intermediate portion of the US yield curve and an out-of-index allocation to AAA collateralized loan obligations (CLOs), though its overweights to agency MBS and TIPS, along with short currency exposures, detracted from returns.
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