Management team
Liu-Er Chen, CFAHead of Emerging Markets Equity
Nomura Healthcare Fund seeks long-term capital growth by investing in healthcare companies with durable franchises at attractive valuations. The investment team’s approach is grounded in bottom-up, fundamental analysis of individual companies.
Long-term focus
Seeks capital appreciation by investing in US and non-US healthcare companies across all market capitalizations
Core philosophy
Emphasis on companies with franchise durability and attractive valuations
Experienced management
Portfolio manager with extensive experience in both the healthcare and asset management industries
The team believes that investing in competitively advantaged companies well positioned to capture secular growth opportunities, when mispriced by the market, have the potential to deliver superior returns.
The foundation of the investment approach is based on two core characteristics the team believes endure over the long term:
Franchise durability – focusing on a company’s growth prospects, competitiveness, ability to capture value, and resilience
Intrinsic value – aiming to reduce risk of permanent loss of capital by seeking opportunities to participate in compounding
The approach to portfolio construction is based on high conviction in a risk -aware framework.
Russell 3000® Healthcare Index
Morningstar Health Category
Lipper Health/Biotechnology 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.
as of 30.09.2026
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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.
International investing (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Investing in emerging markets involves greater risk than investing in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments, information about issuers may be less available or of a lesser quality, and securities markets may be smaller, less liquid, and subject to greater price volatility.
Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.
Science and technology companies are subject to various risks, including operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, aggressive pricing of products and services, new market entrants and obsolescence of existing technology. In addition, securities of science and technology companies can be volatile.
Diversification may not protect against market risk.
The fund or strategy’s performance will be affected by factors particular to the healthcare sector and related sectors (such as government regulation) and may fluctuate more widely than a fund that invests in a broad range of sectors.
Because a non-diversified fund or strategy may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified.
Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Fund's share price may not rise as much as the share prices of funds that focus on smaller capitalization companies.
Industry and sector risk is the risk that the value of securities in a particular industry or sector (such as the infrastructure industry) will decline because of changing expectations for the performance of that industry or sector.
Equity securities are subject to price fluctuation and possible loss of principal.
Healthcare companies are subject to extensive government regulation, and profitability can be affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, and malpractice or other litigation.
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.
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.
Not FDIC Insured • No Bank Guarantee • May Lose Value
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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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.