Nomura Tax-Free USA Intermediate Fund Q4 2025 Commentary

Macquarie Asset Management34 FollowersFollow5ShareSaveCommentsSummaryNomura Tax-Free USA Intermediate Fund Institutional Class shares underperformed the Fund's benchmark by 47 basis points, returning 1.01% versus 1.48% for its benchmark.The US municipal bond market recorded positive returns for 4Q25, driven primarily by strong performance in October.For the full calendar year, the municipal bond market issuance registered a record, totaling more than $590 billion.The Fund's full allocation to out-of-benchmark below investment grade bonds detracted from performance, returning -1.68% compared to the benchmark return of 1.48%.In our view, municipal credit remains fundamentally strong, bolstered by solid economic performance. Torsten Asmus/iStock via Getty Images Market review The US municipal bond market recorded positive returns for 4Q25, driven primarily by strong performance in October. The US economy showed signs of slowing, as it had in previous quarters, resulting in monetary easing. Additionally, political uncertainty andThis article was written byMacquarie Asset Management34 FollowersFollowMacquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities and multi-asset solutions. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. Delaware Funds by Macquarie refers to certain investment solutions that MAM distributes, offers, or advises. Investment advisory services are provided to the Delaware Funds by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a Securities and Exchange Commission (SEC) registered investment adviser.

The Delaware Funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of MIMBT. Note: This account is not managed or monitored by Macquarie Asset Management, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use the Macquarie Asset Management's official channels.