Nomura Value Fund, a series of Delaware Group Equity Funds II on Cisco Systems, Inc.

Cisco was a leading contributor after reporting double-digit year-over-year revenue and EPS growth and raising guidance. The fund sees a significant acceleration in orders for AI networking equipment, positioning Cisco as a beneficiary of hyperscaler AI spending. It also expects an additional demand tailwind from an enterprise campus-networking refresh cycle that is still in its early stages. The thesis combines improving fundamentals with two separate infrastructure spending drivers.