Nomura Core Equity Fund Q1 2026 Commentary
The Nomura Core Equity Fund underperformed the S&P 500 in the first quarter of 2026, primarily due to an underweight position in the energy sector amid market volatility. Despite positive stock selection in companies like Seagate Technology, sector allocation weighed on relative returns. The S&P 500 declined 4.33% as investors reacted to geopolitical tensions and regulatory changes. AI-driven infrastructure growth is expected to contribute significantly to U.S. GDP in 2026.
- ▪The S&P 500 declined 4.33% in 1Q2026 due to geopolitical shocks and a shifting regulatory environment.
- ▪Nomura Core Equity Fund underperformed its benchmark primarily because of an underweight in the energy sector.
- ▪Seagate Technology Holdings saw strong performance driven by rising demand for AI-related data storage.
- ▪Morgan Stanley estimates AI infrastructure will account for about 25% of total U.S. GDP growth in 2026.
- ▪Carrier Global is positioned to benefit from expanding data center investments and stricter environmental regulations.
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