During the final quarter of 2025, the Nomura Wealth Builder Fund's Institutional Class shares notably surpassed its benchmark, a blend comprising 60% S&P 500® Index and 40% Bloomberg US Aggregate Index. This commendable performance at the portfolio level was predominantly driven by astute allocations to US quality and income equities, alongside a strong showing from US large-cap value equities, both of which exceeded the benchmark's returns. Within its fixed income segments, high-yield corporate bonds delivered superior results when measured against the Bloomberg US Aggregate Index, although the Fund's investment grade holdings experienced a minor underperformance.

Global markets concluded the fourth quarter of 2025 with favorable returns, notwithstanding periods of considerable volatility. The impact of elevated valuations and narrow spreads led to instances of underperformance and macroeconomic headwinds. However, these challenges were effectively navigated through proactive corporate strategies aimed at mitigating adverse effects.

The Nomura Wealth Builder Fund's success in the challenging market environment of Q4 2025 underscores the critical role of strategic asset allocation and rigorous investment selection. The fund's ability to identify and capitalize on opportunities within US quality and large-cap value equities, coupled with its effective positioning in high-yield corporate bonds, exemplifies a well-executed investment approach. This performance not only highlights the resilience and adaptability of the fund's management but also reinforces the importance of a diversified portfolio in achieving long-term financial goals. Investors can draw inspiration from such disciplined strategies, recognizing that thoughtful investment decisions, even amidst market fluctuations, can pave the way for positive outcomes and wealth accumulation. The experience of the Nomura Wealth Builder Fund serves as a testament to the enduring principles of sound investment management and the potential for growth through diligent research and strategic foresight.