LongZTSJun 2026
Zoetis Inc.
Zoetis sold off after weaker-than-expected revenue and earnings, softer US companion-animal demand and reduced full-year guidance. The fund views the US weakness as cyclical…
Nomura Value Fund
Large-cap US value strategy focused on quality businesses trading at attractive valuations, with emphasis on cash flows, balance sheets, fundamentals and margin of safety.$1.7B AUM10 published ideas
Nomura Value Fund seeks long-term capital appreciation through a diversified portfolio of large-cap companies that the team believes are attractively valued. The investment process emphasizes cash flows, balance sheets, business fundamentals and valuation rather than thematic momentum. The fund is benchmarked against the Russell 1000 Value Index and is advised by Delaware Management Company within Nomura Asset Management.
Ideas from Nomura Value Fund
LongNOCJun 2026
Northrop Grumman Corporation
Northrop Grumman pulled back after strong defense-sector gains and concerns about elevated capital expenditures and a contract charge. The fund believes those capital investments…
LongCSCOJun 2026
Cisco Systems, Inc.
Cisco is benefiting from accelerating orders for AI networking equipment as hyperscalers continue to invest heavily in AI infrastructure. The company also has a second growth…
LongQJun 2026
Qnity Electronics, Inc.
Qnity supplies specialty materials used in advanced semiconductor manufacturing and packaging, giving it broad exposure to AI-related chip demand. Strong volume growth and raised…
LongABTJun 2026
Abbott Laboratories
The fund initiated Abbott after the stock fell roughly 35% from its 2025 high and reached what the team viewed as a 10-year-low valuation. Abbott's diversified businesses span…
LongBXJun 2026
Blackstone Inc.
The fund initiated Blackstone with the shares trading near five-year-low valuation levels. As the world's largest alternatives asset manager, Blackstone offers scale and…
LongMCDJun 2026
McDonald's Corporation
The fund initiated McDonald's because it sees a combination of market leadership, strong operating execution, a solid balance sheet and room for growth. Macroeconomic concerns…
LongMSFTJun 2026
Microsoft Corporation
The fund initiated Microsoft with the shares near the low end of their five- and ten-year valuation ranges. The team believes the market was discounting Microsoft's long-term…
LongQCOMJun 2026
QUALCOMM Incorporated
The fund initiated QUALCOMM while the semiconductor company was out of favor and trading at what the team considered a reasonable valuation. Beyond its traditional handset chip…
LongSYKJun 2026
Stryker Corporation
The fund initiated Stryker after a March 2026 cybersecurity incident triggered a selloff in the shares. The team viewed the decline as an opportunity to acquire a high-quality…
Letters covered
- Nomura Value Fund Quarterly CommentaryJune 30, 2026
Source PDFs are not republished here; only extracted ideas and quotes.