Management team
Nathan Brown, CFASenior Portfolio Manager
Ken McQuadeSenior Portfolio Manager
Joshua BrownPortfolio Manager, Senior Equity Analyst
Nomura Small Cap Growth Fund seeks to identify small-cap companies with high and improving gross profit asset efficiency – businesses building structural competitive advantages while pursuing large, addressable market opportunities.
Quality growth focus
Targets small-cap companies demonstrating high levels of gross profit asset efficiency with positively trending trajectories
Disciplined discovery
A proprietary quantitative screen ranks business model quality, trajectory, revenue growth, and relative valuation
Intentional construction
Holdings are classified as compounders, dreamers, or inflectors with a systematic sell discipline and factor exposure
The strategy seeks companies with superior gross profit asset efficiency – gross profit generated relative to total assets; a measure of how productively a business converts its asset base into profit – which may be rewarded with higher valuations and outperformance over time.
Companies pursuing large market opportunities – businesses growing faster than peers, developing into category leaders, and generating excess cash – may provide both growth optionality and downside protection.
The team views the “sweet spot” as the window after initial success has been established but significant runway remains – where there is potential for patient investors focused on quality growth to find the most compelling opportunities.
A quantitative screen narrows the investable universe from approximately 2,000 names to 400–600 growth companies ranked on business model quality, improvement trajectory, revenue growth dynamics, and relative valuation.
Qualitative fundamental overlay determines whether business model improvement reflects durable structural advantage or a temporary cyclical inflection.
Portfolio construction allocates 70–90 holdings across the strategy’s proprietary growth spectrum, balancing risk across compounders, dreamers, and inflectors.
Risk management uses stress testing, monthly factor exposure analysis, and performance attribution seeking to ensure that stock-specific risk drives outcomes.
Russell 2000® Growth Index
Morningstar Small Growth Category
Lipper Small-Cap Growth Funds Average
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.
Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor (as applicable) for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.
Returns for less than one year are not annualized.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Performance at NAV assumes that no front-end sales charge applied or the investment was not redeemed. Performance at offer assumes that a front-end sales charge applied to the extent applicable.
Performance at NAV assumes that no contingent deferred sales charge applied or the investment was not redeemed. Performance at max offer price assumes that a contingent deferred sales charge applied to the extent applicable.
Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC). Class C shares are eligible to automatically convert to Class A shares with a lower 12b-1 fee approximately eight years after you buy Class C shares.
Class A shares have a maximum up-front sales charge of 5.75%.
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Risk Disclosures
Carefully consider the Fund's investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund's prospectus and its summary prospectus, which may be obtained by visiting nomuraassetmanagement.com/literature or calling 800 523-1918 (for individual investors) or 877 693-3546 (for financial professionals). Investors should read the prospectus and the summary prospectus carefully before investing.
Employees of the Manager's affiliates outside the US participate in the management of certain Funds as “associated persons” of DMC under DMC's oversight, in accordance with SEC guidance as to “participating affiliate” arrangements. These associated persons may, on behalf of DMC, provide discretionary investment management services, trading, research and related services directly or indirectly to the Funds.
Investing involves risk, including the possible loss of principal.
Investments in small and/or mid-cap companies may be more volatile than those of larger companies.
Not FDIC Insured • No Bank Guarantee • May Lose Value
Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.
All third-party marks cited are the property of their respective owners.
© 2026 Nomura Asset Management International Inc.
Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds mutual 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 NIMBT. The Nomura Funds exchange-traded funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Nomura entity, including Delaware Management Company and Delaware Distributors, L.P.
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Investing involves risk including the possible loss of principal. The investment capabilities described in this website involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful. Past performance is not a reliable indication of future performance.
Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice.
This information is a general description of Nomura Asset Management only. The views expressed on this website represent those of the relevant investment team and are subject to change. No information set out above constitutes advice, an advertisement, an invitation, a confirmation, an offer or a solicitation, to buy or sell any security or other financial product or to engage in any investment activity, or an offer of any banking or financial service. Some products and/or services mentioned on this website may not be suitable for you and may not be available in all jurisdictions.