Nomura Science and Technology Fund Class A
WSTAX
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- Macquarie Science and Technology Fund Class A (WSTAX) is an open-end mutual fund that seeks long-term capital appreciation by investing primarily in equity securities of science and technology companies worldwide. Under normal circumstances, the fund allocates at least 80% of its net assets to securities of such companies or those leveraging science and technology to drive business growth; it may invest across all market capitalizations, without limitation in foreign securities including emerging markets, and maintains a non-diversified portfolio typically comprising around 45 holdings with top concentrations in firms like Seagate Technology Holdings PLC, Pinterest Inc., Amazon.com Inc., and Broadcom Inc. The fund offers Class A shares with a front-end load of 5.75%, an expense ratio of approximately 1.22%, and a minimum initial investment of $1,000; it distributes dividends annually, with the latest ex-dividend date on December 3, 2024. Managed by Bradley Warden since October 2016 and Gustaf Zinn since November 2021, both affiliated with Macquarie Investment Management (formerly Delaware Investments), the fund operates within the technology sector category, emphasizing large-cap growth styles with significant exposure to U.S. stocks (around 86%), non-U.S. stocks (14%), and minimal cash. Headquartered in Philadelphia, Pennsylvania, through its manager's operations, the fund was incepted on June 30, 2000 (with predecessor roots to 1997), and as of recent data manages approximately $5-6 billion in assets under management. In recent years, the fund has undergone significant structural changes reflecting parent company transactions, including Macquarie Group's 2017 rebranding of Delaware Investments to Macquarie Investment Management while retaining legacy fund names; more notably, in April 2025, Nomura Holdings announced its acquisition of Macquarie's U.S. and European public asset management business, leading to the fund's rebranding as Nomura Science and Technology Fund Class A, enhancing its integration into Nomura's broader platform. Operationally, the fund reported strategic portfolio adjustments in Q3 2025, including conservative interest rate positioning, increased cash buffers amid volatility (e.g., tariff shocks), and a 45% turnover rate to rotate into innovation-focused holdings, contributing to a one-year NAV return of 21.90% as of June 30, 2025, outperforming its S&P North American Technology Sector Index benchmark despite longer-term lags. These shifts underscore active management resilience in a volatile tech landscape, with no major new product launches or funding rounds noted beyond ongoing performance optimizations.