Nomura Small Cap Core Fund on Travere Therapeutics Inc.

Travere Therapeutics recovered after an earlier regulatory setback and received FDA approval for FILSPARI in focal segmental glomerulosclerosis during the quarter. The approval expands FILSPARI's addressable market beyond its existing commercial use in IgAN. The fund views the regulatory milestone as an important improvement in the company's opportunity set after the earlier FDA review extension had caused a sharp negative market reaction. The investment case therefore rests on a broader commercial market for an already established kidney-disease therapy.