Nomura Growth and Income Fund on Micron Technology Inc.
Thesis
Micron was an overweight position and the fund's largest contributor during the quarter. The investment was supported by an exceptional acceleration in operating results, with third-quarter revenue quadrupling year over year to a record level. The revenue beat was followed by substantially higher next-quarter guidance, reinforcing the strength of semiconductor demand. The position also fits the fund's broader view that AI infrastructure spending remains an important source of economic and market momentum.
“Shares of Micron rallied after 3Q revenue quadrupled year-over-year to a record $41.5 billion”