Fund Evaluator:

Nomura International Core Equity R Overview

Nomura International Core Equity R (IYITX) is an actively managed International Equity Foreign Large Blend fund. Nomura launched the fund in 2012.

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 in equity securities. It will invest primarily in common stocks of non-U.S. companies, which may include companies located or operating in developed or emerging markets. The fund’s investment in emerging market companies will not exceed the greater of (a) 35% of the fund’s net assets or (b) the weight of emerging markets in the fund’s benchmark index, the MSCI ACWI ex USA Index. It also may invest in depositary receipts of foreign issuers.

About Nomura International Core Equity R (IYITX)

There are 3 members of the management team with an average tenure of 4.14 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 R has 58 securities in its portfolio. The top 10 holdings constitute 36.6% 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 R is part of the Equity global asset class and is within the International Equity fund group. Nomura International Core Equity R has 82.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 15.5%. There is 82.1% 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 International Core Equity R has 1.4% of the portfolio in cash.

Assets Under Management

The fund has $36 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.

IYITX 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 R expense ratio is high compared to funds in the Foreign Large Blend category. Nomura International Core Equity R has an expense ratio of 1.26%, which is 34% 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 International Core Equity R 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 July 2026, Nomura International Core Equity R returned -1.9%, which earned it a grade of F, as the Foreign Large Blend category had an average return of 0.7%. 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 International Core Equity R has a trailing yield of 0.73%, which is below the 2.17% 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 R Grades

Year to date, the fund has returned 7.5%, 4.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 13.3% over the past year (grade of F), 11.6% over the past three years (grade of F) and 6.5% per year over the past five years (grade of F) and 7.1% per year over the past 10 years (grade of F).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Nomura International Core Equity R, including its riskiness, submit your email to unlock the rest of the article.