Our European High Yield Bond Fund, sits alongside and complements our market-leading US and Global High Yield strategies. The fund further demonstrates our commitment to enable clients to tackle the ongoing challenge of low yields and volatile markets.
The Nomura Euro 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.
Fund Manager Steven Rosenthal, CFA, employs a combination of top down and bottom up analysis to identify European high yield issuers with strong and improving credit fundamentals, in summary:
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.
The Nomura Euro High Yield strategy is now available for investment via our Dublin-based Irish domiciled UCITS fund and also via segregated mandates.