Summary

• For 1Q26, Nomura Real Estate Securities Fund posted a positive return and underperformed the Fund's benchmark, the FTSE Nareit Equity REITs Index.
• The US equity markets experienced a turbulent period marked by record highs for the Dow Jones Industrial Average, the S&P 500® Index, and the Russell 2000 Index in early January 2026.
• While listed real estate faces near-term challenges from geopolitical instability and rising rates, powerful structural forces support a positive medium-term outlook.

Market review

The US equity markets experienced a turbulent period marked by record highs for the Dow Jones Industrial Average®, the S&P 500® Index, and the Russell 2000® Index in early January 2026. However, this momentum faced several challenges in

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