Fund Evaluator:
Nomura Climate Solutions A (IEYAX)
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Best Performing in Global Small/Mid Stock Over the Last Year
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Fund Details
Nomura Climate Solutions A Overview
Nomura Climate Solutions A (IEYAX) is an actively managed International Equity Global Small/Mid Stock fund. Nomura launched the fund in 2006.
The investment seeks to provide capital growth while also seeking to invest in companies committed to reducing greenhouse gas (GHG) emissions within their operations and/or through the products or services they offer. Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of companies that the Manager and Van Eck Associates Corporation (the “Sub-Advisor”, together the “Management Team”) has identified as being capable of reducing, displacing and/or sequestering greenhouse gas (GHG) emissions or helping others to do so (80% policy). The fund is non-diversified.
About Nomura Climate Solutions A (IEYAX)
There are 4 members of the management team with an average tenure of 4.44 years: Barry Klein (2022), Geoffrey King (2021), Samuel Halpert (2021), Barry Gladstein (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and MSCI ACWI GR USD index with a weighting of 100%. Nomura Climate Solutions A has 35 securities in its portfolio. The top 10 holdings constitute 37.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Nomura Climate Solutions A is part of the Equity global asset class and is within the International Equity fund group. Nomura Climate Solutions A has 42.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 56.2%. There is 42.3% 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 Climate Solutions A has 1.5% of the portfolio in cash.
Assets Under Management
The fund has $44 million in total assets, which is below the $858 million average for the Global Small/Mid Stock 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.
IEYAX 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 Climate Solutions A expense ratio is high compared to funds in the Global Small/Mid Stock category. Nomura Climate Solutions A has an expense ratio of 1.24%, 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 Climate Solutions A has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 57% for the Global Small/Mid Stock category.
Recently, in the month of August 2026, Nomura Climate Solutions A returned 1.4%, which earned it a grade of D, as the Global Small/Mid Stock category had an average return of 1.9%. 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 Climate Solutions A has a trailing yield of 0.79%, which is below the 1.30% 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 Climate Solutions A Grades
Year to date, the fund has returned 18.0%, 5.0 percentage points better than the category, which translates into a grade of A. The fund has returned 32.6% over the past year (grade of A), 11.9% over the past three years (grade of C) and 17.0% per year over the past five years (grade of A) and 1.1% per year over the past 10 years (grade of F).
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IEYAX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| IEYAX Return (NAV) | 1.4% | -2.2% | 32.6% | 11.9% | 17.0% | 1.1% |
| IEYAX Grade | D | D | A | C | A | F |
| +/- Category | -0.6% | -3.3% | 17.6% | 0.3% | 14.2% | -7.3% |
| Global Small/Mid Stock Avg | 1.9% | 1.1% | 15.0% | 11.7% | 2.8% | 8.4% |
| IEYAX Tax Cost Ratio | na | na | 0.4% | 0.5% | 0.5% | 0.3% |
IEYAX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IEYAX Return (NAV) | 18.0% | 22.6% | -3.5% | -4.2% | 41.4% | 43.2% | -38.7% | 4.3% | -34.6% | -13.1% | 34.3% |
| IEYAX Grade | A | A | F | F | A | A | F | F | F | F | A |
| +/- Category | 5.0% | 8.4% | -6.5% | -20.7% | 63.7% | 27.1% | -66.2% | -23.2% | -20.5% | -39.1% | 26.4% |
| Global Small/Mid Stock Avg | 13.0% | 14.2% | 2.9% | 16.5% | -22.3% | 16.1% | 27.5% | 27.6% | -14.0% | 26.0% | 7.9% |
| Risk Measures | |
| Standard Deviation: | 14.8% |
| Total Risk Index: | 1.22 - Above Average |
| Category Risk Index: | 0.89 - Below Average |
| Category Risk Grade: | B (24% Rank) |
| Beta: | 0.70 |
| R-Squared: | 34% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $128 Mil |
| Fund Total Assets: | $ 45 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 29% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 4.8 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): King Geoffrey (2021), Halpert Samuel (2021), Gladstein Barry (2022), Klein Barry (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 35 |
| % in Top 10 Holdings: | 37.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 42.3% |
Portfolio Allocation |
|
| Domestic Stock: | 56.2% |
| Foreign Stock: | 42.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.5% |
Purchase Information
| Fund Family: | Nomura |
| Phone Number: | 800-523-1918 |
| Website: | www.ivyinvestments.com |
| Status: | Open |
| Inception Date: | April 3, 2006 |
| 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 (%): | 1.24% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.26% |
| Share Class: | Nomura Climate Solutions Y |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
