Nomura Asset Management U.S.A. Inc. (“NAM-USA”) is based in New York City and provides investment advisory and investment management services. NAM-USA is a wholly owned subsidiary of Nomura Asset Management Co., Ltd. which is wholly owned by Nomura Holdings, Inc. (“NHI”), a Japanese public company. NAM-USA is organized as a New York corporation and, through a predecessor firm, has been registered as an investment adviser with the U.S. Securities and Exchange Commission (“SEC”) since 1976. NAM-USA is also registered as a Portfolio Manager in several Canadian provinces.

The firm offers discretionary and non-discretionary investment management services to institutional clients. It also provides marketing services for our affiliate adviser Nomura Corporate Research and Asset Management Inc. (“NCRAM”), a New York-based credit research investment boutique.

NCRAM has a clear philosophy for success in high yield. We believe that a total return strategy driven by credit research and a team effort is the best way to generate alpha in high yield. The core of this strategy is our "Strong Horse" investment philosophy. Strong Horse companies can carry their debt loads through the economic cycle, generating strong, sustainable cash flows that enable them to de-lever their balance sheets and improve their ratings. As their credit quality improves, the income they generate is supplemented by capital appreciation. NCRAM believes Strong Horse companies are less likely to default on payments of principal or interest.

We have extensive experience managing assets for institutional investors, including both public and corporate pension plans. A high level of continuity and experience has enabled NCRAM’s investment strategy to produce competitive results for our clients, and we expect it to drive success in the future.

Nomura Asset Management U.S.A. Inc. (“NAM-USA”) is part of the NAM Group. NAM-USA will delegate investment discretion and trading authority to one or more of its affiliates for all client accounts. The investment philosophies, strategies and teams described herein are those of a NAM-USA affiliate. Note that the NAM Group does not include Nomura Corporate Research and Asset Management Inc. This website is a general communication. It is being provided for information purposes only, and is subject to change without notice. Nothing herein is intended to constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Any examples used in this material are generic, hypothetical and for illustration purposes only. The views and strategies described may not be suitable for all investors. Investing involves risk.