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CORPORATE BROCHURE

ACTIVE FIXED INCOME

Active Yen Bond Strategies

Active Yen Bond Main Strategies

Investment Strategy Focus
Duration Strategy We seek to achieve rates of return that exceed the benchmarks by combining multiple sources of excess returns, including mainly duration adjustment, as well as maturity structure adjustment, bond-type-specific adjustment and selection of individual bond issues.
Credit Strategy While maintaining the duration at the same level as the benchmarks, we aim for excess return over the benchmark returns by making bond-type-specific and current maturity structure adjustments and focusing on yield spreads on individual bond issues.
Diversified Fixed Income Strategies By combining the four sources of returns (duration adjustment, maturity structure adjustment, bond-type-specific adjustment, and selection of individual bond issues) in a well-balanced manner, we pursue solid returns and strive to deliver excess returns over the benchmark returns.
High Alpha We make every effort to generate rates of return that greatly exceed the benchmarks by adding “Duration Type Derivative Strategy,” whose main sources of return are interest rate strategies, to “Corporate Bond (Active) Type,” whose main sources of return are credit strategies.

Active Non-Yen Bond Strategies

Active Non-Yen Bond Main Strategies

Investment Strategy Focus
Global Active Strategy We aim to achieve rates of return that exceed the benchmarks by forecasting the interest rate levels, the exchange rate levels and the yield curve shapes in the countries included in the FTSE World Government Bond Index (ex Japan).

Active Yen Bond and Non-Yen Bond Swap Strategy

Active Yen Bond and Non-Yen Bond Swap Strategy

Investment Strategy Focus
Sovereign Risk Consideration Type and High Income Switching Strategy Selections of bond issues with high expected returns after the deduction of hedging costs, using a bottom up approach, are made to invest therein, based on a quantitative model. We direct our efforts to achieve steady and high efficiency of investment management through considerations given to the degree of financial soundness and risk controls, with a broad spectrum of the investment universe, including emerging countries.
Interest Rate Risk Consideration Type and Bond Beta Replacement Strategy We decide on an allocation of investments in government bonds in developed countries, domestic corporate bonds, and emerging government bonds, focusing on those income levels. At the same time, we control interest rate risks in accordance with the interest rate outlook of each investee country in order to achieve profits exceeding the benchmarks over the medium to long term. Depending on the status of risk and loss, each asset may be converted into cash.

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