Management team
Liu-Er Chen, CFAHead of Emerging Markets Equity
Nomura Emerging Markets Fund 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
Morningstar Diversified Emerging Markets Category
Lipper Emerging Markets 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%.
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 Fund's net asset value and performance. Accordingly, past performance is not indicative of future results.
as of 2026-09-30
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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.
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 small and/or mid-cap companies may be more volatile than those of larger companies.
Diversification may not protect against market risk.
Markets in the greater China region can experience significant volatility due to social, economic, regulatory, and
political uncertainties.
© 2026 Nomura Asset Management International Inc.
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 include Nomura Capital Management LLC, Nomura Corporate Research and Asset Management Inc., Nomura Investment Management Business Trust (consisting of the Nomura Alternative Strategies, Nomura Investment Management Advisers, Nomura Investments Fund Advisers, Delaware Capital Management, and Delaware Management Company series), Nomura Investment Management Europe S.A., and Nomura Investment Management Austria Kapitalanlage AG. Under certain circumstances, investment advisory services are also provided by Nomura Asset Management U.K. Limited and Nomura Asset Management Australia Pty Limited, which are Nomura Group companies.
Nomura Asset Management U.K. Limited (“NAM UK”) is authorised and regulated by the Financial Conduct Authority. This information is intended for Professional Clients and Eligible Counterparties only and is not for retail investors. The content is a marketing communication and does not constitute investment advice.
Investment involves risk. The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance is not a reliable indicator of future returns.
The fund referenced on this page forms part of a Luxembourg-domiciled SICAV authorised by the Commission de Surveillance du Secteur Financier (CSSF) as a UCITS. Full information, including the latest prospectus, KIID/KID, is available in English. UK users will be directed to the UK-approved versions of these documents.
This is a marketing communication. Please refer to the Prospectus and the KIIDs when making any final investment decision.
This information is intended for investors in the United Kingdom only and may not be appropriate in other jurisdictions. Nomura Asset Management U.K. Limited may at any time decide to terminate arrangements it may have made for the marketing of units of a fund in a member state other than its home member state.
Not FDIC Insured • No Bank Guarantee • May Lose Value
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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.