IPOBX — Nomura Systematic Emerging Markets Equity Fund

IPOBX Fund Overview

IPOBX — Nomura Systematic Emerging Markets Equity Fund is a US mutual fund managed by Ivy Funds, categorised as Emerging Markets Multi-Cap / All-Cap Blend / Core Consumer Discretionary 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: Emerging Markets Multi-Cap / All-Cap Blend / Core Consumer Discretionary Equity
• Assets under management: $685.72M
• 1-year return: -0.6%
• Ticker: IPOBX
• SEC CIK: 0000883622
• SEC series ID: S000024829
• Share class ID: C000073891

IPOBX Investment Objective and Strategy

Nomura Systematic Emerging Markets Equity 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 growth of capital.

Principal investment strategy

Ivy Emerging Markets Equity Fund invests, under normal circumstances, at least 80% of its net assets in equity securities, primarily common stock, of companies (i) from countries considered to be emerging market countries or (ii) that are economically linked to emerging market countries. Emerging market countries include, but are not limited to, those considered to be developing by the International Monetary Fund, the World Bank, the International Finance Corporation or one of the leading global investment banks. IICO has broad discretion to identify other countries that it considers to qualify as emerging market countries. The majority of these countries are likely to be located in Asia, Latin America, the Middle East, Central and Eastern Europe, and Africa. The Fund may invest in companies of any size and market capitalization and in companies in any industry.

The issuer of a security or other investment generally is deemed to be economically linked to a particular country if: (a) the security or other investment is issued or guaranteed by the government of that country or any of its agencies, authorities or instrumentalities; (b) the issuer is organized under the laws of, and maintains a principal office in, that country; (c) the issuer has its principal securities trading market in that country; (d) the issuer derives 50% or more of its total revenues from goods sold or services performed in that country; (e) the issuer has 50% or more of its assets in that country; or (f) the issuer is included in an index which is representative of that country. The Fund may invest up to 100% of its total assets in foreign securities and may invest in depositary receipts of foreign issuers.

The Fund also may invest up to 20% of its net assets in companies that are not located in, or economically linked to, emerging market countries: (1) if the Funds portfolio managers believe that the performance of a company or its industry will be influenced by opportunities in the emerging markets; (2) to maintain exposure to industry segments where the portfolio managers believe there are not satisfactory investment opportunities in emerging market countries; and/or (3) if the portfolio managers believe there is the potential for benefit to the Fund. IICO utilizes a top-down (assessing the market environment) approach of worldwide analysis in an effort to identify what it believes are the best emerging market countries and sectors for growth, and balances the top-down analysis with a bottom-up (researching individual issuers) stock selection process in an effort to identify stocks that it believes may outperform that market over a one- to three-year time period and are best positioned to maximize their competitive advantage.

From a top-down standpoint, IICO seeks to identify current trends or themes which indicate specific industries that have the potential to experience multi-year growth. In addition, IICO performs fundamental research on each country and sector to determine its desirability, focusing on factors such as growth momentum, liquidity in the market, systematic changes, political climate, inflation and foreign exchange rates, fiscal and central bank policies, demographics and any additional factors that could impact the region or sector. Once IICO has identified these countries and sectors, it then applies a bottom-up analysis to identify specific companies that meet its criteria for investment. Stock selection focuses on what IICO feels are companies with impressive corporate management in sectors that IICO believes are best positioned for the current market environment.

Key factors considered by IICO include whether the company possesses attractive long-term earnings growth potential, a strong debt/equity ratio, positive catalysts for change, strong management, superior products, healthy balance sheets and/or good corporate governance. The Fund may invest in A-Shares of certain Chinese companies through various connect programs with local stock exchanges in China. In determining whether to sell a security, IICO generally considers whether the security has failed to meet its growth expectations, whether its valuation has exceeded its target, or whether it has lost confidence in management. IICO also may sell a security to reduce the Funds holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

IPOBX Holdings

Top 10 holdings of Nomura Systematic Emerging Markets Equity Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all IPOBX holdings

IPOBX Portfolio Allocation

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

IPOBX Performance

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

IPOBX Risk Information

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

• 1-year volatility (annualised): 0.1%

IPOBX Costs and Fees

IPOBX costs about $245 per $10,000 invested per year in fund expenses.

• Net expense ratio: 2.45%
• Gross expense ratio: 2.59%
• Portfolio turnover: 39%
• Brokerage commissions: 6.62 bps of average net assets (SEC N-CEN)

IPOBX Cashflows

Over the 12 months to 2026-06, Nomura Systematic Emerging Markets Equity Fund had net outflows of $167.80M, from monthly SEC N-PORT filings.

IPOBX Debt Constituents

No individual debt constituents are reported in Nomura Systematic Emerging Markets Equity Fund's latest SEC N-PORT filing.

IPOBX Prospectus and SEC Filings

Official Nomura Systematic Emerging Markets Equity 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 Emerging Markets Multi-Cap / All-Cap Blend / Core Consumer Discretionary Equity funds tracked on ABC INVEST:

• PIMCO RAE Emerging Markets Fund (PEIFX)
• UBS All China Equity Fund (ACPTX)

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.