Fund Evaluator:
Nomura Opportunity A (FIUSX)
Follow This Fund
Best Performing in Mid-Cap Value Over the Last Year
| 41.4% | Fidelity Value Strategies (FSLSX) |
| 39.3% | Fidelity Advisor Mid Cap Value Z (FIDFX) |
| 39.2% | Fidelity Mid Cap Value (FSMVX) |
| 38.8% | Harbor Mid Cap Value Instl (HAMVX) |
| 38.3% | Harbor Mid Cap Value Investor (HIMVX) |
Fund Details
Nomura Opportunity A Overview
Nomura Opportunity A (FIUSX) is an actively managed U.S. Equity Mid-Cap Value fund. Nomura launched the fund in 1992.
The investment seeks long-term capital growth. The fund invests primarily in mid-size companies that the Manager believes offer attractive valuation and quality characteristics. The fund invests primarily in U.S. companies. It may invest up to 20% of its net assets in real estate investment trusts (REITs). It may continue to hold stocks of mid-size companies that grow into larger companies and may also invest opportunistically in larger companies.
About Nomura Opportunity A (FIUSX)
There are 3 members of the management team with an average tenure of 6.83 years: Kelley Carabasi (2019), Michael Foley (2019), Kent Madden (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell Mid Cap Value TR USD index with a weighting of 100%. Nomura Opportunity A has 99 securities in its portfolio. The top 10 holdings constitute 17.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Nomura Opportunity A is part of the Equity global asset class and is within the U.S. Equity fund group. Nomura Opportunity A has 2.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.2%. There is 2.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Nomura Opportunity A has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $544 million in total assets, which is below the $642 million average for the Mid-Cap Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FIUSX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Nomura Opportunity A expense ratio is high compared to funds in the Mid-Cap Value category. Nomura Opportunity A has an expense ratio of 1.11%, which is 7% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Nomura Opportunity A has a portfolio turnover rate of 18%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Value category.
Recently, in the month of July 2026, Nomura Opportunity A returned -0.8%, which earned it a grade of F, as the Mid-Cap Value category had an average return of 1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Nomura Opportunity A has a trailing yield of 0.56%, which is below the 0.87% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Nomura Opportunity A Grades
Year to date, the fund has returned 20.3%, 4.8 percentage points better than the category, which translates into a grade of A. The fund has returned 29.7% over the past year (grade of A), 17.1% over the past three years (grade of A) and 11.1% per year over the past five years (grade of B) and 10.6% per year over the past 10 years (grade of B).
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FIUSX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FIUSX Return (NAV) | -0.8% | 3.2% | 29.7% | 17.1% | 11.1% | 10.6% |
| FIUSX Grade | F | F | A | A | B | B |
| +/- Category | -2.5% | -2.8% | 6.6% | 3.7% | 1.8% | 0.5% |
| Mid-Cap Value Avg | 1.7% | 6.0% | 23.1% | 13.4% | 9.4% | 10.1% |
| FIUSX Tax Cost Ratio | na | na | 2.6% | 2.0% | 1.9% | 2.3% |
FIUSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FIUSX Return (NAV) | 20.3% | 12.6% | 14.1% | 10.8% | -9.5% | 31.0% | 0.1% | 29.5% | -15.8% | 18.7% | 7.9% |
| FIUSX Grade | A | B | B | D | D | B | D | B | D | A | F |
| +/- Category | 4.8% | 2.7% | 2.3% | -3.1% | -1.4% | 3.6% | -3.7% | 3.2% | -2.4% | 4.5% | -9.5% |
| Mid-Cap Value Avg | 15.5% | 9.9% | 11.8% | 13.9% | -8.2% | 27.5% | 3.8% | 26.3% | -13.4% | 14.1% | 17.4% |
| Risk Measures | |
| Standard Deviation: | 14.9% |
| Total Risk Index: | 1.22 - Above Average |
| Category Risk Index: | 1.02 - Above Average |
| Category Risk Grade: | D (67% Rank) |
| Beta: | 0.86 |
| R-Squared: | 57% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $580 Mil |
| Fund Total Assets: | $ 545 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 18% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 6.8 years | |||
| Average Tenure: 6.8 years | |||
| Managers (Year): Carabasi Kelley (2019), Foley Michael (2019), Madden Kent (2019) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 99 |
| % in Top 10 Holdings: | 17.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.1% |
Portfolio Allocation |
|
| Domestic Stock: | 96.2% |
| Foreign Stock: | 2.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.7% |
Purchase Information
| Fund Family: | Nomura |
| Phone Number: | 800-523-1918 |
| Website: | www.delawarefunds.com |
| Status: | Open |
| Inception Date: | August 24, 1992 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.11% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | Nomura Opportunity A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 25 |
