In March 2012 we celebrated the third anniversary of our Ireland domiciled US High Yield Bond Fund.
We launched this fund in response to demand from our institutional investors and on the back of our stellar long term performance results that we had delivered for almost 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.
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 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.
The strategy has delivered exceptional results for our clients, both against benchmark and the competition. Recent analysis conducted via eVestment, CAMRA, MPA and Morningstar places us firmly in the top quartile of their rankings.
We would be pleased to provide you with further details of our market forecasts and analysis as well as what sets Nomura apart in this asset class.