Summary

• The S&P 500 was volatile in 1Q26, declining 4.33%, as investors grappled with geopolitical shocks and a shifting regulatory landscape.
• Nomura Core Equity Fund Institutional Class shares underperformed the S&P 500 Index due to sector allocation decisions, specifically an underweighting of the energy sector.
• Seagate Technology Holdings PLC performed well as surging demand for high-capacity storage, driven by AI data center buildouts, led to positive earnings revisions.
• Morgan Stanley analysts estimate that artificial intelligence-related infrastructure and services will contribute approximately 25% of total US GDP growth in 2026.
• Carrier Global Corp. should benefit by expansion in the addressable market caused by data-center investment and new, more expensive equipment to conform to environmental regulations.

Market Review

The S&P 500® was volatile in 1Q26, declining 4.33%, as investors grappled with geopolitical shocks and a shifting regulatory landscape. While the market continued to benefit from a robust technology capital investment cycle, escalating tensions in the

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