IRSBX — Nomura Real Estate Securities Fund
Data updated: 2026-08-26
IRSBX — Nomura Real Estate Securities Fund. United States Real Estate · $93.53M AUM · 2.49% expense ratio. Holdings, fees, performance and SEC filings.
IRSBX Fund Overview
IRSBX — Nomura Real Estate Securities Fund is a US mutual fund managed by Ivy Funds, categorised as United States Real Estate. 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 Real Estate
- Assets under management: $93.53M
- 1-year return: -0.3%
- Ticker: IRSBX
- SEC CIK: 0000883622
- SEC series ID: S000024830
- Share class ID: C000073897
IRSBX Investment Objective and Strategy
Nomura Real Estate Securities 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 through capital appreciation and current income.
Principal investment strategy
Ivy Securian Real Estate Securities Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in the securities of companies in the real estate or real estate-related industries. Real estate securities include securities of issuers that receive at least 50% of their gross revenue from the construction, ownership, leasing, management, financing or sale of residential, commercial or industrial real estate. Real estate-related securities include securities issued by companies primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry. The Fund does not directly invest in real estate. Most of the Funds real estate securities portfolio consists of securities issued by real estate investment trusts (REITs) and other real estate operating companies (REOCs) that are listed on a securities exchange or traded over-the-counter.
A REIT is a corporation (or a trust or association that otherwise would be taxable as a domestic corporation) that invests in real estate, mortgages on real estate or shares issued by other REITs and qualifies for pass-through Federal income tax treatment provided it meets certain conditions, including the requirement that it distribute at least 90% of its taxable income. A REOC is a corporation or partnership (or an entity classified as such for Federal tax purposes) that makes similar investments, except that a REOC has not elected or qualified to be taxed as a REIT and, therefore, among other differences, does not have a requirement to distribute any of its taxable income. REOCs also are more flexible than REITs in terms of what types of real estate investments they can make. At times, the Fund may invest a significant portion of its total assets in a limited number of issuers.
The Funds investment subadviser, Securian Asset Management, Inc. (Securian AM), primarily utilizes a bottom-up (researching individual issuers) fundamental stock-picking approach in selecting what it believes are high-quality securities for investment by the Fund, which may include consideration of factors such as an issuers financial condition and valuation, financial performance, quality of management, policies and strategies, real estate properties and competitive market condition. Other key attributes considered include an issuers liquidity, transparency, diversification, return history and cash flow growth potential, as well as portfolio quality, market exposure, capital structure, business strategy risk, income volatility and corporate governance. The Fund then generally invests in those issuers that Securian AM believes have potential for long-term sustainable growth in earnings, or those trading at discounts to the underlying value of assets owned.
Securian AM also seeks companies it believes have strong profitability and the ability to provide a strong return on investment, a dominant market position, stable property management and high-quality buildings and building maintenance. As part of its investment process, Securian AM also considers macro-economic and technical factors impacting real estate securities. Securian AM considers various indicators in determining to sell a security, which may include the following: relative valuation is no longer compelling and operating conditions and/or performance are not sustainable; company fundamentals have deteriorated or do not meet expectations; a company-specific catalyst has matured and has been promptly reflected in the companys stock price; and/or the economics or financial outlook of the real estate industry has weakened.
Securian AM 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.
IRSBX Holdings
Top 10 holdings of Nomura Real Estate Securities Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Welltower, Inc. | 12.33% |
| Equinix, Inc. | 11.05% |
| Simon Property Group, Inc. | 4.79% |
| Ventas, Inc. | 4.60% |
| Public Storage | 4.37% |
| Iron Mountain, Inc. (reit) | 4.37% |
| Prologis, Inc. | 4.23% |
| American Healthcare REIT, Inc. | 4.16% |
| Agree Realty Corp. | 4.12% |
| First Industrial Realty Trust, Inc. | 4.06% |
IRSBX Portfolio Allocation
Asset-class allocation of Nomura Real Estate Securities Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.1% |
| Cash & Equivalents | 0.6% |
IRSBX Performance
Total returns for IRSBX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -0.3% |
| 3 years (annualised) | -0.5% |
IRSBX Risk Information
Risk metrics for IRSBX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 0.1%
IRSBX Costs and Fees
IRSBX costs about $249 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.49%
- Gross expense ratio: 2.59%
- Portfolio turnover: 37%
- Brokerage commissions: 5.56 bps of average net assets (SEC N-CEN)
IRSBX Cashflows
Over the 12 months to 2026-06, Nomura Real Estate Securities Fund had net inflows of $325.53K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $398.93K |
| 2026-05 | −$401.17K |
| 2026-04 | −$668.08K |
| 2026-03 | $1.55M |
| 2026-02 | −$1.03M |
| 2026-01 | −$1.68M |
IRSBX Debt Constituents
No individual debt constituents are reported in Nomura Real Estate Securities Fund's latest SEC N-PORT filing.
IRSBX Prospectus and SEC Filings
Official Nomura Real Estate Securities Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-07-29
- Prospectus (485BPOS) — filed 2025-07-29
- Prospectus (485BPOS) — filed 2024-07-29
- 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 Real Estate funds tracked on ABC INVEST:
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.