For 1Q26, Nomura Growth and Income Fund Institutional Class shares outperformed the Fund's benchmark, the Russell 1000® Value Index, driven by stock selection in health care and communication services.
Gilead Sciences Inc. was the largest contributor to performance as the stock reached a record high following quarterly results that beat consensus estimates on strong HIV segment growth.
Booking Holdings Inc. detracted from performance, falling over 21% as geopolitical tensions in the Middle East created a risk-off environment damaging to global travel intermediaries.
Exxon Mobil Corp. rose more than 40% during the quarter as surging oil prices significantly boosted the company's earnings outlook following a strong 4Q25 revenue beat.
OneMain Holdings Inc. shares fell sharply after a downgrade cited rising delinquency rates among non-prime borrowers and concerns that a higher cost-of-living would pressure the core customer base.
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Market review
US equities were volatile throughout the quarter, although economic data largely remained supportive. The labor market stayed resilient, with employment growth holding above trend and unemployment remaining near cycle lows. Meanwhile, inflation continued to ease from late
