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.
Investing in the real estate industry includes risks such as declines in real estate value, lack of availability of mortgage funds, overbuilding, extended vacancies, increases in property taxes, changes in zoning laws, costs from clean-up of environmental problems, uninsured damages, variations in rents, and changes in interest rates. The value of an investment in a real estate investment trust (REIT) may be adversely affected by various factors, including interest rate changes, changes in property values, changes in dividend payments, loss of the REIT's ability to qualify for pass-through tax treatment under federal tax laws, or the REIT's failure to maintain its exemption from registration as an investment company.
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.
Investments in derivatives may involve additional expenses and are subject to significant loss if they perform differently than anticipated. Derivatives are also subject to the risk that the counterparty may fail to perform its obligations.
Fixed income securities can lose value, including the possible loss of principal. Fixed income securities are subject to credit risk and interest rate risk. Credit risk is the risk that an issuer of a fixed income security may be unable to make interest payments and/or repay principal in a timely manner. Interest rate risk is the risk that prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes.
High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than higher-rated securities.
The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include weather, embargoes, tariffs, and economic health, political, international regulatory and other developments. Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities.
Natural resources companies are subject to various risks, including price fluctuations caused by real and perceived inflationary trends and political developments, costs to comply with environmental and safety regulations, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and special risks associated with natural or man-made disasters. Securities of natural resource companies that are dependent on a single commodity, or are concentrated in a single commodity sector, may exhibit high volatility.
Diversification may not protect against market risk.
Companies in the infrastructure industry may be subject to a variety of factors that could adversely affect their business or operations, including high interest costs in connection with capital construction programs, high degrees of leverage, costs associated with governmental, environmental and other regulations, the level of government spending on infrastructure projects, and other factors.
The value of an investment will decline if there is a default by or a deterioration in the credit quality of the issuer or a provider of a credit enhancement or demand feature.
Liquidity risk is the possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them. To the extent that a portfolio holds fixed income securities in smaller “odd lot” sizes, such positions may be less liquid and harder to sell. Odd lots may trade at lower prices than institutional round lot sizes, which may affect a portfolio’s ability to accurately value its investments.
A foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.
Equity securities are subject to price fluctuation and possible loss of principal.
Preferred stocks may be subject to interest rate risk and call risk and may be less liquid than many other securities.
The Strategy’s investment in energy infrastructure MLPs is subject to a variety of industry specific risk factors that may adversely affect their business or operations, including those due to commodity production, volumes, commodity prices, weather conditions and terrorist attacks, as well significant federal, state and local government regulation and potential tax consequences for shareholders.
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.
Investments related to real assets will be affected by\nfactors particular to the real assets industry and related\nindustries or sectors (such as government regulation), and\nthe value of a fund or strategy may fluctuate more widely\nthan that of a fund or strategy that invests in a broad range\nof industries.
The fund or strategy is subject to liquidity risk, which is the risk that the fund or strategy’s investments cannot be readily sold within seven calendar days at approximately the price at which the fund or strategy has valued them.