Nomura Funds Ireland – US High Yield Bond Fund

US High Yield Bond Strategy

We launched our Ireland domiciled Nomura Funds Ireland – US High Yield Bond Fund in March 2009 in response to demand from our institutional investors and on the back of our stellar long-term performance results that we had delivered for over 20 years.

NCRAM: Our Specialist Credit Research Investment Boutique

The Nomura US High Yield Bond strategy is managed by Nomura Corporate Research and Asset Management Inc. (“NCRAM”), a Nomura Asset Management affiliate. NCRAM was established in 1991 and is an analyst-driven investment boutique that specialises in below investment-grade credit.  

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.

Our Investment Approach

Our process differentiates us through the following points:

  • Creative idea generation in an open environment.
  • Thorough research conducted by experienced credit analysts.
  • Disciplined portfolio construction based on the best risk and reward opportunities.

Our approach is primarily bottom-up, though top-down perspectives are incorporated. We also characterise our process as a fundamental, as opposed to quantitative, approach.

Awards and Ratings


Potential Significant Risks

Bonds that produce a higher level of income usually also carry greater risk as such bond issuers may have difficulty in paying their debts.

Investment Objective

To achieve current yield and capital gains through investment in a diversified portfolio of primarily high yielding US Dollar denominated Debt and Debt-Related Securities. A combination of top down and bottom up analysis is used to identify high yield credits with strong and improving credit fundamentals.

Fund Size

USD 2.89 billion (as at 30.04.2024)

Investment Company

Nomura Asset Management U.K. Ltd.

Lead Portfolio Manager

Steve Kotsen, CFA, Managing Director and Portfolio Manager,
Nomura Corporate Research and Asset Management Inc.

Launch Date


Base Currency


Universe Sector

Morningstar Universe: USD High Yield Bond

IA Sector: Global Bonds


ICE BofA US High Yield Constrained Index


Ireland (Nomura Funds Ireland plc)

Lead ISINs

I USD: IE00B3RW8498

I GBP: IE00B3RW8274

I GBP Hedged: IE00B8H9H370

I EUR: IE00B3RW8050

I EUR Hedged: IE00B78FDY06



For additional share class information, please contact us.


Fund Monthly Factsheet
Class I USD
Class A USD
Class I CHF Hedged

For a full list of available share class documents including PRIIPs KIDs, please visit our fund documents page.

The lead share class fund literature is shown first in the above list. If any literature is not available in the above list for the share class you are invested in/interested in, please contact [email protected]

Fund Snapshot: This document was prepared by Nomura Asset Management Europe KVG mbH, from sources it reasonably believes to be accurate.

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Important Information

Important Information