LongZTSJun 2026
Zoetis Inc.
Zoetis disappointed in the quarter as US companion-animal demand softened and management reduced full-year revenue and adjusted EPS guidance. The fund views the US weakness as…
Nomura Value Fund, a series of Delaware Group Equity Funds II
Actively managed US large-cap value equity strategy focused on high-quality businesses with attractive valuations, strong cash flows, sound balance sheets and favorable long-term risk-reward.$1.8B AUM10 published ideas
Nomura Value Fund is a diversified US value equity mutual fund managed within Nomura Asset Management. The team emphasizes company fundamentals, cash flows, balance sheets and valuation rather than thematic momentum. It seeks neglected or out-of-favor businesses where investor expectations appear too pessimistic and valuation provides a margin of safety.
Ideas from Nomura Value Fund, a series of Delaware Group Equity Funds II
LongMSFTJun 2026
Microsoft Corporation
The fund initiated Microsoft with the shares near the low end of their five- and ten-year valuation ranges. It believes the market is overly 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. The company is best known for…
LongSYKJun 2026
Stryker Corporation
The fund initiated Stryker after a March 2026 cybersecurity incident disrupted operations and triggered a share-price selloff. Rather than viewing the incident as an impairment…
LongNOCJun 2026
Northrop Grumman Corporation
Northrop Grumman weakened after a strong run as investors took profits across defense stocks and focused on free-cash-flow pressure from elevated capital spending. The fund…
LongCSCOJun 2026
Cisco Systems, Inc.
Cisco was a leading contributor after reporting double-digit year-over-year revenue and EPS growth and raising guidance. The fund sees a significant acceleration in orders for AI…
LongQJun 2026
Qnity Electronics, Inc.
Qnity Electronics benefited from strong volume growth driven by robust AI-related semiconductor demand and raised its full-year revenue and EPS guidance. The fund views the…
LongABTJun 2026
Abbott Laboratories
The fund initiated Abbott after the shares fell roughly 35% from their 2025 high and reached what it described as a 10-year-low valuation. Abbott provides diversified exposure…
LongBXJun 2026
Blackstone Inc.
The fund initiated Blackstone with the shares trading near five-year-low valuation levels. It views Blackstone’s scale as the world’s largest alternatives asset manager as an…
LongMCDJun 2026
McDonald’s Corporation
The fund initiated McDonald’s because it sees a combination of market leadership, a strong operational track record, a solid balance sheet and continued growth potential…
Letters covered
- Q2 2026 Quarterly CommentaryJune 30, 2026
Source PDFs are not republished here; only extracted ideas and quotes.