LongKALUJune 30, 2026

Nomura Smid Cap Core Fund on Kaiser Aluminum Corporation

Thesis

Kaiser Aluminum is a beneficiary of improving industrial demand and the broader US manufacturing recovery. The fund sees the company's exposure to aerospace, automotive and industrial markets as attractive while manufacturing activity remains resilient. A sustained expansion in manufacturing would support the demand backdrop for Kaiser's end markets.

“we think Kaiser's exposure to aerospace, automotive, and industrial end markets positioned it well”
Nomura Smid Cap Core Fund — Nomura Smid Cap Core Fund Quarterly Commentary