AP1 invests $330m in global high yield via Nomura

first_imgAP1 – one of five buffer funds for Sweden’s state pension – has appointed Nomura Asset Management to manage a $330m (€279m) global high-yield credit mandate.Majdi Chammas, AP1’s head of external management, and Tina Rönnholm, the fund’s portfolio manager responsible for external high-yield investments, said in a statement: “[Nomura] has a very powerful investment philosophy and process that is well proven both over time and in various market conditions.”Nomura’s Ireland-domiciled Global High-Yield Bond fund was chosen by AP1 following a “comprehensive” global tender process last year, they added.  David Crall, CIO at New York-based Nomura Corporate Research and Asset Management (NCRAM), said the firm was pleased to have established the relationship with AP1. “Like AP1, we have a strong commitment to responsible and sustainable practices, both in running our own business and when investing client assets entrusted to us,” he said.“We believe that incorporation of environmental, social and governance factors is congruent with our ‘Strong Horse’ investment philosophy.”NCRAM said it had a total return-oriented investment approach driven by bottom-up credit research.It dubs the investment method as the “Strong Horse” approach, because it tries to find corporate issuers deemed capable of carrying their debt through economic cycles.The Nomura investment will sit alongside a $400m allocation to Hermes Investment Management’s global high-yield bond strategy, which AP1 made last year.The SEK333bn (€32.4bn) buffer fund’s 2017 investment return of 9.6% after costs was the strongest of the four main AP funds.last_img read more

Win satisfies Martinez

first_img He added: “We are very unusual with the amount of internationals we have and to have 13 players leaving the club makes things very difficult from a physical point of view. “And because of that reason we couldn’t be our normal selves in possession. I don’t think we were stylish as we normally are, but what we showed is an incredible character. Every player found a way to help the team to keep Norwich very quiet.” It was a sixth goal in six games for Kone, but Norwich boss Chris Hughton felt they shot themselves in the foot after Wes Hoolahan gave the ball away in midfield, while Lee Camp might have done better at his near post. “With us having been so solid, I couldn’t see that goal happening,” said Hughton. “For me, it’s a soft goal. We lost the ball in the middle of the park and one good strike saw them get the goal they needed.” Hughton was frustrated his side ended up with nothing, saying: “When you go away from home sometimes you have to hold your hand up if you’ve been beaten and beaten well but I don’t think anybody seeing the game today would think that. “We certainly deserved a draw and then it’s just going to be about those moments. They had it and we didn’t. “But I thought for an away team we had good periods of the game where we had good control but it’s one moment that’s beaten us. It’s very disappointing.” Arouna Kone grabbed the only goal of the game in the 81st minute to secure two notable firsts, with Wigan managing their first ever league win over Norwich and also their first success of the season following an international break. Martinez said: “Before the game I knew it was going to be a really tricky fixture. First because we’ve never managed to win a game after an international break.” Wigan boss Roberto Martinez declared Saturday’s 1-0 victory over Norwich their most pleasing display of the season.center_img Press Associationlast_img read more