Nomura Global Growth Fund on SK Hynix Inc.
Thesis
The fund held SK Hynix as a notable outperformer in the quarter. Its performance reflected upward revisions to earnings expectations as AI spending and capacity shortages supported memory-chip demand. The fund also views AI infrastructure as part of a multiyear capital-expenditure cycle, providing a structural tailwind beyond the quarter.
“AI spending and capacity shortages provided a strong tailwind for semi-cap equipment names, memory-chip names, and foundry stocks.”
Key risks
- Relatively high valuations and market extremes