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Nomura’s new high-yield fund operates with ‘Strong Horse’ philosophy
By Toni Weeks
San Luis Obispo, Calif., Dec. 9 – Nomura Asset Management USA Inc. announced it has launched the Nomura High Yield Fund.
The new fund is the result of the reorganization of the former High Yield Fund, which was a series of Nomura Partners funds, Inc. All assets of the former fund were transferred into the new fund, and all class A, class C and class I shareholders of the previous fund were issued class I shares of the new fund.
Following the reorganization, the previous High Yield Fund was liquidated, dissolved and terminated.
“Our investment philosophy for the Nomura High Yield Fund is based upon our belief that a total return investment approach driven by credit research is the best way to generate excess return in a high-yield market,” David Crall, chief investment officer of subadviser Nomura Corporate Research and Asset Management Inc., said in a press release.
“The fund will operate a long-only strategy using our ‘Strong Horse’ investment philosophy. [Nomura Corporate Research and Asset Management] believes that ‘Strong Horse’ companies can carry their debt loads through different economic cycles and can demonstrate the ability to generate strong, sustainable cash flow, which enables them to de-lever their balance sheets and improve their ratings.”
According to the release, the new fund seeks to achieve current yield and capital growth. Under normal circumstances, it invests at least 80% of its net assets, plus any borrowings for investment purposes, in a portfolio of high-yield bonds generally rated below investment grade.
New York-based Nomura Asset Management is the investment adviser to the fund. SEI Investments Distribution Co. is the distributor.
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