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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Underperforming benchmark due to rising rates and geopolitical tensions. Oil price surge from Middle East conflicts increased inflation concerns while Fed rate cut expectations diminished."
The Optimum Fixed Income Fund declined 0.36% in Q1 2026, underperforming the Bloomberg US Aggregate Bond Index which fell 0.05%. The fund is managed by Delaware Management Company with sub-advisory from PIMCO, operating through two distinct sleeves. Performance was impacted by rising interest rates as investors scaled back Federal Reserve rate cut expectations, anticipating rates to remain higher for longer. Geopolitical tensions dominated market volatility, with a US-Israel military offensive against Iran disrupting shipping through the Strait of Hormuz and sending oil prices sharply higher. This increased inflation concerns across markets. The Nomura sleeve underperformed due to overweight high yield corporate exposure and emerging market debt selection, while benefiting from high yield security selection and foreign currency exposure. The PIMCO sleeve was hurt by intermediate rate positioning as the yield curve flattened and agency mortgage-backed securities selection focused on higher coupons. Looking ahead, inflation, interest rates, global trade, and geopolitical risks remain key market drivers.
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