Fund Evaluator:

Nomura Mid Cap Income Opps Y Overview

Nomura Mid Cap Income Opps Y (IVOYX) is an actively managed U.S. Equity Mid-Cap Blend fund. Nomura launched the fund in 2014.

The investment seeks to provide total return through a combination of current income and capital appreciation. The fund seeks to achieve its objective by investing primarily in a diversified portfolio of income-producing common stocks of mid-capitalization companies that the manager believes demonstrate favorable prospects for total return. It invests at least 80% of its net assets in the securities of mid-capitalization companies which for purposes of this fund typically are companies with market capitalizations similar to those of issuers included in the Russell Midcap® Index over the last 13 months at the time of acquisition.

About Nomura Mid Cap Income Opps Y (IVOYX)

There are 2 members of the management team with an average tenure of 8.28 years: Bradley Halverson (2021), Kimberly Scott (2014). 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 TR USD index with a weighting of 100%. Nomura Mid Cap Income Opps Y has 39 securities in its portfolio. The top 10 holdings constitute 31.9% 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 Mid Cap Income Opps Y is part of the Equity global asset class and is within the U.S. Equity fund group. Nomura Mid Cap Income Opps Y has 9.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 90.1%. There is 9.3% 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 Mid Cap Income Opps Y has 0.7% of the portfolio in cash.

Assets Under Management

The fund has $11 million in total assets, which is below the $1 billion average for the Mid-Cap 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.

IVOYX 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 Mid Cap Income Opps Y expense ratio is high compared to funds in the Mid-Cap Blend category. Nomura Mid Cap Income Opps Y has an expense ratio of 1.07%, which is 10% 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 Mid Cap Income Opps Y has a portfolio turnover rate of 22%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Blend category.

Recently, in the month of July 2026, Nomura Mid Cap Income Opps Y returned 2.6%, which earned it a grade of A, as the Mid-Cap Blend category had an average return of -1.8%. 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 Mid Cap Income Opps Y has a trailing yield of 2.31%, which is above the 0.48% 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 Mid Cap Income Opps Y Grades

Year to date, the fund has returned 11.8%, 1.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 13.1% over the past year (grade of D), 11.3% over the past three years (grade of D) and 7.1% per year over the past five years (grade of D) and 9.6% per year over the past 10 years (grade of D).

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