Fund Evaluator:
Nomura International Core Equity R6 (IINCX)
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Best Performing in Foreign Large Blend Over the Last Year
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Fund Details
Nomura International Core Equity R6 Overview
Nomura International Core Equity R6 (IINCX) is an actively managed International Equity Foreign Large Blend fund. Nomura launched the fund in 2014.
The investment seeks to provide capital growth and appreciation. The fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (80% policy). It will invest primarily in common stocks of non-U.S. companies, which may include companies located or operating in developed or emerging markets.
About Nomura International Core Equity R6 (IINCX)
There are 3 members of the management team with an average tenure of 4.22 years: Charles John (2021), Aditya Kapoor (2021), Trey Schorgl (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI Ex USA NR USD index with a weighting of 100% and MSCI ACWI Ex USA GR USD index with a weighting of 100%. Nomura International Core Equity R6 has 50 securities in its portfolio. The top 10 holdings constitute 39.8% 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 International Core Equity R6 is part of the Equity global asset class and is within the International Equity fund group. Nomura International Core Equity R6 has 82.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 14.8%. There is 82.5% 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 International Core Equity R6 has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $98 million in total assets, which is below the $2 billion average for the Foreign Large Blend 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.
IINCX 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 International Core Equity R6 expense ratio is above average compared to funds in the Foreign Large Blend category. Nomura International Core Equity R6 has an expense ratio of 0.66%, which is 30% lower than its category average, making the fund expense ratio grade a B. 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 International Core Equity R6 has a portfolio turnover rate of 108%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Blend category.
Recently, in the month of August 2026, Nomura International Core Equity R6 returned 2.3%, which earned it a grade of B, as the Foreign Large Blend category had an average return of 2.0%. 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 International Core Equity R6 has a trailing yield of 0.97%, which is below the 2.13% 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 International Core Equity R6 Grades
Year to date, the fund has returned 10.4%, 3.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 13.8% over the past year (grade of F), 14.6% over the past three years (grade of F) and 7.3% per year over the past five years (grade of D) and 7.9% per year over the past 10 years (grade of F).
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IINCX 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 |
|
| IINCX Return (NAV) | 2.3% | 3.6% | 13.8% | 14.6% | 7.3% | 7.9% |
| IINCX Grade | B | C | F | F | D | F |
| +/- Category | 0.3% | 0.4% | -8.5% | -3.6% | -1.2% | -1.4% |
| Foreign Large Blend Avg | 2.0% | 3.2% | 22.3% | 18.2% | 8.5% | 9.3% |
| IINCX Tax Cost Ratio | na | na | 2.7% | 1.3% | 1.1% | 1.1% |
IINCX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IINCX Return (NAV) | 10.4% | 24.4% | 4.0% | 17.1% | -15.1% | 14.5% | 7.5% | 19.0% | -17.5% | 23.3% | 1.8% |
| IINCX Grade | F | F | C | C | B | A | D | F | F | F | B |
| +/- Category | -3.5% | -6.1% | -0.8% | 0.9% | 1.3% | 4.3% | -4.3% | -3.9% | -2.3% | -3.1% | 0.8% |
| Foreign Large Blend Avg | 13.9% | 30.5% | 4.9% | 16.2% | -16.4% | 10.2% | 11.8% | 22.9% | -15.2% | 26.4% | 1.0% |
| Risk Measures | |
| Standard Deviation: | 13.1% |
| Total Risk Index: | 1.07 - Above Average |
| Category Risk Index: | 1.04 - High |
| Category Risk Grade: | F (80% Rank) |
| Beta: | 0.90 |
| R-Squared: | 84% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1343 Mil |
| Fund Total Assets: | $ 98 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 108% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.8 years | |||
| Average Tenure: 4.2 years | |||
| Managers (Year): John Charles (2021), Kapoor Aditya (2021), Schorgl Trey (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 50 |
| % in Top 10 Holdings: | 39.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 82.5% |
Portfolio Allocation |
|
| Domestic Stock: | 14.8% |
| Foreign Stock: | 82.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.1% |
| Cash: | 1.7% |
Purchase Information
| Fund Family: | Nomura |
| Phone Number: | 800-523-1918 |
| Website: | www.ivyinvestments.com |
| Status: | Open |
| Inception Date: | July 31, 2014 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.66% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | Nomura International Core Equity A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
