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Delaware Investments Natl Muniome ROE %

: 7.55% (As of Sep. 2021)
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ROE % is calculated as Net Income attributable to Common Stockholders (Net Income minus dividends to participating security holders) divided by its average Total Stockholders Equity over a certain period of time. Delaware Investments Natl Muniome's annualized net income attributable to common stockholders for the quarter that ended in Sep. 2021 was $5.13 Mil. Delaware Investments Natl Muniome's average Total Stockholders Equity over the quarter that ended in Sep. 2021 was $67.86 Mil. Therefore, Delaware Investments Natl Muniome's annualized ROE % for the quarter that ended in Sep. 2021 was 7.55%.

The historical rank and industry rank for Delaware Investments Natl Muniome's ROE % or its related term are showing as below:

AMEX:VFL' s ROE % Range Over the Past 10 Years
Min: -3.41   Med: 5.14   Max: 13.45
Current: 9.34

-3.41
13.45

During the past 11 years, Delaware Investments Natl Muniome's highest ROE % was 13.45%. The lowest was -3.41%. And the median was 5.14%.

AMEX:VFL's ROE % is ranked lower than
63% of the 1687 Companies
in the Asset Management industry.

( Industry Median: 15.08 vs. AMEX:VFL: 9.34 )

Delaware Investments Natl Muniome ROE % Historical Data

The historical data trend for Delaware Investments Natl Muniome's ROE % can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Delaware Investments Natl Muniome Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
ROE %
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.20 4.39 4.90 -0.26 11.87

Delaware Investments Natl Muniome Semi-Annual Data
Mar12 Sep12 Mar13 Sep13 Mar14 Sep14 Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21
ROE % Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 10.79 -11.56 12.56 11.16 7.55

Competitive Comparison

For the Asset Management subindustry, Delaware Investments Natl Muniome's ROE %, along with its competitors' market caps and ROE % data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Delaware Investments Natl Muniome ROE % Distribution

For the Asset Management industry and Financial Services sector, Delaware Investments Natl Muniome's ROE % distribution charts can be found below:

* The bar in red indicates where Delaware Investments Natl Muniome's ROE % falls into.



Delaware Investments Natl Muniome ROE % Calculation

Delaware Investments Natl Muniome's annualized ROE % for the fiscal year that ended in Mar. 2021 is calculated as

ROE %=Net Income attributable to Common Stockholders (A: Mar. 2021 )/( (Total Stockholders Equity (A: Mar. 2020 )+Total Stockholders Equity (A: Mar. 2021 ))/ count )
=7.675/( (62.085+67.182)/ 2 )
=7.675/64.6335
=11.87 %

Delaware Investments Natl Muniome's annualized ROE % for the quarter that ended in Sep. 2021 is calculated as

ROE %=Net Income attributable to Common Stockholders (Q: Sep. 2021 )/( (Total Stockholders Equity (Q: Mar. 2021 )+Total Stockholders Equity (Q: Sep. 2021 ))/ count )
=5.126/( (67.182+68.545)/ 2 )
=5.126/67.8635
=7.55 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

In the calculation of annual ROE %, the net income attributable to common stockholders of the last fiscal year and the average total shareholder equity over the fiscal year are used. In calculating the quarterly data, the net income attributable to common stockholders data used here is two times the semi-annual (Sep. 2021) net income attributable to common stockholders data. ROE % is displayed in the 30-year financial page.


Delaware Investments Natl Muniome  (AMEX:VFL) ROE % Explanation

ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.

The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:

ROE %**(Q: Sep. 2021 )
=Net Income/Total Stockholders Equity
=5.126/67.8635
=(Net Income / Revenue )*(Revenue / Total Assets)*(Total Assets / Total Stockholders Equity)
=(5.126 / 5.4)*(5.4 / 98.4175)*(98.4175 / 67.8635)
=Net Margin %*Asset Turnover*Equity Multiplier
=94.93 %*0.0549*1.4502
=ROA %*Equity Multiplier
=5.21 %*1.4502
=7.55 %

With this breakdown, it is clear that if a company grows its Net Profit Margin, its Asset Turnover, or its Leverage, it can grow its ROE %.

The factors that affect a company's ROE % can also be illustrated with the five-step DuPont Analysis:

ROE %**(Q: Sep. 2021 )
=Net Income/Total Stockholders Equity
=5.126/67.8635
=(Net Income /Pre-Tax Income) * (Pre-Tax Income/Operating Income) * (Operating Income/Revenue) * (Revenue/Total Assets) * (Total Assets/Total Stockholders Equity)
= (5.126 / 5.126) * (5.126 / 0) * (0 / 5.4) * (5.4 / 98.4175) * (98.4175 / 67.8635)
= Tax Burden * Interest Burden * Operating Margin % * Asset Turnover * Equity Multiplier
= 1 * N/A * 0 % * 0.0549 * 1.4502
=7.55 %

Note: The net income attributable to common stockholders data used here is two times the semi-annual (Sep. 2021) net income attributable to common stockholders data. The Revenue data used here is two times the semi-annual (Sep. 2021) revenue data. The same rule applies to Pre-Tax Income and Operating Income.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

** The ROE % used above is for Du Pont Analysis only. It is different from the defined ROE % page on our website, as here it uses Net Income instead of Net Income attributable to Common Stockholders in the calculation.


Be Aware

Net income attributable to common stockholders is used.

Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.

Asset light businesses require very few assets to generate very high earnings. Their ROE %s can be extremely high.


Delaware Investments Natl Muniome ROE % Related Terms

Thank you for viewing the detailed overview of Delaware Investments Natl Muniome's ROE % provided by GuruFocus.com. Please click on the following links to see related term pages.


Delaware Investments Natl Muniome Business Description

Delaware Investments Natl Muniome logo
Industry
Financial Services » Asset Management NAICS : 523920 SIC : 6799
Traded in Other Exchanges
N/A
Address
610 Market Street, Philadelphia, PA, USA, 19106
Delaware Investments Natl Muni Income is a closed-end investment fund. The Fund seeks to provide current income exempt from regular federal income tax consistent with the preservation of capital.
Executives
Wells Fargo Bank N A 10 percent owner 101 NORTH PHILLIPS AVENUE SIOUX FALLS SD 57104
Toronto Dominion Holdings Usa Inc 10 percent owner 40 WALL STREET NEW YORK NY 10003
Toronto Dominion Bank 10 percent owner 66 WELLINGTON STREET WEST 15TH FLOOR, TD TOWER TORONTO, ONTARIO A6 M5K 1A2
Toronto Dominion Investments, Inc. 10 percent owner 909 FANIN SUITE 1950 HOUSTON TX 77010
Td Group Us Holdings Llc 10 percent owner 251 LITTLE FALLS DRIVE WILMINGTON DE 19808
Van Roden Jake officer: SVP/Portfolio Manager 2005 MARKET STREET PHILADELPHIA PA 19103
Wood Christianna director 330 OLD Y ROAD GOLDEN CO 80401
Abernathy Jerome director 2005 MARKET STREET PHILADELPHIA PA 19103
Lytle Shawn director, officer: Trustee C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Borowiec Ann Dully director, officer: Board Member C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Chow Joseph W director STATE STREET CORP 225 FRANKLIN ST BOSTON MA 02110
Whitford Thomas K director 249 FIFTH AVE P1-POPP-30-1 PITTSBURGH PA 15222
Gizzi Gregory A. officer: VP/Portfolio Manager C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Sevilla-sacasa Frances Aldrich director 3 GREENWAY PLAZA SUITE 1300 HOUSTON TX 77046
Zecher Richard director 2 SUTTON PLACE SOUTH, 19A NEW YORK NY 10022

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