Nomura Mid Cap Income Opportunities Fund Q4 2025 Commentary

Macquarie Asset Management40 FollowersFollow5ShareSavePlay(6min)CommentsSummaryUS equities rose in 4Q25 amid a complex mix of optimism about growth driven by artificial intelligence and growing concerns about profitability, spending, and macroeconomic uncertainty.In 4Q25, Nomura Mid Cap Income Opportunities Fund Institutional Class shares underperformed the Fund's benchmark, the Russell Midcap Index.Negative stock selection in industrials was the primary detractor during the quarter with adverse stock selection in consumer discretionary and materials also detracting.Cardinal Health Inc., a leading distributor of pharmaceuticals and medical products, experienced a lift in growth from specialty pharmaceutical markets.Investor focus will increasingly shift toward profitability, free cash flow generation, and disciplined capital allocation. Funtap/iStock via Getty Images Market review US equities rose in 4Q25 amid a complex mix of optimism about growth driven by artificial intelligence (AI) and growing concerns about profitability, spending, and macroeconomic uncertainty. While enthusiasm for AI investments remained a defining theme, investor scrutiny increasedThis article was written byMacquarie Asset Management40 FollowersFollowMacquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities and multi-asset solutions. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. Delaware Funds by Macquarie refers to certain investment solutions that MAM distributes, offers, or advises. Investment advisory services are provided to the Delaware Funds by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a Securities and Exchange Commission (SEC) registered investment adviser.

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