IASEX — Nomura Asset Strategy Fund

IASEX Fund Overview

IASEX — Nomura Asset Strategy Fund is a US mutual fund managed by Ivy Funds, categorised as United States Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Ivy Funds
• Category: United States Large Cap Blend / Core Equity
• Assets under management: $1.85B
• 1-year return: -11.2%
• Ticker: IASEX
• SEC CIK: 0000883622
• SEC series ID: S000006283
• Share class ID: C000043898

IASEX Investment Objective and Strategy

Nomura Asset Strategy Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ivy Funds.

Investment objective

To seek to provide total return.

Principal investment strategy

Ivy Asset Strategy Fund seeks to achieve its objective by allocating its assets among different asset classes of varying correlation around the globe. IICO begins its investment process by investing a portion of the Funds assets in global equity securities that IICO believes can outperform the Funds benchmark index, the MSCI ACWI Index, over a full market cycle (the Equity Sleeve). IICO then invests the Funds remaining assets in various additional asset classes, including global fixed-income securities, United States Treasury instruments, precious metals, commodities and cash (the Diversifying Sleeve), which seek to provide returns to the Fund while having less correlation to the Equity Sleeve. IICO may allocate the Funds investments among these different asset classes in different proportions at different times, but generally seeks to invest 50% - 80% of the Funds total assets (with a long-term target of approximately 65%) in the Equity Sleeve and 20% - 50% of the Funds total assets (with a long-term target of approximately 35%) in the Diversifying Sleeve.

In selecting securities for the Fund, IICO primarily emphasizes a bottom-up (researching individual issuers) approach and seeks to find relative value across the asset classes noted above. Part of IICOs investment process also includes a top-down (assessing the market and economic environment) analysis. With respect to the Equity Sleeve, IICO seeks what it believes are well-positioned companies with a strong and/or growing sustainable competitive advantage in attractive industries across the globe which IICO believes can exceed current earnings estimates. IICO looks for companies that are taking market share within their industries, which results in high levels of cash, as well as stable to improving margins and returns. IICO generally focuses on companies that are growing, innovating, improving margins, returning capital through dividend growth or share buybacks and/or offering what IICO believes to be sustainable high free cash flow.

Within the Equity Sleeve, the Fund has the flexibility to invest in both growth and value companies. Although the Fund primarily invests in securities issued by large-capitalization companies (typically, companies with market capitalizations of at least $10 billion at the time of acquisition), it may invest in securities issued by companies of any size. The Equity Sleeve typically holds a limited number of stocks (generally 50 to 70). Within the Diversifying Sleeve, the Fund has the flexibility to invest in a wide range of assets that, in IICOs view, present attractive risk-adjusted returns as compared to the Equity Sleeve, and/or reduce the Funds overall risk profile because such assets have less correlation to the assets within the Equity Sleeve. Diversifying assets are comprised of global fixed-income instruments, including investment grade and high yield (or junk) bonds, as well as emerging market, corporate and sovereign bonds and bank loans.

Such fixed-income instruments may include a significant amount, up to 35% of the Funds total assets, in high-yield/high-risk bonds, or junk bonds, which include bonds rated BB+ or below by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by IICO to be of comparable quality. When selecting these instruments, IICO focuses heavily on free cash flow and an issuers ability to deleverage itself through the credit cycle. The Fund also can invest in government securities issued by the U.S. Treasury (such as Treasury bills, notes or bonds), obligations issued or guaranteed as to principal and interest (but not as to market value) by the U.S. government, its agencies or instrumentalities, and mortgage-backed securities issued or guaranteed by government agencies or government-sponsored enterprises, as well as Treasury inflation-protected securities (TIPS), and cash.

Within each of the Equity Sleeve and the Diversifying Sleeve, the Fund may invest in U.S. and foreign securities. The Fund generally will invest at least 30% of its assets, and may invest up to 75%, in foreign securities and in securities denominated in currencies other than the U.S. dollar, including issuers located in and/or generating revenue from emerging markets. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. IICO may allocate the Funds investments among the different types of assets noted above in different proportions at different times (keeping in mind the general percentages noted above) and may exercise a flexible strategy in selecting investments.

IICO does not intend to concentrate the Fund in any geographical region or industry sector; however, it is not limited by investment style or by the issuers location or industry sector. Subject to diversification limits, the Fund also may invest up to 10% of its total assets in precious metals. The Fund gains exposure to commodities, including precious metals, derivatives and commodity-linked instruments by investing in a subsidiary organized in the Cayman Islands (Subsidiary). The Subsidiary is wholly owned and controlled by the Fund. The Funds investment in the Subsidiary is expected to provide the Fund with exposure to investment returns from commodities, derivatives and commodity-linked instruments within the limits of the Federal tax requirements applicable to regulated investment companies, such as the Fund.

Generally, in determining whether to sell a security within the Equity Sleeve, IICO considers many factors, which may include a deterioration in a companys fundamentals caused by global-specific factors such as geo-political landscape changes, regulatory or currency changes, or increased competition, as well as company-specific factors, such as reduced pricing power, diminished market opportunity, or increased competition. IICO also may sell a security if the price of the security reaches what IICO believes is fair value, to reduce the Funds holding in that security, to take advantage of what it believes are more attractive investment opportunities, or to raise cash. Within the Diversifying Sleeve, IICO generally sells assets when, in IICOs view, such assets no longer have the ability to provide equity-like returns or no longer provide the desired portfolio diversification.

IASEX Holdings

Top 10 holdings of Nomura Asset Strategy Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all IASEX holdings

IASEX Portfolio Allocation

Asset-class allocation of Nomura Asset Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.

IASEX Performance

Total returns for IASEX (as of 2026-10-01), from SEC filings.

IASEX Risk Information

Risk metrics for IASEX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 6.8%

IASEX Costs and Fees

IASEX costs about $97 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.97%
• Gross expense ratio: 1.21%
• Portfolio turnover: 76%
• Brokerage commissions: 4.20 bps of average net assets (SEC N-CEN)

IASEX Cashflows

Over the 12 months to 2026-06, Nomura Asset Strategy Fund had net outflows of $21.04M, from monthly SEC N-PORT filings.

IASEX Debt Constituents

Largest debt holdings of Nomura Asset Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.

IASEX Prospectus and SEC Filings

Official Nomura Asset Strategy Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-07-29
• Prospectus (485BPOS) — filed 2025-07-29
• Prospectus supplement (497) — filed 2024-08-02
• Portfolio holdings (N-PORT) — filed 2026-08-26
• Portfolio holdings (N-PORT) — filed 2026-05-28
• Portfolio holdings (N-PORT) — filed 2026-02-26
• Annual census (N-CEN) — filed 2026-06-12
• Annual census (N-CEN) — filed 2025-06-12

Related Funds

Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:

• Vanguard Total Stock Market Index Fund (VTSMX)
• Vanguard 500 Index Fund (VFINX)
• iShares Core S&P 500 ETF (IVV)
• Fidelity 500 Index Fund (FXAIX)
• Vanguard Institutional Index Fund (VINIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.