The US Intermediate Municipal Fixed Income 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 risk
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.
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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.
High portfolio turnover rates may increase transaction costs and lower returns.
Diversification may not protect against market risk.
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.
Market risk is the risk that all or a majority of the securities in a certain market — like the stock market or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.
Government and regulatory risk is the risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance.
Active management and selection risk is the risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.
Heightened sensitivity to regional, state, US territories or possessions, and local political and economic conditions could adversely affect performance.
If a bond issuer prepays a bond during a period of low interest rates, the fund may have to reinvest that money at lower interest rates.
Industry and sector risk is the risk that the value of securities in a particular industry or sector (such as the infrastructure industry) will decline because of changing expectations for the performance of that industry or sector.
The value of an investment will decline if there is a default by or a deterioration in the credit quality of the issuer or a provider of a credit enhancement or demand feature.
Liquidity risk is the possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them. To the extent that a portfolio holds fixed income securities in smaller “odd lot” sizes, such positions may be less liquid and harder to sell. Odd lots may trade at lower prices than institutional round lot sizes, which may affect a portfolio’s ability to accurately value its investments.
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.
© 2026 Nomura Asset Management International Inc.
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.
Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice.
The fund or strategy is subject to liquidity risk, which is the risk that the fund or strategy’s investments cannot be readily sold within seven calendar days at approximately the price at which the fund or strategy has valued them.