Nomura Wealth Builder Fund Q4 2025 Commentary

Macquarie Asset Management38 FollowersFollow5ShareSavePlay(8min)CommentsSummaryDespite significant bouts of volatility, global markets generally finished 4Q25 with positive returns.The growing “circular” nature of artificial intelligence investment sparked hesitation across global equity markets.For 4Q25, Nomura Wealth Builder Fund Institutional Class shares outperformed the Fund's benchmark, a blend of 60% S&P 500® Index and 40% Bloomberg US Aggregate Index.During the quarter, we decreased our allocation to fixed income in exchange for equity exposure.Some evidence of sector and region rotation is emerging, and moderate equity gains remain our base case. Donny DBM/iStock via Getty Images Market review Despite significant bouts of volatility, global markets generally finished 4Q25 with positive returns. Expensive valuations and tight spreads amplified instances of underperformance and macro weakness. Those headwinds were offset, however, by nimble corporate actions to mitigate theThis article was written byMacquarie Asset Management38 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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