Summary

• For 1Q26, Nomura International Core Equity Fund Institutional Class shares posted a negative return and underperformed the Fund's benchmark, the MSCI ex USA Index (net).
• Stock selection within the consumer discretionary and health care sectors was most detrimental to relative performance.
• International equities as represented by the MSCI All Country World Index ex US index returned -0.71% (net) in US dollar terms in 1Q26.

Market review

International equities as represented by the MSCI All Country World Index (ACWI) ex US index returned -0.71% (net) in US dollar terms in 1Q26. Early strength gave way to bouts of risk-off sentiment, including a sharp drawdown in March

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