Nomura Holdings

NMR

Market cap $24.9B

India has warned that its growth forecast of up to 7.4% for the financial year ending March 2027 faces "considerable downside" risk due to the Iran war. The country's chief economic advisor has said that India's "trade deficit will rise significantly," leading to a "widening [of] the current account deficit.

For 4Q25, Nomura Core Equity Fund Institutional Class shares underperformed the Fund's benchmark, the S&P 500 Index. Stock selection drove 90% of the underperformance, with selections weakest in consumer discretionary, financials, and communication services. Applied Materials Inc. shares increased on positive revisions to 2026 and 2027 semiconductor capital spending plans, a response to surging demand for AI-related chips.

India was the world's busiest IPO market in 2025, but several companies have paused plans to list this year. Global brokerages Nomura and Citi have cut their 2026 target for the Nifty 50 as the Iran war is expected to slow India's economic growth and hurt corporate earnings.

Every few years investors rediscover something that should have been obvious all along. Right now that rediscovery is happening in international value stocks.

Menlo Park, California, March 06, 2026 (GLOBE NEWSWIRE) -- We are pleased to announce that Silver Lake Partners, a global leader in private equity investing focused on technology and growth industries, has officially entered into a strategic partnership with Nomura Securities, one of Japan's leading integrated financial services platforms. As part of this partnership, we will establish a primary trading account in Japan.

Nomura North Asia CIO Julia Wang says the Chinese yuan is likely to see only gradual near-term appreciation. She also says greater flexibility is more important than currency strength for any attempts to internationalize the RMB, and that the key thing to watch for at the upcoming Two Sessions is China's fiscal policy plans.

For 4Q2025, Nomura Value Fund institutional Class shares modestly trailed its benchmark, the Russell 1000® Value Index. In October, we sold our position in Kenvue Inc. (KVUE), a consumer health company with globally recognizable brands such as Band-Aid, Listerine, Neutrogena, Tylenol, and Johnson's baby products. Approximately two-thirds of Zoetis's revenue is generated by products for companion animals while the remainder comes from products for livestock.

For 4Q25, Nomura Small Cap Value Fund Institutional class shares slightly lagged the return of its benchmark, the Russell 2000 Value Index. Stock selection and an underweight allocation to the healthcare sector were the most notable detractors from the Fund's performance for the quarter. Shares of Herc outperformed during the quarter when the company reported earnings that were better than analysts' expectations.

For 4Q25, Nomura Science and Technology Fund Institutional Class shares had a positive absolute return, but it underperformed S&P North American Technology Sector Index. During the quarter, the underweight to software and services along with an overweight to hardware, semiconductor, and semi cap equipment contributed most. On an individual stock basis, holdings in Seagate Technology, Micron Technology, and an underweight to Oracle were the strongest relative performers.

Investors interested in Financial - Investment Bank stocks are likely familiar with Nomura Holdings (NMR) and MarketAxess (MKTX). But which of these two stocks presents investors with the better value opportunity right now?