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NOMURA FUNDS IRELAND PLC
Interim Report and Unaudited Financial Statements for the financial half ye ar ended 30th June, 2026
C ompany Registration No. 418598
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NOMURA FUNDS IRELAND PLC
TABLE OF CONTENTS
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MANA GEMENT AND ADMINISTRATION 3
GENERAL INFORMATION 5
INVESTMENT MANAGER’S REPORT 33
NOMURA FUNDS IRELAND - INDIA EQUITY FU ND 3 3 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FU ND 3 4 NOMURA FUNDS IRELAND - US HIGH YIELD BOND FU ND 3 6 NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION F UND 3 7 NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION F UND 3 9 NO MURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FU ND 4 1 NOMURA FUNDS IRELAND - GLOBAL DYNAMIC BOND FUND 4 2 NOMURA FUNDS IRELAND - EMERGING MARKET LOCAL CURRENCY DEBT FUND 43 NOMURA FUNDS IRELAND - ASIA HIGH YIELD BOND FUND 4 4 NOMURA FUNDS IRELAND - ASIA INVESTMENT GRADE BOND FUND 45 NOMURA FUNDS IRELAND - CHINA FUND 47 NOMURA FUNDS IRELAND - GLOBAL HIGH CONVICTION FU ND 4 9 NO MURA FUNDS IRELAND - GLOBAL SUSTAINABLE EQUITY FUND 5 1 AM ERICAN CENTURY GLOBAL SMALL CAP EQUITY F UND 5 3 AM ERICAN CENTURY GLOBAL GROWTH EQUITY FUND 5 5 AM ERICAN CENTURY CONCENTRATED GLOBAL GROWTH EQUITY FU ND 5 6 AM ERICAN CENTURY EMERGING MARKETS EQUITY FU ND 5 7 NO MURA FUNDS IRELAND - GLOBAL MULTI-THEME EQUITY FUND 59 NO MURA FUNDS IRELAND - JAPAN SMALL CAP EQUITY FUND 6 2 AM ERICAN CENTURY EMERGING MARKETS TRANSITION EQUITY FU ND 6 4 AM ERICAN CENTURY US FOCUSED INNOVATION EQUITY FUND 66 NOMURA FUNDS IRELAND - JAPAN SUSTAINABLE EQUITY CORE FUND 68 NOMURA FUNDS IRELAND - ASIA SUSTAINABLE EQUITY FUND 70 NOMURA FUNDS IRELAND - CORPORATE HYBRID BOND FUND 7 2 NO MURA FUNDS IRELAND - US HIGH YIELD BOND CONTINUUM FUND 73 N OMURA FUNDS IRELAND - CHINA A-SHARES AI QUANT STRATEGY FUND 74 NOMURA FUNDS IRELAND - TAIWAN EQUITY FUND 76 NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKETS QUANT EQUITY FUND 78
STATEMENT OF FINANCIAL POSITION 79
STATEMENT OF COMPREHENSIVE INCOME 90
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 101
STATEMENT OF CASH FLOWS 112
NOTES TO THE FINANCIAL STATEMENTS 128
STATEMENTS OF INVESTMENTS 260
NOMURA FUNDS IRELAND - INDIA EQUITY FU ND 2 60 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND 262 NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND 271 NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND 315 NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUND 318 NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FU ND 3 20 NOMURA FUNDS IRELAND - GLOBAL DYNAMIC BOND FUND 3 45 NOMURA FUNDS IRELAND - EMERGING MARKET LOCAL CURRENCY DEBT FUND 363
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NOMURA FUNDS IRELAND PLC
TABLE OF CONTENTS (CONTINUED)
Page
NOMURA FUNDS IRELAND - ASIA HIGH YIELD BOND FUND 368 NOMURA FUNDS IRELAND - ASIA INVESTMENT GRADE BOND FUND 373 NOMURA FUNDS IRELAND - CHINA FUND 378 NOMURA FUNDS IRELAND - GLOBAL HIGH CONVICTION FUND 381 NOMURA FUNDS IRELAND - EUROPEAN HIGH YIELD BOND FUND 384 NOMURA FUNDS IRELAND - GLOBAL SUSTAINABLE EQUITY FUND 386 AMERICAN CENTURY GLOBAL SMALL CAP EQUITY FUND 390 AMERICAN CENTURY GLOBAL GROWTH EQUITY FUND 400 AMERICAN CENTURY CONCENTRATED GLOBAL GROWTH EQUITY FUND 407 AMERICAN CENTURY EMERGING MARKETS EQUITY FUND 411 NOMURA FUNDS IRELAND - GLOBAL MULTI-THEME EQUITY FUND 418 NOMURA FUNDS IRELAND - JAPAN SMALL CAP EQUITY FUND 422 AMERICAN CENTURY EMERGING MARKETS TRANSITION EQUITY FUND 427 AMERICAN CENTURY US FOCUSED INNOVATION EQUITY FUND 433 NOMURA FUNDS IRELAND - JAPAN SUSTAINABLE EQUITY CORE FUND 436 NOMURA FUNDS IRELAND - ASIA SUSTAINABLE EQUITY FUND 438 NOMURA FUNDS IRELAND - CORPORATE HYBRID BOND FUND 440 NOMURA FUNDS IRELAND - US HIGH YIELD BOND CONTINUUM FUND 451 NOMURA FUNDS IRELAND - EMERGING MARKET DEBT FUND 471 NOMURA FUNDS IRELAND - CHINA A-SHARES AI QUANT STRATEGY FUND 472 NOMURA FUNDS IRELAND - TAIWAN EQUITY FUND 476 NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKETS QUANT EQUITY FUND 478
STATEMENT OF CHANGES IN THE PORTFOLIO 482
NOMURA FUNDS IRELAND - INDIA EQUITY FUND 482 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND 484 NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND 486 NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND 488 NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUND 490 NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND 492 NOMURA FUNDS IRELAND - GLOBAL DYNAMIC BOND FUND 494 NOMURA FUNDS IRELAND - EMERGING MARKET LOCAL CURRENCY DEBT FUND 496 NOMURA FUNDS IRELAND - ASIA HIGH YIELD BOND FUND 497 NOMURA FUNDS IRELAND - ASIA INVESTMENT GRADE BOND FUND 499 NOMURA FUNDS IRELAND - CHINA FUND 501 NOMURA FUNDS IRELAND - GLOBAL HIGH CONVICTION FUND 503 NOMURA FUNDS IRELAND - GLOBAL SUSTAINABLE EQUITY FUND 505 AMERICAN CENTURY GLOBAL SMALL CAP EQUITY FUND 507 AMERICAN CENTURY GLOBAL GROWTH EQUITY FUND 509 AMERICAN CENTURY CONCENTRATED GLOBAL GROWTH EQUITY FUND 511 AMERICAN CENTURY EMERGING MARKETS EQUITY FUND 513 NOMURA FUNDS IRELAND - GLOBAL MULTI-THEME EQUITY FUND 515 NOMURA FUNDS IRELAND - JAPAN SMALL CAP EQUITY FUND 517 AMERICAN CENTURY EMERGING MARKETS TRANSITION EQUITY FUND 519 AMERICAN CENTURY US FOCUSED INNOVATION EQUITY FUND 521 NOMURA FUNDS IRELAND - JAPAN SUSTAINABLE EQUITY CORE FUND 523 NOMURA FUNDS IRELAND - ASIA SUSTAINABLE EQUITY FUND 525 NOMURA FUNDS IRELAND - CORPORATE HYBRID BOND FUND 527 NOMURA FUNDS IRELAND - US HIGH YIELD BOND CONTINUUM FUND 529 NOMURA FUNDS IRELAND - EMERGING MARKET DEBT FUND 531 NOMURA FUNDS IRELAND - CHINA A-SHARES AI QUANT STRATEGY FUND 533 NOMURA FUNDS IRELAND - TAIWAN EQUITY FUND 535 NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKETS QUANT EQUITY FUND 537
APPENDIX 1 – SECURITIES FINANCING TRANSACTIONS REGULATION 538
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NOMURA FUNDS IRELAND PLC
MANAGEMENT AND ADMINISTRATION
DIRECTORS David Dillon – Irish John Walley – Irish 1 James Tucker – British (Chairman) Tomohisa Hanabata – Japanese 2 Kenichi Suzuki – Japanese 2 Andrew Billingsley – American Hiroyuki Honda – Japanese 3 Mari Nakamura – Japanese 4 Ben Morris – Irish 5
All Directors are non-executive. 1 Independent Director. 2 Resigned on 25th February, 2026. 3 Appointed on 25th February, 2026. 4 Appointed on 25th March, 2026. 5 Appointed on 12th May, 2026.
REGISTERED OFFICE OF THE COMPANY 33 Sir John Rogerson’s Quay Dublin 2 Ireland
ADMINISTRATOR Brown Brothers Harriman Fund Administration Services (Ireland) Limited 30 Herbert Street Dublin 2 Ireland
COMPANY SECRETARY Tudor Trust Limited 33 Sir John Rogerson’s Quay Dublin 2 Ireland
DEPOSITARY Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street Dublin 2 Ireland
DISTRIBUTOR Nomura Asset Management U.K. Limited Nomura House 1 Angel Lane London EC4R 3AB United Kingdom
AUDITORS Ernst & Young Chartered Accountants Ernst & Young Building Harcourt Centre Harcourt Street Dublin 2 Ireland
LEGAL ADVISERS Dillon Eustace 33 Sir John Rogerson’s Quay Dublin 2 Ireland
MANAGER FundRock Management Company (Ireland) Limited Percy Exchange 8/34 Percy Place Dublin 4 D04P5K3 Ireland
INVESTMENT MANAGER Nomura Asset Management U.K. Limited Nomura House 1 Angel Lane London EC4R 3AB United Kingdom
SUB-INVESTMENT MANAGER Nomura Asset Management Co. Ltd 2-2-1, Toyosu Koto-Ku Tokyo 135-0061 Japan
SUB-INVESTMENT MANAGER Nomura Asset Management Hong Kong Limited 30th Floor, Two International Finance Centre 8 Finance Street Central, Hong Kong
SUB-INVESTMENT MANAGER Nomura Corporate Research and Asset Management Inc. Worldwide Plaza 309 West 49th Street New York, NY 10019-7316 United States of America
SUB-INVESTMENT MANAGER Nomura Asset Management Singapore Limited 10 Marina Boulevard Marina Bay Financial Centre Tower 2 33-03 Singapore 018983 Singapore
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NOMURA FUNDS IRELAND PLC
MANAGEMENT AND ADMINISTRATION (CONTINUED)
SUB-INVESTMENT MANAGER American Century Investment Management Inc. 4500 Main Street Kansas City, MO 64111 United States of America
SUB-INVESTMENT MANAGER Nomura Asset Management Deutschland KAG mbH 109 Gräfstrasse 60487 Frankfurt am Main Germany
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NOMURA FUNDS IRELAND PLC
GENERAL INFORMATION
Nomura Funds Ireland Plc (the “Fund”) is structured as an open-ended umbrella investment company with variable capital, incorporated under the laws of Ireland on 13th April, 2006 as a public limited company pursuant to the Companies Act 2014. The Fund has been authorised by the Central Bank of Ireland (the “Central Bank”) pursuant to the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”). The Fund commenced operations on 18th December, 2006.
The Fund has segregated liability between its Sub-Funds (the “Sub-Funds”) and accordingly any liability incurred on behalf of o r attributable to any Sub-Fund shall be discharged solely out of the assets of that Sub-Fund. The Sub-Funds are set out below:
Nomura Funds Ireland - India Equity Fund Nomura Funds Ireland - Japan Strategic Value Fund Nomura Funds Ireland - US High Yield Bond Fund Nomura Funds Ireland - Japan High Conviction Fund Nomura Funds Ireland - Asia Ex Japan High Conviction Fund Nomura Funds Ireland - Global High Yield Bond Fund Nomura Funds Ireland - Global Dynamic Bond Fund Nomura Funds Ireland - Emerging Market Local Currency Debt Fund Nomura Funds Ireland - Asia High Yield Bond Fund Nomura Funds Ireland - Asia Investment Grade Bond Fund Nomura Funds Ireland - China Fund Nomura Funds Ireland - Global High Conviction Fund Nomura Funds Ireland - European High Yield Bond Fund 1 Nomura Funds Ireland - Global Sustainable Equity Fund American Century Global Small Cap Equity Fund American Century Global Growth Equity Fund American Century Concentrated Global Growth Equity Fund American Century Emerging Markets Equity Fund Nomura Funds Ireland - Global Multi-Theme Equity Fund Nomura Funds Ireland - Japan Small Cap Equity Fund American Century Emerging Markets Transition Equity Fund American Century Advanced Medical Impact Equity Fund 2 American Century US Focused Innovation Equity Fund Nomura Funds Ireland - Japan Sustainable Equity Core Fund Nomura Funds Ireland - Asia Sustainable Equity Fund Nomura Funds Ireland - Corporate Hybrid Bond Fund Nomura Funds Ireland - US High Yield Bond Continuum Fund Nomura Funds Ireland - Emerging Market Debt Fund 3 Nomura Funds Ireland - China A-Shares AI Quant Strategy Fund Nomura Funds Ireland - Taiwan Equity Fund Nomura Funds Ireland - Global Emerging Markets Quant Equity Fund 4
1 The European High Yield Bond Fund was fully redeemed on 15th December, 2025. 2 The American Century Advanced Medical Impact Equity Fund was fully redeemed on 12th December, 2023. 3 The Emerging Market Debt Fund was fully redeemed on 9th February, 2026. 4 The Global Emerging Markets Quant Equity Fund was launched on 24th June, 2026.
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NOMURA FUNDS IRELAND PLC
GENERAL INFORMATION (CONTINUED)
The Fund had in issue the following share classes in each of the Sub-Funds at the financial half year end (referred to herein a s the “half year end” or “half year ended”):
Sub-Fund Share Class Currency Launch Date Launch Price
N omura Funds Ireland - India Equity Fun d Class A Euro EU R 16th November, 2011 EUR 100 Class A HKD HKD 10th June, 2025 HKD 1,000 Class A US$ USD 11th May, 2017 USD 100 Class I Sterling GBP 18th January, 2024 GBP 100 Class I US$ USD 1st March, 2017 USD 100 Class ID Euro EU R 12th January, 2024 EUR 100 Class S JPY JPY 12th March, 2010 JPY 10,000 Class T US$ USD 3rd October, 2018 USD 100 Class Z US$ USD 12th January, 2007 INR 10,000
N omura Funds Ireland - Ja p an Strate g ic Value Fun d Class A Euro EU R 16th November, 2011 EUR 100 Class A Euro Hedge d EU R 15th May, 2013 EUR 100 Class A HKD HKD 10th June, 2025 HKD 1,000 Class A HKD Hedged HKD 10th June, 2025 HKD 1,000 Class A JPY JPY 4th Januar y , 2010 JPY 10,000 Class A US$ USD 10th November, 2011 USD 100 Class A US$ Hedge d USD 30th December, 2013 USD 100 Class AD Euro EU R 16th January, 2026 EU R 100 Class AD JPY JPY 19th July, 2023 JPY 10,000 Class AD Sterling GBP 6th March, 2014 GBP 100 Class AD US$ USD 25th July, 2023 USD 100 Class AD US$ Hed g e d USD 30th Se p tember, 2024 USD 100 Class AG Euro Hedged EU R 19th February, 2026 EUR 100 Class AG JPY JPY 19th February, 2026 JPY 10,000 Class AG US$ USD 19th February, 2026 USD 100 Class AG US$ Hedge d USD 19th February, 2026 USD 100 Class B JPY JPY 9th De cember, 2024 JPY 10,000 Class B US$ Hedge d USD 1st July, 2019 USD 100 Class HD JPY JPY 18th Jul y , 2025 JPY 10,000 Class HD US$ Hedge d USD 18th July, 2025 USD 100 Class I Euro EU R 14th February, 2011 EUR 100 Class I Euro Hedged EU R 13th April, 2012 EUR 100 Class I JPY JPY 26th August, 2009 JPY 10,000 Class I Sterlin g GBP 25th March, 2010 GBP 100 Class I Sterling Hedged GBP 8th September, 2015 GBP 100 Class I US$ USD 30th December, 2013 USD 100 Class I US$ Hedge d USD 10th April, 2013 USD 100
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NOMURA FUNDS IRELAND PLC
GENERAL INFORMATION (CONTINUED)
Sub-Fund Share Class Currenc y Launch Date Launch Price
N omura Funds Ireland - Japan Strategic Value Fund (continued) Class ID Euro EU R 19th February, 2015 EUR 100 Class ID Euro Hedge d EU R 17th December, 2015 EUR 100 Class ID Sterling Hedge d GBP 6th March, 2014 GBP 100 Class ID US$ USD 26th June, 2025 USD 100 Class ID US$ Hed g e d USD 2nd Ma y , 2014 USD 100 Class IG Euro Hedge d EU R 19th February, 2026 EUR 100 Class IG JPY JPY 19th February, 2026 JPY 10,000 Class IG US$ USD 19th February, 2026 USD 100 Class IG US$ Hedge d USD 19th February, 2026 USD 100 Class R Euro EU R 11th July, 2016 EUR 100 Class R Euro Hedge d EU R 20th October, 2015 EUR 100 Class R JPY JPY 20th Oc tober, 2015 JPY 10,000 Class R Sterling GBP 23rd March, 2022 GBP 100 Class R Sterling Hedge d GBP 25th January, 2023 GBP 100 Class R US$ USD 24th August, 2023 USD 100 Class R US$ Hedge d USD 25th January, 2023 USD 100 Class RD Euro EU R 19th March, 2021 EUR 100 Class RD JPY JPY 11th January, 2018 JPY 10,000 Class RD Sterling GBP 23rd June, 2022 GBP 100 Class RD Sterling Hedge d GBP 19th March, 2021 GBP 100 Class RD US$ USD 19th March, 2021 USD 100 Class S Sterling GBP 29th July, 2025 GBP 100 Class T JPY JPY 25th Oc tober, 2017 JPY 10,000 Class T US$ USD 23rd October, 2017 USD 100 Class T US$ Hedge d USD 25th October, 2017 USD 100
N omura Funds Ireland - US High Yield Bond Fun d Class A Euro EU R 16th November, 2011 EUR 100 Class A Euro Hedge d EU R 11th April, 2012 EUR 100 Class A SGD Hedge d SGD 24th January, 2025 SGD 100 Class A Sterling Hedge d GBP 24th January, 2025 GBP 100 Class A US$ USD 14th November, 2011 USD 100 Class AD Euro Hedged EU R 24th January, 2025 EUR 100 Class AD Sterling Hedged GBP 19th January, 2021 GBP 100 Class AD US$ USD 21st March, 2016 USD 100 Class AG US$ USD 8th Ma y , 2025 USD 100 Class AX US$ USD 14th July, 2025 USD 100 Class B US$ USD 7th August, 2024 USD 100 Class BD JPY JPY 15t h July, 2025 JPY 10,000 Class BD JPY Hedge d JPY 15th July, 2025 JPY 10,000 Class BD US$ USD 17th November, 2017 USD 100 Class C US$ USD 21st June, 2021 USD 100
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NOMURA FUNDS IRELAND PLC
GENERAL INFORMATION (CONTINUED)
Sub-Fund Share Class Currency Launch Date Launch Price
N omura Funds Ireland - US High Yield Bond Fund (continued) Class CD US$ USD 2nd August, 2024 USD 100 Class D Sterlin g GBP 9th Se p tember, 2016 GBP 100 Class D US$ USD 18th April, 2012 USD 100 Class HD HKD HKD 10th June, 2025 HKD 1,000 Class HD US$ USD 24th January, 2025 USD 100 Class I CHF Hedged CHF 24th April, 2014 CHF 100 Class I Euro EU R 14th June, 2024 EUR 100 Class I Euro Hedged EU R 6th December, 2012 EUR 100 Class I Sterling GBP 3rd October, 2016 GBP 100 Class I Sterling Hedged GBP 20th June, 2013 GBP 100 Class I US$ USD 31st March, 2009 USD 100 Class ID CHF Hedge d CHF 18th August, 2015 CHF 100 Class ID Euro EU R 20th December, 2024 EUR 100 Class ID Euro Hed g e d EU R 18th Au g ust, 2015 EUR 100 Class ID Sterling GBP 2nd September, 2016 GBP 100 Class ID Sterling Hedge d GBP 15th May, 2015 GBP 100 Class ID US$ USD 20th July, 2015 USD 100 Class IG US$ USD 8th May, 2025 USD 100 Class S US$ USD 5th April, 2023 USD 100 Class T AUD Hedge d AUD 20th October, 2017 AUD 100 Class T US$ USD 20th October, 2017 USD 100 Class TD AUD AUD 2nd October, 2014 AUD 100 Class TD AUD Hedged AUD 20th October, 2017 AUD 100 Class TD JPY JPY 15t h July, 2025 JPY 10,000 Class TD JPY Hedge d JPY 15th July, 2025 JPY 10,000 Class TD US$ USD 2nd October, 2014 USD 100 Class TD ZAR Hedge d ZA R 13th December, 2023 ZAR 1,000 Class TI US$ USD 21st October, 2016 USD 100 Class TID US$ USD 11th January, 2018 USD 100 Class Z US$ USD 7th April, 2026 USD 100
N omura Funds Ireland - Japan High Conviction Fun d Class A Euro EU R 12th Ma y , 2015 EUR 100 Class A Euro Hedge d EU R 28th November, 2018 EUR 100 Class A JPY JPY 8th October, 2014 JPY 10,000 Class A US$ USD 12th May, 2015 USD 100 Class A US$ Hedge d USD 9th May, 2018 USD 100 Class I Euro EU R 23rd October, 2020 EUR 100 Class I JPY JPY 7th August, 2013 JPY 10,000 Class I Sterlin g GBP 8th June, 2017 GBP 100
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NOMURA FUNDS IRELAND PLC
GENERAL INFORMATION (CONTINUED)
Sub-Fund Share Class Currency Launch Date Launch Price
N omura Funds Ireland - Japan High Conviction Fund (continued) Class I US$ USD 12th May, 2015 USD 100 Class I US$ Hed g e d USD 28th November, 2018 USD 100 Class R Sterling GBP 4th June, 2019 GBP 100 Class T US$ USD 21st December, 2022 USD 100
N omura Funds Ireland - Asia Ex Japan High Conviction Fun d Class A Euro EU R 23rd March, 2021 EUR 100 Class A HKD HKD 10th June, 2025 HKD 1,000 Class A US$ USD 24th January, 2025 USD 100 Class B US$ USD 2nd January, 2025 USD 100 Class F Euro EU R 17th December, 2020 EUR 100 Class F Sterling GBP 17th November, 2020 GBP 100 Class I Euro EU R 23rd March, 2021 EUR 100 Class I Sterlin g GBP 27th A p ril, 2021 GBP 100 Class I US$ USD 4th September, 2013 USD 100 Class ID Euro EU R 4th October, 2018 EUR 100 Class T US$ USD 8th June, 2026 USD 100 Class TI US$ USD 24th January, 2025 USD 100
N omura Funds Ireland - Global High Yield Bond Fund Class A Euro EU R 14th A p ril, 2014 EUR 100 Class BD US$ USD 23rd April, 2019 USD 100 Class F Euro Hedge d EU R 23rd March, 2022 EUR 100 Class F Sterling GBP 14th September, 2022 GBP 100 Class F Sterling Hedge d GBP 14th September, 2022 GBP 100 Class FD Sterlin g Hed g e d GBP 25th A p ril, 2023 GBP 100 Class I Sterling Hedged GBP 16th November, 2017 GBP 100 Class I US$ USD 14th April, 2014 USD 100 Class ID Sterling Hedge d GBP 25th April, 2023 GBP 100 Class T US$ USD 25th April, 2019 USD 100 Class TD AUD Hedged AUD 25th April, 2019 AUD 100 Class TD US$ USD 25th April, 2019 USD 100
N omura Funds Ireland - Global Dynamic Bond Fund
Class A Euro Hedge d EU R 30th January, 2015 EUR 100 Class A Sterling GBP 7th March, 2025 GBP 100 Class A Sterling Hedge d GBP 18th August, 2020 GBP 100 Class A US$ USD 10th October, 2019 USD 100 Class AD Euro EU R 27th November, 2020 EUR 100 Class AD Euro Hedged EU R 5th May, 2020 EUR 100
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NOMURA FUNDS IRELAND PLC
GENERAL INFORMATION (CONTINUED)
Sub-Fund Share Class Currency Launch Date Launch Price
N omura Funds Ireland - Global Dynamic Bond Fund (continued) Class AD SGD Hedge d SGD 1st September, 2020 SGD 100 Class AD Sterlin g Hed g ed GBP 26th A p ril, 2021 GBP 100 Class AD US$ USD 19th March, 2019 USD 100 Class AD2 US$ USD 24th July, 2020 USD 100 Class AD3 Euro Hedge d EU R 11th May, 2021 EUR 100 Class AD3 US$ USD 11th June, 2021 USD 100 Class AX US$ USD 23rd October, 2025 USD 100 Class B US$ USD 7th August, 2024 USD 100 Class BD JPY JPY 15t h July, 2025 JPY 10,000 Class BD JPY Hedge d JPY 15th July, 2025 JPY 10,000 Class BD US$ USD 15th July, 2021 USD 100 Class C US$ USD 22nd June, 2021 USD 100 Class CD US$ USD 26th October, 2021 USD 100 Class F Sterling Hedge d GBP 15th December, 2017 GBP 100 Class F US$ USD 16th February, 2021 USD 100 Class FD Sterling Hedge d GBP 17th October, 2017 GBP 100 Class I CHF Hedged CHF 1st April, 2020 CHF 100 Class I Euro Hedged EU R 5th November, 2015 EUR 100 Class I JPY Hedge d JPY 22nd March, 2018 JPY 10,000 Class I Sterling GBP 11th February, 2020 GBP 100 Class I Sterling Hedged GBP 30th January, 2015 GBP 100 Class I US$ USD 30th January, 2015 USD 100 Class ID Euro Hedge d EU R 8th November, 2019 EUR 100 Class ID JPY Hed g e d JPY 27th June, 2018 JPY 10,000 Class ID Sterling Hedge d GBP 30th January, 2015 GBP 100 Class ID US$ USD 13th November, 2018 USD 100 Class ID2 Sterling GBP 11th October, 2023 GBP 100 Class ID2 Sterling Hedged GBP 10th June, 2021 GBP 100 Class ID3 US$ USD 5th May, 2021 USD 100 Class R Euro Hedge d EU R 6th December, 2019 EUR 100 Class R Sterling Hedge d GBP 10th April, 2024 GBP 100 Class R US$ USD 30th September, 2019 USD 100 Class RD JPY JPY 14th March, 2022 JPY 10,000 Class RD JPY Hedge d JPY 14th March, 2022 JPY 10,000 Class RD Sterling Hedge d GBP 26th May, 2015 GBP 100
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NOMURA FUNDS IRELAND PLC
GENERAL INFORMATION (CONTINUED)
Sub-Fund Share Class Currency Launch Date Launch Price
N omura Funds Ireland - Global Dynamic Bond Fund (continued) Class SD JPY Hedge d JPY 26th January, 2018 JPY 10,000 Class T US$ USD 15th Jul y , 2021 USD 100 Class TD JPY JPY 15t h July, 2025 JPY 10,000 Class TD JPY Hedge d JPY 15th July, 2025 JPY 10,000 Class TD US$ USD 15th July, 2021 USD 100 Class TD ZAR Hedge d ZA R 12th December, 2023 ZAR 1,000 Class TI US$ USD 12th Jul y , 2021 USD 100
N omura Funds Ireland - Emerging Market Local Currency Debt Fun d Class AD US$ USD 25th November, 2022 USD 100 Class FD Sterling GBP 7 th August, 2020 GBP 100 Class I US$ USD 27th February, 2015 USD 100 Class ID Sterling GBP 4th March, 2022 GBP 100 Class SD JPY Hed g e d JPY 26th Januar y , 2018 JPY 10,000
N omura Funds Ireland - Asia High Yield Bond Fun d Class A Euro EU R 6th March, 2015 EUR 100 Class A US$ USD 15th August, 2024 USD 100 Class I US$ USD 6th March, 2015 USD 100 Class SD JPY Hedge d JPY 10th January, 2019 JPY 10,000
N omura Funds Ireland - Asia Investment Grade Bond Fun d Class A Euro EU R 13th March, 2015 EUR 100 Class A US$ USD 24th January, 2025 USD 100 Class F JPY JPY 16th Oc tober, 2024 JPY 10,000 Class F US$ USD 16th October, 2024 USD 100 Class FD Euro Hedge d EU R 27th April 2026 EUR 100 Class HD HKD HKD 10th June, 2025 HKD 1,000 Class HD US$ USD 24th January, 2025 USD 100 Class I US$ USD 13th March, 2015 USD 100 Class SD JPY Hedge d JPY 8th January, 2021 JPY 10,000
N omura Funds Ireland - China Fun d Class I US$ USD 27th April, 2015 USD 100
N omura Funds Ireland - Global High Conviction Fun d Class A Euro EU R 21st December, 2015 EUR 100 Class A US$ USD 2nd February, 2017 USD 100 Class B US$ USD 21st December, 2022 USD 100 Class C US$ USD 23rd Au g ust, 2024 USD 100 Class F Sterling GBP 11th March, 2020 GBP 100 Class F Sterling Hedge d GBP 31st May, 2022 GBP 100
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NOMURA FUNDS IRELAND PLC
GENERAL INFORMATION (CONTINUED)
Sub-Fund Share Class Currency Launch Date Launch Price
N omura Funds Ireland - Global High Conviction Fun d (continued) Class F US$ USD 3rd February, 2021 USD 100
Class I Sterling GBP 20th January, 2016 GBP 100 Class I US$ USD 21st December, 2015 USD 100 Class S Sterling Hedge d GBP 5th July, 2023 GBP 100 Class S US$ USD 4th October, 2021 USD 100 Class T US$ USD 21st December, 2022 USD 100
N omura Funds Ireland - Global Sustainable Equity Fun d Class A Euro EU R 15th April, 2019 EUR 100 Class A US$ USD 15th A p ril, 2019 USD 100 Class F Euro EU R 28th March, 2024 EUR 100 Class F Sterling GBP 22nd June, 2020 GBP 100 Class F US$ USD 9th July, 2021 USD 100 Class I Sterling GBP 25th September, 2019 GBP 100 Class I US$ USD 15th April, 2019 USD 100
American Centur y Global Small Ca p E q uit y Fund Class B US$ USD 1st February, 2024 USD 100 Class BK Euro EU R 8th December, 2022 EUR 100 Class BK Sterling GBP 8th July, 2024 GBP 100 Class BK US$ USD 1st June, 2021 USD 100 Class F Euro EU R 14th November, 2019 EUR 100 Class F Sterling GBP 7th April, 2020 GBP 100 Class F US$ USD 2nd July, 2019 USD 100 Class I Euro EU R 12th November, 2020 EUR 100 Class I Sterling GBP 22nd July, 2020 GBP 100 Class I US$ USD 16th November, 2020 USD 100 Class S Sterling GBP 2nd September, 2021 GBP 100 Class T US$ USD 1st Februar y , 2024 USD 100
American Century Global Growth Equity Fund Class A US$ USD 2nd August, 2019 USD 100 Class I US$ USD 2nd August, 2019 USD 100
American Century Global Concentrated Global Growth Equity Fund Class A US$ USD 2nd Au g ust, 2019 USD 100 Class B US$ USD 12th December, 2022 USD 100 Class F Sterling GBP 15th August, 2019 GBP 100 Class F US$ USD 20th August, 2019 USD 100 Class I Sterling GBP 2nd August, 2019 GBP 100 Class I US$ USD 2nd Au g ust, 2019 USD 100 Class T US$ USD 12th December, 2022 USD 100
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NOMURA FUNDS IRELAND PLC
GENERAL INFORMATION (CONTINUED)
Sub-Fund Share Class Currency Launch Date Launch Price
American Century Emerging Markets Equity Fun d Class A US$ USD 2nd August, 2019 USD 100 Class F Euro EU R 2nd Au g ust, 2019 EUR 100 Class F US$ USD 2nd August, 2019 USD 100 Class I US$ USD 2nd August, 2019 USD 100 Class S US$ USD 2nd August, 2019 USD 100
N omura Funds Ireland - Global Multi-Theme E q uit y Fund Class A US$ USD 3rd February, 2020 USD 100 Class F Sterling GBP 19th July, 2024 GBP 100 Class I US$ USD 3rd February, 2020 USD 100 Class Z JPY JPY 21st March, 2025 JPY 10,000
N omura Funds Ireland - Japan Small Cap Equity Fund
Class A JPY JPY 30th September, 2024 JPY 10,000 Class F Euro EU R 1st October, 2021 EUR 100 Class F JPY JPY 7th February, 2020 JPY 10,000 Class F Sterling GBP 15th December, 2023 GBP 100 Class F US$ USD 30th December, 2022 USD 100 Class I Euro EU R 17th May, 2024 EUR 100 Class I JPY JPY 16th April, 2024 JPY 10,000 Class I Sterling GBP 10th April, 2025 GBP 100 Class I Sterling Hedged GBP 10th April, 2025 GBP 100 Class I US$ Hedged USD 1st November, 2024 USD 100
American Centur y Emer g in g Markets Transition E q uit y Fund Class F Euro EU R 1st September, 2021 EUR 100 Class F Sterling GBP 13th October, 2020 GBP 100 Class F US$ USD 4th March, 2020 USD 100 Class I Sterling GBP 13th October, 2020 GBP 100
American Century US Focused Innovation Equity Fun d Class A US$ USD 30th June, 2021 USD 100 Class I US$ USD 30th June, 2021 USD 100 Class S US$ USD 30th June, 2021 USD 100
N omura Funds Ireland - Japan Sustainable Equity Core Fun d Class A JPY JPY 30th March, 2022 JPY 10,000 Class F Euro EU R 23rd March, 2023 EUR 100 Class F JPY JPY 30th March, 2022 JPY 10,000 Class F Sterling GBP 31st July, 2023 GBP 100
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GENERAL INFORMATION (CONTINUED)
Sub-Fund Share Class Currency Launch Date Launch Price
N omura Funds Ireland - Japan Sustainable Equity Core Fund (continued) Class F US$ USD 5th March, 2026 USD 100 Class I JPY JPY 30th March, 2022 JPY 10,000 Class I Sterling GBP 28th May, 2024 GBP 100 Class I US$ USD 5th March, 2026 USD 100
N omura Funds Ireland - Asia Sustainable Equity Fun d Class A US$ USD 31st March, 2022 USD 100 Class F US$ USD 31st March, 2022 USD 100 Class I US$ USD 31st March, 2022 USD 100
N omura Funds Ireland - Corporate Hybrid Bond Fun d Class A CHF Hed g e d CHF 30th Januar y , 2026 CHF 100 Class A Euro EU R 9th August, 2023 EUR 100 Class A SGD Hedge d SGD 13th August, 2025 SGD 100 Class A Sterling GBP 27th November, 2024 GBP 100 Class A Sterling Hedge d GBP 10th March, 2026 GBP 100 Class A US$ USD 14th July, 2025 USD 100 Class A US$ Hedge d USD 4th June, 2025 USD 100 Class AD Euro EU R 2nd Se p tember, 2025 EUR 100 Class AD US$ Hedge d USD 11th September, 2024 USD 100 Class B JPY Hedge d JPY 22nd June, 2026 JPY 10,000 Class B US$ Hedge d USD 22nd June, 2026 USD 100 Class BD JPY Hedge d JPY 22nd June, 2026 JPY 10,000 Class BD US$ Hedge d USD 22nd June, 2026 USD 100 Class BD ZAR Hedged ZA R 22nd June, 2026 ZAR 1,000 Class F Euro EU R 29th August, 2023 EUR 100 Class F Sterling Hedge d GBP 10th October, 2023 GBP 100 Class F US$ USD 22nd December, 2023 USD 100 Class F US$ Hedge d USD 27th September, 2023 USD 100 Class FD Euro EU R 10th October, 2023 EUR 100 Class FD Sterlin g Hed g e d GBP 6th November, 2023 GBP 100 Class I Euro EU R 9th August, 2023 EUR 100 Class I Sterling Hedged GBP 25th September, 2023 GBP 100 Class I US$ Hedge d USD 25th September, 2023 USD 100 Class ID CHF Hedge d CHF 21st August, 2024 CHF 100 Class ID Euro EU R 5th November, 2025 EUR 100 Class ID JPY Hedge d JPY 23rd April, 2026 JPY 10,000 Class P US$ Hed g ed USD 29th Ma y , 2026 USD 100 Class PD SGD Hedge d SGD 12th February, 2026 SGD 100 Class PD US$ Hedge d USD 23rd February, 2026 USD 100 Class R Euro EU R 7th August, 2024 EUR 100 Class R Sterling Hedge d GBP 14th June, 2024 GBP 100
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GENERAL INFORMATION (CONTINUED)
Sub-Fund Share Class Currenc y Launch Date Launch Price
N omura Funds Ireland - Corporate Hybrid Bond Fund (continued) Class R US$ Hedge d USD 7th August, 2024 USD 100 Class RD Sterlin g Hed g e d GBP 15th November, 2024 GBP 100 Class SD JPY Hedge d JPY 14th January, 2025 JPY 10,000 Class T Euro EU R 22nd June, 2026 EUR 100 Class T JPY Hedged JPY 22nd June, 2026 JPY 10,000 Class T US$ Hedge d USD 22nd June, 2026 USD 100 Class TD Euro EU R 22nd June, 2026 EUR 100 Class TD JPY Hedged JPY 22nd June, 2026 JPY 10,000 Class TD US$ Hed g ed USD 22nd June, 2026 USD 100 Class TD ZAR Hedge d ZA R 22nd June, 2026 ZAR 1,000
N omura Funds Ireland - US High Yield Bond Continuum Fun d Class A US$ USD 23rd August, 2023 USD 100 Class I US$ USD 23rd August, 2023 USD 100
N omura Funds Ireland - China A-Shares AI Quant Strate gy Fund Class A US$ USD 27th November, 2023 USD 100 Class F US$ USD 27th November, 2023 USD 100 Class I US$ USD 27th November, 2023 USD 100
N omura Funds Ireland - Taiwan Equity Fun d Class A US$ USD 14th April, 2025 USD 100 Class I US$ USD 14th April, 2025 USD 100
N omura Funds Ireland - Global Emerging Markets Quant Equity Fun d Class A US$ USD 24th June, 2026 USD 100 Class F US$ USD 24th June, 2026 USD 100 Class I US$ USD 24th June, 2026 USD 100
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GENERAL INFORMATION (CONTINUED)
Nomura Funds Ireland - India Equity Fund
The investment objective of the Nomura Funds Ireland - India Equity Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in an actively managed portfolio of Indian securities.
The Sub-Fund invests, under normal market conditions, primarily in equity and equity-related securities listed or traded on a recognised exchange in India. The Sub-Fund may invest in equity and equity-related securities listed or traded on any recognise d exchange outside India provided that the business activities of the issuers of such securities are in India. The Sub-Fund may a lso hold exposure to India through investment in such instruments as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) and which may be listed on any recognised exchange outside India.
It is anticipated th at the Sub-Fund will invest across the entire rang e of capitalisations (from small cap to large cap).
The Sub-Fund is considered to be actively managed in reference to the MSCI India Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes. However, the Index is not used to define the portfolio composition of the Sub-Fund or as a performance target and the Sub-Fund may be wholly invested in securities which are not constituents of the Benchmark.
Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund
The Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund was fully redeemed on 27th June, 2014 but the Central Bank has not withdrawn its approval yet.
As at 30th June, 2026, the Sub-Fund held three illiquid positions in its portfolio – Inepar SA Industria e Construcoes, China Lumena New Materials Corp, China Metal Recycling Holdings Ltd. The Sub-Fund had a cash balance of USD 11,615 at the financial half year end.
Nomura Funds Ireland - Japan Strategic Value Fund
The investment objective of the Nomura Funds Ireland - Japan Strategic Value Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in a portfolio of Japanese equity securities.
The Sub-Fund invests, under normal market conditions, primarily in equity and equity-related securities listed or traded on a recognised exchange in Japan. The Sub-Fund may invest up to 30% of its net assets in equity and equity-related securities liste d or traded on any recognised exchange outside Japan, provided that the business activities of the issuers of such securities are in Japan. It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap) . The Sub-Fund seeks to identify equity and equity-related securi ties, whose valuations are, in the opinion of the Sub-Investment Manager, low in comparison to assets and profitability, and which may be expected to rise in the future. In addition to these valuation opportunities, the Sub-Fund seeks investments based on other strategic features as detailed below:
a) equity and equity-related securities where changes to financial conditions, such as changes in operations, strategy and dividend and share buy-back policies, are expected; b) equity and equity-related securities where potential for growth has been identified, including improved results and increasing market share, as new business operations are developed and the underlying economy improves; and c) equity and equity-related securities relating to companies that have been identified as candidates for business restructuring, corporate governance reform or attractive merger and acquisition opportunities.
The Sub-Fund is considered to be actively managed in reference to the TOPIX Index (the “Index”) by virtue of the fact that it u ses the Index for performance comparison purposes. However, the Index is not used to define the portfolio composition of the Sub Fund or as a performance target and the Sub-Fund may be wholly invested in securities which are not constituents of the Benchmark.
The Sub-Fund is managed so as to maintain a near fully invested position, other than during periods where the Investment Manager believes that a larger cash position is warranted.
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GENERAL INFORMATION (CONTINUED)
Nomura Funds Ireland - US High Yield Bond Fund
The investment objective of the Nomura Funds Ireland - US High Yield Bond Fund (the “Sub-Fund”) is to achieve current yield and capital gains, through investment in a diversified portfolio of primarily high yielding US Dollar denominated debt and debt related securities issued principally by companies in the United States and Canada.
The Sub-Fund may invest in debt and debt-related securities issued by United States or non-United States corporations, limited liability companies or limited partnerships and other forms of enterprise.
The Sub-Fund may hold equity and equity-related securities that it receives in connection with its ownership of certain debt an d debt-related securities, such as defaulted high yield securities in the course of reorganisation which are subsequently convert ed into equity and equity-related securities.
Under normal circumstances, the Sub-Fund invests at least 80% of its net assets in debt and debt-related securities that are ra ted below investment grade by at least one rating agency or are unrated.
No more than 30% of the Sub-Fund’s net assets may be invested in debt and debt-related securities with a rating of lower than B3/B- by both Moody’s and S&P, respectively or which are deemed to be of equivalent quality by the Investment Manager.
The Sub-Fund may invest up to 25% of its net assets in debt and debt-related securities issued by companies, governments or governmental agencies in countries other than the United States or Canada.
No more than 5% of the Sub-Fund’s net assets may be invested in the debt and debt-related securities of any one issuer and no more than 25% of the Sub-Fund’s net assets may be invested in debt and debt-related securities in any one industry. The Sub Fund may invest up to 20% of its net assets in debt and debt-related securities not denominated in US Dollar.
The Sub-Fund may invest up to 10% of its net assets in loans, loan participations and/or loan assignments, which constitute transferable securities or money market instruments.
The Sub-Fund is considered to be actively managed in reference to the ICE Bank of America Merrill Lynch US High Yield Constrained Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes. Certain of th e Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included i n the Index.
A change in Index proposed by the Directors will be subject to shareholder approval and disclosure in a revised supplement for the Sub-Fund.
Nomura Funds Ireland - Japan High Conviction Fund
The investment objective of the Nomura Funds Ireland - Japan High Conviction Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in a concentrated, actively managed portfolio of Japanese equity securities.
The Sub-Fund shall invest, under normal market conditions, primarily in equity and equity-related securities listed or traded o n a recognised exchange in Japan.
The Sub-Fund may invest up to 20% of its net assets in equity and equity-related securities listed or traded on any recognised exchange outside Japan, provided that the business activities of the issuers of such securities are in Japan. It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).
The Sub-Fund is considered to be actively managed in reference to the TOPIX Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes. However, the Index is not used to define the portfolio composition of the Sub-Fund or as a performance target and the Sub-Fund may be wholly invested in securities which are not constituents of the Benchmark.
Investors should note that due to the highly concentrated nature of the portfolio, the Sub-Fund is likely to have a high annual ised volatility.
Nomura Funds Ireland - Asia Ex Japan High Conviction Fund
The investment objective of the Nomura Funds Ireland - Asia Ex Japan High Conviction Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in a concentrated, actively managed portfolio of Asian (excluding Japan) equity securities.
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GENERAL INFORMATION (CONTINUED)
Nomura Funds Ireland - Asia Ex Japan High Conviction Fund (continued)
The Sub-Fund shall invest, under normal market conditions, primarily in equity and equity-related securities listed or traded o n a recognised exchange in the countries covered by the MSCI All Country Asia Ex Japan Index (the “Index Countries”).
The Sub-Fund may invest up to 30% of its net assets in equity and equity-related securities listed or traded on any recognised exchange in non-Index Countries, provided that the business activities of the issuers of such securities are in the Index Countr tries.
The Sub-Fund may also hold exposure to the Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) and which may be listed on any recognised exchange in a non-Index Country. It is anticipated that the Sub-Fund will invest across the entire ran ge of capitalisations (from small cap to large cap).
The Fund is considered to be actively managed in reference to the MSCI All Countries Asia Ex Japan Index (total return with net dividends reinvested) (the “Benchmark”) by virtue of the fact that it seeks to outperform the Benchmark. While certain of the Fund’s securities may be components of and may have similar weightings to the Benchmark, the Investment Manager will use its discretion to invest in securities or sectors not included in the Benchmark in order to take advantage of investment opportunit ies. The investment strategy does not restrict the extent to which the Fund’s holdings may deviate from the Benchmark and deviations may be material. This is likely to increase the extent to which the Fund can outperform or underperform the Benchmark.
Investors should note that due to the general nature of Asian markets, and the highly concentrated nature of the portfolio, the Sub Fund is likely to have a high annualised volatility.
Nomura Funds Ireland - Global High Yield Bond Fund
The investment objective of the Nomura Funds Ireland - Global High Yield Bond Fund (the “Sub-Fund”) is to achieve current yield and capital gains through investment in a diversified portfo folio of primarily high yielding debt and debt-related securiti es issued in the United States or major Eurobond developed markets.
The Sub-Fund shall invest in a diversified portfolio of primarily high yielding debt and debt-related securities issued in deve loped markets principally by companies, which are listed or traded on a recognised exchange. Investors should note that high yielding securities generally have a high volatility.
The Sub-Fund may invest in debt and debt-related securities issued by corporations, limited liability companies or limited partnerships, other forms of enterprise and in sovereign and quasi-sovereign debt and debt-related securities.
The Sub-Fund may hold equity and equity-related securities, which may or may not be listed or traded on a recognised exchange, that it receives or purchases in connection with its ownership of certain debt and debt-related securities, such as defaulted h igh yield securities in the course of reorganisation which are subsequently converted into equity and equity-related securities.
Under normal circumstances, the Sub-Fund will invest at least 80% of its net assets in debt and debt-related securities that ar e rated below investment grade by at least one rating agency or are unrated. No more than 30% of the Sub-Fund’s net assets may be invested in debt and debt-related securities with a rating lower than B3/B - by both Moody’s and S&P, respectively or which are deemed to be of equivalent quality by the Investment Manager.
Subject to Section 2.1 of Appendix 1 to the Prospectus, the Sub- Fund may invest up to 10% of its net assets in loans, loan participations and/or loan assignments, which constitute transferable securities or money market instruments.
No more than 5% of the Sub-Fund’s net assets may be invested in the debt and debt-related securities of any one issuer and no more than 25% of the Sub-Fund’s net assets may be invested in debt and debt-related securities in any one industry (as defined by reference to ICE BofA Level 4 Industry Classification which comprises a detailed sector classification for constituents of the ICE BofA global fixed income universe).
The Sub-Fund is considered to be actively managed in reference to the ICE BofA Developed Markets High Yield Constrained (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes. Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included in the Index.
The Sub-Fund may also employ spot foreign exchange transactions, forward foreign exchange contracts and currency futures to seek to hedge the foreign exchange exposure of the assets of the Sub-Fund from the impact of fluctuations in the relevant exchange rates.
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GENERAL INFORMATION (CONTINUED)
Nomura Funds Ireland - Global Dynamic Bond Fund
The investment objective of the Nomura Funds Ireland - Global Dynamic Bond Fund (the “Sub-Fund”) is to provide a combination of income and growth through investing principally in debt and debt-related securities with fixed or variable rates of income.
The Sub-Fund shall invest principally in debt and debt-related securities with fixed or variable (linked to inflation or other indices) rates of income, issued by corporations, limited liability companies, limited partnerships, sovereign, government agencies, supranational or other issuers, which are listed or traded on recognised exchanges. In addition to direct investment in debt and debt-related securities, the Sub-Fund may also gain exposure to debt and debt-related securities indirectly through investment in financial derivative instruments.
There are no geographical restrictions as to the debt and debt-related securities that may be held, but a maximum of 30% of the Net Asset Value of the Sub-Fund may be invested in debt and debt-related securities of emerging market issuers.
The Sub-Fund may invest either in investment grade or sub-investment grade debt and debt-related securities, which have been rated as such by at least one rating agency (either Standard & Poor’s or Moody’s). The Sub-Fund may also invest up to 30% of it s Net Asset Value in unrated securities (which are not rated by a rating agency), if the Investment Manager determines that the security is of comparable quality to a rated security that the Sub-Fund may purchase.
Subject to Section 2.1 of Appendix 1 to the Prospectus, the Sub- Fund may invest up to 10% of its net assets in loans, loan participations and/or loan assignments, which constitute transferable securities or money market instruments.
With the exception of equity options and equity index options no investment shall be made in equity securities provided, however, that equity securities up to 10% of the Net Asset Value may be held as a result of investments in preferred securities , which have equity/warrant characteristics or as a result of acquisitions of equity securities upon conversion or exercise of convertible bonds.
The Sub-Fund is actively managed without reference to any benchmark meaning that the Investment Manager has full discretion over the composition of the Sub-Fund’s portfolio, subject to the stated investment objectives and policies of the Sub-Fund.
Nomura Funds Ireland - Emerging Market Local Currency Debt Fund
The investment objective of the Nomura Funds Ireland - Emerging Market Local Currency Debt Fund (the “Sub-Fund”) is to generate a total return through a combination of capital gains and income gains.
The Sub-Fund seeks to achieve its objective principally by investing in local currency denominated emerging debt and debt related securities and derivative instruments comprising forward currency contracts, non-deliverable forward contracts (“NDFs”) , futures, interest rate swaps, cross currency swaps, credit default swaps, FX options and interest rate options. The Sub-Fund ma y, without limitation, also invest in non-local currency denominated emerging debt and debt-related securities and non-emerging debt and debt-related securities.
The Sub-Fund may invest in debt and debt-related securities issued by corporations, limited liability companies or limited partnerships and other forms of enterprise, and in sovereign, quasi-sovereign and supranational bonds which are listed or trade d on a recognised exchange.
The Sub-Fund will not invest in debt and debt-related securities rated below B3 or B- by Moody’s or S&P respectively. If any debt and debt-related securities are downgraded, then they will be held within the portfolio until upgraded, or, disposed of wi thin 6 months, if not upgraded. The Sub-Fund may purchase unrated securities (which are not rated by a rating agency) if the Investment Manager determines that the security is of comparable quality to a rated security that the Sub-Fund may purchase. Unrated securities may be less liquid than comparable rated securities and involve the risk that the Investment Manager may not accurately evaluate the security’s comparative credit rating.
With the exception of options on equity index futures and options on equity indices as detailed further in the Prospectus, no investment shall be made in equity securities provided, however, equity securities up to 10% of the Net Asset Value may be held as a result of investments in hybrid preferred securities which have equity/warrant characteristics or as a result of acquisiti ons of equity securities upon conversion or exercise of convertible bonds or upon allotments to the bondholders.
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GENERAL INFORMATION (CONTINUED)
Nomura Funds Ireland - Emerging Market Local Currency Debt Fund (continued)
The Sub-Fund is considered to be actively managed in reference to the JPMorgan GBI-EM Global Diversified Composite Unhedged USD Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes. Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate materially from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included in the Index.
Nomura Funds Ireland - Asia High Yield Bond Fund
The investment objective of the Nomura Funds Ireland - Asia High Yield Bond Fund (the “Sub-Fund”) is to generate income and capital growth through investing primarily in a diversified portfolio of primarily high yielding debt and debt-related securiti es in Asia.
The Sub-Fund shall invest primarily in a diversified portfolio of high yielding debt and debt-related securities issued in coun tries covered by the Index (the “Index Countries”) or issued in other countries provided that the business activities of the issuers of such securities are in the Index countries as defined above.
The Sub-Fund may invest in debt and debt-related securities issued by corporations, financial institutions, limited liability companies or limited partnerships, other forms of enterprise and in sovereign and quasi-sovereign debt and debt-related securit ies, which are listed on recognised exchanges.
Under normal circumstances, the Sub-Fund will invest at least 80% of its net assets in debt and debt-related securities that ar e rated below investment grade by at least one rating agency or are unrated. From time to time, the Sub-Fund may invest in investment grade debt and debt-related securities provided that no more than 20% of the Sub-Fund’s net assets may be invested i n non-benchmark debt and debt-related securities which are rated as investment grade. The Sub-Fund will take a higher rating of either Standard & Poor’s or Moody’s when determining a rating constraint. Investors should note that high yielding debt and debt-related securities which are rated non-investment grade and/or unrated will generally have a high volatility.
The Sub-Fund may hold equity and equity-related Securities that it receives in connection with its ownership of certain debt an d debt-related securities, such as defaulted securities in the course of reorganisation which are subsequently converted into equ ity and equity-related securities. While certain debt and debt-related securities (i.e. convertible bonds) and equity and equity-re lated securities (i.e. convertible shares) may embed a derivative component (such as an option, which would give the holder the optio n to buy the underlying asset at a predetermined price), they will not embed any leverage.
The Sub-Fund shall primarily consist of securities denominated in US Dollar as well as the various Asian currencies included of the Index countries.
The Sub-Fund is considered to be actively managed in reference to the J.P. Morgan Asia Credit Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes . Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included in the Index.
Nomura Funds Ireland - Asia Investment Grade Bond Fund
The investment objective of the Nomura Funds Ireland - Asia Investment Grade Bond Fund (the “Sub-Fund”) is to generate income and capital growth by investing firstly in a diversified portfolio of primarily investment grade debt and debt-related securities in Asia.
The Sub-Fund shall invest primarily in a diversified portfolio of investment grade debt and debt-related securities issued in th the countries covered by the J.P. Morgan Asia Credit Index (JACI) Investment Grade Index (the “Index Countries”) or issued in other countries provided that the business activities of the issuers of such securities are in the Index countries, as defined above.
The Sub-Fund may invest in debt and debt-related securities issued by corporations, financial institutions, limited liability companies or limited partnerships, other forms of enterprise and in sovereign and quasi-sovereign debt and debt-related securit ies, which are listed or traded on recognised exchanges.
Under normal circumstances, the Sub-Fund will invest at least 80% of its net assets in investment grade debt and debt-related securities. Investors should note that investment grade debt and debt-related securities may be subject to ratings downgrades b y the rating agencies during the holding period of the debt and debt-related securities. In the instance of one or more downgrade s to below investment grade or otherwise, the Sub-Fund may continue to hold such securities. Such downgrades might affect the Net Asset Value of the Sub-Fund.
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GENERAL INFORMATION (CONTINUED)
Nomura Funds Ireland - Asia Investment Grade Bond Fund (continued)
No more than 30% of the Sub-Fund’s net assets may be invested in debt and debt-related securities which have a rating of below investment grade or are unrated. The Sub-Fund will take a higher rating of either Standard & Poor’s or Moody’s when determining a rating constraint.
The Sub-Fund shall primarily consist of debt and debt-related securities denominated in US Dollar as well as the various Asian currencies included in the Index countries.
The Sub-Fund may hold equity and equity-related securities that it receives in connection with its ownership of certain debt an d debt-related securities, such as defaulted securities in the course of reorganisation which are subsequently converted into equ ity and equity-related securities.
While certain debt and debt-related securities (i.e. convertible bonds) and equity and equity-related securities (i.e. converti ble shares) may embed a derivative component (such as an option, which would give the holder the option to buy the underlying asset at a predetermined price), they will not embed any leverage.
The Sub-Fund is considered to be actively managed in reference to the J.P. Morgan Asia Credit Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes . Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included in the Index.
Nomura Funds Ireland - China Fund
The investment objective of the Nomura Funds Ireland - China Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in an actively managed portfolio of Chinese securities.
The Sub-Fund shall invest, under normal market conditions, primarily in equity and equity-related securities of companies liste d or traded on recognised exchanges in the People's Republic of China (“PRC”), comprising Hong Kong Special Administrative Region ("SAR"). The Sub-Fund may also invest in equity and equity-related securities listed or traded on any recognised exchange outside the PRC, provided that the companies issuing such securities carry out a significant part of their business activities in the PRC. The Sub-Fund may also hold exposure to China through investment in such instruments as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) and which may be listed on any recognised exchange outside China.
It is anticipated th at the Sub-Fund will invest across the entire rang e of capitalisations (from small cap to large cap).
The Sub-Fund may also invest in "A" shares of companies in the PRC. "A" Shares of companies in the PRC are shares denominated in Renminbi (the official currency of the PRC) and issued by companies in the PRC and listed on PRC stock exchanges.
The Sub-Fund may also invest from time to time in debt and debt-related securities issued by corporations, financial institutio ns, limited liability companies or limited partnerships, other forms of enterprise and in sovereign and quasi-sovereign debt and de bt related securities, which are listed or traded on a recognised exchange. Such debt and debt-related securities will be rated investment grade (BBB) by at least one rating agency (either Standard & Poor’s or Moody’s).
While certain debt and debt-related securities (i.e. convertible bonds) and equity and equity-related securities (i.e. converti ble shares) may embed a derivative component (such as an option, which would give the holder the option to buy the underlying asset at a predetermined price), they will not embed any leverage.
The Sub-Fund is considered to be actively managed in reference to the MSCI China Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes. Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included in the Index.
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GENERAL INFORMATION (CONTINUED)
Nomura Funds Ireland - Global High Conviction Fund
The investment objective of the Nomura Funds Ireland - Global High Conviction Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in a concentrated, actively managed portfolio of global equity securities.
The Sub-Fund shall invest, under normal market conditions, primarily (at least 65% of net assets) in equity and equity-related securities listed or traded on a recognised exchange in the countries covered by the MSCI All Country World Net Total Return Index (the “Index Countries”).
The Sub-Fund may also invest from time to time in equity and equity-related securities listed or traded on a recognised exchang e in a Non-Index Country, when market opportunities so arise.
The Sub-Fund may also hold exposure to Index and Non-Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), Non-Voting Depositary Receipts (“NVDRs”) or PNotes (as further described in Section 8 of the Supplement of the Prospectus) and which will be listed on a recognised exchange.
The Sub-Fund may invest in equity and equity-related securities (such as convertible securities) with embedded derivative instruments. While these securities may embed a derivative element, (such as an option, which would give the holder the option to buy the underlying asset at a predetermined price), they will not embed any leverage.
It is anticipated that the Sub-Fund will invest on a long-only basis across a range of capitalisations but generally this will be from medium cap to high cap. There is no particular industry / sector focus to the Sub-Fund’s investments.
The Sub-Fund will be highly concentrated in that it will own approximately 20 stocks and aims to generate a higher excess retur n than is available from a more diversified portfolio. Investors should note that due to the highly concentrated nature of the portfolio, the Sub-Fund is likely to have a higher annualised absolute volatility than a more diversified portfolio. Annualised volatility can be described as the distribution of periodic returns recalculated in such a way to show the level of volatility as if over a one year period. A more concentrated portfolio is likely to experience higher volatility of returns than a less concentr ated portfolio as the impact on portfolio returns from the movement in one holding will, by definition, be higher when the weight of that holding within the portfolio is higher.
The Sub-Fund is considered to be actively managed in reference to the MSCI All Country World Net Total Return Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes. Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate materially from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included in the Index.
Nomura Funds Ireland - European High Yield Bond Fund
The European High Yield Bond Fund (the “Sub-Fund”) was fully redeemed on 15th December, 2025, but the Central Bank has not withdrawn its approval yet.
As at 30th June, 2026, the Sub-Fund held eight illiquid positions in its portfolio – Linx Capital Ltd, Technical Code Ltd, Seag ull Topco Ltd, Codere A1 Luxembourg SA Ordinary Shares, Codere A2 Luxembourg SA Ordinary Shares, ADLER Group SA, Teide Ltd, Teide Ltd PFD. The Sub-Fund had a cash balance of EUR 342,455 at the financial half year end.
Nomura Funds Ireland - Global Sustainable Equity Fund
The investment objective of the Nomura Funds Ireland - Global Sustainable Equity Fund (the “Sub-Fund”) is to achieve long term capital growth through investment in a relatively concentrated, actively managed portfolio of global equity securities iss ued by companies with a high overall positive impact on society.
The Sub-Fund shall invest, under normal market conditions, primarily in equity and equity-related securities listed or traded o n a recognised exchange in the countries covered by the MSCI All Country World Net Total Return Index (the “Index Countries”).
The Sub-Fund may also invest from time to time in equity and equity-related securities listed or traded on any recognised exchange in non-Index Countries, if suitable investments are identified which meet the investment strategy of the Investment Manager.
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Nomura Funds Ireland - Global Sustainable Equity Fund (continued)
The Sub-Fund may also hold exposure to Index and non-Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), Non-Voting Depositary Receipts (“NVDRs”) or PNotes (as further described in Section 8 of the Supplement) and which will be listed on a recognised exchange.
The Sub-Fund may invest in equity and equity-related securities (such as convertible securities) with embedded derivative instruments. While these securities may embed a derivative element, (such as an option, which would give the holder the option to buy the underlying asset at a predetermined price), they will not embed any leverage.
Investors should note that due to the relatively concentrated nature of the Sub-Fund, the Sub-Fund is likely to have a higher annualised volatility than a more diversified portfolio.
The Sub-Fund is considered to be actively managed in reference to the MSCI All Country World Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes . Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub- Fund may deviate materially from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included in the Index.
The strategy focuses on investing in businesses that provide a positive impact on the sustainable development of society. The Investment Manager defines such companies as follows: a) companies that create high total value which is shared among all stakeholders in both monetary and non-monetary terms; b) companies that demonstrate ethical business practices (i.e. they follo w proper business policies and practices regarding such issues as corporate governance, bribery, discrimination, corporate social responsibility and fiduciary responsibilities) in respect of all employees, supply chain and customers alike; c) companies that actively demonstrate socially responsible corporate governance and engage with the wider community, which is assessed by a combination of external research and data, and an internal assessment of any strengths and weaknesses of engagements conducted by the Investment Manager’s analyst team.
The Sub-Fund may hold up to 10% of net assets in debt and debt-related securities, which are listed or traded on debt and debt related securities, that it receives or purchases in connection with its ownership of certain equity and equity-related securiti ties and accordingly, holding such debt and debt-related securities will be as a result of investment in equity and equity-related secur ities. This occurs in circumstances where the Sub-Fund has purchased equity and equity-related securities which have subsequently been subject to a corporate action which results in the issuance of debt and debt-related securities. These debt and debt-relat ed securities are held by the Sub-Fund until they can be sold at a price which the Investment Manager believes reflects the underlying value of the security. Such debt and debt-related securities will be issued by corporations, limited liability compa nies or limited partnerships, other forms of enterprise (such as state owned enterprises) and sovereign and quasi-sovereign entities and may be rated either investment grade or non-investment grade by at least one rating agency (such as Moody’s, Standard and Poor’s, Fitch or Rating and Investment Information Inc.).
The Sub-Fund may invest up to 30% of net assets in emerging market countries at any given time.
The Sub-Fund may invest up to 10% of net assets in Russian markets provided that the Sub-Fund will only invest in securities that are listed / traded on the Moscow Exchange.
American Century Global Small Cap Equity Fund
The investment objective of the American Century Global Small Cap Equity Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in an actively managed portfolio of equity and equity-related securities issued by small capitalisation companies in both developed and emerging countries.
The Investment Manager will invest primarily in companies within the MSCI ACWI Small Cap Index (the “Index”) or other companies whose capitalisation is no greater than that of the largest company within the Index at the time of investment.
The Sub-Fund shall invest in countries world-wide, including both developed and emerging markets. The Sub-Fund shall invest, under normal market conditions, at least 40% (unless the Investment Manager deems market conditions to be detrimental to the performance of the Sub-Fund, in which case the Sub-Fund would invest at least 30%) of its assets in equity and equity-related securities of issuers located outside of the United States. The Sub-Fund will allocate its assets among at least three differen t countries.
The Sub-Fund may invest in equity and equity-related securities denominated in both US Dollar and other currencies.
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American Century Global Small Cap Equity Fund (continued)
The Sub-Fund may also hold exposure through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) (as further described in Section 8 of the Supplement of the Prospectus) and which will be listed on a recognised exchange.
The Sub-Fund is considered to be actively managed in reference to the Index by virtue of the fact that it uses the Index for performance comparison purposes. Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included in the Index.
The Sub-Fund will be managed so as to maintain a near fully invested position in equity and equity-related securities, other th an during periods where the Investment Manager believes that a larger cash position is warranted.
In the event of exceptional market or economic conditions, the Sub-Fund may also invest up to 10% of net assets in debt and debt-related securities, whether rated inve stment grade or non-investme nt grade, comprising notes , bonds, convertible bonds, preferred securities, zero coupon, pay-in-kind or deferred payment securities, variable and floating rate instruments, issued b y governments, governmental agencies or corporates.
The Sub-Fund may also invest up to 10% in other collective investment schemes including equity exchange-traded funds. Any investment in exchange-traded funds will be in accordance with the investment limits for investment in transferable securities and collective investment schemes as appropriate and as set out in Appendix I to the Prospectus.
American Century Global Growth Equity Fund
The investment objective of the American Century Global Growth Equity Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in an actively managed portfolio of global equity and equity-related securities.
The Sub-Fund shall invest, under normal market conditions, primarily (at least 65% of net assets) in equity and equity-related securities of issuers located in the countries covered by the MSCI All Country World Net Total Return Index (the “Index Countries”) and which are listed or traded on a recognised exchange.
The Sub-Fund may also invest from time to time in equity and equity-related securities of issuers located in Non-Index Countrie s, if suitable investments are identified which meet the investment strategy of the Investment Manager.
The Sub-Fund may invest in equity and equity-related securities of companies located in emerging market countries.
The Sub-Fund may also hold exposure to Index and Non-Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) (as further described in Section 8 of the Supplement of the Prospectus) and which will be listed on a recognised exchange.
The Sub-Fund is considered to be actively managed in reference to the MSCI All Country World Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes . Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included in the Index.
The Sub-Fund will be managed so as to maintain a near fully invested position in equity and equity-related securities, other th an during periods where the Investment Manager believes that a larger cash position is warranted.
The Sub-Fund may also, in accordance with the investment powers and restrictions set out in Appendix I of the Prospectus, use derivatives for efficient portfolio management and /or hedging purposes.
American Century Concentrated Global Growth Equity Fund
The investment objective of the American Century Concentrated Global Growth Equity Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in a concentrated, actively managed portfolio of global equity and equity-related securities.
The Sub-Fund shall invest, under normal market conditions, primarily (at least 65% of net assets) in equity and equity-related securities of approximately 30 to 50 different issuers located in the countries covered by the MSCI All Country World Net Total Return Index (the “Index Countries”) and which are listed on a recognised exchange.
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American Century Concentrated Global Growth Equity Fund (continued)
The Sub-Fund may also invest from time to time in equity and equity-related securities of issuers located in Non-Index Countrie s, if suitable investments are identified which meet the investment strategy of the Investment Manager.
The Sub-Fund may invest in equity and equity-related securities of companies located in emerging market countries.
The Sub-Fund may also hold exposure to Index and Non-Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) (as further described in Section 8 of the Supplement of the Prospectus) and which will be listed on a recognised exchange.
The Sub-Fund will be managed so as to maintain a near fully invested position in equity and equity-related securities, other th an during periods where the Investment Manager believes that a larger cash position is warranted.
The Sub-Fund is considered to be actively managed in reference to the MSCI All Country World Net Total Return Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes. Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included in the Index.
The Sub-Fund may also, in accordance with the investment powers and restrictions set out in Appendix I of the Prospectus, use derivatives for efficient portfolio management and /or hedging purposes.
American Century Emerging Markets Equity Fund
The investment objective of the American Century Emerging Markets Equity Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in an actively managed portfolio of emerging market equity securities.
The Sub-Fund will invest at least 80% of its assets in equity and equity-related securities of companies located in the countri es covered by the MSCI Emerging Markets (Net) Index (the “Index Countries”) and which are listed or traded on a recognized exchange. The Sub-Fund may invest up to 20% of net assets in equity and equity-related securities listed or traded on any recognised exchange in non-Index Countries, if suitable investments are identified which meet the investment strategy of the Investment Manager. The Sub-Fund may also hold exposure to the Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) and which may be listed on any recognised exchange in a non-Index Country.
Shareholders should note that the Sub-Fund's exposure may also include Chinese A shares traded via Shanghai Hong Kong Stock Connect or Shenzhen Hong Kong Stock Connect. Chinese A shares are renminbi-denominated A shares of companies domiciled in mainland China; these are traded on Chinese stock exchanges such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
The Sub-Fund is considered to be actively managed in reference to the MSCI Emerging Markets (Net) Index (the “Index”) by virtue of the fact that it uses the Index for performance comp arison purposes. Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included in the Index.
The Sub-Fund will be managed so as to maintain a near fully invested position in equity and equity-related securities, other th an during periods where the Investment Manager believes that a larger cash position is warranted.
The Sub-Fund may also, in accordance with the investment powers and restrictions set out in Appendix I of the Prospectus, use derivatives for efficient portfolio management and /or hedging purposes.
Nomura Funds Ireland - Global Multi-Theme Equity Fund
The investment objective of the Nomura Funds Ireland - Global Multi-Theme Equity Fund (the “Sub-Fund”) is to achieve medium to long-term capital appreciation through investment in an actively managed portfolio of global equity securities . The Sub-Fund shall invest, under normal market conditions, primarily in equity and equity-related securities listed or traded o n a recognised exchange in Index Countries.
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Nomura Funds Ireland - Global Multi-Theme Equity Fund (continued)
The Sub-Fund may also invest from time to time less than 20% of net asset value in equity and equity-related securities listed or traded on any recognised exchange in non-Index Countries, if suitable investments are identified which meet the investment strategy of the Investment Manager.
The Sub-Fund may also hold exposure to Index and non-Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), Non-Voting Depositary Receipts (“NVDRs”) or PNotes and which will be listed on a recognised exchange.
Up to 10% of the Net Asset Value of the Sub-Fund may be invested, in aggregate, in collective investment schemes. The Sub Fund will invest in such instruments when such investment is consistent with the Sub-Fund’s primary investment objective.
The Sub-Fund may also invest in equity and equity-related securities (such as convertible preferred shares) with embedded derivative instruments. While these securities may embed a derivative element, (such as an option, which would give the holder the option to convert the preferred shares into a fixed number of common shares), they will not embed any leverage.
The Sub-Fund may hold up to 10% of net assets in debt and debt-related securities, which are listed or traded on recognised exchanges, that it receives or purchases in connection with its ownership of certain equity and equity-related securities and accordingly, holding such debt and debt-related securities will be as a result of investment in equity and equity-related secur ities. This occurs in circumstances where the Sub-Fund has purchased equity and equity-related securities which have subsequently been subject to a corporate action which results in the issuance of debt and debt-related securities. These debt and debt-relat ed securities are held by the Sub-Fund until they can be sold at a price which the Investment Manager believes reflects the underlying value of the security.
Such debt and debt-related securities may be issued by corporations, limited liability companies or limited partnerships, state owned enterprises and sovereign and quasi-sovereign entities and may be rated either investment grade or non-investment grade by at least one rating agency (such as Moody’s, Standard and Poor’s, Fitch or Rating and Investment Information, Inc.).
The Sub-Fund may invest up to 10% of net assets in Russian markets provided that the Sub-Fund will only invest in securities that are listed /traded on the Moscow Exchange.
The Sub-Fund is considered to be actively managed in reference to the MSCI All Country World Net Total Return Index (the “Index”). Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Investment Manager will use its discretion to invest in companies or sectors not included in the Index.
Nomura Funds Ireland - Japan Small Cap Equity Fund
The investment objective of the Nomura Funds Ireland – Japan Small Cap Equity Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in an actively managed portfolio of equity and equity-related securities of small capitalisat ion companies in Japan.
The Sub-Fund shall invest primarily in equity and equity-related securities of small capitalization companies that are listed o r traded on a recognised exchange in Japan.
The Sub-Fund may invest up to 20% of its net assets in equity and equity-related securities of small capitalisation companies th that are listed or traded on any recognised exchange outside Japan, provided that the business activities of the issuers of such securities are in Japan.
The Investment Manager considers small capitalisation companies to be those that have a market capitalisation of less than JPY 1 trillion at the time of investment.
The Sub-Fund will be managed so as to maintain a near fully invested position in equity and equity-related securities, other th an during periods where the Investment Manager believes that a larger cash position is warranted. Examples are situations such as financial crisis where the Investment Manager expects large redemption from shareholders and/or the Investment Manager deems it appropriate to reduce market exposure in the face of deteriorating market condition.
The Sub-Fund may also invest in equity and equity-related securities (such as convertible preferred shares) with embedded derivative instruments. While these securities may embed a derivative element, (such as an option, which would give the holder the option to convert the preferred shares into a fixed number of common shares), they will not embed any leverage.
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Nomura Funds Ireland - Japan Small Cap Equity Fund (continued)
Up to 10% of the Net Asset Value of the Sub-Fund may be invested, in aggregate, in collective investment schemes, including Exchange Traded Funds (“ETFs”). The Sub-Fund will invest in such schemes when such investment is consistent with the Sub Fund’s primary investment objective.
Up to 10% of the net asset value of the Sub-Fund may be invested in real estate investment trusts (“REITs”).
The Sub-Fund is actively managed in reference to the Russell/Nomura Small Cap Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes. However, the Index is not used to define the portfolio composition of the Sub-Fund or as a performance target and the Sub-Fund may be wholly invested in securities which are not constituents of the Benchmark.
American Century Emerging Markets Transition Equity Fund
The investment objective of the American Century Emerging Markets Transition Equity Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in an actively managed portfolio of emerging market Equity and Equity-Related Securities.
The Sub-Fund will invest primarily (at least 80% of its net assets) in equity and equity-related securities of companies locate d in Index Countries and which are listed or traded on a recognised exchange. The Sub-Fund may invest up to 20% of net assets in equity and equity-related securities listed or traded on any recognised exchange in non-Index Countries, if suitable investment s are identified which meet the investment strategy of the Investment Manager. The Sub-Fund may also hold exposure to the Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) and which may be listed on any recognised exchange in a non-Index Country.
Shareholders should note that the Sub-Fund's exposure may also include Chinese A shares traded via Shanghai Hong Kong Stock Connect or Shenzhen Hong Kong Stock Connect. Chinese A shares are renminbi-denominated A shares of companies domiciled in mainland China; these are traded on Chinese stock exchanges such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
The Sub-Fund will be managed so as to maintain a near fully invested position in equity and equity-related securities, other th an during periods where the Investment Manager believes that a larger cash position is warranted.
In order to achieve its investment objective described in the Prospectus, the Sub-Fund will invest principally in sustainable investments which are defined as those investments that contribute to an environmental or social objective, provided that such investments do not significantly harm any of those objectives and that investee companies follow good governance practices. As a result, the Investment Manager seeks to invest in companies or other organisations which have a commercial purpose of solving social or environmental problems.
For example in the event of exceptional market or economic conditions, the Sub-Fund may also invest up to 10% of net assets in both investment grade and non-investment grade debt and debt-related securities comprising notes (such as sort term treasury notes), bonds, convertible bonds, (which may embed a derivative element but will not embed any leverage), preferred securities, (such bonds with hybrid features and characteristics of both bonds and equities which are in general perpetual and callable, an d pay fixed-rate or floating-rate dividends instead of coupons and rank higher than common stocks but lower than senior debt), ze ro coupon, pay-in-kind or deferred payment securities, variable and floating rate instruments (debt securities with floating coupo n rates whereby the interest paid to an investor fluctuates over time with an underlying interest rate level, such as floating rat ate notes) issued by governments, governmental agencies or corporates.
Investment grade securities are those that have been rated in one of the four highest categories used by a nationally recognize d statistical rating organisation or determined by the Investment Manager to be of comparable credit quality. Non-investment grad e securities are those that have been rated below the four highest categories used by a nationally recognized statistical rating organisation, or, if not rated, determined by the Investment Manager to be of similar quality (which assessment is made by the Investment Manager reviewing the credit attributes of the issuer of the security, such as its financial strength (profitability , cash flows, liquidity, leverage etc.) business profile, management quality as well as the political, legal and regulatory environmen t).
The Sub-Fund may also invest up to 10% in other eligible collective investment schemes including exchange-traded funds. Any investment in open-ended collective investment schemes will be in accordance with the investment limits for investment in collective investment schemes.
The Sub-Fund may engage in active trading of portfolio securities to achieve its investment objective.
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American Century Emerging Markets Transition Equity Fund (continued)
The Sub-Fund may also, in accordance with the investment powers and restrictions, use financial derivative instruments for efficient portfolio management and/or hedging.
The Sub-Fund is actively managed in reference to the MSCI Emerging Markets (Net) Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes. Cert ain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included in the Index.
American Century Advanced Medical Impact Equity Fund
The American Century Advanced Medical Impact Equity Fund (the “Sub-Fund”) was fully redeemed on 12th December, 2023, but the Central Bank has not withdrawn its approval yet.
American Century US Focused Innovation Equity Fund
The investment objective of the American Century US Focused Innovation Equity Fund (the “Sub-Fund”) is to provide a total return that exceeds the MSCI USA Growth Index (the “Index”) through investment in a concentrated, actively managed portfolio of companies with significant long-term growth potential.
The Sub-Fund will invest primarily, under normal market conditions, in equity and equity-related securities of US companies tha t are listed or traded on a recognised exchange. Such US companies may be selected from the Index or from outside the Index. In addition, the Sub-Fund may also invest up to 10% in non-US companies which will be selected from outside the Index. The Investment Manager will favour stocks of early and rapid stage growth companies, which the Investment Manager believes will increase in value over time, as further set out in the investment strategy below.
The Sub-Fund may gain exposure to the Index directly or through investment in such instruments as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”), which may be listed on any recognised exchange in a non-Index Country.
The Sub-Fund will generally invest in companies which have a market capitalisation at the date of investment of USD 2 billion o r greater.
The Sub-Fund will be managed so as to maintain a near fully invested position in equity and equity-related securities, other th an during periods where the Investment Manager believes that a larger cash position is warranted.
The Sub-Fund may also invest up to 10% in other eligible collective investment schemes, including exchange-traded funds. Any investment in exchange-traded funds will be in accordance with the investment limits for investment in transferable securities and collective investment schemes.
Nomura Funds Ireland - Japan Sustainable Equity Core Fund
The investment objective of the Nomura Funds Ireland - Japan Sustainable Equity Core Fund (the “Sub-Fund”) is sustainable investment and the Sub-Fund seeks to achieve long-term capital growth through investment in an actively managed portfolio of Japanese equity and equity-related securities, issued by companies with a high overall positive environmental and/or societal impact.
In order to achieve its objective of sustainable investment, the Sub-Fund shall invest in Japanese equity and equity-related securities, which constitute sustainable investments, as further described below.
The Sub-Fund is actively managed in reference to the TOPIX Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes.
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Nomura Funds Ireland - Japan Sustainable Equity Core Fund (continued)
The Investment Manager has a responsible investment philosophy of considering the environmental, social and governance (“ESG”) impact of investment decisions on all the stakeholders of the issuing company, including the environment, society, customers, suppliers, employees and investors. Within this philos ophical framework, the Investment Manager has identified three Sustainable Development Goals (“SDGs”) aligned “Impact Goals,” reflecting its sustainable investment objective, to pursue over the long term. The “Impact Goals” are as follows: 1) Mitigate Climate Change, 2) Mitigate Natural Capital Depletion and 3) Promote Good Health and Well-Being. The Investment Manager will select sustainable investments which contribute directly or indirectly to achieving the “Impact Goals”. The strategy seeks to identify those companies that have the greatest positive tota l impact on all stakeholders of the company.
The Sub-Fund shall invest primarily in equity and equity- related securities that are listed or traded on a recognised exchange in Japan. The Sub-Fund may also invest up to 20% of its net assets in equity and equity-related securities that are listed or trad ed on any recognised exchange outside Japan, provided that the business activities of the issuers of such securities are in Japan.
The Sub-Fund may also invest in equity and equity-related securities (such as convertible preferred shares) with embedded derivative instruments. While these securities may embed a derivative element, (such as an option, which would give the holder the option to convert the preferred shares into a fixed number of common shares), they will not embed any leverage.
Nomura Funds Ireland - Asia Sustainable Equity Fund
The investment objective of the Nomura Funds Ireland - Asia Sustainable Equity Fund (the “Sub-Fund”) is sustainable investment and the Sub-Fund seeks to achieve long-term capital growth through investment in an actively managed portfolio of Asian equity and equity-related securities, issued by companies with a high overall positive environmental and/or societal impa ct.
In order to achieve its objective of sustainable investment, the Sub-Fund shall invest in Asian equity and equity-related secur ities, which constitute sustainable investments, as further described below.
The Sub-Fund is actively managed in reference to the MSCI All Country Asia Pacific Ex Japan Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes.
The Investment Manager has a responsible investment philosophy of considering the environmental, social and governance (“ESG”) impact of investment decisions on all the stakeholders of the issuing company, including the environment, society, customers, suppliers, employees and investors. Within this phi losophical framework, the Investment Manager has identified six SDGs aligned “Impact Goals,” reflecting its sustainable investment objective, to pursue over the long term. The “Impact Goals” are as follows: 1) Mitigate Climate Change, 2) Mitigate Natural Capital Depletion, 3) Global Access to Basic Financial Services , 4) Global Access to Clean Drinking Water, 5) Eliminate Communicable Disease and 6) Mitigate the Obesity Epidemic. The Investment Manager will select sustainable investments which contribute directly or indirectly to achieving the “Impact Goals”. The strategy seeks to identify those companies that have the greatest positive total impact on all stakeholders of the company.
The Sub-Fund shall invest primarily in equity and equity-related securities that are listed or traded on a recognised exchange in the countries covered by the Index (the “Index Countries”). The Sub-Fund may invest up to 20% of its net assets in equity and equity-related securities that are listed or traded on any recognised exchange in non-Index countries, provided that the busine ss activities of the issuers of such securities are in the Index countries.
The Sub-Fund may also hold exposure to the Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), Non-Voting Depositary Receipts (“NVDRs”) or PNotes (as further described in Section 8 of the Supplement) and which may be listed on any recognised exchange in a non-Index country. It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).
The Sub-Fund may invest in China A shares listed on the Shanghai Stock Exchange via the Shanghai Hong Kong Stock Connect scheme, or the Shenzhen Stock Exchange via the Shenzhen Hong Kong Stock Connect scheme. Such investment is expected to range generally between 5% and 15% of the Net Asset Value of the Sub-Fund but may fluctuate lower or higher than this.
Up to 10% of the Net Asset Value of the Sub-Fund may be invested in real estate investment trusts (“REITs”).
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Nomura Funds Ireland - Corporate Hybrid Bond Fund
The investment objective of the Nomura Funds Ireland - Corporate Hybrid Bond Fund (the “Sub-Fund”) is to achieve an attractive level of total return (income plus capital appreciation) through investment primarily in corporate hybrid bonds.
In order to achieve its investment objective, the Sub-Fund will invest in debt and debt-related securities, comprising primaril y of corporate hybrid bonds, both investment grade and sub-investment grade that have been rated by a recognised rating agency such as Moody’s, S&P, and Fitch, which are listed or traded on global recognised exchanges.
The Sub-Fund is actively managed in reference to the ICE BofA Global Hybrid Non-Financial 5% Constrained Custom Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes.
Corporate hybrid bonds are bonds that have certain equity-like features (such as subordination risk, coupon deferral risk and extension risk). Corporate hybrid bonds are issued by non-financi al corporations and generally offer a means for issuers to bor row money from investors in retu rn for interest payments.
The Sub-Fund may also invest in other debt and debt-related securities, both investment grade and sub-investment grade that hav e been rated by a recognised rating agency, including fixed and floating rate debt securities, such as senior bonds, issued by governments, government related and corporate entities from OECD countries denominated in local currencies. The Sub-Fund will not invest in contingent convertible bonds.
Under normal market conditions, it is the intention of the Investment Manager to invest at least 50% of the Sub-Fund’s Net Asse t Value in investment grade debt and debt-related securities. The Sub-Fund will invest a majority of its Net Asset Value in securities denominated in Euro, Sterling and/or US Dollar. The investments will be fully hedged into the base currency of the Sub-Fund through the use of forward and future contracts.
The Sub-Fund may also invest up to 10% in other eligible collective investment schemes, including exchange-traded funds (“ETFs”).
Nomura Funds Ireland - US High Yield Bond Continuum Fund
The investment objective of the Nomura Funds Ireland - US High Yield Bond Continuum Fund (the “Sub-Fund”) is to achieve current yield and capital gains through investment in a diversified portfolio of primarily high yielding US Dollar denominated debt and debt-related securities.
The Sub-Fund is actively managed in reference to the ICE BofA US High Yield Constrained Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes.
The Sub-Fund may invest in debt and debt-related securities issued by corporates, limited liability companies or limited partnerships and other forms of enterprise and in sovereign, quasi-sovereign and supranational debt and debt-related securities . The Sub-Fund may hold equity and equity-related securities that it receives in connection with its ownership of certain debt an d debt-related securities and accordingly, holding such equity and equity-related securities will be as a result of investment in debt and debt-related securities.
Under normal circumstances, the Sub-Fund will invest at least 80% of its net assets in debt and debt-related securities that ar e rated below investment grade by at least one rating agency or are unrated. No more than 30% of the Sub-Fund’s net assets may be invested in debt and debt-related securities with a rating of lower than B3/B- by both Moody’s and S&P, respectively or which are deemed to be of equivalent quality by the Investment Manager.
The Sub-Fund will not invest more than 10% of its net assets in debt and debt-related securities issued by governments or governmental agencies.
No more than 5% of the Sub-Fund’s net assets may be invested in the debt and debt-related securities of any one issuer and no more than 25% of the Sub-Fund’s net assets may be invested in debt and debt-related securities in any one industry.
The Sub-Fund may invest up to 20% of its net assets in debt and debt-related securities not denominated in US Dollar.
The Sub-Fund may also invest up to 10% in eligible collective investment schemes including exchange-traded funds (“ETFs”).
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GENERAL INFORMATION (CONTINUED)
Nomura Funds Ireland - Emerging Market Debt Fund
The Emerging Market Debt Fund (the “Sub-Fund”) was fully redeemed on 9th February, 2026, but the Central Bank has not withdrawn its approval yet.
As at 30th June, 2026, the Sub-Fund held two illiquid positions in its portfolio – Country Garden Holdings Co Ltd and Country Garden Holdings Co Ltd ZCP. The Sub-Fund had a cash balance of USD 61,800 at the financial half year end.
Nomura Funds Ireland - China A-Shares AI Quant Strategy Fund
The investment objective of the Nomura Funds Ireland - China A-Shares AI Quant Strategy Fund (the “Sub-Fund”) is to seek to achieve long-term capital growth through investment primarily in an actively managed portfolio of China A-Shares.
The Sub-Fund is actively managed in reference to the MSCI China A Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes.
The Sub-Fund shall invest primar ily in China A-Shares that ar e listed on the Shanghai Stock Ex change via the Shanghai Hong Kong Stock Connect scheme, or the Shenzhen Stock Exchange via the Shenzhen Hong Kong Stock Connect scheme, or through the Qualified Foreign Investor (“QFI”) scheme.
The Sub-Fund may hold up to 10% of its net assets in debt and debt-related securities in the People’s Republic of China (“PRC”) via the Bond Connect scheme. Such debt and debt-related securities will only be held as a result of investment in China A-Share s. This occurs in circumstances where the Sub-Fund has purchased China A-Shares which have subsequently been subject to a corporate action which results in the issuance of debt and debt-related securities. These debt and debt-related securities are held by the Sub-Fund until they can be sold at a price which the Investment Manager believes reflects the underlying value of the security. Such debt and debt-related securities may be issued by corporations, limited liability companies or limited partnersh ips, state owned enterprises and sovereign and quasi-sovereign entities and may be rated either investment grade or non-investment grade by at least one rating agency (such as Moody’s, Standard and Poor’s, Fitch or Rating and Investment Information, Inc.).
The Sub-Fund may also invest up to 10% in other eligible collective investment schemes, including exchange-traded funds. Any investment in exchange-traded funds will be in accordance with the investment limits for investment in transferable securities and collective investment schemes as appropriate and as set out in Appendix 1 to the Prospectus.
The Sub-Fund will be managed so as to maintain a near fully invested position in a portfolio of China A-Shares, other than duri ng periods where the Investment Manager believes that a larger cash position is warranted. Examples are situations such as a financial crisis where the Investment Manager expects large redemptions from Shareholders and/or the Investment Manager deems it appropriate to reduce market exposure in the face of deteriorating market conditions. In such circumstances, the Sub Fund may invest up to 20% of its net assets in cash.
Nomura Funds Ireland - Taiwan Equity Fund
The investment objective of the Nomura Funds Ireland - Taiwan Equity Fund (the “Sub-Fund”) is to seek to achieve long-term capital growth primarily through investment in an actively managed portfolio of Taiwanese Equity and Equity-Related Securities.
The Sub-Fund is actively managed in reference to the MSCI Taiwan 25/50 Index (the “Index”) by virtue of the fact that it uses t he Index for performance comparison purposes.
The Sub-Fund shall invest, under normal market conditions, primarily in Equity and Equity-Related Securities of companies listed or traded on a Recognised Exchange in Taiwan. The Sub-Fund may invest in Equity and Equity-Related Securities listed or traded on any Recognised Exchange outside Taiwan, provided that the business activities of the companies issuing such securitie s are in Taiwan. The Sub-Fund may also hold exposure to Taiwan through investment in such instruments as American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) and which may be listed on any Recognised Exchange outside Taiwan.
The Sub-Fund will be managed so as to maintain a near fully invested position, other than during periods where the Investment Manager believes that a larger cash position is warranted.
The Sub-Fund will invest in companies with the prospect of superior earnings growth through strong management capabilities or the prospect of high growth.
The Sub-Fund may also invest up to 10% in other eligible collective investment schemes (including exchange-traded funds), which provide exposure to Taiwanese Equity and Equity- Related Securities.
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GENERAL INFORMATION (CONTINUED)
Nomura Funds Ireland - Taiwan Equity Fund (continued)
The Sub-Fund may engage in active trading of portfolio securities to achieve its investment objective, as further set out under the “Investment Strategy” below. This may include trading to adjust the portfolio to reflect any particular market conditions that may make it necessary to increase or decrease the exposure of the Sub-Fund to the market or specific securities.
Investors should note that due to the general nature of single country market (Taiwan equity market), and the relatively concentrated nature of the portfolio, the Sub-Fund is likely to have a higher annualised volatility than a more diversified por tfolio.
Nomura Funds Ireland – Global Emerging Markets Quant Equity Fund
The investment objective of the Nomura Funds Ireland - Global Emerging Markets Quant Equity Fund (the “Sub-Fund”) is to seek to achieve medium to long-term capital appreciation through investment in an actively managed portfolio of global emerging market equity securities.
The Sub-Fund will invest at least 80% of its assets in equity and equity-related securities of companies located in the countri es covered by the MSCI Emerging Markets Index (the “Index Countries”) and which are listed or traded on a recognised exchange. The Sub-Fund may invest up to 20% of net assets in equity and equity-related securities listed or traded on any recognised exchange in non-Index Countries, if suitable investments are identified which meet the investment strategy of the Investment Manager. The Sub-Fund may also hold exposure to the Index and Non-Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) and which may be listed on any recognised exchange in a non-Index Country.
Up to 10% of the Net Asset Value of the Sub-Fund may be invested, in aggregate, in collective investment schemes. The Sub Fund will invest in such instruments when such investment is consistent with the Sub-Fund’s investment objective.
The Sub-Fund is considered to be actively managed in reference to the MSCI Emerging Markets Index (the “Index”) by virtue of the fact that it uses the Index for performance comparison purposes . Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Investment Manager may use its discretion to invest in companies or sectors not included in the Index.
The Sub-Fund will be managed so as to maintain a near fully invested position in equity and equity-related securities, other th an during periods where the Investment Manager believes that a larger cash position is warranted.
The Sub-Fund may also, in accordance with the investment powers and restrictions set out in Appendix I of the Prospectus, use derivatives for efficient portfolio management and/or hedging purposes.
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NOMURA FUNDS IRELAND - INDIA EQUITY FUND INVESTMENT MANAGER’S REPORT For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 4.54 13.84 -6.26 -9.34 28.58 384.89 Benchmark 1.45 10.07 -9.89 -12.76 18.20 194.89 Out/(Under) Performance 3.09 3.77 3.63 3.42 10.38 190.00 Source BBH; % Returns in USD. Benchmark is MSCI India Index. *Since Inception date is 13th January, 2007. Performance Commentary
For the six months ended 30th June, 2026, the Fund recorded a return of -6.26%, compared with the benchmark return of -9.89% and therefore outperformed the benchmark by 3.63%.
Our underweight in Energy and overweight in Healthcare contributed positively to the relative performance, while underweight to Industrials and Utilities detracted. The Middle East conflicts and rise in energy prices can impact India macro in many ways higher CAD, inflation, lower growth, impact on forex and rates, hence our underweight in Energy and stock Reliance Industries have contributed positively to relative performance. Likewise, in Healthcare, our overweight exposure has outperformed, driven by the strong demand in the sector.
India's Utilities sector was a detractor, as surging electricity demand, peak power consumption due to below par rains helped drive sector returns. Our underweight in Industrials contributed negatively as well, as the sector has performed strongly, driv en mainly by robust order flow numbers.
In term of stock selection, few selected stocks positively impacted the portfolio. Rubicon gained, driven by the solid earnings performance and robust outlook, while KIMS did well as they prioritised aggressive capacity expansion over near-term profitability, driving strong revenue growth. Aegis Logistics gained during the review period, driven by an upbeat business outlook amid growing domestic energy infrastructure demands and strong LPG distribution volumes. Meanwhile, our underweight in Financials’ stock, HDFC Bank was a positive contributor as the stock experiencing pressure from governance concerns and subdued business performance.
On the other hand, Signature Global (Real Estate) was a drag due to subdued business performance. Kalyan Jewellery (Consumer Discretionary) declined primarily due to an industry-wide selloff triggered by increase in gold import taxes.
Investment Outlook
India’s long-term structural growth story remains intact, supported by resilient domestic demand and strong balance sheet at al l levels - corporate, govt and personal. Over the preceding 12-15 months, India witnessed a lot of policy measures to help revive growth on ground (income tax breaks, GST rate cuts, interest rate cuts etc). These measures have started to contribute to cycli cal rebound in growth. Recent spike in imported energy prices due to middle east conflicts, which had the potential to impact this growth momentum severely. However, the impact has been contained so far as strong Indian govt balance sheet has meant that pass through to consumers has been limited, growth momentum has thus continued with high frequency data remaining strong. So, while oil prices pose the single biggest risk to India markets which is not in control, but we are not worried as we have s een how quickly it can normalize.
India has been at the receiving end of AI trade over the last 2 years, and so recent reversal in AI trade is also expected to h elp India market. Persistent paper supply (new IPOs + money raise + PE/promoter selldown) continues to weigh on India market but is more than offset by resilient domestic market flows. With time correction in India market for last 12-18 months, valuations have now become reasonable at 10year average levels. While India doesn’t offer AI led high earnings growth trajectory over next two years, but more steady and predictable double digit earnings growth.
We remain constructive on India’s medium to long term outlook and expect India market to return early to mid-teens returns mirroring earnings growth trajectory.
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NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund -0.24 11.09 12.27 36.68 92.59 548.55 Benchmark 1.05 14.40 18.56 43.26 87.30 497.92 Out/(Under) Performance -1.29 -3.31 -6.29 -6.58 5.29 50.63 Source BBH; % Returns in JPY. Benchmark is TOPIX Index. *Since Inception date is 26th August, 2009.
Performance Commentary
For the six months ended 30th June, 2026, the fund returned 12.27% compared with the benchmark return of 18.56%, and therefore underperformed the benchmark by 6.29%.
The strategy's positioning in domestic IT system integrators during the first quarter, along with an underweight position in semiconductor-related names, was the primary reason for the portfolio's underperformance during the review period.
Summary of the first quarter of 2026 The Tokyo Stock Price Index (TOPIX) gained 3.64% in 1Q 2026. Resource-related sectors performed strongly. Non-ferrous metal stocks benefited from expected demand growth linked to AI data centres. Meanwhile mining companies gained from higher crude oil prices driven by deteriorating geopolitical conditions in the Middle East. Conversely, the Services and Information & Communications sectors declined on concerns over weakening business performance. From a style perspective, the Russell Nomura Total Value Index (RNTV) gained +7.67%, outperforming the TOPIX Index by +4.04%.
Against this backdrop, the JSV strategy returned 1.06% in local currency terms, compared with a rise of 3.64% in the benchmark, underperforming the TOPIX by 2.58%. Positioning in AI beneficiaries contributed positively, but this was more than cancelled out by a large overweight position in domestic IT system integrators amid the "Anthropic shock" that triggered a sell off among SaaS-related companies. Although fundamentals remained underpinned by ongoing investment in digital transformation amid labour shortages in Japan, negative sentiment toward the IT system companies has dimmed the outlook. We have since decided to sell these positions at a loss and shifted the weights to more tangible themes, including "Physical AI" companies.
Summary of the second quarter of 2026 The Japanese equity market rose 14.40% in 2Q 2026, as measured by the TOPIX Total Return Index including dividends. AI and semiconductor-related stocks surged on expectations of expanding AI demand, leading the broader market higher. Conversely, shipping and oil-related stocks declined amid progress in U.S.- Iran negotiations and lower crude oil prices. On a style-index basis, the Russell Nomura Total Value Index (RNTV) gained 8.97%, underperforming the TOPIX Index by 5.43%.
The JSV strategy returned 11.09%, while the TOPIX advanced 14.40%. The Fund therefore underperformed by 3.31% during the second quarter. The absence of positions in AI- and semiconductor-related companies weighed on the strategy, amid a market environment driven almost solely by AI and Financials, with the latter supported by an interest rate hike from the Bank of Japa n (BoJ) in June. The fund's positioning in electronic component and Physical AI names that benefited from the broadening AI tailwind, including stocks in the MLCC and robotics industries, contributed positively to the performance. However, these gains were not enough to offset the drag in this skewed market, partly driven by ongoing supply issues in the memory space that ignit ed sharp rallies globally. We continue to actively search for "enabling companies" with further upside amid the current market environment.
Investment Outlook
Although economic data from the US has shown considerable resilience, its trajectory relies heavily on growing AI-related capit al expenditure. As the conflict in the Middle East shows signs of de-escalation, supply-chain pressures should ease, and crude oil prices should stabilise. However, the next key question is wh ether the recovery can broaden beyond AI-linked investment into a wider range of industries, which would be necessary for a more durable expansion.
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NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Outlook (continued)
In Japan, the strength of AI-related investment is becoming more apparent in corporate sentiment. The BoJ’s latest quarterly Tankan survey revealed a robust improvement in business cond itions among large manufacturers. This improvement is broad based, covering materials along with electrical and general machinery-related industries. At the same time, companies have continued to revise their selling-price expectations upwards over a longer horizon as inflation becomes entrenched. This reflec ts firm demand as well as higher input costs. These survey results reaffirm the resilience of the economy and a shift towards embedded inflationary expectations. These trends are therefore likely to support further normalisation of the BoJ’s monetary policy.
Japanese equity prices have been fuelled by strong inflows from overseas investors. As of the end of June, the TOPIX was tradin g at a PER of around 16.5 times 12-month forward earnings, which is above the historical upper range of roughly 15 times. Some near-term profit-taking would not be surprising. Still, the headline multiple masks a highly bifurcated market. The re-rating h as been concentrated mainly among beneficiaries of the AI theme, which account for roughly 30% of the Japanese equity market. These stocks are trading at high P/E ratios in excess of twenty times. The remaining 70% of the market still trades below 15 times, within its historical range. This suggests that the broader market is not overheated.
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NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 0.34 2.83 1.97 6.33 28.68 345.69 Benchmark 0.26 2.45 1.89 5.74 28.77 315.29 Out/(Under) Performance 0.08 0.38 0.08 0.59 -0.09 30.40 Source BBH; % Returns in USD. Benchmark shown is the ICE BofA US High Yield Constrained Index (HUC0). *Since Inception date is 31st March, 2009. Performance Commentary
For the six months ended 30th June, 2026, the fund returned 1.97%, compared with the benchmark return of 1.89%, and therefore outperformed the benchmark by 0.08%.
The year began with optimism in the global outlook for economic growth, as data like retail sales, existing home sales, and ISM manufacturing pointed to a steadily improving US economy. However, in February and March, market tone turned negative due to worries over AI encroachment in the software sector, private credit outflows, and the commencement of the conflict in Iran. During the second quarter, the conflict in Iran gradually moved away from aggression towards economic coercion and negotiation. In June, a Memorandum of Understanding (MoU) was seemingly reached that would pave the way for peace in the region and a reopening of the Strait of Hormuz. Unfortunately, in early July the ceasefire dissolved, and military operations r e escalated. Meanwhile, AI investment continued to accelerate. Both the hyperscalers and neocloud providers continued to issue significant amounts of debt in both the IG and HY markets to fund data center buildouts. In the high yield universe, debt issua nce was dominated by data center providers.
Following the macro-driven investment environment of the first quarter, second quarter performance was more impacted by security selection. For 1H, positive credit selection in BBs and CCCs contributed to relative performance, while exposure to off ff benchmark BBBs detracted. On a sector basis, the top contributors to relative performance included the fund’s energy overweight , a meaningful underweight in software names like CDK (CDK) and Ion Platform (IONPLA), and positive security selection in media. In media, iHeartMedia (IHRT) was the largest contributor as rumors of a takeover by SiriusXM (SIRI) led to the bonds rallying significantly. While no transaction was ultimately announced, and talks have been suspended, the conversation solidifi es the value of IHRT’s digital assets. The primary sector detractor was specialty retail, followed by metals & mining and cable & satellite TV. The key driver in specialty retail was Lycra (EAGRUY) bonds, which declined sharply after a proposed sale of the company failed to close, and the company ultimately filed for a pre-negotiated bankruptcy in mid-March. Creditors with higher security priority took all of the equity in the company, with bondholders receiving only warrants. In cable, Altice USA (CSCHLD) traded lower after a series of creditor unfriendly actions in June. In metals & mining, Baffinland Iron Mines (BIMCN) entered into Canadian insolvency proceedings as they were unable to raise financing for a key rail transportation project. The insolvency is expected to clear the way for either an equity raise or asset sale that we believe should cover the bonds.
Investment Outlook
Looking forward, the US economy remains in a steady growth phase. In general, the AI boom is intact, and the hyperscalers continue to express a need for more computing power. At the same time, AI is a fast moving industry, with unanswered questions about what services will find recurring demand, who will be the winners among the providers, and who will accrue the economic value. The AI boom has been creating its own wave of inflation in semiconductor and power prices, exacerbating inflation caused by the tariffs and Iran war. As inflation has been trending up this year, with trailing-12-month core PCE reported at 3.41%, Warsh’s emphasis on price stability strikes an appropriate tone, and the futures market is currently expecting one to two Fed r ate increases this year. Meanwhile, inflation related to oil and tari ffs may ebb, and we believe it’s unclear if the Fed will raise rates by year-end. As these factors come into focus, the economy should continue to grow, and the yield on US high yield should help the asset class generate an attractive risk-adjusted return for the remainder of the year.
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NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 2.96 20.41 20.85 34.05 32.16 248.22 Benchmark 1.05 14.40 18.56 43.26 87.30 363.89 Out/(Under) Performance 1.91 6.01 2.29 -9.21 -55.14 -115.67 Source BBH; % Returns in JPY. Benchmark is the TOPIX Index. * Since Inception date is 7th August, 2013 .
Performance Commentary
For the six months ended 30th June, 2026, the fund returned 20.85% compared with the benchmark return of 18.56% and therefore outperformed the benchmark by 2.29%.
(January-March)
In February, the Japanese equity market advanced on expectations that the Takaichi administration would promote growth oriented fiscal policy measures. In March, however, the market declined as tensions in the Middle East intensified. Overall, th e Japanese equity market ended the first quarter higher.
Among individual stocks, Sumitomo Electric Industries and Tokio Marine Holdings contributed positively. Sumitomo Electric Industries added value as the market responded positively to growth in its optical components business, underpinned by the expanding AI infrastructure buildup. Tokio Marine Holdings also contributed positively after its capital and business alliance with Berkshire Hathaway in the US was well received. By contrast, Fujitsu, Recruit Holdings and OBIC detracted from the performance. Although near-term earnings remained firm, valuations declined as concerns emerged that AI could reduce the medium- to long-term added value of their IT and software related business operations.
New Purchases: Advantest Corporation, Fujikura Ltd. Advantest: (Newly approved by the Growth Stock Committee (GSC)) The rise of AI and semiconductor-related demand, among other factors, has driven the increasing density of semiconductor chips. As testing times become longer, the company’s added value has also increased. Advantest has a strong competitive advantage, and as profitability improved, ROE reached the 40% range.
Fujikura: (Newly approved by the GSC) After its earnings turned negative in 2019, the company pushed ahead with efforts to restructure its business. Since then, its optical cables and connectors business has grown rapidly in line with the expansion o f data centre investment. Profitability has improved, allowing the company to achieve a high ROE. We expect ROE to remain in the 30% range, while we also expect further enhancement of its capital policy.
We exited the positions in Nifco Inc., RAKUS Co., Ltd., Visional, Inc., and Plus Alpha Consulting Co., Ltd. Nifco: Earnings had remained relatively firm, supported by demand for weight saving automotive parts. However, the company’s growth has gradually slowed amid weak automobile sales. Maintaining ROE in the mid-teens would require enhanced shareholder returns, but expectations have not been met. We therefore chose to fully exit the position, as we expect the compan y’s ROE to decline.
Rakus: Profits increased significantly at Rakuraku Seisan and Rakuraku Meisai due to restrained sales and advertising expenses, but future performance will depend on revenue growth. At the same time, concerns have emerged that AI could reduce the added value of SaaS businesses. Although we do not expect earnings to fall sharply, we believe expectations will continue to decline and therefore decided to fully exit the position.
Visional: Concerns over AI disruption have started to extend to the human resources business. While the possibility of job matching through AI agents cannot be ruled out, the key issue will be how the company can continue to provide added value. We believe Recruit Holdings offers greater earnings visibility, given its ability to keep raising unit prices despite headwinds in the labour market. We therefore liquidated the Visional position in full.
Plus Alpha Consulting: The momentum behind the company’s revenue and profit growth, which had previously exceeded 20%, has been slowing. At the same time, concerns have emerged that AI disruption could reduce the company’s added value. Further slowing in growth could lead to a sharp decline in its currently high ROE, which is in the 30% range, and we therefore fully exited the position.
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NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Performance Commentary (continued)
(April-June)
The Japanese equity market advanced during the second quarter, supported by higher AI-related stocks and easing tensions in the Middle East.
Among individual stocks, Recruit Holdings, Tokyo Electron and Sumitomo Electric Industries contributed positively, as their share prices rose on expectations of earnings growth driven by generative AI. On the other hand, rising share prices of AI- and semiconductor-related stocks that were not held, such as Kioxia and SoftBank Group, detracted from the performance. Several other stocks also weighed on the relative performance despite the absence of any particular change in fundamentals. One such example was Japan Steel Works. The share price declined as the stock fell out of favour during the quarter.
New Purchases: Murata Manufacturing Co., Ltd., Mitsubishi UFJ Financial Group, Inc., Fuji Electric Co., Ltd. Murata Manufacturing: (Continued GSC approval) We added a new position because we believe the company can sustain high ROE, supported by the expansion of server-use MLCCs driven by AI and data centre demand. The company also faces reduced pressure from price declines.
Mitsubishi UFJ Financial Group: We added a new position as we believe rising domestic interest rates can drive its net interest income higher, while continued shareholder returns should also help improve ROE. Among Japan’s megabanks, we also value its overseas network, including Morgan Stanley, and its financial base.
Fuji Electric: (Continued GSC approval) We added a new position because we believe the company can sustain a high ROE. This is supported by growth in energy-related products such as uninterruptible power supplies (UPS), which are driven by AI and data centre-related demand. We also expect the company to place greater emphasis on improving capital efficiency.
Exited Positions: TOHO CO., LTD., Japan Elevat or Service Holdings Co., Ltd., JEOL Ltd. Toho: We exited the position because its efforts to improve ROE have been delayed by increased investment-related costs.
Japan Elevator Service Holdings: While our outlook that the company can sustain a high ROE remains unchanged, we decided to liquidate the position to concentrate exposure in names where we have higher conviction. The sale was made after the share pric e rose following the earnings announcement.
JEOL: We liquidated the entire holding. Among semiconductor-related stocks, its ROE level and scope for improvement are relatively inferior due to concerns over a weakening competitive position in electron-beam lithography systems and limited shareholder returns. We exited the position while the share price remained firm.
Investment Outlook
We expect the TOPIX to fluctuate within a range of 3,580 to 4,540 points.
Although the lingering effects of higher energy prices could keep interest rates elevated and impose a downside risk to economi c growth, our base scenario is that the global economy will remain resilient. At the same time, we recognise that the outlook remains difficult to assess given monetary and fiscal policy developments across countries, as well as geopolitical risks. The Japanese equity market has continued to trend higher, and valuations have also risen. However, share price performance has diverged between stocks that stand to benefit from AI-related demand and those that do not. For AI-related stocks, earnings are expected to grow sharply, and we believe the increase in valuations is broadly justified. However, many non-AI-related stocks remain undervalued relative to fundamentals, partly due to supp ly-demand factors, and we believ e there is room for re-rating. Although the Japanese equity market has risen, it is still too early to shift to a more defensive position. We believe the mark et could move in either direction from here on.
Corporate Earnings and Valuation: The operating profit forecasts for the Russell/Nomura Large Cap Index, excluding Financials, assume profit growth of 24.9% in FY2027 and 13.1% in FY2028. Our exchange rate assumptions are JPY155.0 per USD and JPY185.0 per EUR for both FY2027 and FY2028. Based on our top-down forecasts, TOPIX EPS is projected at 225.2 in FY2027 and 257.1 in FY2028. At a TOPIX price level of 4,000, the forwar d P/E multiple is 17.8 times in FY2027 and 15.6 times in FY20 28, while the Price-to-Book Ratio (PBR) based on FY2026 book value per share (BPS) is 1.82 times.
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NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund -0.82 33.99 35.74 66.48 97.98 284.69 Benchmark -1.29 27.71 26.20 45.77 92.24 194.14 Out/(Under) Performance 0.47 6.28 9.54 20.71 5.74 90.55 Source BBH; % Returns in USD. Benchmark is MSCI All Country Asia Ex Japan Index. *Since Inception date is 4th September, 2013. Performance Commentary
For the period ended 30th June, 2026, the fund returned 35.74% compared with the benchmark return of 26.20% and therefore outperformed the benchmark by 9.54%.
The MSCI All Country World Index extended its positive momentum into early June, reaching new highs before ending June marginally lower. Geopolitical news flow remained volatile, but markets appeared to take a positive view on easing energy suppl y disruptions, with oil prices falling by more than USD20 per barrel. At the first FOMC meeting under new Chairman Kevin Warsh, the US Federal Reserve held rates steady while adopting a more hawkish outlook. US interest rates reacted little, but th e USD gained sharply against most global currencies. The ECB delivered its first rate hike since 2023, while the Bank of Japan al so raised its policy rate. Precious metals declined over the month, with gold briefly falling below USD4,000. June also saw an extraordinary wave of technology-related capital market activity, including SpaceX’s USD75bn IPO, Alphabet’s USD85bn equity raise, multiple large bond issuances, and confidential IPO filings by both Anthropic and OpenAI. In the final week of June, a rotation out of global technology stocks, exacerbated by moves in Korea, also weighed on industrial metals, with aluminium and nickel leading the declines.
Over 2Q 2026, MSCI Emerging Markets posted its best quarter since 2009, gaining 23%, driven by EM Asia and particularly sharp moves in South Korea and Taiwan. The KOSPI experienced dramatic moves, rising more than 100% year to date through early June before suffering multiple circuit-breaker halts over the month. Foreign investors remained sellers, with more than USD95bn of year-to-date outflows, but large leveraged ETF exposures likely amplified market moves. The KRW fell to its weakest level since 2009, reaching around 1,550. Chinese equities remained weak, with consumer technology names in H shares leading the declines, although A shares held up considerably better. By contrast, the Philippines and India were the best performers, benefiting from the reversal in oil prices. The INR also gained following government and Reserve Bank measures to attract foreign currency.
Country allocation outcomes were positive over the 6 month period, with our overweight to Korea and underweight to ASEAN and India adding some value, overcoming the drag from residual cash. Stock selection was however the main driver of outperformance, led mainly by China, Taiwan, Korea and Singapore.
In China, our overweight positions in Information Technology stocks contributed to outperformance. Naura Technology benefited from the continuing semiconductor localisation theme. Montage also added value benefiting from rising CPU demand and its inclusion into FTSE China A50 index.
In Taiwan, Universal Microwave Technology, Accton Technology and ASE Technology all delivered strong returns, benefiting from secular growth trends in satellite communications, artificial intelligence infrastructure and advanced semiconductor packaging. MediaTek gained sharply, emerging as a beneficiary of the AI trade spreading to inference, given its dominance across mobile and edge AI whilst also aggressively expanding into data centres and ASICs.
In Korea, SK Hynix rose as profitability in commodity memory and high bandwidth memory remained resilient. Samsung Electronics also outperformed on expectations of higher HBM sales contribution and commodity memory chip price increases. The overweight position in Doosan Corporation added value due to nuclear power project expansion in overseas markets and margin improvements in the electronic components business. Hy undai Motor's performance benefited from optimism regarding robotics manufacturing systems integration following the group's humanoid robotics debut at the Consumer Electronics Show 2026 in Las Vegas.
In Singapore, the overweight position in DBS Bank contributed positively as the share price outperformed on bottoming SORA and still-solid wealth management inflows.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Outlook
Global equities enter the second half of 2026 in a constructive but potentially more selective environment. The S&P 500 achieve d 22 all-time highs during the year, supported by a powerful AI-driven earnings cycle, a resilient labour market and robust corporate capital expenditure. Ample liquidity remains a key driving force, as demonstrated by the success of large equity and debt raisings in June. The month also saw a more hawkish tone from the US Federal Reserve, which prompted a stronger USD, a fall in commodities and a rotation out of rate-sensitive and long-duration growth names. Concerns about th e sustainability of t he AI trade have resurfaced, although bottom-up commentary continued to indicate operating strength. Geopolitical noise has eased somewhat and oil prices have declined, although it may be premature to treat this as a sustained base case. US policy action ma y come to the fore ahead of the November mid-term elections, while macroeconomic policy, particularly around interest rates and currencies, could play a more important role for the remainder of the year.
Our overweight exposure to Korea and Taiwan was one of the key discussion points in our latest strategy meeting. Earnings continue to be upgraded and market returns have been exceptionally strong. Amid persistent foreign selling, especially in Korea , increased retail flows through ETFs and leveraged products have contributed to the market’s rise, albeit with higher market volatility. Samsung Electronics and SK Hynix now account for more than 60% of MSCI Korea and have prompted the creation of multiple single-stock ETFs, including leveraged products. We continue to favour the memory shortage theme, but also recognise that the pace of year-on-year memory price increases may slow in the second half. Taiwan remains more concentrated in a single theme, trades at a higher valuation, and offers a less compelling risk-reward at this stage. We therefore decided to take some profits and reduce the exposure to Korea and Taiwan, with the reduction directed towards the larger exposure to Korea. As a result, we are now underweight Korea/ Taiwan taken together. We are also exploring non-technology opportunities in Taiwan, some of which have lagged significantly amid the market’s narrow technology focus.
India was the other key discussion point. The market has been disappointing for most of the past two years, but some encouragin g signs are emerging. The macroeconomic outlook looks incrementally better, particularly if the decline in oil prices is sustaine d. Foreign inflows into government bonds are increasing following tax relief measures, and the local banking system is expected to receive sizeable foreign currency deposits from the Indian diaspora by September 2026. These factors should help ease pressure on the INR and support domestic liquidity and credit growth over the next few quarters. Valuations have also become more palatable and the recent earnings season delivered better-than-expected results. Risks of continued paper supply remain, and 2H 2026 will see several large IPOs, although these should be supported by ongoing domestic inflows, barring periods of heavy foreign selling. El Niño trends bear watching and may pose risk to the monsoon, rural wage growth, and consumption. All things considered, we have increased our exposure from neutral to a small overweight.
We maintain a neutral stance on China and Hong Kong. In China, retail sales trends turned negative in May, marking the first contraction since 2022, while property sales in second-tier and lower cities also worsened. Major internet platforms are strugg ling to monetise AI investments and continue to face competition concerns. As a result, H shares have struggled, weighing on overall China market returns. Significant lock-up expiries from July may also create near-term pressure. At the same time, pockets of strength remain in areas such as AI-related hardware, semiconductors, renewable energy and healthcare, particularly in A shares . Hong Kong equities remain more exposed to external headwinds, while higher interest rates are a marginal negative. With valuations having corrected sharply, in some cases ahead of underlying fundamentals, we remain neutral.
Despite the easing of Middle East-related concerns and some relief from lower oil prices, structural challenges in smaller ASEA N markets continued to support an underweight position, particularly in the Philippines, Thailand and Indonesia. Indonesia faces the most acute headwinds, including ongoing policy uncertainty, IDR depreciation, a surprise inter-meeting rate increase in June an d the extension of the MSCI’s market accessibility review to November 2026. We have no exposure to these markets and to Malaysia; we remain overweight Singapore, where Phase 2 of the EQDP programme and currency resilience are expected to continue supporting markets.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 0.00 2.89 1.30 5.33 24.33 69.84 Benchmark -0.14 2.58 1.27 4.73 29.24 69.32 Out/(Under) Performance 0.14 0.31 0.03 0.60 -4.91 0.52 Source BBH; % Returns in USD. Benchmark shown is the ICE BofA Global High Yield Constrained Index (HW0C) from inception to 29th September, 2017 and the ICE BofA Developed Markets High Yield Constrained Index (HYDC) from 2nd October, 2017. *Since Inception date is 1st May, 2014 . Performance Commentary
For the six months ended 30th June, 2026, the fund returned 1.30%, compared with the benchmark return of 1.27%, and therefore outperformed the benchmark by 0.03%.
Global high yield began the year with optimism in the global outlook for economic growth, as data like retail sales, existing h ome sales, and ISM manufacturing pointed to a steadily improving US economy. However, in February and March, market tone turned negative due to worries over AI encroachment in the software sector, private credit outflows, and the commencement of the conflict in Iran. During the second quarter, the conflict in Iran gradually moved away from aggression towards economic coercio n and negotiation. In June, a Memorandum of Understanding (MoU) was seemingly reached that would pave the way for peace in the region and a reopening of the Strait of Hormuz. WTI crude plummeted from a high of $106 to around $70, and the worst case economic and inflation scenarios faded. Unfortunately, military operations re-escalated in early July, and the ceasefire appear s to be abandoned. However, the overall easing of tensions surrounding the region had positive impacts during the quarter on energy and interest rate sensitive sectors. Meanwhile, AI investment continued to accelerate. Both the hyperscalers and neocloud providers continued to issue significant amounts of debt in both the IG and HY markets to fund data center buildouts. In the hi gh yield universe, debt issuance was dominated by data center providers.
Following the macro-driven investment environment of the first quarter, second quarter performance was more impacted by security selection. For 1H, positive credit selection in Bs and CCCs contributed the most to relative performance. The key contributors to relative performance included the fund’s meaningful underweight to software issuers and positive security selection in telecom subsectors. Security selection in wirelines added value, particularly positions in Level 3 (LVLT) and Uniti ti (UNIT). The top detractors were specialty retail and chemicals. In retail, our very small exposure to Saks (SGUSLL) detracted when the company filed for bankruptcy in January. In chemicals, we were underweight Ineos Group (INEGRP) and Ineos Quattro (STYRO), which rallied on sequentially improved results.
Investment Outlook
Looking forward, the US economy remains in a steady growth phase. In general, the AI boom is intact, and the hyperscalers continue to express a need for more computing power. At the same time, AI is a fast moving industry, with unanswered questions about what services will find recurring demand, who will be the winners among the providers, and who will accrue the economic value. The AI boom has been creating its own wave of inflation in semiconductor and power prices, exacerbating inflation caused by the tariffs and Iran war. As inflation has been trending up this year, with trailing-12-month core PCE reported at 3.41%, Warsh’s emphasis on price stability strikes an appropriate tone, and the futures market is currently expecting one to two Fed r ate increases this year. Meanwhile, inflation related to oil and tari ffs may ebb, and we believe it’s unclear if the Fed will raise rates by year-end. As these factors come into focus, the economy should continue to grow, providing a solid backdrop for the global high yield market.
July is a significant month for the second quarter earnings, and outlooks will be key, as the second quarter results will have been disrupted by the US-Iran conflict. We will look for insights on how quickly supply chains may return to normal in commodity sectors such as Chemicals, Packaging, and Energy, while the cons umer should benefit as gas prices come down for the summer and sectors such as Retail, Airlines, and Travel can recover. The market will continue to digest the new Fed regime under Chair Warsh and the continued progress of US-Iran negotiations. We also see the US midterm elections as coming into increased focus, as well as the ever-present threat of renewed tariff actions from the Trump administration. Given the overall economic and cred it trends in this environment, we believe global high yield is well-positioned to generate an attractive risk-adjusted return.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND - GLOBAL DYNAMIC BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 0.76 3.75 2.25 7.80 26.49 60.73 Source BBH; % Returns in USD. This Sub-Fund has no Benchmark. *Since Inception date is 30th January, 2015. Performance Commentary
For the six-month review period ended 30th June, 2026, the fund returned 2.25%
Fixed income markets have been dominated by the US-Iran war since it broke out in March. Subsequently, yields rose and spreads widened significantly. Volatility remained elevated due to the uncertainty around the reopening of the Strait of Hormuz. Talks between the US and Iran culminated in a Memorandum of Understanding which was signed in June, easing tensions and improving risk sentiment. The fund returned 2.25% in the first year half.
Fund performance was driven by our allocation to risk assets. Convertible bonds have been among the strongest contributors throughout the period, gains were driven by Asian names, especially from the technology sector. Convertible bonds recovered strongly after the March market sell-off, ending the period as the portfolio’s biggest contributor to performance.
Another key contribution to performance came from financial bonds. Subordinated bonds were important drivers of gains in the first two months of the year and again made on of the largest contribution in April. The sharp repricing of risk markets in Mar ch led to a meaningful setback with subordinated bonds being one of the biggest detractors before recovering strongly as spreads tightened.
Emerging market exposures also delivered solid returns. Both, local and hard currency positions contributed to fund performance , led by allocations to South Africa, Mexico and Eastern European countries such as Romania and Bulgaria. March’s weakness proved to be temporary, emerging market government bonds became the third largest contributor, reflecting strong performance across several regions.
The portfolio hedging strategies overall detracted from performance.
Investment outlook
The interim deal between the US and Iran lowered oil prices and gave rise to optimism. However, the conflict has flared up agai n, with both sides exchanging attacks. Traffic through the Strait of Hormuz came to a halt again and the price of Brent crude oil is rising towards US$ 80 per barrel. The most recent clashes show the fragility of the situation, as we have previously highlighte d.
However, with the US mid-term election around the corner, pressure is increasing for President Trump and the Republican Party t o end the conflict with Iran, which is costly for many reasons, one of them being growing disapproval in the US. Risks from the conflict aside, the US economy still appears robust. Growth momentum remains positive, consumption is holding up and the labour market is still solid.
We believe markets have become too aggressive in pricing Fed tightening. Inflation risks stem from energy prices, which are outside the reach of monetary policy. We therefore expect the Federal Reserve to keep policy rates unchanged this year, allowin g inflation to continue normalising as growth gradually cools.
The benign macro environment favours risk assets, as income (or “carry”) is likely to dominate returns in fixed income markets. We therefore keep our risk exposure to Financials and emerging markets, while we allocate to Convertibles for their attractive capital return potential.
Geopolitical risks are not abating. While all eyes are on the Strait of Hormuz, the risk of other flashpoints flaring up is rea l. It is essential in our view to consider unknown sources of volatility. Credit spreads have tightened significantly, making credit vulnerable to volatility. Therefore, CDS index hedging remains an important part of our strategy.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND - EMERGING MARKET LOCAL CURRENCY DEBT FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 0.04 3.85 1.68 8.76 17.39 25.64 Benchmark 0.20 3.85 1.60 7.85 23.57 27.73 Out/(Under) Performance -0.16 0.00 0.08 0.91 -6.18 -2.09 Source BBH % Returns in USD. Benchmark shown is the JPMorgan GBI-EM Global Diversified USD Total Return Index. *Since Inception date is 27th February, 2015.
Performance Commentary
For the six months ended 30th June, 2026, the Fund returned 1.68%, compared with the benchmark return of 1.60% and therefore outperformed the benchmark by 0.08%.
The first half of 2026 was dominated by the war in the Middle East and high oil prices. With Brent oil price remaining near US$100 for almost three months, the outlook for inflation worsened, compelling central banks in South Africa and several Asian countries to raise policy rates. The closure of the Strait of Hormuz forced countries to use their strategic oil reserves. Asia n EM economies were hit hardest, with both currencies and bonds declining. Peace talks in June led to a fall in oil prices and a rec overy in bonds. However, the new Fed Chair, Warsh, took a more hawkish stance than expected. This led to higher interest rate expectations and a sell-off in emerging market currencies.
Regarding our allocations, we had been increasing our China allocation since January, moving from a significantly underweight position towards market weight. In early March, we moved China to market weight and reduced our exposure to high-beta emerging market currencies. As the war continued, we reduced our bond exposure in India, a country dependent on oil imports, an d increased our allocation to China. We also reduced our exposure to Indonesia due to concerns about fiscal discipline. When peac e talks began in June, we rebuilt our high-beta currency positions, though we maintained our defensive stance on China given the fragility of the negotiations. In Brazil, we remained underweight in both bonds and currency due to inflation and fiscal risks.
In terms of price returns, Hungary and Colombia performed best , while Türkiye and Indonesia performed worst. Most emerging market currencies weakened against the dollar in the first half of the year. The Colombian peso, Brazilian real and Dominican p eso were the strongest performers, while the Turkish lira, Indonesian rupiah and Romanian leu were the weakest.
Regarding fund pe rformance, long durati on in Hungary and Mexico, off-benchmark K azakh bonds, and short duration in Thailand were the primary contributors to relative returns. Short duration in Brazil and Romania, alongside bond selection in Indonesia, were the main detractors.
Investment Outlook
EM local currency bonds produced modest positive returns in the first half of the year, primarily due to contributions from Sou th Africa and Latin American countries. Oil-exporting nations, which are relatively insulated from geopolitical risks, achieved stronger returns. Over the period, oil prices rose by 20%, whilst the dollar index gained 2.9%. The US Treasury curve flattened , with two-year yields rising by 70 basis points.
The subsequent fall in oil prices has prompted some central banks to adopt a hold stance, though the impact on the wider econom y will be monitored closely. Although the Middle East oil crisis has been resolved for now, negotiations remain fragile. Failure to reach an agreement, coupled with renewed rises in the oil price, could prompt us to reassess our EM allocation.
Another key issue is the policy direction of the new Fed Chair, Warsh. If the Fed maintains a hawkish stance, further rises cou ld adversely affect emerging market local currency bond prices. Taking these risks into account, we are maintaining the short dura tion position of the portfolio. However, depending on forthcoming US macroeconomic data, Fed policy could shift towards a more neutral or dovish stance. We will closely monitor how Warsh's obj bjectives and the evolution of new task forces influence interes t rate decisions in the second half of the year. The elevated US fiscal deficit, the economic impact of AI investment and the November midterm elections could also affect markets significantly.
In light of these developments, we are maintaining our short duration stance and retaining an overweight position in China as a defensive measure. We have a long duration position in Malaysia, Hungary, South Africa, Mexico and Poland, and a short duration position in Romania, Indonesia, India and Brazil. Our strategy remains focused on selective opportunities across emerging marke ts, while maintaining vigilance regarding potential volatility from US policy developments.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND - ASIA HIGH YIELD BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 0.95 4.74 3.57 12.76 37.74 13.51 Benchmark 0.97 4.15 4.01 10.74 36.34 47.63 Out/(Under) Performance -0.02 0.59 -0.44 2.02 1.40 -34.12 Source: BBH % Returns in USD. Benchmark shown is the JP Morgan Asia Credit Non-Investment Grade Index. * Since Inception date is 6th March, 2015.
Performance Commentary
For the six-month review period ended June, 2026, the fund returned 3.57% compared with the benchmark return of 4.01% and therefore underperformed the benchmark by 0.44%.
Our credit selection in China and Macau were the main detractors for the relative underperformance.
Duration and yield curve effects were negligible to the fund performance.
The benchmark returned 4.01% for the first half of 2026, outperforming US HY performance of 2.3% but marginally underperforming CEMBI HY performance of 4.1%. The current Asia High Yield benchmark yield of 7.3% and spread of 297bps remains satisfactory vs peers.
Investment Outlook
Asia High Yield delivered resilient performance in the first half of 2026 despite geopolitical headwinds from the Middle East conflict, underpinned by strong fundamentals and supportive technical.
While the Middle East conflict created near-term growth headwinds across Asia through tighter energy supplies, most Asia High Yield issuers proved remarkably resilient, with minimal credit deterioration observed. We expect robust regional growth to continue, supported by AI-related export momentum and fiscal buffers that partially offset energy price pressures.
More importantly, Asia High Yield default rates continue their structural decline, on track to reach a multi-year low of below 2% in 2026 (versus 3.5% in 2025)—marking a dramatic reversal from the 16.9% peak in 2022. This default rate normalization reflects improved refinancing capacity and the subsiding of idiosyncratic stress.
Looking forward, we view Asia HY as an attractive diversifier fr om the increasingly crowded AI equity trade. The sector's fundamentally non-AI composition offers genuine portfolio diversification. With absolute yields remaining satisfactory and HY spreads providing meaningful credit buffers in this volatile rate environment, we maintain a constructive stance and see compel ling value at current levels.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND – ASIA INVESTMENT GRADE BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 0.17 1.29 1.07 5.70 22.48 52.53 Benchmark 0.34 1.34 0.83 4.75 18.09 44.24 Out/(Under) Performance -0.17 -0.05 0.24 0.95 4.39 8.29 Source: BBH % Returns in USD. Benchmark shown is the JP Morgan Asia Credit Investment Grade Index. *Since Inception date is 13th March, 2015.
Performance Commentary
For the six-month period ended 30th June, 2026, the fund returned 1.07% compared with a benchmark return of 0.83% and therefore outperformed the benchmark by 0.24%.
The outperformance was driven primarily by our security selection and country allocation, partly offset by the yield curve effe ct.
The market average spread of the benchmark was broadly unchanged over the period, while spreads in Indonesia and the Philippines widened and Korea tightened. Against this backdrop, our country allocation strategy added value. We maintained an underweight allocation to Indonesia and the Philippines and an overweight allocation to Korea and Thailand. As the country average spreads of Indonesia and the Philippines widened while Korea tightened, these allocation positions contributed positive ly to performance.
Our security selection also worked well, and was the largest positive contributor over the period, particularly in Korea. The b ond spreads of our Korean holdings tightened by more than the Korean country average, which was a key driver of the result.
The yield curve effect was a meaningful negative contributor. Overall portfolio duration was kept broadly neutral relative to th the benchmark, but we held relatively little in the ultra-long sector and were overweight the intermediate part of the curve. Durin g the period, energy prices rose against a backdrop of geopolitical events in the Middle East, and in the US the market shifted from an expected rate-cutting cycle to pricing in rate rises amid inflation concerns. As a result, intermediate yields such as the five -year rose more sharply while the rise in 30-year yields was relatively contained. This curve shift, combined with our intermediate overweight, drove the negative yield curve contribution.
The benchmark index returned 0.83% over the period. Treasury returns contributed 0.79% to the total return, while spread return s, including carry, added 0.04% as spreads marginally widened from 58 to 64 basis points. The benchmark yield rose from 4.77% at the end of December 2025 to 5.41% as of June 2026.
Investment Outlook
In the first half of 2026, upward pressure on inflation intensified, driven by higher energy prices amid heightened geopolitica l tensions in the Middle East. Against this backdrop, hawkish communication from US policymakers has increased, and the market has moved to price in the possibility of a rate hike. Our own view, however, is that inflation will moderate gradually as energ y related pressures ease into next year, and we see a high hurdle to building a consensus for a shift in the policy stance. We th erefore expect the Fed's policy rate to remain unchanged for an extended period. Reflecting these offsetting forces, we expect US Treas ury yields to remain broadly range-bound, with limited scope for a sustained directional move. In this environment, we are keeping our portfolio duration broadly neutral relative to the benchmark.
Overall, new bond issuance in the Asian investment-grade market has remained subdued this year, with supply from China in particular continuing to be light. As a result, supply-and-demand conditions have stayed well balanced, and we do not expect an y significant broad-based widening in spreads from here. At the country level, India saw some spread widening in June, driven by expectations of increased issuance after the RBI announced that it would subsidise the foreign-exchange hedging costs of financ ial institutions and government-related entities. We believe much of this has now been priced in, and we expect issuance to continu e at the somewhat cheaper, post-widening levels. Korea has also seen a relatively high volume of new issuance, and as a result we expect Korean valuations to look relatively attractive within Asia. As we expect spreads to remain broadly unchanged overall, w e maintain a moderate overweight in credit spread risk relative to the benchmark.
Looking at valuations across Asian markets, we see more attractive opportunities in Korea, India, and Hong Kong compared to their regional peers, particularly China. Korea and Hong Kong continue to offer healthy new bond supply, while corporate bonds in these regions trade at more attractive spread levels with better liquidity. Therefore, we will maintain substantial allocations to these markets and continue seeking relative value opportunities.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND – ASIA INVESTMENT GRADE BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Outlook (continued)
Conversely, we will maintain our underweight exposure to high-quality Chinese names, such as central SOEs and major financial institutions. With their absolute yields trading higher than onshore bonds, USD-denominated China bonds have attracted strong investment demand, leading to compressed spread levels. As a result, we plan to maintain limited exposure to high-quality Chine se bonds in our portfolio strategy.
In Indonesia, spreads widened amid policy uncertainty. That said, we do not believe Indonesia will materially loosen its fiscal discipline, and we are therefore not concerned about a downgrade to high yield. With investors remaining cautious, however, we expect Indonesian spreads to stay volatile for the time being. We will therefore maintain our underweight in Indonesia for now, although we would consider moving to neutral or overweight should spreads widen sufficiently.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND - CHINA FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund -4.12 0.34 -8.61 3.47 27.77 215.55 Benchmark -7.09 -6.63 -14.97 -4.94 25.11 356.43 Out/(Under) Performance 2.97 6.97 6.36 8.41 2.66 -140.88 Source BBH; % Returns in USD. Benchmark is MSCI China Index. * Since Inception date is 1st June, 2005 as the Nomura Funds Luxembourg China Opportunities Fund. The Nomura Funds Ireland - China Fund was launched on 27th April, 2015 .
Performance Commentary
For the six months ended June 30, 2026, the fund returned -8.61% compared with the benchmark return of -14.97% and therefore outperformed the benchmark by 6.36%.
Attribution analysis shows that selection effect and allocation effect delivered positive contribution during the period.
In stock selection, overweight in NAURA Technology (Information Technology) and overweight in Montage Technology (Information Technology) made positive contribution thanks to stronger-than-expected local semi-equipment demands and rising demands for AI CPUs respectively. Negative in stock selection were overweight in Sany Heavy Equipment (Industrials) and underweight in Lenovo (Information Technology) due to weaker-than-expected overseas mining truck margin and stronger-than expected AI data center business growth respectively.
In sector allocation, our overweight in Information Technology and Industrials was positive contributor. Underweight in Energy and Utilities were negative factors of the relative performance.
Investment Outlook
China's economy delivered a mixed performance in the first half of 2026, navigating headwinds from the global energy shock and persistent domestic challenges. The economy maintained a K-shaped recovery trajectory, with exports and AI-driven manufacturing serving as the strong track while consumption and property remained the weak track. First-quarter GDP growth reached a solid 5.0% but slowed to 4.3% in the second quarter. Although the US-Iran conflict has brought uncertainties to the global economy, China is relatively better positioned due to its flexibility to switch to coal and renewable energy, its large domestic demand-driven market, as well as low inflation risks. Looking ahead, policymakers are expected to maintain their pragmatic approach, leaning on the high-tech industry to bring overall economic growth back on track. This energy advantage is increasing ly translating into a structural edge in the AI race, suggesting the K-shaped recovery will persist as the economy takes time to s how consistent signs of a broad-based macro recovery.
China's economic growth remained uneven with limited signs of a broad-based recovery. While retail sales edged up modestly in June, overall domestic demand has been slowing in recent months, reflecting cautious consumer sentiment amid concerns over income stability and the persistent housing wealth effect. Growth remained modest in staple goods, with sales of discretionary goods becoming a drag on overall consumption after their earlier boost from government incentives. The labour market showed ongoing pressures, with the surveyed urban unemployment rate hovering around 5.0% and youth unemployment remaining a structural concern. Rapid productivity gains in manufacturing have meant that demand for workers has slowed, keeping wage growth sluggish and consumer confidence depressed, highlighting the need for deeper social safety net reforms to stimulate spending.
In the first half of 2026, fixed asset investment (FAI) growth turned sharply negative, falling by 5.7% year-on-year through Ju ne, serving as the key drag on domestic activity. The headline figure masked significant divergence across sectors, reflecting the ongoing transition in China's economic drivers. Real estate investment remained the weakest component, plunging by 24.4% year on-year as developers continued deleveraging amid weak sales and subdued confidence. Infrastructure investment also contracted by double digits, down 10.2%, due in part to local government fiscal constraints and slower special bond issuance. Conversely, manufacturing investment provided a bright spot, growing 6.0% in June, supported by the global AI-demand cycle and domestic industrial upgrading. However, this high-tech capex could not fully offset the drag from property and traditional infrastructur e which remain critical for overall economic momentum.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND - CHINA FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment outlook (continued)
The property sector continues to pose a major challenge for both th policymakers and investors. While the government has introduce d a series of targeted measures, including the removal of home purchase restrictions and the advancement of new urbanization policies, these interventions have yet to deliver a meaningful turnaround. New home sales fell by 14% year-on-year in volume terms in June, while new housing starts declined by 26% as developers continued deleveraging amid fragile cash flows. The average home price across major cities continued to face downward pressure, with secondary home prices easing seasonally. Confidence remains particularly weak in lower-tier cities where oversupply and demographic headwinds exacerbate the downturn, while pockets of improvement in tier-1 cities have not led to a nationwide rebound.
On the fiscal side, the government maintained a measured approach throughout early 2026. While policymakers announced various support measures, overall stimulus remained incremental and special local government bond issuance slowed in recent months. Looking ahead to the second half of 2026, authorities are expected to pivot towards accelerated deployment of support. With domestic growth showing signs of increased pressure, more attention will be placed on the July Politburo meeting where we expec t guidance around accelerated implementation of fiscal policy, potentially including the use of existing tools and special bonds. For markets, this suggests that policymakers will continue to calibrate stimulus based on external demand and domestic headwinds.
Geopolitical dynamics shifted noticeably throughout 2026, characterized by a widening scope of bilateral technology and trade restrictions. While the mid-May summit between Presidents Trump and Xi provided a baseline for strategic dialogue, it failed to produce major breakthroughs, keeping overarching geopolitical tensions firmly in place. The US has further restricted AI chip exports and levied new tariffs on advanced semiconductors, prompting Beijing to counter with unprecedented export controls on critical and rare earth minerals. Furthermore, China is considering limiting foreign access to its frontier AI models, viewing them as vital national infrastructure. On the other hand, Sino-European ties are similarly being tested as the EU aggressively pursu es its "de-risking" strategy. Brussels has initiated several trade defence mechanisms targeting Chinese goods, from electric vehicles to industrial chemicals. Although dialogue continues ahead of an October target for concrete resolutions, the underlying disagreements over state subsidies and technological supremacy leave the door open for reciprocal countermeasures. Having said that, we expect a complete breakdown into an unmanaged global trade conflict is unlikely considering both sides are aware of th eir own economic fragilities, preventing worst-case escalation scenarios. Even so, this multi-front geopolitical friction adds anoth ther layer of complexity to an already fragile global landscape.
All in all, we remain constructive on the 2026 outlook. Our portfolio continues to prioritize "hard tech" leaders and advanced manufacturing firms that are direct beneficiaries of the ongoing supply chain localization and the AI supply chain, which benefi fit from secular trends including domestic substitution. Export theme is also another trend we pay attention to amid China strong export growth.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND – GLOBAL HIGH CONVICTION FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund -3.61 8.46 -1.65 9.30 27.96 170.95 Benchmark -0.80 14.93 11.25 23.67 71.51 241.84 Out/(Under) Performance -2.81 -6.47 -12.90 -14.37 -43.55 -70.89 Source BBH; % Returns in USD. Benchmark is the MSCI All Country World Net Return Index. *Since Inception date is 21st December, 2015. Performance Commentary
For the six months ended 30th June 2026, the Fund returned -1.65%, compared to the benchmark return of 11.25%, thereby underperforming the benchmark by 12.90%.
The underperformance was driven mostly by stock selection, while sector allocation was also negative, driven by the Fund's overweight to Health Care, Consumer Discretionary and Financials, and the underweight to IT. A modest cash balance also slightl y weighed on returns during the period.
It is worth noting that we do not make top-down sector allocations. Our positioning is the result of a bottom-up investment pro cess focused on identifying high-quality businesses trading at a discount to their intrinsic value.
The half divided into two distinct phases. The first quarter saw a sharp rotation away from the quality and AI-linked names at the core of the portfolio, as investors favored more defensive and cyclical areas; the Fund fell 9.32% and lagged the benchmark by 6.12%. The second quarter delivered a strong absolute rebound of +8.46% as the US-Iran ceasefire took hold and markets reached new highs, but the recovery was unusually narrow. Leadership was concentrated first in the memory and CPU names the Fund does not own, and then, in June, reversed into a sharp de-rating of the mega-cap Hyperscalers where the Fund is overweight. The resu lt was continued relative underperformance despite the positive return.
The main contributors to performance during the period were:
TSMC (+54%) delivered the largest points contribution and was a consistent contributor across the half. Demand for AI accelerators and CPUs remained broad-based, and the company stayed effectively sold out, holding over 90% market share at leading-edge nodes. Early in the year it guided to close to 30% revenue growth for 2026 and raised its five-year revenue CAGR target to 25%, and by the second quarter management had lifted its full-year outlook to above 30%, with the CEO warning that chip supply would fall short of AI-fuelled demand for years to come.
ASML (+82%) contributed strongly throughout. The shares rose sharply in January on stronger TSMC capex plans and tightening DRAM and NAND supply, reinforced by ASML's own upgraded 2026 guidance, and continued higher through the second quarter as expectations for Wafer Fabrication Equipment (WFE) spending increased for this year and next. ASML has high exposure to DRAM, where capital-expenditure demand is rising fastest, and we raised our EUV tool shipment estimates. A first quarter earnings beat, a raised full-year net sales outlook to €36-40 billion, and news of two new Samsung and SK Hynix plants at the half's end all reinforced sentiment.
Safran (+22%) contributed positively following a new position initiated in April, when Iran-related share-price weakness and an oil-price shock created an attractive entry point. A first quarter revenue beat, driven by a 63% surge in LEAP engine deliveries and 29% growth in spare-parts sales, reinforced our thesis on the duration of the engine-aftermarket supercycle, in which we believe Safran can earn above mid-cycle levels as the LEAP installed base matures.
The main detractors were:
Boston Scientific (-55%) was the largest detractor and weighed on performance in every phase of the half. Concerns centered on the electrophysiology franchise: the shares fell in February after the segment missed in Q4 and the company announced the $15bn Penumbra acquisition, and again in March on management comments at the Cowen conference alluding to US share loss. The pressure continued in the second quarter, as the company reset its full-year 2026 guidance lower at its April results, and management then reset Watchman expectations lower again and acknowledged PFA share loss at Bernstein's conference in late May. A strongly risk-on market that penalised defensive medtech added a further headwind.
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NOMURA FUNDS IRELAND – GLOBAL HIGH CONVICTION FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Performance Commentary (continued)
Microsoft (-23%) detracted through two distinct episodes. In January and the first quarter the shares fell after Azure cloud growth missed expectations, as AI datacentre capacity took time to come online, which we viewed as timing rather than a change in demand. In June the shares fell again as sentiment toward the Hyperscalers deteriorated, with investors increasingly concerned about the scale of AI-infrastructure spending, expected to reach around $190 billion in 2026, and its impact on free cash flow. We continue to regard Microsoft as a core, high-quality holding and view the sell-off as an opportunity rather than a change in thesis.
Mastercard (-10%) also weighed on returns. The shares were affected in January by regulatory concerns following comments on potential credit-card interest-rate caps and the Credit Card Competition Act, though the position proved resilient in the March.
Investment Outlook
The first half of 2026 was shaped by geopolitics and by an intense, narrow focus on artificial intelligence. Markets began the year at record highs, led by a rotation into cyclical and defensive sectors outside the Fund's universe, before a month-long US-Iran conflict drove a spike in oil prices and a sharp correction in March. A ceasefire in early April then triggered one of the fast est V shaped recoveries on record, carrying the S&P 500, MSCI World and MSCI ACWI to new all-time highs. Diplomatic progress continued through June, though efforts stopped short of a definitive resolution, with oil volumes through the Strait of Hormuz remaining well below pre-war levels.
Market leadership was exceptionally narrow. Information Technology, and within it the semiconductor complex, accounted for the bulk of index returns, while most other sectors lagged. The rally broadened somewhat in June, when more cyclical leaders gave back ground and defensives such as Health Care outperformed, but the dominant theme of the half was a market willing to reward AI-linked names above almost everything else. Late in the period, sentiment toward the mega-cap Hyperscalers turned as investor s began to question whether the scale of AI capital expenditure would translate into adequate returns and free cash flow. We see this scrutiny as healthy, and the resulting dislocation as an opportunity, since in our view the spending under question is building durable competitive advantage.
A resurgence in inflation data added macro complexity toward the end of the half, sharpening attention on the US Federal Reserve's remaining interest-rate decisions for the year. The interplay of firmer inflation, AI-driven capital spending and sti ll narrow market leadership is likely to keep volatility elevated.
In this environment, we continue to rely on our bottom-up investment process. We focus on high-quality companies with strong balance sheets, pricing power and durable competitive advantages, characteristics we believe are well suited to navigating slow er growth, persistent policy uncertainty and shifting market leadership. We used the volatility of the first half to add selective ly to high-conviction positions and to refine the portfolio, and we remain confident that disciplined stock selection is the most effe fective way to compound capital over the long term.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND – GLOBAL SUSTAINABLE EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund -0.19 9.00 0.36 9.39 38.38 101.46 Benchmark -0.80 14.93 11.25 23.67 71.50 141.69 Out/(Under) Performance 0.61 -5.93 -10.89 -14.28 -33.12 -40.23 Source BBH; % Returns in USD. Benchmark is the MSCI All Country World Index. Gross return, close of day numbers. *Since Inception date is 15th April, 2019.
Performance Commentary
For the six months ended 30th June, 2026, the fund returned 0.36% compared with the benchmark return of 11.25% and therefore underperformed the benchmark by 10.89%.
The first half of 2026 was a challenging period for the strategy with a return of +1.2% and an underperformance of -10% compare d to the benchmark. The market return during the first half of 2026 was dominated by the IT sector (+30%), Energy (+16%) and Industrials (+15%) with all other sectors underperforming. These moves can be explained by investors taking an increasingly bullish stance on the AI buildout driving greater earnings across IT and Industrials as well as the Iran-US conflict leading to a rise in oil prices. Within IT, the hardware names in particular rallied very strongly and the fund was underexposed to these names. These small pockets of the market rallying in an extreme way created challenges for selection in both IT and Industrials, which were the biggest negative drivers of performance. Through the first half of the year, we have taken an active portfolio managem ent approach and made significant changes to adapt to these new events. We are encouraged by an improving performance in June and we are hopeful of a broader improvement as we move into the second half of 2026.
Starting in the first quarter, which was dominated by geopolitical instability, the fund declined -7.0% in the first quarter of 2026 underperforming the MSCI ACWI by -375bps. The underperformance was driven by stock selection (-394bps) with allocation only slightly positive. The most challenging sectors were Industrials (-157bps), Information Technology (-109bps), and Financials (-93bps). Through the quarter, our positioning in EM financials as well as software contributed materially to underperformance as these areas struggled to keep up with their broader GICS sectors (Financials and Information Technology respectively). Within Industrials, the headwinds were a combination of stock selection issues as well as the non-ownership of the Aerospace & Defence subsector, which continued to perform strongly in the first quarter of 2026.
During the second quarter of 2026 the fund gained +9.0% – underperforming the MSCI ACWI by -593bps. Generally the fund’s positioning in terms of sectors and quality has meant it can struggle to keep up in very sharp rallies and we think this is one of the key factors during the second quarter. Diving into the details, the underperformance was primarily driven by stock selection (-654bps) with allocation only slightly positive. Selection was particularly challenging in IT (-380bps). The IT sector rallied +39% in the second quarter driven by memory, hard disk players and certain other semis names. Although the fund is positioned in a number of these names, we did not have sufficient exposure in some areas and struggled to keep up. We have gradually adjusted this stance with new purchases in names such as Cisco, Dell and Micron.
The largest contributors to attribution were TSMC (+54%), ASML (+82%), not holding Meta (-15%), Cisco (+33% since bought), and Johnson Controls (+23%). The most significant detractors were Boston Scientific (-55%), SAP (-37%), Pentair (-31%), Microsoft (-23%) and not holding SK Hynix (+280%).
Impact Focus
During the first quarter, the team undertook 6 engagements for impact with portfolio companies over the period. Of these, 3 wer e focused on the team’s Mitigate Climate Change impact goal, 1 on Global Access to Financial Services and 2 on other sustainabili ty topics, such as human rights. Of the 6 engagements undertaken, 5 were ongoing engagements with specified milestones goals, whilst 1 was classified as a one-off engagement. Of these ongoing engagements, the breakdown by milestone progress was: 1 at milestone level I (communicate issues to portfolio companies), 1 at milestone level II (company shares a recognition of the iss ues), 1 at milestone level III (company formulates countermeasures), and 2 at milestone level V (successful conclusion). No milestone engagements were concluded during the quarter due to lack of success.
In the second quarter, the team undertook 13 engagements for impact with portfolio companies over the period. Of these, 5 were focused on the team’s Mitigate Climate Change impact goal, 2 on Global Access to Financial Services, 1 on Global Access to Clean Drinking Water and 5 on other sustainability topics, such as executive remuneration and healthcare access, amongst others .
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NOMURA FUNDS IRELAND – GLOBAL SUSTAINABLE EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Performance Commentary (continued)
Impact Focus (continued)
Of the 13 engagements undertaken, 7 were ongoing engagements with specified milestones goals, whilst 6 were classified as a one off engagement. Of these ongoing engagements, the breakdown by milestone progress was: none at milestone level I (communicate issues to portfolio companies), 1 at milestone level II (company shares a recognition of the issues), 3 at milestone level III (company formulates countermeasures), 1 at milestone level IV (company implements countermeasures) and 2 at milestone level V (successful conclusion). No milestone engagements were concluded during the quarter due to lack of success.
Investment Outlook
Looking into the second half of 2026, we think there will be a continued focus on the AI developments that have driven much of the gains in the stock market YTD. The potential IPOs of Anthropic and OpenAI are probably the most interesting catalysts in th is regard as the disclosure of their financial metrics would help investors assess the health of the overall AI ecosystem. As the 2 leading LLMs much of the committed revenue in other parts of the AI ecosystem derives from their spending. Anthropic, for example, recently committed to $200bn of spend on Google Cloud over 5 years (equating to 40% of Alphabet’s backlog). These two companies also need to demonstrate the ROI of billions of capex already deployed across data centers and so we think the profitability metrics will be closely followed. After a very concentrated rally in the NASDAQ and semiconductor stocks in particular during April/May we have seen a more balanced performance by sector through June. Going into the second half of 2026, although AI will continue to be a mega-theme, we also wonder whether some broadening in market returns could be on the way as certain out of favour sectors (healthcare, consumer staples) look very inexpensive whilst positioning in AI names is crowded.
In terms of macro, the main debate for equity investors continues to be on the monetary environment. The inflationary backdrop has improved recently with oil prices falling -20% in June. However, bond yields remained stable as investors remain nervous on other areas of potential cost inflation. During June, Apple announced a plan to increase the prices of Macs and iPads by over 2 0% to account for higher costs from memory chips, which we think shows another potential source of inflation within the US economy . In this dynamic environment, we continue to concentrate on finding high quality businesses able to adapt to the evolving inflat ion level and see pricing power as an increasingly important lever for earnings delivery.
Impact Outlook
We have always emphasised in our conversations with clients and the broader sustainable investment community that we see the sustainability space as ever changing and quite subjective. We believe we are currently at yet another juncture in defining sustainability and re-striking the correct balance between sustainable, or even impact-minded investing and global mega trends, such as AI adoption. It is getting progressively harder for sustainable investors to ignore the benchmark composition and stick to sustainability thematics while progressing on portfolio climate commitments.
On the backdrop of AI adoption globally, we have previously expressed our sincere concerns about the credibility of climate transition plans for big tech companies or even second derivatives to the space, such as US electric utilities catering to the demand load growth through adding incremental electrons to the grid despite their origin. Unfortunately, we are starting to see solid examples of those fears materialising. Of course, the AI mega trend is not solely to blame, the context is clearly fuelling the reversal of targets with the overall ESG or sustainability sentiment deteriorating since President Trump took office and specifi fically since the passage of the One Big Beautiful Bill Act (OBBBA), which introduced the phase out schedule for renewables tax credits . Green hydrogen specifically was brought to our attention recently as one the main reasons for climate target reversals e.g. as one of the fuels crucial in the medium term to address the shift from gas to a greener, 24/7 source through the use of green hydrogen blending. NextEra Energy is one of those companies that called their ‘Real Zero’ climate plans now unrealistic driven by the inability of green hydrogen to play its role in the longer-term decarbonisation of their fleet. Of course, it is important to h ighlight here that new gas generation is part of their plan to meet the increased demand load growth driven by data centres, which in ou r view is a very significant driver of the decision to withdraw from the target. We continue to maintain close communication with the company and engage on various environmental topics.
One of the narratives around investing in big tech previously was highlighting their leading GHG emission reduction targets, th eir dedication to renewable energy and their overall impact and influence over their supply chains. We are already seeing some of those ambitious 2030 carbon negative climate goals wobble with Microsoft considering to potentially delay or abandon its 2030 target of 100% hourly renewable energy matching. Furthermore, we recently noticed that Broadcom has removed their near-term SBTi commitment. Through the company’s latest sustainability reporting we have seen a continuation of absolute emission increase trends with Meta and Broadcom as examples driven by data centre build out and cloud demand.
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NOMURA FUNDS IRELAND PLC
AMERICAN CENTURY GLOBAL SMALL CAP EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund -0.25 14.09 12.25 15.55 45.50 108.12 Benchmark 0.99 14.89 16.11 28.82 61.87 107.18 Out/(Under) Performance -1.24 -0.80 -3.86 -13.27 -16.37 0.94 Source BBH; % Returns in USD. Benchmark is the MSCI All Country World Index Small Cap. *Since Inception date is 2nd July, 2019. Performance Commentary
For the six months ended 30th June, 2026, the portfolio returned 12.25% compared to the benchmark return of 16.11% and therefore underperformed the benchmark by 3.86%.
Small-cap equities advanced over the period, led by information technology stocks, as investors favored companies benefiting fr om accelerating AI-related capital spending. Artificial intelligence infrastructure beneficiaries outperformed, with semiconductor and select industrial companies posting strong gains as demand for computing power and data center investment remained robust. Markets increasingly differentiated between AI winners and losers, with software and media companies perceived as vulnerable to AI-driven disruption materially underperforming. Strong corporate earnings growth outweighed macroeconomic concerns, helping support equity markets despite ongoing tariff uncertainty and geopolitical risks.
An overweight position in information technology was beneficial, although stock selection in the sector held back relative performance, driven primarily by lack of exposure to computers and peripherals. Not owning Sandisk, a memory company, constrained relative performance. With a market cap of greater than $250 billion, Sandisk is significantly larger than what wou ld typically be considered a small-cap company despite its incl usion in the MSCI ACWI Small Cap Index. In the consumer discretionary sector, shares of Auto1 Group, which owns Europe’s leading digital automotive platform, declined on a weaker-than expected outlook despite delivering solid financial results for 2025. Among individual positions, shares of AI marketing platfo rm Klaviyo declined. Despite strong revenue growth and earnings beats, investor sentiment weakened due to margin pressure and AI related headwinds. In tandem with the announced CFO departure and ongoing leadership turnover, our confidence in the investment thesis deteriorated, and we exited the position.
Key contributors over the period included selection in the industrials sector, particularly in the construction and engineering and aerospace and defense industries. Shares of Argan, a provider of engineering, construction and maintenance services to the elec tric power generation industry, gained after the company reported earnings that far exceeded expectations, while its record backlog continued to grow. The company’s specialty in constructing natural gas and alternative power generation capacity is in high demand as AI companies look to scale. Another stock contributor was specialty metals supplier Carpenter Technology. The company delivered robust results and better-than-expected guidance on accelerating commercial aerospace growth. In addition, an underweight allocation to real estate lifted relative performance over the period, as did an underweight position and selection in the communication services sector. In the latter, shares of Millicom International Cellular, a leading provider of mobile telecommunication services in Latin America, benefited from an improving competitive environment, better pricing and cost cutting initiatives.
From a geographic standpoint, investments in Canada detracted, while investments in the U.S. contributed.
Investment Outlook
The portfolio continues to invest in companies where we believe fundamentals are strong and improving but share price performance does not fully reflect these factors. Our process is based on individual security selection, but broad themes have emerged.
The build-out of AI infr astructure continues. The largest players in artificial intelligence continue to spend heavily on the data centers and semiconductors that make AI possible. We believe small-cap companies involved in semiconductor testing, optics and memory and power infrastructure stand to benefit. Select semiconductor and electronic components companies are also benefiting from improving industrial demand.
The rapid adoption of AI continues to weigh on the software industry’s earnings outlook. With the introduction of new AI tools, software companies have faced questions about the potential for AI to replace them. We are taking a selective approach t o software providers whose share prices declined but may benefit from AI as they incorporate or enable AI use.
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NOMURA FUNDS IRELAND PLC
AMERICAN CENTURY GLOBAL SMALL CAP EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Outlook (continued)
We see opportunities in aerospace and defense companies. Strong end-market demand tied to commercial aerospace, defense and space is supportive of sustainable earnings growth.
We see select opportunities within consumer discretiona ry with stock-specific drivers of earnings growth. Within specialty retail, we own companies with strong product offerings, improving same-store sales growth and expanding store footprints.
We also see opportunities in mining and metals. Elevated energy prices may benefit producers of lithium, a key material in rechargeable batteries. Similarly, higher defense spending may support demand for rare earth minerals, which are used in defens e technology.
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NOMURA FUNDS IRELAND PLC
AMERICAN CENTURY GLOBAL GROWTH EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 0.57 15.45 5.54 11.41 54.04 376.04 Benchmark -0.80 14.93 11.25 23.67 71.50 378.90 Out/(Under) Performance 1.37 0.52 -5.71 -12.26 -17.46 -2.86 Source BBH; % Returns in USD. Net Returns. Institutional Class. Benchmark is the MSCI All Country World Index. *Since Inception date is 14th April, 2010 (Pleas e note that this Sub-Fund become a Sub-Fund of Nomura Funds Ireland by way of a merger on 2nd August, 2019). Performance Commentary
For the six months ended 30th June, 2026, the portfolio returned 5.54% compared with the benchmark return of 11.25% and therefore underperformed the benchmark by 5.71%.
While global equities rose for the first six months of 2026, the war in Iran weighed heavily on markets during the first quarte r. Crude oil, reacting to the closure of the Strait of Hormuz, soared, igniting stagflation fears and dissipating hopes for a Fed rate cut. Then, during the second quarter, U.S. stocks advanced sharply despite volatility stemming from the Iran conflict. Robust earnin gs, resilient economic data and continued momentum in artificial intelligence-related stocks supported gains. After many indices hi t record highs in May, stocks pulled back slightly in June, as chances for a Fed rate hike rose and momentum in AI stocks dissipat ated. Broad non-U.S. stocks also advanced during the second quarter. Consumer inflation in Europe rose, surpassing the European Central Bank’s (ECB) 2% target. In turn, the ECB increased its benchmark rate by 25 bps, its first rate hike in three years. Th e Bank of Japan also raised its key short-term interest rate by 25 bps, reflecting concerns about inflation.
From a geographic perspective, the portfolio’s stock selection in the U.S. and Japan detracted, while stock selection and underweight allocation in Germany, along with positioning in China, contributed. On a sector basis, selection and allocation in financials was the largest detractor, while positioning in consumer discretionary was the notable contributor. Having no exposu re to Micron Technology, a supplier of memory and storage chips, was the portfolio’s single largest stock detractor. The portfolio , however, continues to own companies that would benefit as companies like Micron address supply deficiencies. We believe the portfolio continues to be well exposed to AI-related capital expenditure spending trends. Shares of Micron rose as the company recently released quarterly financials that included earnings and revenue that exceeded Wall Street’s expectations. Micron’s guidance for the current period was also cheered on by investors. In contrast, the portfolio’s position in Applied Materials wa s its largest contributor. Shares of the semiconductor equipment maker recently advanced after the company reported better-than expected quarterly results driven by surging AI infrastructure demand. Management also raised guidance for the current quarter and the full year.
Investment Outlook
The build-out of artificial intelligence infrastructure remains a powerful investment theme. Large hyperscale cloud providers continue to drive demand for AI computing capacity, creating opportunities not only within technology but also across industrie s that support power generation, electrical infrastructure and data center expansion. As AI adoption evolves from model training toward inference, the group of beneficiaries has broadened to include CPU and memory chip manufacturers. We continue to maintain exposure to companies that are well positioned to benefit from these trends.
AI is pressuring software companies, but we see opportunities as well. At the same time, the rapid adoption of AI is increasing competitive pressures across parts of the software sector. While this has contributed to volatility among software stocks, we r emain selective. In particular, we see attractive opportunities in security software, where rising demand for data protection and cybersecurity solutions should benefit companies as organizations increasingly integrate AI into their operations.
Select consumer companies hold potential. We believe select companies in retail are well positioned to benefit from resilient consumer demand and the continued expansion of their offerings. These businesses tend to serve customer segments that retain meaningful spending power despite broader economic uncertainty.
We remain constructive on high-quality earnings compounders. These include firms that have highly recurring and visible revenue bases, strong free cash flow and growing order intake. While some of them have experienced recent share price weakness, we believe their long-term growth prospects remain intact.
The portfolio maintains exposure to a diverse set of enduring investment themes. These include substantial order backlogs across commercial aerospace, continued earnings growth among developed markets banks, ongoing innovation within pharmaceuticals and the recovery in industrial automation and robotics demand. As a result, the portfolio remains well diversifi fied across multiple secular growth opportunities.
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NOMURA FUNDS IRELAND PLC
AMERICAN CENTURY CONCENTRATED GLOBAL GROWTH EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund -0.29 16.81 5.14 8.88 45.43 416.31 Benchmark -0.80 14.93 11.25 23.67 71.50 377.56 Out/(Under) Performance 0.51 1.88 -6.11 -14.79 -26.07 38.75 Source BBH; % Returns in USD. Benchmark is the MSCI All Country World Index. *Since Inception date is 7th November, 2011 (Please note that this Sub-Fund become a Sub-Fund of Nomura Funds Ireland by way of a merger on 2nd August, 2019). Performance Commentary
For the six months ended 30th June, 2026, the portfolio returned 5.14% compared with the benchmark return of 11.25%, and therefore underperformed the benchmark by 6.11%.
While global equities rose for the first six months of 2026, the war in Iran weighed heavily on markets during the first quarte r. Crude oil, reacting to the closure of the Strait of Hormuz, soared, igniting stagflation fears and dissipating hopes for a Fed rate cut. Then, during the second quarter, U.S. stocks advanced sharply despite volatility stemming from the Iran conflict. Robust earnin gs, resilient economic data and continued momentum in artificial intelligence-related stocks supported gains. After many indices hi t record highs in May, stocks pulled back slightly in June, as chances for a Fed rate hike rose and momentum in AI stocks dissipat ated. Broad non-U.S. stocks also advanced during the second quarter. Consumer inflation in Europe rose, surpassing the European Central Bank’s (ECB) 2% target. In turn, the ECB increased its benchmark rate by 25 bps, its first rate hike in three years. Th e Bank of Japan also raised its key short-term interest rate by 25 bps, reflecting concerns about inflation.
From a geographic perspective, the portfolio’s selections in the U.S. and positioning in South Korea detracted, while selection s and positioning in the Netherlands, along with its allocation to Taiwan, contributed. On a sector basis, financials was the notable detractor, while industrials was the strongest contributor. Both performances were driven by security selection. The portfolio’ s overweight in financials also detracted. Having no exposure to Micron Technology, a supplier of memory and storage chips, was the portfolio’s single largest stock detractor. The portfolio, however, continues to own companies that would benefit as compan ies like Micron address supply deficiencies. We believe the portfolio continues to be well exposed to AI-related capital expenditur e spending trends. Shares of Micron rose as the company recently released quarterly financials that included earnings and revenue that exceeded Wall Street’s expectations. Micron’s guidance for the current period was also cheered on by investors. In contras t, the portfolio’s position in Palo Alto Networks was its largest stock contributor. Shares of the cybersecurity giant rallied, mo st recently boosted by strong quarterly earnings results, analysts’ revisions, product momentum in AI-driven security and continue d strength in enterprise cybersecurity demand.
Investment Outlook
The build-out of artificial intelligence infrastructure remains a powerful investment theme. Large hyperscale cloud providers continue to drive demand for AI computing capacity, creating opportunities not only within technology but also across industrie s that support power generation, electrical infrastructure and data center expansion. As AI adoption evolves from model training toward inference, the group of beneficiaries has broadened to include CPU and memory chip manufacturers. We continue to maintain exposure to companies that are well positioned to benefit from these trends.
AI is pressuring software companies, but we see opportunities as well. At the same time, the rapid adoption of AI is increasing competitive pressures across parts of the software sector. While this has contributed to volatility among software stocks, we r emain selective. In particular, we see attractive opportunities in security software, where rising demand for data protection and cybersecurity solutions should benefit companies as organizations increasingly integrate AI into their operations.
Select consumer companies hold potential. We believe select companies in retail are well positioned to benefit from resilient consumer demand and the continued expansion of their offerings. These businesses tend to serve customer segments that retain meaningful spending power despite broader economic uncertainty.
We remain constructive on high-quality earnings compounders. These include firms that have highly recurring and visible revenue bases, strong free cash flow and growing order intake. While some of them have experienced recent share price weakness, we believe their long-term growth prospects remain intact.
The portfolio maintains exposure to a diverse set of enduring investment themes. These include substantial order backlogs across commercial aerospace, continued earnings growth among developed markets banks, ongoing innovation within pharmaceuticals and the recovery in industrial automation and robotics demand. As a result, the portfolio remains well diversifi fied across multiple secular growth opportunities.
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NOMURA FUNDS IRELAND PLC
AMERICAN CENTURY EMERGING MARKETS EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 0.13 30.71 31.31 57.13 105.31 175.30 Benchmark -1.41 24.05 23.85 43.51 86.20 150.81 Out/(Under) Performance 1.54 6.66 7.46 13.62 19.11 24.49 Source BBH; % Returns in USD. Benchmark is the MSCI Emerging Markets Index. *Since Inception date is 8th November, 2017 (Please note that this Sub-Fund become a Sub-Fund of Nomura Funds Ireland by way of a merger on 2nd August, 2019).
Performance Commentary
For the six months ended 30th June, 2026, the portfolio returned 31.31%, compared with the benchmark return of 23.85% and therefore outperformed the benchmark by 7.46%.
Emerging markets (EM) equities delivered a strong performance du ring the first half of 2026, outperforming developed markets stocks. EM stocks were highly volatile in the first quarter due to broad concerns, including artificial intelligence risks, pri vate credit issues and geopolitical events such as Venezuela and the Supreme Court decision on President Donald Trump’s tariffs. Focus later shifted to the Middle East conflict, which spiked energy prices, leading to decreased risk appetite across asset cl asses. The second quarter of 2026 was a different story as EM rebounded strongly, looking beyond the U.S.-Iran conflict as improving prospects for a Middle East cease fire, renewed enthusiasm for AI and strong dema nd for memory chips supported risk sentiment. Energy prices eased from mid-May as confi fidence in a potential agreement increased.
Security selection and a sector overweight in information technology drove the portfolio’s relative outperformance. In addition , positioning in consumer staples and utilities helped returns. In contrast, positioning in communication services and industrial s detracted on a relative basis, along with security selection in energy. From a geographic perspective, positioning in South Kor ea and China added to relative returns, while exposure to Hong Kong weighed on returns.
The single-largest individual contributor was our overweight position in Taiwan-based Unimicron Technology. Shares of the semiconductor substrate leader advanced as strong AI-related demand improved growth expectations for its advanced chip packaging business, supporting earnings upgrades and share price appreciation.
One of our largest detractors was China-based technology giant Tencent Holdings. Shares declined as market sentiment shifted toward pure ‑ play AI names. Investors viewed Tencent’s AI strategy as more conservative and integrative with a more gradual path to AI monetization than a stand-alone AI growth engine. Increased competition in key gaming segments also weighed on shares. We remain confident in the company’s long-term fundamentals.
Investment Outlook
Our outlook for emerging markets (EM) equities remains constructive, supported by a combination of favorable structural growth trends, improving earnings momentum and compelling investment opportunities across regions and sectors.
Artificial intelligence continues to be a powerful driver of earnings growth across much of emerging Asia. Companies in Taiwan and South Korea especially are benefiting from significantly higher demand for advanced semiconductors, high bandwidth memory and other critical components fueling the global AI build-out. Beyond these direct beneficiaries, firms across China, Malaysia and other markets are increasingly participating in the broader AI ecosystem through data centers, electronics manufacturing, networking equipment and cloud infrastructure. We believe Asia’s advantages extend well beyond AI innovation alone. The region offers manufacturing expertise, widespread access to key minerals, competitive energy costs and established supply chains that are essential not only for AI but also for renewable energy, electrification and digitalization trends that are likely to support long-term growth.
Outside Asia, Latin America remains an important source of opportunity. The region has demonstrated notable resilience through recent commodity and energy market disruptions, supported in part by its status as a major producer of oil and natural gas. Brazil, Argentina and Mexico have helped strengthen regional energy security and economic stability. Latin America is also a leading producer of many critical materials required for modern technologies, including lithium, copper and other industrial me tals that are essential for semiconductors, electric vehicles, energy storage systems and power infrastructure. As global demand for these resources continues to grow, we believe Latin America is well positioned to benefit from long-term investment and development trends.
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AMERICAN CENTURY EMERGING MARKETS EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Outlook (continued)
At the same time, the fundamental backdrop for EM equities continues to improve. EM companies have delivered meaningful earnings improvements and demonstrated resilience amid periods of market volatility and geopolitical uncertainty. The potential easing of tensions in the Middle East, including improved confidence around global energy supply, has further reduced near-term macroeconomic risks and supported investor sentiment. We believe strengthening corporate fundamentals, improving profitability and attractive opportunities for active stock selection provide a supportive backdrop for the asset class.
Importantly, the long-term drivers of emer ging markets growth remain firmly intact. Many emerging economies continue to benefit from favorable demographics, expanding middle classes, rising domestic consumption and supportive government policies aimed at increasing productivity and attracting investment. Ongoing advances in technology adoption, digital infrastructure and manufacturing capabilities are creating new avenues for growth across a broad range of industries.
The primary risks to the EM outlook remain oil prices, the U.S. dollar and global demand. Markets are closely monitoring whether tensions in the Middle East remain contained, as any disruption to energy supplies could drive higher oil prices, reign ite inflation concerns, pressure EM currencies and influence central bank policy. However, improved macroeconomic fundamentals, attractive valuations in select markets and stronger earnings growth provide a meaningful cushion relative to previous EM cycle s. We believe AI-driven earnings growth across Asia, Latin America’s strategic natural resource advantages, improving corporate earnings trends and durable long-term growth drivers continue to support a constructive outlook for EM equities.
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NOMURA FUNDS IRELAND - GLOBAL MULTI-THEME EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 2.02 28.70 21.94 27.28 83.00 138.94 Benchmark -0.80 14.93 10.65 23.67 71.50 121.59 Out/(Under) Performance 2.82 13.77 11.29 3.61 11.50 17.35 Source BBH; % Returns in USD. Benchmark is the MSCI All Country World Index. * Since Inception date is 3rd February, 2020.
Performance Commentary
For the six months ended 30th June, 2026, the fund returned 21.94% compared with the benchmark return of 10.65% and therefore outperformed the benchmark by 11.29%.
Market Review
January-March:
Global equity markets declined amid policy uncertainty and geopolitical tensions. Despite weakness in February and March, US markets were able to post modest gains, which were initially supported by expectations of Federal Reserve rate cuts following th the release of weak December services PMI data. However, market sentiment deteriorated after President Trump announced tariffs on European imports in connection with his Greenland territorial claims. Equity markets later recovered after the implementation o f these threatened tariffs was postponed. Technology stocks faced pres sure from concerns that sophisticated AI models could disru pt the enterprise software industry. A US Supreme Court ruling that declared the US tariffs unconstitutional also provided some temporary relief. In March, global equity markets weakened again as tensions in the Middle East escalated and rising energy pri ces fuelled inflation concerns, reducing expectations for rate cuts. European markets were also volatile. They initially benefited from slowing inflation and better-than-expected in the fourth quarter of 2025 Eurozone GDP growth. The EU-India free trade agreement and the US Supreme Court tariff ruling provided additional support. However, markets ultimately declined during the review period as surging crude oil prices and persistent inflation led to a reversal in interest rate expectations towards potential E CB rate hikes rather than cuts.
At the sector level, Energy appreciated the most, supported by rising oil and gas prices amid the ongoing conflict in the Middl e East. By contrast, Consumer Discretionary and Communication Services declined significantly during the quarter. From a style perspective, Value stocks outperformed Growth stocks.
April-June:
Global equities rebounded and delivered robust returns in the second quarter, although the path was volatile and largely driven by Middle East geopolitics. In April and May, US and European markets advanced in relief at the prospect of a US-Iran ceasefire, th the reopening of the Strait of Hormuz and strong semiconductor earnings. Markets largely looked through periodic concerns over oil prices and inflation. June was more volatile. US equities ultimately closed lower as firm employment data, hawkish comments from the FOMC and a pullback in semiconductor names offset mid-month optimism around a US-Iran interim deal and a strong IPO debut. European equities performed better towards the end of the quarter, as energy prices settled, and renewed hopes for a ceasefire outweighed the impact of the ECB’s policy rate hike. Overall, the market was supported by strong demand for semiconductors and signs of de-escalation in the Middle East, although persistent expectations of rate hikes remained a headwin d.
At the sector level, Information Technology appreciated the most, supported by strong semiconductor earnings and improved sentiment following de-escalation of hostilities in the Middle East. The latter pushed energy prices lower, making Energy the largest detractor. From a style perspective, Growth stocks outperformed Value stocks.
Portfolio Review and In vestment Activities:
January – March
Stock selection was the main positive contributor during the quarter, particularly within Information Technology and Industrial s. Sector allocation detracted from the performance, especially through the underweight position in the Energy sector. At the stoc k selection level, positions in Information Technology and Industrials contributed positively, while Health Care and Consumer Discretionary detracted from the performance.
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NOMURA FUNDS IRELAND - GLOBAL MULTI-THEME EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Performance Commentary (continued)
Portfolio Review and Investment Activities (continued)
January – March (continued)
The largest individual stock contributors during the quarter included optical components maker Lumentum Holdings, data storage provider Western Digital, and memory chip manufacturer Micron Technology within the New Technology theme. Data centre infrastructure company Vertiv Holdings in the IoT/Reshoring theme and natural gas producer Coterra Energy in the Satellite them e also contributed positively. Positions that detracted most from the performance included online travel platform MakeMyTrip in th the Demographic Dividend theme, cloud data warehouse provider Snowflake and database software company MongoDB in the AI/Data Science theme, clean energy supplier Constellation Energy in the IoT/Reshoring theme, and AI connectivity solutions provider Astera Labs in the New Technology theme.
Portfolio rebalancing during the quarter involved increasing allocations to Communication Services and Industrials, while also raising cash. These changes were funded primarily through reduc tions in the Information Technology, Consumer Discretionary and Financials sector exposures. From a thematic perspective, we increased exposure most significantly to IoT/Reshoring, followed b y New Technology. We reduced positions in AI/Data Science, Tech Solutions and Demographic Dividend, among other themes. Notable purchases included a new position in Mitsubishi Heavy Industries within IoT/Reshoring and Analog Devices in New Technology. Meanwhile, we significantly reduced the Microsoft position within AI/Data Science and trimmed Intuit within the Tech Solutions theme.
April – June
Both sector allocation and stock selection contributed to the outperformance during the second quarter. Within sector allocatio n, the overweight position in Information Technology and underweight positions in Energy and Consumer Staples added value. Conversely, the overweight position in Industrials detracted from the performance. At the stock selection level, Information Technology was the main positive contributor, supported by Industrials, while Financials detracted from the performance.
The largest individual positive stock contributors included memory chip maker Micron Technology, storage solutions maker Western Digital, flash memory maker SanDisk and AI connectivity chipmaker Astera Labs within the New Technology theme. Meanwhile, overweight positions in natural gas producer Coterra Energy within the Satellite theme and streaming entertainment company Netflix within the Entertainment/Experience theme detracted from the performance.
The portfolio increased its allocation to Information Technology during the quarter. This was funded through the cash position, along with reductions in other sectors, and also reflected the sector’s share price surge. From a thematic perspective, we incr eased the exposure most significantly to New Technology and AI/Data Science, while reducing positions in Tech Solutions, Entertainment/Experience and IoT/Reshoring, among other themes. Notable purchases included additions to Alphabet within AI/Data Science and Applied Materials within New Technology. Meanwhile, we trimmed positions in Western Digital and Micron Technology within New Technology.
Investment Outlook
We remain cautiously optimistic for the rest of 2026. Despite geopolitical pressures, the current upcycle in corporate earnings is pushing global equity markets to new all-time highs. Earnings have remained robust, as AI and related data centre buildouts are driving activity beyond the Info rmation Technology sector into Industrials and Uti lities. AI-related cap ital expenditure is expanding at a pace that is outstripping market expectations, supported by the medium-term outlook for AI demand. After years o f stagnation, manufacturing activity is improving, including industrial production and manufacturers’ order books. This capital expenditure-driven growth cycle appears likely to continue and may support earnings through the second half of the year. In our view, it is large enough to offset some weakness in other parts of the economy. While the data are not yet sufficient to draw definitive conclusions, we believe AI could deliver substantial productivity gains across industries.
At the same time, US consumer spending has been more resilient than sentiment measures would suggest. This partly reflects the “K-shaped economy,” in which higher-income households continue to spend, supported by asset values and stable employment. In the US, consumption accounts for roughly 70% of GDP, while the top 1% and top 10% of households account for about 20% and nearly 50% of total consumption, respectively.
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NOMURA FUNDS IRELAND - GLOBAL MULTI-THEME EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Outlook (continued)
Market concentration and inflation remain key risks. Global earnings growth has become increasingly dependent on a relatively small group of companies tied to AI-related capital expenditure, which has driven a disproportionate share of equity market performance. On inflation, recent economic data show that global manufacturers face rising goods prices, alongside increasing supply chain pressures. We believe this recent pressure has been linked partly to higher energy prices resulting from the confl ict in the Middle East. We are closely monitoring rising geopolitical tensions, the shift towards greater protectionism and rising populism, as these could add to inflationary pressures.
Although volatility could stay elevated in the short term, our medium- to long-term focus remains on the AI revolution. We find themes such as generative AI technology, digital transformation, cybersecurity and decarbonisation attractive. We also find emerging markets attractive, as their equity returns have lagged behind those of developed markets by a wide margin, despite so lid economic growth in many countries since the mid-2010s. In terms of stock selection, we will maintain our discipline in fundamental research and focus on identifying companies with resilient balance sheets, strong management and operational agility ty.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND – JAPAN SMALL CAP EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 2.34 11.92 18.32 42.13 90.74 161.26 Benchmark 1.09 11.47 16.55 40.29 86.08 139.22 Out/(Under) Performance 1.25 0.45 1.77 1.84 4.66 22.04 Source BBH; % Returns in JPY. Benchmark is the Russell Nomura Small Cap (RNS) Index. *Since Inception date is 7th February, 2020.
Performance Commentary
For the six months ended 30th June, 2026, the fund returned 18.32% compared with the benchmark return of 16.55% and therefore outperformed the benchmark by 1.77%.
The Japanese stock market appreciated during the first half of 2026. The benchmark index rose 16.55% over this review period, during which it rose by 4.56% in the first quarter (January to March) followed by a gain of 11.47% in the second quarter (April to June) in local currency terms. The benchmark underperformed relative to the TOPIX index, which recorded a gain of 18.56% over the same review period. Amid speculation that the House of Representatives would be dissolved, expectations grew that the Takaichi administration would push ahead with policy measures. The stock market surged after the Liberal Democratic Party secured a majority of more than two-thirds of the total seats in the House of Representatives election on its own. In March, however, the United States and Israel launched military strikes against Iran, pushing oil prices higher on concerns that Iran w ould block traffic through the Strait of Hormuz, a vital maritime trade channel. The stock market fell sharply amid heightened inflationary pressure and related concerns, although it remained in positive territory for the first quarter. At the beginning of the second quarter, the stock market rebounded on widespread expectations that the conflict between the United States and Iran woul d move towards negotiations and a ceasefire. Thereafter, the market continued to rise, led by semiconductor-related stocks and others, supported by strong AI-related demand, including demand from data centres.
Sector allocation had a positive effect on the portfolio’s relative performance for the review period. While overweight positio ns in the Precision Instruments and Chemicals sectors added value, the underweight position in the Electric Appliances sector and overweight position in the Retail Trade sector detracted from the relative performance.
Stock selection also added value to relative performance. Positive stock selection contributions came from positions in Nippon Kodoshi (3891) in the Pulp & Paper sector and Fuso Chemical (4368) in the Chemicals sector. By contrast, the absence of a position in Taiyo Yuden (6976) in the Electric Appliances sector and the position in Hi-Lex Corporation (7279) in the Transportation Equipment sector detracted from the fund’s relative performance.
Nippon Kodoshi’s share price surged, supported by strong investor sentiment after fiscal 2025 earnings came in above consensus expectations, driven by higher demand for AI server-related product s. Fuso Chemical’s share price also rose sharply, as the mark rket welcomed the company’s price revisions, which were backed by its overwhelming market share. By contrast, Taiyo Yuden’s share price surged on expectations of increased MLCC demand for AI servers. However, the fund did not hold the company, which had a negative impact on overall performance. Hi-Lex Corporation’s share price declined, partly due to a correction following the shar arp rise driven by expectations of improved governance after several activist funds became major shareholders in 2025.
During the review period, we added a new position in Casio Computer (6952) in the Electric Appliances sector. Casio is a consumer electronics manufacturer known for products such as G-SHOCK wristwatches and calculators. A retro trend has gained traction in Europe, particularly among younger consumers, and sales of Casio watches in the mid-price range have remained firm. Last year, the company implemented a substantial price increase in response to US tariffs, more than offsetting the rise in cos ts, yet unit sales have continued to grow steadily since then. With an activist investor among its shareholders, we expect further prog ress in restructuring its loss-making business operations and efforts to enhance shareholder returns. Taking into account the prospe ct of medium-term profit growth, we believe the current share price is undervalued, and we therefore added a new position in this sto ck. Meanwhile, in the Information & Communication sector, we trimmed our position in Broadleaf (3673) following a significant share price rally.
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NOMURA FUNDS IRELAND – JAPAN SMALL CAP EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Outlook
In the first half of 2026, the RNS Index rose by 16.55%, the Russell Nomura Small Growth Index increased by 10.81%, and the Russell Nomura Small Value Index gained 19.23%. Although the RNS Index significantly lagged the Russell Nomura Large Cap Index, which climbed 23.50% over the six-month period, the gap was heavily influenced by the Russell Nomura Large Growth Index, which advanced 29.69% as it was led by the market’s AI semiconductor-related names. By contrast, the Russell Nomura Large Value Index rose by only 16.85%. Over the past few years, the valuation gap between small-cap growth and value stocks has been narrowing, and the excessively high valuations of growth stocks have declined. Considering the broad progress in measures to improve the capital efficiency of Japanese companies, supported by intensifying demands from the Tokyo Stock Exchange (TSE) and pressure from activist investors, value stocks still look attractive today. Our portfolio has a barbell structure in terms of its exposure to value and growth stocks (i.e., no particular style bias), but we have maintained a position with a tilt towards val ue. If value stocks continue to outperform, we are likely to gradually increase the proportion of growth stocks to rebalance the weigh ting. However, we expect the portfolio to retain a slight bias towards value. We will continue to base our investment decisions on thorough fundamental analysis. At the end of June, the Price-to-Book Ratio (PBR) of the benchmark RNS Index was 1.40 and the portfolio’s PBR was 1.28 (Source: Nomura Asset Management).
We will continue to actively seek out companies whose stock prices are currently judged to be trading below their "intrinsic va lue". We will select stocks from a wide range of industries, particularly companies that have not received much attention from the market despite their excellent business strategies, companies where management has shown signs of change due to internal reforms, and companies where capital efficiency is expected to improve due to changes in their attitude toward shareholder retu rns. In the Japanese stock market, activist funds have become more prominent. Traditional asset management companies are also increasingly demanding that listed companies improve capital efficiency. Among small-cap companies — which have historically been slower than large-cap firms to address capital efficiency improvements — an increasing number are now intensifying efforts in response to external pressure. We remain focused on cash-rich companies, those expected to improve corporate governance and investor relations, and companies that may see the unwinding of “parent-child” listings.
We focus on whether a company can maintain long-term sustainable growth and a high ROIC (return on invested capital) to identify its “intrinsic investment value.” Additionally, we consider whether it can maintain or improve ROE (Return on Equity) through appropriate capital policies. This analysis mainly assesses the company's competitiveness, including its strengths and weaknesses. In addition to analysing the strengths of business operations, we also place importance on the company’s "vitality" , such as the quality of management leadership and employee awareness. In addition to analysing financial statements, which refle ct past management decisions, we believe that stable investment performance can be achieved over the long term by conducting thorough research and evaluation of companies from the viewpoint of management quality.
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AMERICAN CENTURY EMERGING MARKETS TRANSITION EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception* Sub-Fund 0.25 31.19 36.47 66.31 108.55 92.14 Benchmark -1.41 24.05 23.85 43.51 86.20 92.99 Out/(Under) Performance 1.66 7.14 12.62 22.80 22.35 -0.85 Source BBH; % Returns in USD. Benchmark is the MSCI Emerging Markets (Net) Index. *Since Inception date is 4th March, 2020. Performance Commentary
For the six months ended 30th June, 2026, the portfolio returned 36.47%, compared with the benchmark return of 23.85%, and therefore outperformed the benchmark by 12.62%.
Emerging markets (EM) equities delivered a strong performance du ring the first half of 2026, outperforming developed markets stocks. EM stocks were highly volatile in the first quarter due to broad concerns, including artificial intelligence risks, pri vate credit issues and geopolitical events such as Venezuela and the Supreme Court decision on President Donald Trump’s tariffs. Focus later shifted to the Middle East conflict, which spiked energy prices, leading to decreased risk appetite across asset cl asses. The second quarter of 2026 was a different story as EM rebounded strongly, looking beyond the U.S.-Iran conflict as improving prospects for a Middle East cease fire, renewed enthusiasm for AI and strong dema nd for memory chips supported risk sentiment. Energy prices eased from mid-May as confi fidence in a potential agreement increased.
Security selection and a sector overweight in information technology drove the portfolio’s relative outperformance. In addition , underweights in consumer discretionary and consumer staples helped returns. In contrast, positioning in financials detracted on a relative basis, along with overweight exposure in communication services and security selection in industrials. From a geograph ic perspective, security selection in South Korea and Taiwan and positioning in China added to relative returns, while positioning in Brazil detracted.
The single-largest individual contributor was our overweight position in South Korea-based Samsung Electro-Mechanics. Shares of the electronic components leader advanced as accelerating AI server demand improved outlooks for its high-end electronic components business, driving earnings expectations higher.
One of the largest detractors was China-based technology giant Tencent Holdings. Shares declined as market sentiment shifted toward pure ‑ play AI names. Investors viewed Tencent’s AI strategy as more conservative and integrative with a more gradual path to AI monetization than a stand-alone AI growth engine. Increased competition in key gaming segments also weighed on shares. We remain confident in the company’s long-term fundamentals.
Investment Outlook
Our outlook for emerging markets (EM) equities remains constructive, supported by a combination of favorable structural growth trends, improving earnings momentum and compelling investment opportunities across regions and sectors.
Artificial intelligence continues to be a powerful driver of earnings growth across much of emerging Asia. Companies in Taiwan and South Korea especially are benefiting from significantly higher demand for advanced semiconductors, high bandwidth memory and other critical components fueling the global AI build-out. Beyond these direct beneficiaries, firms across China and other markets are increasingly participating in the broader AI ecosystem through data centers, electronics manufacturing, networking equipment and cloud infrastructure. We believe Asia’s advantages extend well beyond AI innovation alone. The region offers manufacturing expertise, widespread access to key minerals, competitive energy costs and established supply chains that are essential not only for AI but also for renewable energy, electrification and digitalization trends that are likely to support l ong-term growth.
Outside Asia, Latin America remains an important source of opportunity. The region has demonstrated notable resilience through recent commodity and energy market disruptions, supported in part by its status as a major producer of oil and natural gas. Brazil, Argentina and Mexico have helped strengthen regional energy security and economic stability. Latin America is also a leading producer of many critical materials required for modern technologies, including lithium, copper and other industrial me tals that are essential for semiconductors, electric vehicles, energy storage systems and power infrastructure. As global demand for these resources continues to grow, we believe Latin America is well positioned to benefit from long-term investment and development trends.
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AMERICAN CENTURY EMERGING MARKETS TRANSITION EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Outlook (continued)
At the same time, the fundamental backdrop for EM equities continues to improve. EM companies have delivered meaningful earnings improvements and demonstrated resilience amid periods of market volatility and geopolitical uncertainty. The potential easing of tensions in the Middle East, including improved confidence around global energy supply, has further reduced near-term macroeconomic risks and supported investor sentiment. We believe strengthening corporate fundamentals, improving profitability and attractive opportunities for active stock selection provide a supportive backdrop for the asset class.
Importantly, the long-term drivers of emer ging markets growth remain firmly intact. Many emerging economies continue to benefit from favorable demographics, expanding middle classes, rising domestic consumption and supportive government policies aimed at increasing productivity and attracting investment. Ongoing advances in technology adoption, digital infrastructure and manufacturing capabilities are creating new avenues for growth across a broad range of industries.
The primary risks to the EM outlook remain oil prices, the U.S. dollar and global demand. Markets are closely monitoring whether tensions in the Middle East remain contained, as any disruption to energy supplies could drive higher oil prices, reign ite inflation concerns, pressure EM currencies and influence central bank policy. However, improved macroeconomic fundamentals, attractive valuations in select markets and stronger earnings growth provide a meaningful cushion relative to previous EM cycle s. We believe AI-driven earnings growth across Asia, Latin America’s strategic natural resource advantages, improving corporate earnings trends and durable long-term growth drivers continue to support a constructive outlook for EM equities.
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AMERICAN CENTURY US FOCUSED INNOVATION EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund -1.78 24.16 11.34 27.67 93.68 55.05 Benchmark -1.52 21.38 9.34 24.56 96.93 99.09 Out/(Under) Performance -0.26 2.78 2.00 3.11 -3.25 -44.04 Source BBH; % Returns in USD. Benchm ark is the MSCI USA SA Growth Index. *Since Inception date is 30th June, 2021.
Performance Commentary
For the six months ended 30th June, 2026, the portfolio returned 11.34% compared with the benchmark return of 9.34% and therefore outperformed the benchmark by 2.00%.
Stocks produced strong returns in a volatile period marked by war in Iran, surging inflation, changing interest rate expectatio ns and anxiety about corporate spending on artificial intelligence. Nonetheless, robust corporate earnings and resilient economic data helped propel markets to gains for the six months. For the period, value stocks beat growth, and small beat large.
Information technology stocks contributed most to relative performance, reflecting stock choices in the semiconductors and semiconductor equipment industries. The two leading individual contributors to relative performance regardless of sector were i n this space. Semiconductor equipment provider Applied Materials advanced as investors responded to improving demand expectations tied to AI-related chip manufacturing. Similarly, chip-making equipment supplier KLA’s shares were up sharply. The company raised its 2026 growth outlook and expanded its long-term total addressable market estimate, driven by greater process control intensity and packaging for logic and dynamic random access memory. The third-largest individual contributor was early stage commercial space exploration company Rocket Lab. The shares rallied as record revenue and strong guidance were supported by a large backlog and demand for its launch and space systems businesses.
At the other end of the spectrum, communication services stocks detracted most from performance, as a result of stock choices. The two largest detractors in the sector and among the top 10 in the portfolio overall were Facebook’s parent Meta Platforms an d streaming video giant Netflix. Meta’s shares struggled because of investor concern about the company’s massive outlays on artificial intelligence, with unclear returns and strategy. Netflix s hares declined after management’s second-quarter outlook fell short of investor expectations. Investor concerns about rising content budget, a moderation in growth expectations and the departure of a key management figure also weighed on the stock. The number one overall detractor was a lack of exposure to Advanced Micro Devices . Not owning the chip designer hurt as shares advanced after the company issued stronger-than-expected guidance. The stock benefited from accelerating AI and data center chip demand, with growth across both graphics processing units and CPUs.
Investment Outlook
Opportunity amid uncertainty. We believe uncertainty has rarely been higher as inflation has remained stubbornly high. In addition, Fed policy and the global geopolitical order and trade regime have been in flux. To top it off, we don’t think anyone knows with any certainty how profound the economic impacts of artificial intelligence will ultimately be. These technological, economic and policy uncertainties go a long way to explaining why we expect continued market volatility. However, while we remain mindful of these conditions, they have not been central to our investment thesis. Instead, we seek to look beyond econom ic cycles to identify what we think could be the next decade’s winners. As a result, we believe we have identified significant innovations across the economy that could create long-term growth opportunities in many areas, including AI.
Focus on durable earnings growth. We believe corporate earnings are key because stock returns are often a function of earnings growth and the price investors are willing to pay for those earnings. The good news, in our opinion, is that actual and expecte d earnings growth for the first quarter and full-year 2026 have lar argely been positive. However, we believe slower economic growth or the emergence of other headwinds that could threaten future earnings potential will likely lead to market volatility. Regard less of uncertainty around the economic and policy outlook, we continue to find what we believe is tremendous opportunity in companies benefiting from enduring, secular trends such as AI, enterprise digital transformation, cybersecurity, factory automation and d rug discovery.
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AMERICAN CENTURY US FOCUSED INNOVATION EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Outlook (continued)
Carefully evaluating technology stocks. We believe a key consideration when determining future market direction is the efficacy and durability of corporate spending on AI. Although we do not subscribe to the argument that AI stocks are in a bubble, we remain diligent in our research as we seek evidence of inflated returns on AI-related capital expenditures. To achieve this, we ask pointed questions of corporate management teams and dig into their financials with a fine-tooth comb. We believe that winners a nd losers from this massive investment will be differentiated by how effectively they have been able to deploy AI technology and manage the disruption to their business models. This is why we don’t invest based on high-level investment themes but look at individual company results to identify what we see as attractive opportunities.
Volatility presents opportunities. Business conditions generally vary from quarter to quarter and year to year, and stocks can go up or down in the near term for any number of reasons. And although we may be disappointed when market volatility occurs, we also believe that these downturns can present opportunities to buy innovative companies at a discount. We seek to utilize short term volatility as an opportunity to add to positions when we see share prices disconnect from our assessment of their long-term rm potential as we believe companies with solid long-term growth prospects are better situated to ride out uncertainty relating to economic and earnings growth.
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NOMURA FUNDS IRELAND - JAPAN SUSTAINABLE EQUITY CORE FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 3.08 35.10 39.44 72.84 122.99 167.47 Benchmark 1.05 14.40 18.56 43.26 87.30 124.37 Out/(Under) Performance 2.03 20.70 20.88 29.58 35.69 43.10 Source BBH; % Returns in JPY. Benchmark is the TOPIX Index. *Since Inception date is 30th July, 2021.
Performance Commentary
For the six months ended 30th June, 2026, the fund returned 39.44% compared with the benchmark return of 18.56% and therefore outperformed the benchmark by 20.88%.
The Japanese equity market rallied by approximately 20% in the first half of 2026. At the beginning of the year, the market responded positively to the Liberal Democratic Party’s decisive victory in Japan’s general election. However, escalating tensio ns in the Middle East weighed on sentiment and triggered periods of risk aversion. From April onwards, the market was supported by expectations that the conflict between the US and Iran would move towards a peace agreement. Robust AI-related investment also supported the rally, with AI- and semiconductor-related stocks pushing the market higher. Within this environment, growth stock s, mid-cap stocks and sectors such as Electronics and Capital Goods outperformed.
Our portfolio benefited from this market environment, as did the top three contributors. The top contributor to our portfolio w as Taiyo Yuden. The company’s share price was propelled by market expectations of tighter supply-demand conditions and higher MLCC prices for AI servers. Furukawa Electric, the second-largest contributor, followed by Sumitomo Electric Industries, also gained on market optimism that earnings from optical-related products for AI servers would exceed expectations.
Positions that detracted from the performance in the first half of 2026 included the absence of a position in Tokyo Electron, w hich had the largest negative effect on the relative performance. The stock advanced on projections of robust growth in front-end cap apital expenditure amid concerns over memory chip supply shortages. Fujitsu was the second-largest detractor; its share price fell shar arply amid concerns that its service solutions business could be replaced by advanced AI services as they become more capable. Mitsui Fudosan was the third-largest detractor, as the share price remained weak amid concerns that worsening conditions in the Middle East could lift inflation and increase the risk of higher interest rates.
During this period, we opened new positions in ten holdings and fully liquidated positions in 12 holdings.
Major Purchases
Tokio Marine Holdings expects to increase the pace of cross-shareholding disposals in response to governance concerns in the no n life insurance industry. The company has a solid track record of overseas M&A. We believe it will be able to achieve relatively strong growth by using the proceeds from disposals for M&A activity in addition to enhancing shareholder returns. We also have a positive assessment of the company’s capital and business alliance with a US investment company, which is expected to clarify th the use of previously uncertain excess capital and improve its capital efficiency. The company’s impact goal is “Mitigate Climate Change.” Tokio Marine Holdings provides solutions that support the transition to a decarbonised society, including support for decarbonisation through insura nce underwriting and constructi ve dialogue with investee and borrower companies.
Sumitomo Mitsui Financial Group is expected to benefit from potential medium-term policy rate increases. The bank has recorded solid growth in both deposits and lending, and we see significant scope for earnings expansion in its deposit and lending busin ess. We believe its relative investment appeal is high when its potential to increase shareholder returns is taken into account. The company’s impact goal is “Mitigate Climate Change.” It continues to increase sustainable finance execution towards decarbonisation and also supports poverty reduction through microfinance.
We have a positive view of Mitsui Fudosan’s strategy to invest in and refresh its fixed assets and to enhance shareholder retur ns. Given low office vacancy rates, and a shift in management strategy, we believe the potential for office rent increases has rise n lately. We expect stable earnings per share (EPS) growth and see significant room for revaluation. The company’s impact goal is “Mitigate Natural Capital Depletion.” Mitsui Fudosan is contributing to the environment by mitigating the environmental impact across its supply chain through measures such as improving the environmental performance of new and existing properties, adopting renewable energy, reducing CO2 emissions during construction and offering green building options to tenant companies.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND - JAPAN SUSTAINABLE EQUITY CORE FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Performance Commentary (continued)
Major Sales
The largest sale was Taiyo Yuden, followed by Anritsu and SMC. Given their strong share price performance, we reduced the exposure to Taiyo Yuden and fully disposed of the positions in Anritsu and SMC to take profits.
Investment Outlook
While downside risks remain, including higher inflation caused by surging energy prices, our base scenario assumes that the glo bal economy will remain resilient. At the same time, we recognise that the outlook remains difficult to assess due to monetary and fiscal policy developments in various countries, as well as geopolitical risks. The Japanese equity market has continued to tre nd higher, and valuations have also risen. However, share price performance has diverged between stocks that stand to benefit from AI-related demand and those that do not. For AI-related stocks, earnings are expected to grow sharply, and we believe the incre ase in valuations is broadly justified. By contrast, many non-AI-related stocks remain undervalued regardless of fundamentals, partl tly due to supply-demand factors, and we believe there is room for re-rating. As a result, we are not shifting to a cautious stance on the Japanese equity market. However, we recognise that the market could experience high volatility in both directions.
We believe companies with business operations that can contribute to achieving a sustainable society can improve their enterpri se value over the long term. We invest in these companies based on the philosophy that they are investment opportunities that contribute to strengthening social initiatives and can achieve high investment performance. In terms of contributions, we value a carbon neutral society, the conservation of natural capital, and achieving a healthy, prosperous society. We are investing in companies that contribute to these areas.
When selecting stocks, we closely assess the fundamental elements of each company and make investment decisions accordingly. During the selection process, we look for companies with strong potential for growth and competitiveness over the medium- to long-term, as well as companies that are on the brink of structural changes. From these potential holdings, our goal is to unco ver stocks that are undervalued relative to their fundamentals.
As for individual holdings, we look at companies that are in the midst of a balance sheet or business portfolio evolution. We a lso look for AI or semiconductor-related companies with potential for rising demand, companies expected to benefit from inflation, and global businesses that are resilient and able to withstand an uncertain business environment.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND - ASIA SUSTAINABLE EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund -1.89 32.18 41.48 76.30 126.22 103.69 Benchmark -1.47 24.70 23.93 40.75 84.31 66.15 Out/(Under) Performance -0.42 7.48 17.55 35.55 41.91 37.54 % Returns in USD. Benchmark is the MSCI All Country Asia Pacific Ex-Japan Index. *Since Inception date is 31st March, 2022 . Performance Commentary
For the period ended 30th June, 2026, the fund returned 41.48% compared with the benchmark return of 23.93% and therefore outperformed the benchmark by 17.55%.
In country asset allocation, overweight positions in Korea and underweight positions in India, Australia and China added value. Stock selection in Taiwan and Hong Kong contributed to performance, while Korea, India and Australia detracted.
In Taiwan, Chrome ATE and Delta Electronics performed exceptionally well, supported by shared AI infrastructure supercycle demand and outpacing the TAIEX index. Conversely, the absence of Mediatek, which delivered one of the strongest performances in the market, erased modest overall gains from the portfolio.
In Korea, SK Hynix delivered extraordin ary returns driven by the AI memory supercycle narrative and its position as the undisputed HBM leader. Samsung Electronics also benefited from the "AI equals memory" narrative shift, delivering strong performance over the past six months. Samsung Life saw its share price rise on earnings upgrades and a structural re-rating as a leveraged proxy to Samsung Electronics' AI momentum. Conversely, Samsung Biologics declined on operational concerns.
In China, the absence of Alibaba from the portfolio added to performance amid two consecutive disappointing earnings misses, intensified competition in the e-commerce sector and aggressive AI spending that weighed on near-term profitability. Lenovo benefited from the AI-fuelled wave over the past six months and registered strong performance for the portfolio.
In Hong Kong, ASMPT outperformed significantly, driven by a surge in advanced packaging orders and strong AI-fuelled demand. Conversely, AIA Group fell on regional economic concerns, rising corporate debt and funding pressures, and tighter bank account scrutiny on mainland Chinese clients. Hong Kong Exchanges and Clearing faced intensified regulatory scrutiny, raising the prospect of a slowdown in Hong Kong's share-sale pipeline.
In Australia, National Australia Bank declined amid credit impairment charges related to market volatility from the Middle East conflict, alongside multiple compression and earnings downgrades.
In India, HDFC Bank fell on governance concerns following the abrupt resignation of part-time chairman Atanu Chakraborty, while post-merger integration pressures remained. Infosys faced pressure from weaker global technology spending amid high interest rates and global economic uncertainty, as well as AI-driven business model disruption.
Investment Outlook and Strategy
Global equities enter the second half of 2026 in a constructive but potentially more selective environment. The S&P 500 achieve d 22 all-time highs during the year, supported by a powerful AI-driven earnings cycle, a resilient labour market and robust corpo rate capital expenditure. Ample liquidity remains a key driving force, as demonstrated by the success of large equity and debt raisi ngs in June. The month also saw a more hawkish tone from the US Federal Reserve, which prompted a stronger USD, a fall in commodities and a rotation out of rate-sensitive and long-duration growth names. Concerns about the sustainability of the AI tr ade have resurfaced, although bottom-up commentary continued to indicate operating strength. Geopolitical noise has eased somewhat and oil prices have declined, although it may be premature to treat this as a sustained base case. US policy action may come to the fore ahead of the November mid-term elections, while macroeconomic policy, particularly around interest rates and currencies, could play a more important role for the remainder of the year.
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND - ASIA SUSTAINABLE EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Outlook and Strategy (continued)
We increased our overweight to Japan last month, as the market continued to benefit from strong earnings growth, conservative corporate guidance, governance reforms and substantial foreign inflows. The fall in oil prices and continued positive wage grow th trends should support a recovery in consumer sentiment. Japanese high-technology machinery manufacturers are net beneficiaries of the AI capital expenditure cycle, while the market offers broader diversification than other North Asian peers. Nevertheless , currency trends bear watching, with JPY-USD now at 40-year lows. Our house view expects gradual currency depreciation into 2027, but we remain mindful of historical precedents of sharper moves and policy interventions.
Our overweight exposure to Korea and Taiwan was one of the key discussion points in our latest strategy meeting. Earnings continue to be upgraded and market returns have been exceptionally strong. Amid persistent foreign selling, especially in Korea , increased retail flows through ETFs and leveraged products have contributed to the market’s rise, albeit with higher market volatility. Samsung Electronics and SK Hynix now account for more than 60% of MSCI Korea and have prompted the creation of multiple single-stock ETFs, including leveraged products. We continue to favour the memory shortage theme, but also recognise that the pace of year-on-year memory price increases may slow in the second half. Taiwan remains more concentrated in a single theme, trades at a higher valuation, and offers a less compelling risk-reward at this stage. We therefore decided to take some profits and reduce the overweight to Korea and Taiwan by one notch, with the reduction directed towards the larger exposure to Korea. We are also exploring non-technology opportunities in Taiwan, some of which have lagged significantly amid the market’s narrow technology focus.
India was the other key discussion point. The market has been disappointing for most of the past two years, but some encouragin g signs are emerging. The macroeconomic outlook looks incrementally better, particularly if the decline in oil prices is sustaine d. Foreign inflows into government bonds are increasing following tax relief measures, and the local banking system is expected to receive sizeable foreign currency deposits from the Indian diaspora by September 2026. These factors should help ease pressure on the INR and support domestic liquidity and credit growth over the next few quarters. Valuations have also become more palatable and the recent earnings season delivered better-than-expected results. Risks of continued paper supply remain, and the second h alf of 2026 will see several large IPOs, although these should be supported by ongoing domestic inflows, barring periods of heavy foreign selling. El Niño trends bear watching and may pose risk to the monsoon, rural wage growth, and consumption. All things considered, we have increased our exposure from neutral to a small overweight.
We maintain a neutral stance on China and Hong Kong. In China, retail sales trends turned negative in May, marking the first contraction since 2022, while property sales in second-tier and lower cities also worsened. Major internet platforms are strugg ling to monetise AI investments and continue to face competition concerns. As a result, H shares have struggled, weighing on overall China market returns. Significant lock-up expiries from July may also create near-term pressure. At the same time, pockets of strength remain in areas such as AI-related hardware, semiconductors, renewable energy and healthcare, particularly in A shares . Hong Kong equities remain more exposed to external headwinds, while higher interest rates are a marginal negative. With valuations having corrected sharply, in some cases ahead of underlying fundamentals, we remain neutral.
Despite the easing of Middle East-related concerns and some relief from lower oil prices, structural challenges in smaller ASEA N markets continued to support an underweight position, particularly in the Philippines, Thailand and Indonesia. Indonesia faces the most acute headwinds, including ongoing policy uncertainty, IDR depreciation, a surprise inter-meeting rate increase in June an d the extension of the MSCI’s market accessibility review to November 2026. We have exposure to Malaysia and are more positive on Singapore, where Phase 2 of the EQDP programme and currency resilience are expected to continue supporting markets.
71
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NOMURA FUNDS IRELAND PLC
NOMURA FUNDS IRELAND - CORPORATE HYBRID BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2026
Investment Performance
1 Month 3 Month Year To Date 1 Year 3 Year Since Inception*
Sub-Fund 0.45 2.47 1.25 4.05 n/a 22.78 Benchmark 0.45 2.35 1.42 4.31 n/a 24.04 Out/(Under) Performance 0.00 0.12 -0.17 -0.26 n/a -1.26 Source BBH; % Returns in EUR. Benchmark is the ICE BofA Gl obal Hybrid Non-Financial 5% Constrained Custom Index. * Since Inception date is 9th August, 2023.
Performance Commentary
For the period ended 30th June 2026, the fund returned 1.25% compared with the benchmark return of 1.42% and therefore underperformed the benchmark by 0.17%.
Unsurprisingly, markets were — and continue to be — driven by the Iran War. From the outset, we strongly expected the high quality, investment grade, defensive nature of our portfolio to materially outperform other higher-beta parts of the credit mark rket, whether that be High Yield, Emerging Markets, AT1s, or Equity. This has been proven correct to date.
Relative to our benchmark, however, the main driver of underperformance was the fund's exposure to certain utilities and higher beta positions, including NextEra, Berkshire Hathaway Energy, and Stellantis. We continue to find value across these positions. On the positive side, short-dated positions in issuers such as Ausnet and Southern Company — where extension risk had been mispriced — outperformed for the fund. Bayer and Ørsted are two other idiosyncratic credit stories that contributed positively to performance.
Versus peers, the fund experienced a lower drawdown and remains ahead of competitors both year-to-date and since inception.
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