Nomura Emerging Markets Fund on Reliance Industries Ltd.

Reliance Industries detracted during the quarter because of energy-price volatility, softer petrochemical spreads and competitive pressure in retail. Despite those headwinds, the fund believes Reliance remains well placed to benefit from long-term secular growth in India. The opportunity set cited includes digitalization, modern retail penetration, urbanization and energy transformation, and the fund continues to favor energy largely because of this holding.