Investing is usually just a lot of noise. If you’ve spent any time looking at mutual funds, you’ve probably seen the name Delaware Funds by Macquarie pop up on a 401(k) menu or a brokerage screener. It sounds like a legal firm based in the Northeast, but it’s actually a massive engine in the global financial world.
Honestly, the name is a bit of a mouthful. It tells a story of a classic American investment house that got swallowed up by an Australian powerhouse. But names change. In fact, right now, they are changing again. If you own these funds, or you're thinking about it, there is a lot happening under the hood that your typical quarterly statement won't tell you.
Why Delaware Funds by Macquarie Still Matters
You've got to go back to 1929 to see where this started. Delaware Investments launched right as the Great Depression was about to wreck everything. They survived that, which is a decent track record for staying power. Fast forward to 2010, and Macquarie Group, a giant Australian bank often called the "Millionaire’s Factory," bought them.
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Why does this matter to you? Because it combined "old school" American stock picking with "new school" global infrastructure and real asset expertise.
But here is the kicker: the "Delaware" brand is actually being phased out. As of 2024 and moving into 2026, Macquarie has been rebranding these products to just "Macquarie Funds." It’s a consolidation move. They want one global name. If you see your Delaware Smid Cap Core Fund suddenly look like a Macquarie Smid Cap Core Fund in your account, don't panic. The ticker symbols (like $DCCAX$) usually stay the same even when the marketing paint gets a fresh coat.
The Nomura Bombshell
The biggest thing nobody is talking about at the water cooler is the Nomura deal. In April 2025, Macquarie announced they were selling their U.S. and European public investments business to Nomura Holdings.
This is huge.
It means the Delaware Funds—those mutual funds many people rely on—are changing hands again. This transition is expected to wrap up around late 2025 or early 2026. When a fund family moves to a new parent company, things can get weird. Sometimes managers leave. Sometimes fees change. Shawn Lytle, who has been leading the ship at Macquarie, is expected to keep steering things during the transition, but as an investor, you’ve gotta keep your eyes open.
What Are You Actually Buying?
Most people end up in Delaware Funds by Macquarie because of their fixed income or "real asset" focus. They aren't just buying Apple and Nvidia—though they do that too. They are famous for things you can touch.
- Infrastructure: Think toll roads, airports, and utilities.
- Municipal Bonds: They’ve always been big players in the tax-free income space.
- Small and Mid-Cap Stocks: This was the original Delaware "bread and butter."
The Macquarie Asset Strategy Fund is a prime example of their "go anywhere" approach. It mixes U.S. stocks, international bonds, and even some convertibles. It’s basically a "fund of everything" designed for people who don't want to rebalance their own portfolios every month.
Kinda handy, right?
But it’s not all sunshine. Fees can be a bit of a stickler. Some of these funds carry 12b-1 fees or sales charges if you aren't buying the institutional "I" classes. If you’re in a Class A share, you might be paying over 1% in total expenses. In a world of 0.03% Vanguard ETFs, that’s a steep hill to climb. You’re paying for active management—the idea that a human can beat the robot. Sometimes they do. Sometimes they don't.
The Management Reality
Let's talk about the people. Shawn Lytle is the name you’ll see most often in the press releases. He’s the President of the funds and has been around the block at UBS and JP Morgan before this. Under him, the firm has tried to stay "boutique."
What does that mean? Basically, they try to let individual teams (like the fixed income team in Philadelphia or the equity team in San Francisco) do their own thing. They don't want one giant, boring "corporate" way of investing. They want specific experts.
The risk here is "key person risk." If a lead manager on a fund like the Delaware Ivy Mid Cap Income Opportunities Fund decides to retire or jumps ship during the Nomura acquisition, the fund's "secret sauce" might walk out the door with them.
Should You Hold or Fold?
If you currently hold Delaware Funds by Macquarie, here is the "non-financial advice" reality:
- Check the Ticker: If your fund name changes to Macquarie or Nomura, check the prospectus. Look for a "Manager Change" notice. If the team stays, you're likely fine.
- Watch the Fees: If you're paying a 5.75% front-end load (Class A shares), make sure you're staying in that fund for at least 5-7 years to break even on that cost.
- Diversification Check: These funds often lean heavy into specific sectors like technology or financials. Make sure you aren't accidentally 80% in tech because your "diversified" fund is secretly an Nvidia fan club.
The landscape for Delaware Funds by Macquarie is shifting faster than it has in decades. Moving from Lincoln Financial to Macquarie, and now toward Nomura, shows that even the most "stable" mutual funds are part of a larger corporate chess game.
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Actionable Next Steps
Check your latest brokerage statement for any "Proxy Voting" notices. With the transition to Nomura, shareholders are being asked to vote on new management agreements. Most people delete these emails. Don't. Open it, read who the proposed new managers are, and see if the investment objective is staying the same. If the fund is merging with another fund, that's your cue to decide if you still want to be in the game. Look specifically at the expense ratio—if it’s creeping up during the transition, it might be time to look for a lower-cost alternative.