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.