Nomura Small Cap Core Fund on MYR Group Inc.

MYR Group is a direct beneficiary of secular spending on grid modernization and data-center construction. The company also entered the quarter with strong earnings momentum, reporting first-quarter earnings per share materially above consensus and seeing full-year estimates rise. The fund believes the underlying demand drivers remain durable because hyperscaler AI capital expenditure commitments continue to support power and infrastructure investment. This fits the portfolio's broader preference for capital-goods businesses exposed to long-duration infrastructure and manufacturing trends.