Nomura Natural Resources Fund Q4 2025 Commentary

Macquarie Asset Management39 FollowersFollow5ShareSavePlay(15min)CommentsSummaryGlobal markets continued their upward climb in 4Q25, primarily fueled by strong growth stock performance.The S&P 500 Index rose 2.65% for the quarter while the S&P Global Natural Resources Index gained 6.71%.For 4Q25, Nomura Natural Resources Fund Institutional Class shares outperformed its benchmark, the S&P Global Natural Resources Index, which also rose.Markets remain heavily focused on key macroeconomic themes, with the possibility of lower interest rates, higher deficits, and rising inflation emerging as the most significant factors influencing the natural resources sector. Thomas Barwick/DigitalVision via Getty Images Market review Global markets continued their upward climb in 4Q25, primarily fueled by strong growth stock performance. Investors continued to chase metals higher as fears of currency debasement and inflation continued to permeate. Enthusiasm for advancements inThis article was written byMacquarie Asset Management39 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.

The Delaware Funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of MIMBT. Note: This account is not managed or monitored by Macquarie Asset Management, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use the Macquarie Asset Management's official channels.