Global High Yield Bond Strategy

Our Global High Yield Bond Strategy sits alongside and complements our market-leading US High Yield Bond strategy. The fund demonstrates our strong commitment in enabling clients to tackle the ongoing challenge of low yields and volatile markets.

Our Specialist Credit Research Investment Boutique

The Nomura Global 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.

Strategy Overview

David Crall, CFA, is the Fund Manager for the Global High Yield Strategy and the Chief Investment Officer for NCRAM. He employs a combination of top down and bottom up analysis to allocate to regional sleeves.

Global High Yield is available in Global High Yield or Developed Markets Global High Yield (which excludes Emerging Markets). 

• Global High Yield target allocation is roughly 65% US High Yield, 20% Euro High Yield and 10% Emerging Markets High Yield & 5% Asian High Yield
• Developed Markets Global High Yield target allocation is roughly 75% US High Yield, 25% Euro High Yield
• Ability to make tactical shifts to anticipate key opportunities or risks across the regions
• Credit picking within each region is based on a proven investment process
• Nomura has over 20 global high yield investment professionals. Analysts are industry experts and actively involved in the investment decision making process
• Stability – Senior portfolio managers have worked together for over 17 years through various cycles and challenging markets. Lead Portfolio Manager, David Crall has over 25 years of investment experience and has been NCRAM’s Chief Investment Officer since 2010. He has been with Nomura since 1992.

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.

Pooled Fund Availability

The Nomura Developed Markets Global High Yield strategy is available for investment via our Dublin-based Irish domiciled UCITS fund.  Both the Global High Yield and Developed Markets Global High Yield strategies are also available via segregated mandates.