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Research Template Nomura Asset Management U.K. Ltd Nomura Funds JAPAN EQUITY October 2006 Fund Price Changes The fund underperformed the benchmark by 78 basis points over one month from 29 September to 31 Investment Objective October 2006. Since inception the fund has underperformed the benchmark by 187 basis points, To achieve long term capital growth delivering a performance of 43.22% verses 45.09% for the benchmark. In the year to date the fund has through investment in an actively managed underperformed the benchmark by 70 basis points, delivering a performance of 1.48% versus 2.18% for portfolio of Japanese securities listed/dealt the benchmark. on Regulated Markets in Japan and to outperform the Benchmark [Being the Performance for the Fund since Inception (Yen basis) Morgan Stanley Capital International Japan Total Return (Net of Tax) Index]. 1 month 3 month 6 month 1 Year YTD Since Inception* Launch date: 12 April 2005 29/9- 31/7-31/10 30/4-30/9 31/10- 31/12- 12/4-31/10 Base Currency: Japanese Yen NAVps** % change 0.18 3.52 -5.01 19.92 1.48 43.22 ISIN Code: LU0217998821 Index (MSCI Japan)*** 0.96 3.99 -3.90 19.84 2.18 45.09 Bloomberg Code: Excess Return -0.78 -0.47 -1.12 0.08 -0.70 -1.87 NOMJAEQ LX Equity DES *Inception date: 12th April 2005. **Net Asset Value per share (NAVps) is calculated by Nomura Bank (Luxembourg) S.A. according to the prospectus and market standards in Luxembourg. ***MSCI Japan is the Morgan Stanley Capital International Japan Total Return (Net of Tax) Total Net Assets as at 31 October 06: Index Source: Nomura Asset Management U.K. Ltd JPY 8,404,642,097.00 Nomura Japan Fund vs MSCI Japan (Total Return - Net Div) 162 157 152 147 NAV Per Share as at 31 October 06: 142 137 132 Fund 127 JPY 143,215.00 122 Benchmark 117 112 107 102 97 92 Contact Source: Nomura Asset Management U.K. Ltd based on Net Asset Value per share calculated by Nomura Bank (Luxembourg) S.A. Yuhki King +44 (0)20 7521 2635 Monthly Performance Review for October 2006 [email protected] Thom Bentley The equity portfolio underperformed the MSCI Japan Index by 70 basis points (bp) in JPY terms in October 2006. Stock selection was chiefly responsible for the underperformance, while the sector +44 (0)20 7521 2609 allocation strategy had only a minor influence on the relative return. Stock selection detracted from the [email protected] relative performance. The Automobiles sector was the leading sector during October. However, the lack Web site address of exposure to Toyota Motor had a negative impact, as this largest component of the benchmark index http://www.nomura.com/nam-europe/funds has attracted investor attention and outperformed our favoured holdings - Nissan Motor and Honda Motor. Within the same sector, automobile component producer, Showa Corp, announced an earnings downgrade due to weak sales and mounting repair costs. The substantial drop in its share price This newsletter was prepared by Nomura undermined the stock selection effect in this sector. Asset Management U.K. Ltd. The contents of this report are not intended in any way to indicate or guarantee Market Outlook future investment results as the value of investments may go down as well as up. Values may also be affected by Although our target range around the 1600 level for the TOPIX index for the coming six months remains exchange rate movements and investors may not get back the full amount unchanged, our economics team has issued a small downgrade to its GDP growth projections. Expected originally invested. Before purchasing any economic growth figures for fiscal years 2006 and 2007 were revised to 2.5% and 2.3%, respectively; investment fund or product, you should read the related prospectus and down from 2.8% and 2.5%. The revision to this macroeconomic data is almost entirely due to a documentation in order to form your projected slowdown in export growth. own assessment and judgement and, to make an investment decision. The prospectus is available from the Nomura Asset Management U.K. Ltd website. Nomura Asset Management U.K. Ltd. is authorised and regulated by the Financial Services Authority. Nomura Funds OCTOBER 2006 Sector Allocation Top 5 Holdings (as at October 2006) MSCI Portfolio NAM 10 Cluster % Oct. 06 Oct. 06 % of Company Name Equity Portion Consumption 7.57 7.05 Medical 5.58 3.25 1 SUMITOMO MITSUI FG 5.83 Infrastructures 13.54 6.57 2 MITSUBISHI UFJ FG 5.74 Machinery 5.80 8.44 3ROHM 4.10 Automobiles 11.22 12.35 4 JFE HOLDINGS 3.33 Electronics 17.79 20.08 5 NISSAN MOTOR 3.13 Commodities 12.93 16.25 Financials 18.94 18.63 Communication 2.50 2.28 Inform/System 4.14 5.10 Source: Nomura Asset Management Co. Ltd Top 3 Positive Contributors* Top3 Negative Contributors* Company Name Company Name 1 SHIMADZU 1 TOYOTA MOTOR 2 NISSAN MOTOR 2 CREDIT SAISON 3 MAZDA MOTOR 3 FUNAI ELECTRIC *Performance contributors of the fund relative to the benchmark. Source: Nomura Asset Management Co. Ltd Top 10 Positive Positions Top 10 Negative Positions Company Name % of Betting Company Name % of Betting 1 ROHM 3.75 1 TOYOTA MOTOR -6.10 2 SUMITOMO MITSUI FG 3.43 2 MIZUHO FINANCIAL GR -2.67 3 JFE HOLDINGS 2.53 3 CANON -2.04 4 NISSAN MOTOR 2.17 4 TAKEDA PHARMACEUTICAL -2.04 5 DOWA MINING 2.00 5 SONY -1.48 6 MITSUBISHI UFJ FG 1.88 6 MATSUSHITA ELECTRIC -1.46 7 ITOCHU 1.87 7 TOKYO ELECTRIC POWER -1.26 8 SUMITOMO TRUST & BANKING 1.76 8 NOMURA HOLDINGS -1.11 9 FUJITSU 1.66 9 NTT DOCOMO -1.02 10 MAZDA MOTOR 1.63 10 MITSUBISHI ESTATE -1.00 *Active weight of the fund relative to the benchmark. Source: Nomura Asset Management Co. Ltd All proprietary of the MSCI indices are the property of MSCI. Reproduction, redistribution or any other form of transmission, in whole or in part, of any information concerning the MSCI Indices without MSCI’s prior written consent is strictly prohibited. Although MSCI obtains information for inclusion in or for use in the calculation of the MSCI indices from sources that MSCI considers reliable, MSCI does not warrant or guarantee the originality, accuracy and/or the completeness of any of the information. .
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