Fund Evaluator:
Nomura Balanced Fund Class A (IBNAX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
Nomura Balanced Fund Class A Overview
Nomura Balanced Fund Class A (IBNAX) is an actively managed Allocation Moderate Allocation fund. Nomura launched the fund in 1987.
The investment seeks to provide total return through a combination of capital appreciation and current income. The fund seeks to achieve its objective by investing primarily in a diversified mix of stocks, debt securities and short-term instruments, depending on market conditions. Regarding its income-generating equity investments, it invests primarily in medium to large, well-established companies. The fund invests at least 50% of its total assets in equity securities including convertible securities.
About Nomura Balanced Fund Class A (IBNAX)
There are 7 members of the management team with an average tenure of 2.00 years: Jurgen Wurzer (2021), Stefan Löwenthal (2021), Aaron Young (2021), Amy Chang (2026), Chris Parham (2026), Stephen Kotsen (2026), David Crall (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Nomura Balanced Fund Class A has 526 securities in its portfolio. The top 10 holdings constitute 31.1% 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 Balanced Fund Class A is part of the Allocation global asset class and is within the Allocation fund group. Nomura Balanced Fund Class A has 7.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 60.9%. There is 5.6% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 32.1% (29.8% domestic bond, 2.3% foreign bond and 0.0% convertible bond). Nomura Balanced Fund Class A has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $2 billion average for the Moderate Allocation 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.
IBNAX 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 Balanced Fund Class A expense ratio is high compared to funds in the Moderate Allocation category. Nomura Balanced Fund Class A has an expense ratio of 0.98%, which is 1% lower than its category average, making the fund expense ratio grade a C. 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 Balanced Fund Class A has a portfolio turnover rate of 80%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of June 2026, Nomura Balanced Fund Class A returned 0.7%, which earned it a grade of A, as the Moderate Allocation category had an average return of 0.1%. 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 Balanced Fund Class A has a trailing yield of 1.13%, which is below the 1.97% category average. The fund normally distributes its income quarterly 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 Balanced Fund Class A Grades
Year to date, the fund has returned 7.2%, 0.5 percentage points better than the category, which translates into a grade of C. The fund has returned 12.7% over the past year (grade of D), 13.7% over the past three years (grade of B) and 7.2% per year over the past five years (grade of C) and 9.2% per year over the past 10 years (grade of C).
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IBNAX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| IBNAX Return (NAV) | 0.7% | 10.9% | 12.7% | 13.7% | 7.2% | 9.2% |
| IBNAX Grade | A | A | D | B | C | C |
| +/- Category | 0.6% | 2.6% | -1.5% | 0.9% | 0.3% | 0.5% |
| Moderate Allocation Avg | 0.1% | 8.3% | 14.2% | 12.9% | 6.9% | 8.7% |
| IBNAX Tax Cost Ratio | na | na | 0.8% | 0.7% | 2.0% | 1.8% |
IBNAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IBNAX Return (NAV) | 7.2% | 11.7% | 15.7% | 16.2% | -16.1% | 16.3% | 14.3% | 22.1% | -3.3% | 11.4% | 2.0% |
| IBNAX Grade | C | D | A | B | D | B | B | B | A | F | F |
| +/- Category | 0.5% | -1.6% | 3.5% | 1.8% | -2.1% | 1.9% | 1.5% | 2.3% | 1.8% | -2.4% | -5.7% |
| Moderate Allocation Avg | 6.7% | 13.3% | 12.2% | 14.4% | -14.0% | 14.4% | 12.8% | 19.8% | -5.1% | 13.7% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 10.2% |
| Total Risk Index: | 0.83 - Average |
| Category Risk Index: | 1.10 - High |
| Category Risk Grade: | F (97% Rank) |
| Beta: | 1.00 |
| R-Squared: | 86% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1955 Mil |
| Fund Total Assets: | $1,470 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 80% |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 4.6 years | |||
| Average Tenure: 2.0 years | |||
| Managers (Year): Wurzer Jurgen (2021), Löwenthal Stefan (2021), Young Aaron (2021), Chang Amy (2026), Parham Chris (2026), Kotsen Stephen (2026), Crall David (2026) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 526 |
| % in Top 10 Holdings: | 31.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.9% |
Portfolio Allocation |
|
| Domestic Stock: | 60.9% |
| Foreign Stock: | 5.6% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 29.8% |
| Foreign Bond: | 2.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.1% |
Purchase Information
| Fund Family: | Nomura |
| Phone Number: | 800-523-1918 |
| Website: | www.ivyinvestments.com |
| Status: | Open |
| Inception Date: | November 16, 1987 |
| 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 (%): | 0.98% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Nomura Balanced Fund Class A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
