Nomura National High-Yield Municipal Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Nomura National High-Yield Municipal Bond Fund held 723 positions with $2.83B in net assets. Its ten largest holdings made up 13.3% of the fund. The CXHYX share class costs 0.85% a year. Over the 12 months to May 2026, CXHYX returned 5.6%, with dividends reinvested. In 2026 Q2 it added 21 new positions and exited 42.
Nomura National High-Yield Municipal Bond Fund seeks a high level of current income exempt from federal income tax primarily through investment in medium- and lower-grade municipal obligations.
The fund invests at least 80% of assets in municipal securities exempt from federal income tax, with emphasis on lower-rated bonds that offer higher current income. The manager adjusts average maturity between 5 and 30 years based on market conditions to balance tax-exempt income with capital preservation, and may concentrate holdings in particular bond types or market segments as needed. Because the fund targets lower-rated municipal securities, it bears greater credit and default risk than higher-quality municipal bond funds.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
PUERTO RICO, COMMONWEALTH OF 4.00% · due 2046-07-01 | 1.89% | $53.46M | — |
TOBACCO SETTLEMENT FINANCING CORP (VA) 0.00% · due 2047-06-01 | 1.61% | $45.52M | — |
GDB DEBT RECOVERY AUTHORITY 7.50% · due 2040-08-20 | 1.60% | $45.34M | — |
PUERTO RICO, COMMONWEALTH OF 0.00% floating · due 2043-11-01 | 1.58% | $44.72M | — |
PUERTO RICO SALES TAX FINANCING CORP 0.00% · due 2046-07-01 | 1.38% | $38.97M | — |
PUERTO RICO SALES TAX FINANCING CORP 0.00% · due 2051-07-01 | 1.35% | $38.19M | — |
GOLDEN STATE TOBACCO SECURITIZATION CORP (CA) 0.00% · due 2066-06-01 | 1.12% | $31.80M | — |
PUERTO RICO SALES TAX FINANCING CORP 4.75% · due 2053-07-01 | 1.01% | $28.58M | — |
TOBACCO SETTLEMENT FINANCING CORP (VA) 0.00% · due 2047-06-01 | 0.87% | $24.69M | — |
INLAND EMPIRE TOBACCO SECURIZA TOBA 0.00% · due 2057-06-01 | 0.86% | $24.43M | — |
The 200 largest of 723 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 98.84% |
| Stocks | 0.10% |
How it has done
CXHYX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.72%. Past returns are a record, not a forecast.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.85% | +5.64% | +13.70% | +2.92% | -8.69% | |
| 1.60% | +4.73% | +11.02% | -0.93% | -8.99% | |
| 0.60% | +5.79% | +14.45% | +4.11% | -8.62% |
These classes hold the same portfolio, so the 5.04pp spread over 5 years is the cost difference between them — roughly 1.01pp a year — not a difference in what they own.
Fees & fund details
Nomura National High-Yield Municipal Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Long duration
- Expense ratio, by class
- 0.60% – 1.60%· CXHYX 0.85%
- Portfolio turnover
- 34.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
21 new· the largest 8
42 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-29
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 81.3% |
| Zero-coupon or unclassified | 12.8% |
| Floating rate | 5.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.5% |
| 1-3y | 0.8% |
| 3-5y | 1.1% |
| 5-10y | 3.5% |
| 10y+ | 94.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +7.65 yr |
| High yield | +1.65 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.32 yr | 3% |
| 5 yr | 1.22 yr | 13% |
| 10 yr | 3.67 yr | 40% |
| 30 yr | 3.94 yr | 43% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.11 yr | 1% |
| 5 yr | 1.31 yr | 14% |
| 10 yr | 6.02 yr | 65% |
| 30 yr | 1.84 yr | 20% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.01 | +0.00 | $2.7k | $425 |
| 1 yr | +0.32 | +0.09 | +0.02 | $25.4k | $6.4k |
| 5 yr | +1.22 | +1.09 | +0.22 | $307.9k | $63.7k |
| 10 yr | +3.67 | +4.88 | +1.14 | $1.38m | $324.3k |
| 30 yr | +3.94 | +1.58 | +0.26 | $447.6k | $73.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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