Delaware Enhanced Global Dividend & Income (DEX)

delaware investments

Summary

The Delaware Enhanced Global Dividend & Income Fund (DEX)  seeks current income with a secondary objective of capital appreciation through investment in dividend-paying stocks and bonds. It focuses on large, well-established companies and high-yield corporate bonds, but also includes real estate operators, investment grade bonds, convertibles, emerging market debt, and more.

Investment These

An investment in DEX can add diversification and high risk/return to an income portfolio. It has a huge distribution yield over 10%. It is currently trading at a 5.4% discount to NAV, above the 8.5% discount it has averaged since inception. This would qualify its current price as fairly valued.

Statistics

Management

  • Total Assets: $192.5 million
  • Total Holdings: 575
  • Leveraged: 29.1%
  • Net Expense Ratio: 1.58%

Discount/Premium to Net Asset Value

  • Price as of 06/11/2018: $11.78
  • NAV as of 06/11/2018: $12.42
  • Current Discount to NAV: 5.43%
  • Avg Discount Since Inception: 8.54%

Performance

  • Alpha: -4.47
  • Beta: 1.59
  • P/E: 14.09
  • Distribution: $0.1058/month
  • Distribution Yield: 10.78%

Analysis

Morningstar

  • Overall Rating: 4 Stars
  • Equity Style: Large Cap, Value Measure
  • Bond Style: Low Quality, Limited Rate-Sensitivity

Portfolio

Asset Allocation

  • Equity: 69.70%
  • Fixed Income: 50.05%
  • Cash: -41.33%
  • Other: 21.57%

Equities

Region Allocation
  • Europe: 50.91%
  • North America: 26.63%
  • Asia: 21.69%
  • Australia: 0.60%
  • Latin America: 0.16%
  • Africa: 0.00%
Top Ten Countries
  1. USA: 47.93%
  2. France: 9.78%
  3. UK: 8.85%
  4. Japan: 8.51%
  5. Netherlands: 3.39%
  6. Germany: 2.71%
  7. Sweden: 2.26%
  8. Indonesia: 2.26%
  9. Canada: 1.82%
  10. Italy: 1.59%
Sectors
  • Financials: 17.72%
  • Industrials: 15.99%
  • Consumer Discretionary: 14.84%
  • Healthcare: 11.28%
  • Consumer Staples: 10.20%
  • Energy: 7.61%
  • Technology: 7.13%
  • Communications: 6.17%
  • Real Estate: 3.38%
  • Materials: 3.17%
  • Utilities: 2.53%
Market Cap
  • Giant: 52.93%
  • Large: 31.33%
  • Mid: 13.38%
  • Small: 2.12%
  • Micro: 0.23%

Fixed Income

Sectors
  • Corporate: 92.36%
  • Government: 7.33%
  • Securitized: 0.19%
  • Cash & Equivalents: 0.12%
Corporate Sectors
  • Corporate Bond: 66.60%
  • Convertible: 24.15%
  • Preferred Stock: 1.61%
  • Bank Loan: 0.00%
Credit Ratings
  • AAA: 2.67%
  • AA: 0.54%
  • A: 2.80%
  • BBB: 13.66%
  • BB: 39.09%
  • B: 32.45%
  • Below B: 6.85%
  • Not Rated: 1.94%
Maturity
  • 1-3 Years: 7.60%
  • 3-5 Years: 15.02%
  • 5-7 Years: 27.72%
  • 7-10 Years: 35.15%
  • 10-15 Years: 1.20%
  • 15-20 Years: 0.20%
  • 20-30 Years: 6.87%
  • 30+ Years: 3.31%

Top Ten Holdings

  1. ITOCHU Corp: 2.3%
  2. Imperial Brands PLC: 1.9%
  3. Rio Tinto PLC: 1.7%
  4. Kering SA: 1.7%
  5. Deutsche Post AG: 1.7%
  6. AXA SA: 1.5%
  7. Novartis AG (NVSEF): 1.5%
  8. Vinci SA: 1.5%
  9. Mitsubishi UFJ Financial Group Inc: 1.5%
  10. Nordea Bank AB (NRDEF): 1.4%