Nomura Mid Cap Income Opportunities Fund on Royalty Pharma plc

Royalty Pharma is a biopharmaceutical royalty company whose asset-light model gives the fund diversified exposure to pharmaceutical economics without relying on a single operating business. During the quarter, the company benefited from milestone achievements and strong performance across its diversified royalty portfolio. The fund specifically cites this as evidence of the value of Royalty Pharma's asset-light business model. The position fits the strategy's preference for profitable, financially sound businesses that can support durable shareholder returns and income.