Investment Characteristics
To ensure long-term, stable investment management, we raise efficiency through diversified investment, striking a balance between a top-down approach made up from yield strategy and spread beta strategy and a bottom-up approach derived from individual bond selection.
Investment Style
Long-term, stable investment management through a yield strategy, spread strategy and individual bond selection
Investment Target, Sources of Excess Return
The NOMURA Bond Performance Index (NOMURA-BPI) is used as the benchmark. We aim to exceed this benchmark by at least 0.6%.
Sources of excess return are based 50% on yield, 30% on spread and 20% on individual bond selection.
Investment Process
Top-down approach: Dynamic control of portfolio risk characteristics that are vulnerable to impact by price fluctuations, based on future yield curve trends and spread trend forecasts.
Bottom-up approach: Individual bond selection through thorough fundamental research into bonds that retain reasonableness, focusing on the degree of divergence between fair value and market value.
Information on strategy risks and fees will open in a different window.
