NCRAM is based in New York and has specialized in the management of high yield bonds for more than 20 years. Managed on a team basis, NCRAM’s approach is opportunistic – seeking to capture credit market returns while minimizing losses. NCRAM’s assets under management are $14.7
billion as of October 31, 2014.
The investment objective of the Nomura High Yield Fund (the “Fund”) is to achieve current yield and capital growth.
Under normal circumstances, the Fund 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 by Moody’s Investors Services Inc., Standard & Poor’s Rating Services
or Fitch, Inc.
David Crall, Chief Investment Officer for NCRAM, said “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. The Fund
will operate a long-only strategy using our ‘Strong Horse’ investment philosophy. NCRAM
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.”
Prior to existing as the Nomura High Yield Fund, the Fund previously operated as the High Yield
Fund, a series of Nomura Partners Funds, Inc. which was reorganized into the Fund. The result
of the reorganization meant that all of the assets of the previous fund were transferred into the
Fund, launched today. Additionally, all Class A, Class C and Class I shareholders of the
previous fund were issued Class I shares of the Fund. Finally, following the reorganization, the
previous High Yield Fund operated by Nomura Partners Funds, Inc. was completely liquidated,
dissolved and terminated.
The Investment Adviser for the Fund is Nomura Asset Management U.S.A. Inc., the Sub-Adviser
is NCRAM, and the distributor is SEI Investments Distribution Co. To purchase shares of the
Fund for the first time, investors must invest at least $250,000.
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