The Nomura Active Municipal Short (SMA) strategy seeks to preserve capital while maximizing total after-tax return relative to prudent risk levels. The approach emphasizes the yield component of total return and capitalizes on market dislocations through research-intensive opportunistic buying – delivering robust credit research and institutional access to the municipal bond market.
Tailored, active
High-conviction, tax-efficient portfolios customized to your needs – national, state-specific, or state-preference
Direct owned, diversified
Institutional execution with full transparency and control over individual holdings with diverse issuer exposures
Tax alpha
Controlled turnover resulting in efficient management of realized gains and losses to enhance active after-tax wealth
Long-term returns are predominantly driven by income – not price swings. This principle shapes the Municipal Bond Team’s approach.
Maximizing income and preserving principal is the primary focus, while maintaining disciplined duration management. Positioning adjustments are tactical and macro-informed – not a departure from the team’s core philosophy.
Actively managing tax efficiency through controlled turnover and strategic loss harvesting can help deliver stronger after-tax results.
The total return–oriented investment process emphasizes tax-advantaged results, combining deep bottom-up credit research with a broader macroeconomic perspective.
In-depth fundamental analysis is the cornerstone of the approach.
A collaborative team structure across portfolio management, research, and trading ensures informed, disciplined decision making at every step.
Bloomberg 1-5 Year Municipal Bond Index
We'll provide the depth of experience and resources needed to help address the changing dynamics of today's markets. From ETFs, SMAs, and mutual funds to private markets, our team can help you identify investment solutions aligned to your clients' financial needs.
Risk Disclosures
Investing involves risk, including the possible loss of principal.
Fixed income securities can lose value, including the possible loss of principal. Fixed income securities are subject to credit risk and interest rate risk. Credit risk is the risk that an issuer of a fixed income security may be unable to make interest payments and/or repay principal in a timely manner. Interest rate risk is the risk that prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes.
High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than higher-rated securities.
The principal on a fixed income security may be prepaid prior to maturity, which may require reinvestment at a lower interest rate.
If a fund or strategy invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund or strategy’s distributions would be taxable for investors who are subject to this tax.
Longer-duration debt securities are more likely to decline in price than shorter duration debt securities in a rising interest rate environment.
Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.
All third-party marks cited are the property of their respective owners.
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Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds mutual funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT. The Nomura Funds exchange-traded funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Nomura entity, including Delaware Management Company and Delaware Distributors, L.P.
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Investing involves risk including the possible loss of principal. The investment capabilities described in this website involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful. Past performance is not a reliable indication of future performance.
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