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US High Yield Bond Strategy

US High Yield Bond Strategy

We launched our Ireland domiciled US High Yield Bond Fund in March 2009 in response to demand from our institutional investors and on the back of our stellar long term performance results that we had delivered for over 20 years.

Our Specialist Credit Research Investment Boutique

The Nomura US High Yield Bond Strategy is managed by Nomura Corporate Research and Asset Management Inc. (“NCRAM”), a NAM affiliate. NCRAM was established in 1991 and is an analyst-driven investment boutique that specialises in below investment-grade credit.

 

The “Strong Horse” philosophy

We believe a total return approach driven by credit research is the best way to generate alpha in high yield. We describe our investment philosophy as the “Strong Horse” philosophy. Strong Horse companies can carry their debt load through good times and bad. These companies generally have a positive ability to de-lever their balance sheet by generating strong, positive cash flows that are sustainable. The creditworthiness of these companies tends to increase over time, as will their credit ratings. 

 

Our Investment Approach

Our process differentiates us through the following points:

- Creative idea generation in an open environment

- Thorough research conducted by experienced credit analysts

- Disciplined portfolio construction based on the best risk and reward opportunities. 

Our approach is primarily bottom-up, though top-down perspectives are incorporated. We also characterise our process as a fundamental, as opposed to quantitative, approach.

 

Please click here for NCRAM’s 2018 High Yield Market Outlook white paper.

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