For 1Q26, Nomura Global Growth Fund Institutional Class shares posted a negative total return and underperformed the Fund's benchmark, the MSCI ACWI Index (net).
Casey's General Stores outperformed given the continued strength and consistency in its inside store same-store sales versus its peers, as well as investor expectation around a new food product launch.
Taiwan Semiconductor Manufacturing outperformed buoyed by strong demand tied to AI and high-performance chips, as the company is short capacity giving it pricing power.
Shares of Unity Software declined due to more moderate revenue growth and profitability path alongside rising competition, leading Nomura Asset Management to sell the Fund's position during the quarter.
Nomura Asset Management sees structural winners in technology and defense, expecting energy independence investments and a multi-year capital expenditure cycle to support industrials and energy companies.
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Market review
Global markets, as measured by the MSCI ACWI (All Country World Index) Index, returned -3.2% (net) for 1Q26. Early strength gave way to bouts of risk-off sentiment including a sharp drawdown in March linked to geopolitical tension.
