Summary

• For 1Q26, Nomura Science and Technology Fund Institutional Class shares declined, but outperformed the Fund’s benchmark, the S&P North American Technology Sector Index.
• Seagate Technology Holdings PLC continued to outperform given the surge in data storage demand from artificial intelligence workloads and hyperscale cloud data centers.
• Shares of Taiwan Semiconductor Manufacturing Co. Ltd. outperformed buoyed by strong demand tied to artificial intelligence and high-performance chips.
• Nomura Science and Technology Fund reduced its position in DoorDash Inc. to manage the more uncertain near-term outlook.
• The artificial intelligence infrastructure buildout should continue unabated as data centers cannot produce enough tokens.

Market review

During 1Q26, technology stocks declined 8.34% (as reflected by the S&P North American Technology Sector Index) versus the S&P 500® Index, which fell 4.33%. While the decline was more pronounced among software and information technology services amid heightened

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