Nomura Value Fund, a series of Delaware Group Equity Funds II on Stryker Corporation
Thesis
The fund initiated Stryker after a March 2026 cybersecurity incident disrupted operations and triggered a share-price selloff. Rather than viewing the incident as an impairment of the franchise, the team used the weakness to buy what it considers a high-quality medical technology company. The attraction was the discounted valuation created by a specific operational disruption. The thesis depends on the underlying business quality remaining intact as the company moves beyond the cybersecurity event.
“creating an opportunity to purchase a high-quality medical technology company at a discounted valuation”
Key risks
- Operational disruption from the March 2026 cybersecurity incident