Management team
Liu-Er Chen, CFAHead of Emerging Markets Equity
Nomura VIP Emerging Markets Series follows an investment approach grounded in bottom-up, fundamental analysis of individual companies, placed in the context of evolving secular trends across emerging markets.
Long-term focus
Seeking to exploit long-term opportunities that arise from the market’s tendency to focus on the short term
Core philosophy
Emphasis on companies with franchise durability and attractive valuations
Tenured team
Dedicated emerging markets team has managed the strategy since 2006
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 within a risk aware framework.
MSCI Emerging Markets Index
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.
The performance and expense ratio information shown represent the performance and fees as they relate to actual shares of the Series. These examples do not include any fees or sales charges imposed by the variable insurance contract for which the Series is an investment option. If they were included, your costs would be higher and performance would be lower. Investors should consult the contract prospectus or disclosure documents for more information.
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 for the current period and prior year reflect notable contributions from a select number of portfolio holdings that may operate in similar or related end markets where favorable industry dynamics have recently contributed to outperformance. Investors should note that these market conditions may not persist, and a decline in the value of any significant holding could have a material adverse effect on the Series’ net asset value and performance. Accordingly, past performance is not indicative of future results.
Search by product type, name, and share class. You can set a specific date range to display either prices or distributions.
We'll provide the depth of experience and resources needed to help address the changing dynamics of today's markets. From ETFs, SMAs, and mutual funds to private markets, our team can help you identify investment solutions aligned to your clients' financial needs.
Risk Disclosures
Carefully consider the Series' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series' prospectus and its summary prospectus, which may be obtained by visiting nomuraassetmanagement.com/vip-literature or calling 800 523-1918. 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 Series 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 Series.
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.
Nomura VIP funds are not available for direct investment except for issuers of variable insurance product contracts. They are available only through the purchase of certain variable insurance products.
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 VIP funds are not available for direct investment except for issuers of variable insurance product contracts. They are available only through the purchase of certain variable insurance products.
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, institutional clients, and retail. Nomura Asset Management primarily operates through several distinct investment managers, which include Nomura Capital Management LLC, Nomura Corporate Research and Asset Management Inc., Nomura Investment Management Business Trust (NIMBT) (consisting of the Nomura Alternative Strategies, Nomura Investment Management Advisers, Nomura Investments Fund Advisers, Delaware Capital Management (DCM), and Delaware Management Company series), Nomura Investment Management Europe S.A., and Nomura Investment Management Austria Kapitalanlage AG. Nomura Asset Management includes investment products and advisory services distributed and offered by and referred through affiliates, which include Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA), and NIMBT, a Securities and Exchange Commission (SEC)-registered investment advisor. Investment advisory services are provided by the DCM series of NIMBT.
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.