NGA Capital Fund Long CMBS, Euro Credit, Inflation Premiums

Nomura Global Alpha LLC’s Capital Fund was up 1.02% (compared to a 0.7% gain for the S&P 500 and 0.4% for the Euro Stoxx Index) in March for a year-to-date gain of 3.13%, mostly because of the fund’s ability to capitalize on yield flattening in the US, down from 2.33% gains last month but a year-on-year improvement over March 2013’s 0.59% gains. Monetizing the yield curve flattening was also the main reason for the fund's 30% monthly increase in risk, reaching 248bp value at . . .

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