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FORM 6-K
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Commission File Number: 1-15270
For the month of August 2014
NOMURA HOLDINGS, INC.
(Translation of registrant’s name into English)
9-1, Nihonbashi 1-chome
Chuo-ku, Tokyo 103-8645
Japan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
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Information furnished on this form:
Exhibit Number
| 1. | Consolidated Results of Operations (US GAAP), first quarter, year ended March 2015 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NOMURA HOLDINGS, INC. | ||||
| Date: August 6, 2014 | By: | /s/ Hajime Ikeda | ||
| Hajime Ikeda | ||||
| Managing Director | ||||
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Consolidated Results of Operations
First quarter, year ending March 2015
(US GAAP)
Nomura Holdings, Inc.
July 2014
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Outline
Presentation
Executive summary (p. 2) Overview of results (p. 3) Business segment results (p. 4) Retail (p. 5-6) Asset Management (p. 7-8) Wholesale (p. 9-11) Non-interest expenses (p. 12) Robust financial position (p. 13) Funding and liquidity (p. 14)
Financial Supplement
Consolidated balance sheet (p. 16) Value at risk (p. 17) Consolidated financial highlights (p. 18) Consolidated income (p. 19) Main revenue items (p. 20)
Consolidated results: Income (loss) before income taxes by segment and region (p. 21) Segment “Other” (p. 22) Retail related data (p. 23-27) Asset Management related data (p. 28-29) Wholesale related data (p. 30-31) Number of employees (p. 32)
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Executive summary
Group highlights
Solid net revenue from three business segments as Retail and Asset Management posted higher revenues QoQ and Wholesale revenues remained resilient
– Group net revenue declined QoQ on a loss of Y7.1bn from changes to own and counterparty credit spreads and following prior quarter realized gain of Y17.9bn from share sales1 Net income and income before income taxes both declined QoQ impacted by cost factors specific to 1Q
(FCR2 related expenses of Y18bn)
– Net revenue:
– Income before income taxes:
– Net income3 :
– ROE4:
– EPS5:
Y370.8bn Y51.7bn Y19.9bn 3.2% Y5.26
(-5% QoQ; -14% YoY) (-42% QoQ; -54% YoY) (-68% QoQ; -70% YoY)
(FY13/14 4Q: 9.8%; FY13/14 1Q: 11.3%) (FY13/14 4Q: Y16.02; FY13/14 1Q: Y17.24)
Three business segment highlights
Net revenue: Y319.1bn (+1% QoQ); Income before income taxes: Y45.6bn (-26% QoQ)
– Retail and Asset Management both reported stronger net revenue and income before income taxes
– Despite a resilient quarter in Global Markets, Wholesale income before income taxes declined due to the impact of FCR2 related expenses specific to 1Q
Retail
Sales of stocks slowed due to lower market volumes, while investment trusts rebounded Efforts to transform business model led to an increase in client assets Asset Management
Net revenues remained strong, reflecting growth in assets under management and dividend income ING Securities Investment & Trust (Taiwan) became a consolidated subsidiary from 1Q and contributed to earnings Wholesale Global Markets delivered solid net revenues despite lower volatility and subdued market volumes Income before income taxes driven down by FCR2 related expenses
(1) Fortress Investment Group LLC.
(2) All new deferred awards granted in May 2013 and 2014 include “Full Career Retirement” provisions which permit the recipients of the awards to continue to vest in the awards upon voluntary termination if certain criteria based on corporate title and length of service within Nomura are met.
corporate title and length of service within Nomura are met.
(3) Net income attributable to Nomura Holdings shareholders.
(4) Calculated using annualized net income for each period.
(5) Diluted net income attributable to Nomura Holdings shareholders per share.
Income before income taxes
Group (billions of yen)
113.2
86.9 88.6
72.9
51.7
FY2013/14 FY14/15
1Q 2Q 3Q 4Q 1Q
The three business segments
Wholesale
Asset Management Retail
113.0
Retail
84.4
71.4
62.1
45.6
FY2013/14 FY14/15
1Q 2Q 3Q 4Q 1Q
2
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Overview of results
Highlights
(billions of yen, except EPS and ROE)
Net revenue
Non-interest expenses
Income before income taxes
Net income1
EPS 2
ROE 3
FY2014/15
1Q
370.8
319.2
51.7
19.9
Y5.26
3.2%
FY2013/14
4Q
389.9
301.4
88.6
61.3
Y16.02
9.8%
QoQ
-5%
+6%
-42%
-68%
-67%
FY2013/14
1Q
431.3
318.1
113.2
65.9
Y17.24
11.3%
YoY
-14%
+0.3%
-54%
-70%
-69%
(1) Net income attributable to Nomura Holdings shareholders.
(2) Diluted net income per share attributable to Nomura Holdings shareholders. (3) Calculated using annualized net income for each period.
3
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Business segment results
Net revenue and income (loss) before income taxes
Net Retail
revenue Asset Management
Wholesale
Segment total
Other 1), 3)
Unrealized gain (loss) on investments in
equity securities held for operating purposes
Net revenue
Income Retail 2)
(loss)
before Asset Management 2)
income Wholesale 2)
taxes
Segment total
Other 1), 2), 3)
Unrealized gain (loss) on investments in
equity securities held for operating purposes
Income before income taxes
FY2014/15
1Q
106.9
23.3
188.9
319.1
48.3
3.5
370.8
31.6
8.3
5.7
45.6
2.6
3.5
51.7
FY2013/14
4Q
97.9
20.5
198.5
316.8
80.8
-7.7
389.9
23.3
5.3
33.5
62.1
34.2
-7.7
88.6
QoQ
+9%
+14%
-5%
+1%
-40%
-
-5%
+36%
+56%
-83%
-26%
-93%
-
-42%
FY2013/14
1Q
166.3
20.2
194.6
381.1
43.0
7.2
431.3
81.1
6.7
25.2
113.0
-7.0
7.2
113.2
YoY
-36%
+16%
-3%
-16%
+12%
-51%
-14%
-61%
+24%
-77%
-60%
-
-51%
-54%
Additional information: 1) Loss from changes to own and counterparty credit spreads (Y7.1bn)
2) Full career retirement (FCR)1 related expenses (Y18bn)
3) Booked realized gain in 4Q on sale of shares in Fortress Investment Group LLC (Y17.9bn)
1. All new deferred awards granted in May 2013 and 2014 include “Full Career Retirement” provisions which permit the recipients of the awards to continue to vest in the awards upon voluntary termination if certain criteria based on corporate title and length of service within Nomura are met.
4
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Retail
Net revenue and income before income taxes
(billions of yen)
FY2013/14 FY14/15
QoQ YoY
1Q 2Q 3Q 4Q 1Q
Net revenue
Non-interest expenses
Income before income taxes
+9%
+1%
+36%
-36%
-12%
-61%
Retail client assets
(trillions of yen)
96.0 91.7 95.3
FY2013/14
Jun Sep Dec Mar
FY14/15 Jun
(1) Cash and securities inflows minus outflows, excluding regional financial institutions. (2) Retail channels and Wealth Management group.
(3) Retail channels, Net & Call, and Hotto Direct. (4) Retail channels only.
Key points
Net revenue: Y106.9bn (+9% QoQ; -36% YoY)
Income before income taxes: Y31.6bn (+36% QoQ; -61% YoY)
Net revenue and income before income taxes both up QoQ; Sales of stocks slowed due to lower market volumes, while investment trusts rebounded Efforts to transform business model led to an increase in client assets
– Investment trust and discretionary investment net inflows, both sources of recurring revenue, increased QoQ while net inflows of cash and securities1 turned significantly positive
– Market gains helped drive Retail client assets to second highest level ever
Client franchise
–
Retail client assets
–
Accounts with balance
–
NISA accounts applications
–
Net inflows of cash and securities1
Recurring revenue
Investment trust net inflows2
Discretionary investment net inflows2
Other sales
–
IPOs, public offerigns3
–
Retail bonds4
–
Insurance products4
Y95.3trn
5.19m
1.35m
Y472.9bn
Y14bn
Y151bn
Y103bn
Y148.1bn
Y658.2bn
Y95.1bn
(Y91.7trn)
(5.14m)
(1.29m)
(-Y365.8bn)
(Y13.4bn)
(Y131.3bn)
(Y57.6bn)
(Y227bn)
(Y660.4bn)
(Y39.3bn)
*Figures in brackets are last quarter or as at end of March.
166.3
85.2
81.1
119.7
79.8
40.0
128.0
80.3
47.7
97.9
74.6
23.3
87.7
90.9
5
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Retail: Initiatives to grow client assets delivering results
Total sales1
(billions of yen)
Discretionary investment, Insurance products Investment trusts Bonds Stocks
6,000
4,000
2,000
0
FY2013/14
FY2014/15
1Q
2Q
3Q
4Q
1Q
Higher net inflows: Investment trusts, discretionary investment
(billions of yen)
Discretionary investment net inflows Investment trust net inflows
63.0 17.5
100.0
FY2013/14
1Q
2Q
3Q
4Q
(Month av.)
(Month av.)
(Month av.)
(Month av.)
FY2014/15
Apr May Jun
(1) Retail channel only.
(2) Retail channel and Wealth Management Group.
Total sales1 declined 12% QoQ
Stocks: -40% QoQ
– Investor risk appetite declined amid market uncertainty
– Lower market volume and fewer primary deals Investment trusts: +60% QoQ
– Efforts to increase client assets gaining traction; Investment trust net inflow increased for third straight quarter, expanding asset base Bonds: Flat QoQ
– Robust sales of large corporate bond issuances for retail investors Strong QoQ growth in discretionary investment contracts and insurance products, reflecting greater focus on making proposals based on an understanding of each client’s individual life plan and their specific needs
Significant growth in sales of insurance products1
(billions of yen)
10.5 10.7 13.1
FY2013/14
1Q 2Q 3Q 4Q
(Month av.) (Month av.) (Month av.) (Month av.)
36.5
34.1
24.5
FY2014/15
Apr
May
Jun
93.1
2.9
64.5
89.5
12.1
24.5
36.5
34.1
6
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Asset Management
Net revenue and income before income taxes
(billions of yen)
Net revenue
Non-interest expenses
Income before income taxes
FY2013/14
FY14/15
QoQ YoY
1Q
2Q
3Q
4Q
1Q
+14%
-1%
+56%
+16%
+12%
+24%
Assets under management
(trillions of yen)
AuM (gross)1 AuM (net)2
37.3 40.3 38.2 40.6 29.1 30.0 32.9 30.8 33.0
FY2013/14
FY2014/15
Jun
Sep
Dec
Mar
Jun
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital.
(2) Net after deducting duplications from assets under management (gross).
(3) All new deferred awards granted in May 2013 and 2014 include “Full Career Retirement” provisions which permit the recipients of the awards to continue to vest in the awards upon voluntary termination if certain criteria based on corporate title and length of service within Nomura are met.
(4) Undertakings for Collective Investment in Transferable Securities (UCITS) is the main European framework covering collective investment schemes investing in transferable securities.
Key points
Net revenue: Y23.3bn (+14% QoQ; +16% YoY)
Income before income taxes: Y8.3bn (+56% QoQ; +24% YoY)
-Strongest revenues since quarter ended Sep 2007 driven by expansion in assets under management and dividend income
-ING Securities Investment & Trust (Taiwan) became a consolidated subsidiary from 1Q and contributed to earnings
-Strong income before income taxes despite FCR3 related expenses
Investment trust business
Inflows into global high dividend stock and high yield bond funds
Nomura DB High Dividend Infrastructure Stock Fund Europe High Yield Bond Fund Nomura Global High Dividend Stock Premium
Q1 inflows
Y315bn
Y38.5bn
Y28.9bn
Increased sales of privately placed funds for regional financial institutions AuM in Fund Wrap and SMA funds increased 41% QoQ
Investment advisory business
Continued international inflows, but fund outflows in Japan
- Inflows primarily into Japan stock and high yield bond products via UCITS4 funds; AuM in UCITS funds increased 17% QoQ
20.2
13.5
6.7
18.6
12.5
6.2
21.2
12.3
8.9
20.5
15.1
5.3
23.3
15.1
8.3
7
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Asset Management: Funds receiving high recognition
Assets under management (gross)1 by business
(trillions of yen)
Investment trust business Investment advisory business
FY2013/14 FY2014/15
Jun Sep Dec Mar Jun
Nomura Asset Management public investment trust market share2
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
23.6%
22.5%
22.7%
22.9%
22.8%
FY2013/14
FY2014/15
Jun Sep Dec Mar Jun
Investment trust business flow of funds3
(billions of yen) Investment trust business (excl. ETFs) ETFs
900
600
300
0
-300
-600
-900
873
501 496
257 153 89
-23
-820
FY2013/14 FY2014/15
1Q 2Q 3Q 4Q 1Q
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital. (2) Source: The Investment Trusts Association, Japan.
(3) Based on assets under management (net).
(4) Only First Prize winning funds shown. See disclaimer for cautionary note on R&I Fund Award.
Growth in discretionary investment products
AuM in Fund Wrap and SMA funds
Note: Indexed, Jun 2013 = 100
246 175
106
2013/6 2013/9 2013/12 2014/3 2014/6
Research and Asset Management, and
Awards
Topped the industry winning 13 awards at R&I Fund Award 20144
– Investment Trusts Aggregate Category First Prize Mixed Asset Fund Aggregate
– Investment Trusts Category First Prize Three funds including J-REIT Open Nomura DB High Dividend
Infrastructure Stock Fund
406
138
100
106
136
175
246
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Wholesale
Net revenue and income before income taxes
(billions of yen)
FY2013/14
FY14/15
QoQ YoY
1Q 2Q 3Q 4Q 1Q
Global Markets Investment Banking Net revenue Non-interest expenses Income before income taxes
165.3
29.3
194.6
169.4
25.2
159.6
23.8
183.3
158.1
25.3
158.0
30.7
188.7
160.9
27.8
166.8
31.7
198.5
165.0
33.5
166.6
22.3 188.9 183.1 5.7
-0.1% -30% -5% +11% -83%
+1% -24% -3% +8% -77%
Net revenue by region
(billions of yen)
200.0 150.0 100.0 50.0 0.0
41.1
44.7 20.1
88.7
45.9
54.1
24.5
58.8
Americas
EMEA
AEJ
Japan
FY2013/14 FY2014/15
1Q 2Q 3Q 4Q 1Q
(1) All new deferred awards granted in May 2013 and 2014 include “Full Career Retirement” provisions which permit the recipients of the awards to continue to vest in the awards upon voluntary termination if certain criteria based on corporate title and length of service within Nomura are met.
Key points
Net revenue: Y188.9bn (-5% QoQ; -3% YoY)
Income before income taxes: Y5.7bn (-83% QoQ; -77% YoY) Resilient revenues
– Revenues remained strong roughly in line with previous quarter as Global Markets capitalized on revenue opportunities amid challenging market conditions
– Investment Banking revenues down from strong prior quarter
Income before income taxes pushed down QoQ due to increase in costs specifically related to 1Q
– Deferred awards granted to recipients who meet certain requirements were booked as FCR1 related expenses
Regional performance (net revenue; QoQ)
Americas (Y58.2bn; -5%)
– Largest contributor to Wholesale revenues for the second consecutive quarter, as client franchise continued to expand, although revenues declined slightly from strong previous quarter
EMEA (Y57.8bn; -6%)
– Rates and Cash Equities businesses impacted by subdued market volumes
– Investment Banking won multiple financing mandates from financial institutions
Japan (Y55.2bn; -7%)
– Equities trading revenues remained resilient while client revenues slowed due to lower volumes
– Investment Banking revenues declined due to limited number of high-profile ECM transactions
AEJ (Y17.7bn; +8%)
– Fixed Income revenues improved, but client activity was subdued as a result of uncertainty over the Chinese economy and other factors
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Wholesale: Global Markets
Net revenue
(billions of yen) Equities Fixed Income
165.3
67.8
97.6
159.6
65.8
93.8
166.8
59.0
107.7
QoQ -0.1%
YoY
+1%
FY2013/14 FY2014/15
1Q 2Q 3Q 4Q 1Q
Key points
Global Markets
Net revenue: Y166.6bn (-0.1% QoQ; +1% YoY)
– Resilient revenues despite low volatility and subdued market volumes
– Continued growth of client franchise in EMEA and Americas contributing to stable revenues Fixed Income Net revenue: Y104.5bn (-3% QoQ; +7% YoY)
– Solid revenues in Credit and Securitized Products offsetting a slowdown in Rates Equities Net revenue: Y62.0bn (+5% QoQ; -9% YoY)
– Revenues increased with steady Cash and improvement in Derivatives despite low market volumes
FY2014/15 1Q net revenue by region
Americas
EMEA
AEJ
Japan
YoY
Global Markets
QoQ
Global Markets
Fixed Income Equities
0% ~ ±5% ±5% ~ ±15% ±15% ~
Americas: Robust Equity Derivatives underpinned by strong client flows more than offset the impact of lower volatility in Rates
EMEA: Equity Derivatives improved while slowdown in Rates was offset by Credit and other Fixed Income products
AEJ: Credit remained solid while Emerging Markets FX revenues improved
Japan: Increase in Equity trading revenues, while Rates business declined due to low volatility
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Wholesale: Investment Banking
Net revenue
Investment Banking (gross) (billions of yen)
47.2 45.8 35.9 55.4 43.2
Investment Banking (net) Other
29.3
3.7
25.6
23.8
23.3
30.7
11.7
19.0
QoQ -30%
22.3
YoY -24%
22.8
-0.4
FY2013/14
FY2014/15
1Q 2Q 3Q 4Q 1Q
Key points
Net revenue: Y22.3bn (-30% QoQ; -24% YoY)
Investment Banking (gross) revenue of Y43.2bn
– Japan: Continued to drive global revenues despite slowdown QoQ due to limited number of high-profile ECM transactions Maintained high market share (ECM 34.5%; DCM 26.2%) and #1 spot in Japan-related ECM/DCM league tables1 by accurately meeting financing needs of Japanese corporates
– International: Slowdown from a strong previous quarter; Revenues driven by key sectors with all regions reporting higher revenues YoY
Sponsors2 and EMEA FIG businesses contributed to revenues Continued to build track record in ECM with total transaction value of executed deals tripling YoY3
(1) Source: ECM: Thomson Reuters; DCM (corporate bonds including self-funded): Thomson DealWatch, Jan – Jun 2014. (2) Financial sponsors (3) Dealogic
Playing to our strengths
Financing by Japanese corporates
Leveraged distribution capabilities to win high-profile financing mandates
Mitsui Fudosan
PO (Y345.2bn)
Softbank
Retail bond (Y300bn)
Yamada Denki
Euro-yen CB (Y103bn)
Joyo Bank
Euro-dollar CB
($308m)
Invesco Office J-REIT
IPO (Y44.4bn)
Tokyo Metropolitan Government
USD denominated bond ($1bn)
FIG business
Financing transactions to raise capital for European financial institutions (rights issues, large bond issuances) Involved in restructuring of financial institutions
Banco Popolare
Rights issue
(€1.5bn)
Rabobank
Tier 2 benchmark
(€2bn & Ł1bn)
Banca Carige
Rights issue
(€799m)
OCBC /
Wing Hang Bank (HKD38bn)
Sponsors2 related business
Won mandates for M&A and M&A related financing as well as IPOs
Oji Holdings, Innovation Network Corporation of Japan /
Carter Holt Harvey (Rank Group) ($889m) Carlyle Acquisition Financing for Johnson & Johnson’s Ortho-Clinical Diagnostics ($3.8bn)
Astorg Partners & Montagu PE / Sebia (M&A Undisclosed /ALF €709m)
Card Factory
IPO
(Ł297m)
Solutions business
Products aligned to client needs: Deal contingent FX related to cross-border M&A, rates and currency swaps, interest rate swaps linked to bond issuances
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Non-interest expenses
Full year Quarter
(billions of yen)
Other
Business development
expenses
Occupancy and
related depreciation
Information
processing and
communications
Commissions and
floor brokerage
Compensation and
benefits
(Reference) Excluding
NREH
1,500
1,200
900
600
300
0
1,575.9
1,195.5
318.1
319.2
301.4
283.5
292.5
(billions of yen)
Compensation and benefits
Commissions and floor brokerage
Information processing and communications
Occupancy and related depreciation
Business development expenses
Other
Total
FY2012/13
547.6
91.4
179.9
91.5
49.0
616.5
1,575.9
FY2013/14
570.1
111.8
192.2
80.1
38.5
202.8
1,195.5
FY2013/14 FY2014/15
1Q
163.2
29.0
48.2
19.8
7.9
50.0 318.1
2Q
135.4
26.1
46.2
20.8
9.5
45.4
283.5
3Q
138.8
28.0
47.8
19.0
11.0
47.9
292.5
4Q
132.6
28.7
49.9
20.5
10.1
59.4
301.4
1Q
168.8
27.6
44.9
18.6
7.9
51.4
319.2
QoQ
27.2%
-3.9%
-10.1%
-9.6%
-21.7%
-13.5%
5.9%
1. All new deferred awards granted in May 2013 and 2014 include “Full Career Retirement” provisions which permit the recipients of the awards to continue to vest in the awards upon voluntary termination if certain criteria based on corporate title and length of service within Nomura are met.
Key points
Non-interest expenses: Y319.2bn
(+6% QoQ)
– Compensation and benefits (+27% QoQ)
Higher bonus provisions in line with
performance
Booked Y18bn in FCR1 related
expenses for recipients of deferred
compensation who met certain
conditions
– Information processing and
communications (-10% QoQ)
Continued efforts to reduce costs
Equivalent decline of data center
depreciation costs booked last quarter
– Business development expenses (-22%
QoQ)
Decline in NISA related expenses and
costs for cash-back campaign for JGBs
for individuals
– Other (-13% QoQ)
Booked one-off expenses last quarter
(asset revaluation, decommissioning of
IT systems)
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Robust financial position
Balance sheet related indicators and capital ratios
(As of June 2014)
Total assets
Shareholders’ equity
Gross leverage
Net leverage1
Level 3 assets (net)2
Liquidity portfolio
Y43.9trn
Y2.5trn
17.8x
11.3x
Y0.4trn
Y5.6trn
(billions of yen)
Total capital
RWA3
Tier 1 ratio
Tier 1 common ratio4
Total capital ratio
Tier 1
Tier 2
Mar
(Basel 3 basis)
2,314
402
2,716
17,426
13.2%
13.2%
15.5%
Jun2
(Basel 3 basis)
2,280
396
2,676
17,485
13.0%
13.0%
15.3%
Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders’ equity.
Preliminary.
Credit risk assets are calculated using the internal model method.
Tier 1 common ratio is defined as Tier 1 capital minus minority interest divided by risk-weighted assets.
Risk weighted assets3 and Tier 1 ratio
(trillions of yen) RWA (Basel 3) (lhs) Tier 1 ratio (Basel 3) (rhs)
13.2% 13.0%
11.9% 12.2% 12.0% 11.9%
FY2013/14
FY2014/15
Jun Sep Dec Mar Jun
Fully loaded Basel
3 2019 applied to balance sheet at end Jun (estimate)
20.0%
15.0%
10.0%
5.0%
0.0%
Level 3 assets 2 and net level 3 assets/Tier 1 capital
(billions of yen)
1,000
500
0
Level 3 assets
Net Level 3 Assets
Net Level 3 Assets / Tier 1 Capital
23%
19%
17% 16% 16%
FY2013/14 FY2014/15
Jun Sep Dec Mar Jun
40%
0%
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Funding and liquidity
Balance sheet structure
Highly liquid, healthy balance sheet
structure
– 83% of assets are highly liquid
trading and related assets that are
marked-to-market and matched to
trading and related liabilities through
repos etc. (regionally and by
currency)
– Other assets are funded by equity
and long-term debt, ensuring
structural stability
Liquidity portfolio2
Liquidity portfolio:
– Y5.6trn, or 13% of total assets
– Maintain a high quality liquidity
portfolio surplus without the need
for additional unsecured funding
over a certain period
Balance sheet (As of Jun 2014)
Assets
Trading assets
and related1
Cash and cash deposits
Other assets
Liabilities and equity
Trading liabilities
and related1
Other liabilities
Short-term borrowings
Long-term
borrowings
Total equity
Unsecured funding2
More than 80% of unsecured funding is long-term debt Diversified sources of funding
Short-term
debt
17%
Long-term debt
due within 1yr,
17%
Long-term
debt, 67%
Average
maturity
5.1 years3
International
22%
Japan
78%
Loans
(incl.
subordinated)
Euro
MTN/Yen,
retail bonds,
etc.
Euro
MTN/Other,
wholesale
bonds, etc.
Bank
lending
market
Retail
market
Wholesale
market
Breakdown of short-term/long-term debt
Long-term—debt by region
Funding of long-term debt
(1) Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc.
(2) Definition differs from financial disclosures reflecting Liquidity Management’s view. Cash and cash deposits portion of liquidity portfolio excludes funds on deposit at exchanges and segregated client funds. (3) Excludes long-term debt due within one year. Redemption schedule is individually estimated by considering the probability of redemption under certain stressed scenarios.
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Financial Supplement
Table of Contents
|
|
Consolidated balance sheet
(billions of yen)
Assets
Total cash and cash deposits
Total loans and receivables
Total collateralized agreements
Total trading assets1 and private
equity investments
Total other assets
Total assets
Mar 31,
2014
2,189
2,571
17,347
18,714
2,699
43,520
Jun 30,
2014
2,113
2,698
15,992
20,494
2,634
43,931
Increase
(Decrease)
-76
127
-1,355
1,779
-65
411
Liabilities
Short-term borrowings
Total payables and deposits
Total collateralized financing
Trading liabilities
Other liabilities
Long-term borrowings
Total liabilities
Equity
Total NHI shareholders’ equity
Noncontrolling interest
Total liabilities and equity
Mar 31,
2014
602
2,837
17,112
11,047
1,142
8,227
40,967
2,514
40
43,520
Jun 30,
2014
515
3,161
16,383
12,047
1,039
8,272
41,417
2,468
46
43,931
Increase
(Decrease)
-87
324
-729
1,000
-103
45
450
-46
6
411
1. Including securities pledged as collateral.
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Value at risk
Definition
99% confidence level
1-day time horizon for outstanding portfolio
Inter-product price fluctuations considered
From April 1, 2014 to June 30, 2014 (billions of yen)
Maximum: 9.3
Minimum: 4.7
Average: 6.7
(billions of yen)
Equity
Interest rate
Foreign exchange
Sub-total
Diversification benefit
VaR
FY2012/13
Mar
1.3
5.0
1.9
8.1
-3.0
5.1
FY2013/14
Mar
1.3
3.9
2.8
8.0
-2.9
5.2
Jun
2.6
5.4
1.9
9.9
-3.2
6.6
Sep
1.9
5.1
1.8
8.7
-3.2
5.5
Dec
3.6
6.6
2.6
12.9
-4.3
8.6
Mar
1.3
3.9
2.8
8.0
-2.9
5.2
Jun
-0.7
FY2013/14
FY2014/15
Jun
2.8
5.2
2.0
10.0 -0.7
9.3
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Consolidated financial highlights
Net income attributable to NHI shareholders
ROE(%)
Full year
(billions of yen)
107.2
4.9%
213.6
8.9%
Net revenue
Income before income taxes
Net income attributable to Nomura Holdings, Inc.
(“NHI”) shareholders
Total NHI shareholders’ equity
ROE (%)1
Basic-Net income attributable to NHI
shareholders per share (yen)
Diluted-Net income attributable to NHI
shareholders per share (yen)
Total NHI shareholders’ equity per share (yen)
FY2012/13
1,813.6
237.7
107.2
2,294.4
4.9%
29.04
28.37
618.27
FY2013/14
1,557.1
361.6
213.6
2,513.7
8.9%
57.57
55.81
676.15
12%
9%
6%
3%
0%
Quarter
(billions of yen)
11.3%
8.9%
8.9%
8.5%
65.9
61.3
48.3
38.1
3.2%
19.9
12%
10%
8%
6%
4%
2%
0%
FY2013/14 FY2014/15
1Q
431.3
113.2
65.9
2,369.0
11.3%
17.78
17.24
639.99
2Q
356.4
72.9
38.1
2,379.2
8.9%
10.29
9.99
641.90
3Q
379.4
86.9
48.3
2,492.5
8.5%
13.02
12.65
670.88
4Q
389.9
88.6
61.3
2,513.7
8.9%
16.48
16.02
676.15
1Q
370.8
51.7
19.9
2,467.7
3.2%
5.40
5.26
678.69
(1) Quarterly ROE is calculated using annualized year-to-date net income.
250
200
150
100
50
0
100
80
60
40
20
0
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Consolidated income
Full year
Quarter
(billions of yen)
Revenue
Commissions
Fees from investment banking
Asset management and portfolio service fees
Net gain on trading
Gain on private equity investments
Interest and dividends
Gain on investments in equity securities
Other
Total revenue
Interest expense
Net revenue
Non-interest expenses
Income before income taxes
Net income attributable to NHI shareholders
FY2012/13
359.1
62.4
141.0
368.0
8.1
394.0
38.7
708.8
2,079.9
266.3
1,813.6
1,575.9
237.7
107.2
FY2013/14
474.6
91.3
167.2
476.4
11.4
416.3
15.2
179.5
1,831.8
274.8
1,557.1
1,195.5
361.6
213.6
FY2013/14
FY2014/15
1Q
157.6
25.4
42.4
128.4
0.1
115.3
7.9
28.2
505.3
73.9
431.3
318.1
113.2
65.9
2Q
105.6
23.0
40.7
110.2
0.7
98.1
5.0
45.1
428.4
72.0
356.4
283.5
72.9
38.1
3Q
121.4
15.8
42.1
108.5
11.0
102.6
7.5
38.5
447.4
68.0
379.4
292.5
86.9
48.3
4Q
89.9
27.2
42.1
129.2
-0.3
100.3
-5.2
67.7
450.8
60.8
389.9
301.4
88.6
61.3
1Q
96.3
19.8
45.4
158.6
-0.3
104.9
6.3
31.1
462.2
91.3
370.8
319.2
51.7
19.9
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Main revenue items
Commissions
Fees from
investment banking
Asset management
and portfolio service
fees
Full year
Quarter
(billions of yen)
Stock brokerage commissions (retail)
Stock brokerage commissions (other)
Other brokerage commissions
Commissions for distribution of investment trusts
Other
Total
Equity underwriting and distribution
Bond underwriting and distribution
M&A / financial advisory fees
Other
Total
Asset management fees
Administration fees
Custodial fees
Total
FY2012/13
51.8
112.9
11.7
150.1
32.6
359.1
21.1
7.8
25.6
7.7
62.4
105.3
18.6
17.1
141.0
FY2013/14
126.7
139.8
18.1
157.8
32.1
474.6
41.4
13.0
25.0
12.0
91.3
126.7
22.5
18.1
167.2
FY2013/14 FY2014/15
1Q
42.5
37.7
5.3
63.9
8.2
157.6
10.3
3.8
6.4
4.9
25.4
32.1
5.6
4.6
42.4
2Q
25.4
31.6
4.2
37.0
7.5
105.6
11.0
3.5
6.5
2.1
23.0
30.8
5.5
4.4
40.7
3Q
36.3
34.9
4.4
37.7
8.3
121.4
6.1
2.8
4.4
2.4
15.8
31.8
5.7
4.5
42.1
4Q
22.6
35.6
4.3
19.3
8.2
89.9
14.0
2.9
7.6
2.6
27.2
31.9
5.7
4.5
42.1
1Q
15.8
34.3
3.8
30.5
11.9
96.3
8.5
3.5
5.7
2.1
19.8
35.0
5.9
4.6
45.4
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Consolidated results: Income (loss) before income taxes by segment and region
Adjustment of consolidated results and segment results: Income (loss) before income taxes
(billions of yen)
Retail
Asset Management
Wholesale
Three Business segments total
Other
Segments total
Unrealized gain (loss) on investments in equity
securities held for operating purposes
Income before income taxes
FY2012/13
100.6
21.2
71.7
193.5
6.6
200.0
37.7
237.7
FY2013/14
192.0
27.1
111.8
330.9
20.0
350.9
10.7
361.6
FY2013/14 FY2014/15
1Q
81.1
6.7
25.2
113.0
-7.0
106.1
7.2
113.2
2Q
40.0
6.2
25.3
71.4
-3.5
67.9
5.0
72.9
3Q
47.7
8.9
27.8
84.4
-3.7
80.7
6.2
86.9
4Q
23.3
5.3
33.5
62.1
34.2
96.2
-7.7
88.6
1Q
31.6
8.3
5.7
45.6
2.6
48.2
3.5
51.7
Income (loss) before income taxes by region1
(billions of yen)
Americas
Europe
Asia and Oceania
Subtotal
Japan
Income before income taxes
FY2012/13
25.7
-93.1
-12.1
-79.4
317.2
237.7
FY2013/14
29.5
-48.9
-5.2
-24.7
386.3
361.6
FY2013/14 FY2014/15
1Q
-8.5
-4.4
-0.8
-13.7
126.9
113.2
2Q
-1.3
-19.6
2.3
-18.7
91.6
72.9
3Q
8.0
-14.8
-1.5
-8.2
95.1
86.9
4Q
31.2
-10.1
-5.2
15.9
72.6
88.6
1Q
6.1
-22.9
-0.3
-17.1
68.8
51.7
(1) Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended June 30, 2014.) Nomura’s revenues and expenses are allocated based on the country of domicile of the legal entity providing the service. This information is not used for business management purposes.
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Segment “Other”
Income (loss) before income taxes
Full year
(billions of yen)
Quarter
-20
20.0
6.6
34.2
2.6
-3.5 -3.7
20
40
0
-7.0
(billions of yen)
-20
0
20
40
Net gain (loss) related to economic
hedging transactions
Realized gain(loss) on investments in equity
securities held for operating purposes
Equity in earnings of affiliates
Corporate items
Others
Income (Loss) before income taxes
FY2012/13
1.0
1.0
14.4
17.7
-27.5
6.6
FY2013/14
17.4
4.4
28.6
-38.8
8.4
20.0
FY2013/14 FY2014/15
1Q
7.4
0.7
5.3
-12.3
-8.0
-7.0
2Q
-1.7
0.0
8.9
-8.7
-2.0
-3.5
3Q
5.2
1.3
8.2
-14.0
-4.4
-3.7
4Q
6.5
2.4
6.2
-3.8
22.8
34.2
1Q
6.9
2.9
3.5
-3.1
-7.6
2.6
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Retail related data (1)
(billions of yen)
Commissions
Sales credit
Fees from investment banking and other
Investment trust administration fees and other
Net interest revenue
Net revenue
Non-interest expenses
Income before income taxes
Domestic distribution volume of investment trusts1
Bond investment trusts
Stock investment trusts
Foreign investment trusts
Other
Accumulated value of annuity insurance policies
Sales of JGBs for individual investors (transaction
base)
Retail foreign currency bond sales
Full year
Quarter
FY2012/13
225.9
80.9
36.8
49.7
4.6
397.9
297.3
100.6
9,027.6
2,719.2
5,457.0
851.4
1,909.5
189.1
1,485.8
FY2013/14
301.7
106.1
40.3
56.1
7.7
511.9
319.9
192.0
10,146.4
3,146.3
6,201.4
798.7
2,033.1
1,037.0
1,595.6
FY2013/14 FY2014/15
1Q
110.3
29.7
9.8
14.4
2.2
166.3
85.2
81.1
3,427.5
753.7
2,386.2
287.6
1,942.0
42.5
383.2
2Q
66.5
24.3
13.4
13.7
1.9
119.7
79.8
40.0
2,372.2
814.2
1,406.6
151.4
1,970.4
450.9
507.1
3Q
78.3
25.7
8.0
14.1
1.8
128.0
80.3
47.7
2,552.5
810.2
1,571.8
170.5
2,000.0
329.1
318.6
4Q
46.5
26.4
9.1
13.9
1.9
97.9
74.6
23.3
1,794.1
768.2
836.8
189.1
2,033.1
214.6
386.6
1Q
56.1
25.0
9.1
14.4
2.3
106.9
75.3
31.6
2,245.2
795.3
1,264.4
185.5
2,123.6
153.5
363.9
QoQ
20.5%
-5.3%
-0.7%
3.7%
21.2%
9.2%
0.9%
35.8%
25.1%
3.5%
51.1%
-1.9%
4.5%
-28.5%
-5.9%
YoY
-49.2%
-15.6%
-7.7%
0.3%
6.1%
-35.8%
-11.7%
-61.0%
-34.5%
5.5%
-47.0%
-35.5%
9.4%
3.6x
-5.1%
(1) Excluding Net & Call and Hotto Direct.
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Retail related data (2)
Stock brokerage commissions and commissions for distribution of investment trusts
Stock brokerage commissions
Commissions for distribution of investment trusts
Full year
(billions of yen)
Stock brokerage commissions
Commissions for distribution of investment trusts1
FY2012/13
180
150
120
90
60
30
0
70
60
50
40
30
20
10
0
51.8
161.5
FY2013/14
126.7
161.4
Quarter
(billions of yen)
FY2013/14 FY2014/15
1Q
42.5
65.3
2Q
25.4
37.5
3Q
36.3
38.5
4Q
22.6
20.1
1Q
15.8
31.9
QoQ
-30.1%
58.8%
YoY
-62.9%
-51.1%
(1) Nomura Securities.
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Retail related data (3)
Retail client assets
Other
Overseas mutual funds
Bond investment trusts
Stock investment trusts
Domestic bonds
Foreign currency bonds
Equities
(trillions of yen)
Equities
Foreign currency bonds
Domestic bonds 1
Stock investment trusts
Bond investment trusts
Overseas mutual funds
Other 2
Total
FY2012/13
Mar
46.7
6.6
12.4
8.9
4.9
1.7
2.7
83.8
FY2013/14
Mar
53.2
6.3
12.8
9.1
5.9
1.7
2.7
91.7
96.0 95.3 90.9 91.7 87.7 91.7 83.8
FY2013/14
Jun
50.5
6.2
12.4
8.6
5.3
1.7
3.0
87.7
Sep
53.4
6.1
12.9
8.8
5.6
1.7
2.4
90.9
Dec
56.5
6.4
12.7
9.2
6.6
1.7
2.9
96.0
Mar
53.2
6.3
12.8
9.1
5.9
1.7
2.7
91.7
FY2014/15
Jun
55.6
6.4
12.8
9.6
6.2
1.7
3.0
95.3
(1) Including CBs and warrants. (2) Including annuity insurance
100
80
60
40
20
0
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Retail related data (4)
Net inflows of cash and securities1
Full year
(billions of yen)
1,500
1,000
500
0
1,076
385
FY2012/13 FY2013/14
Quarter
(billions of yen)
1,000
500
0
-500
805
473 145 -366 491
FY2013/14
FY2014/15
1Q 2Q 3Q 4Q 1Q FY2012/13 FY2013/14
(1) Cash and securities inflows minus outflows, excluding regional financial institutions.
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Retail related data (5)
Number of accounts
(Thousands)
Accounts with balance
Equity holding accounts
Nomura Home Trade /
Net & Call accounts
FY2012/13
Mar
5,025
2,717
3,747
FY2013/14
Mar
5,144
2,718
4,012
FY2013/14
Jun
5,069
2,727
3,822
Sep
5,090
2,722
3,881
Dec
5,104
2,674
3,939
Mar
5,144
2,718
4,012
FY2014/15
Jun
5,186
2,721
4,053
New Individual accounts / IT share1
Full year
(Thousands)
New individual accounts
IT share1
No. of orders
Transaction value
FY2012/13
266
55%
31%
FY2013/14
364
58%
33%
Quarter
FY2013/14
1Q
101
59%
36%
2Q
82 58%
33%
3Q
91
54%
27%
4Q
90
60%
37%
FY2014/15
1Q
67
60%
36%
(1) Percentage of cash stock transactions conducted via Nomura Home Trade.
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Asset Management related data (1)
(billions of yen)
Net revenue
Non-interest expenses
Income before income taxes
FY2012/13
68.9
47.8
21.2
FY2013/14
80.5
53.4
27.1
FY2013/14
1Q
20.2
13.5
6.7
2Q
18.6
12.5
6.2
3Q
21.2
12.3
8.9
4Q
20.5
15.1
5.3
FY2014/15
1Q
23.3
15.1
8.3
QoQ
14.0%
-0.5%
55.6%
YoY
15.7%
11.7%
23.7%
Total assets under management
AuM
1
(gross)
AuM
2
(net)
(trillions of yen)
36.1
27.9
FY2012/13
Mar
38.2
30.8
FY2013/14
Mar
38.2
30.8
FY2013/14
FY2014/15
Jun Sep Dec Mar Jun
(1) (2) Total Net after assets deducting under management duplications from for Nomura assets under Asset management Management, (gross) Nomura . Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital.
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Asset Management related data (2)
Assets under management (gross) by business¹
(trillions of yen)
Investment trust
business
Investment advisory
business
Assets under management
(gross)
FY12/13
Mar
26.5
9.6
36.1
FY13/14
Mar
28.4
9.8
38.2
FY13/14
Jun
26.4
10.4
36.8
Sep
26.8
10.5
37.3
Dec
29.4
10.9
40.3
Mar
28.4
9.8
38.2
FY14/15
Jun
29.6
11.0
40.6
Assets under management by company
(trillions of yen)
Nomura Asset Management
Nomura Funds Research and
Technologies
Nomura Corporate Research and
Asset Management
Nomura Private Equity Capital
Assets under management (gross)1
Group company overlap
Assets under management (net)2
FY12/13
Mar
30.7
2.9
1.8
0.7
36.1
8.2
27.9
FY13/14
Mar
33.8
2.6
1.6
0.2
38.2
7.4
30.8
FY13/14
Jun
32.3
2.6
1.7
0.2
36.8
7.6
29.1
Sep
33.1
2.5
1.6
0.2
37.3
7.3
30.0
Dec
36.0
2.6
1.6
0.2
40.3
7.5
32.9
Mar
33.8
2.6
1.6
0.2
38.2
7.4
30.8
FY14/15
Jun
36.2
2.5
1.7
0.2
40.6
7.6
33.0
Asset inflows/outflows by business3
Full year
(billions of yen)
Investment trusts
business
of which ETFs
Investment advisory
business
Net asset inflow
FY
12/13
1,099
424
-529
570
FY
13/14
1,598
882
-520
1,078
FY2013/14
Quarter
1Q
544
138
349
893
2Q
410
153
-157
253
3Q
962
89
226
1,189
4Q
-319
501
-938
-1,257
FY2014/15
1Q
473
-23
27
500
Assets under management by company
36.8
7.6
29.1
Sep
33.1
2.5
1.6
0.2
3
Domestic public investment trust market and Nomura Asset Management market share4
(trillions of yen)
Domestic public stock
investment trusts
Market
Nomura’s share (%)
Domestic public bond investment trusts
Market
Nomura’s share (%)
FY12/13
Mar
60.0
18%
12.6
43%
FY13/14
Mar
65.7
19%
14.5
42%
FY13/14
Jun
60.5
18%
13.6
42%
Sep
62.4
18%
14.4
42%
Dec
65.0
19%
16.5
43%
Mar
65.7
19%
14.5
42%
FY14/15
Jun
68.8
18%
14.8
43%
(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital. (2) Net after deducting duplications from assets under management (gross). (3) Based on assets under management (net). (4) Source: Investment Trusts Association, Japan
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Wholesale related data (1)
Wholesale
(billions of yen)
Net revenue
Non-interest expenses
Income before income taxes
FY2012/13
644.9
573.2
71.7
FY2013/14
765.1
653.3
111.8
FY2013/14
1Q
194.6
169.4
25.2
2Q
183.3
158.1
25.3
3Q
188.7
160.9
27.8
4Q
198.5
165.0
33.5
FY2014/15
1Q
188.9
183.1
5.7
QoQ
-4.8%
11.0%
-82.8%
YoY
-2.9%
8.1%
-77.3%
Breakdown of Wholesale revenues
(billions of yen)
Fixed Income
Equities
Global Markets
Investment Banking(Net)
Other
Investment Banking
Net revenue
Investment Banking(Gross)
FY2012/13
387.7
172.8
560.4
72.0
12.4
84.4
644.9
143.0
FY2013/14
398.2
251.5
649.7
97.4
18.0
115.4
765.1
184.3
FY2013/14
1Q
97.6
67.8
165.3
25.6
3.7
29.3
194.6
47.2
2Q
93.8
65.8
159.6
23.3
0.4
23.8
183.3
45.8
3Q
99.2
58.8
158.0
19.0
11.7
30.7
188.7
35.9
4Q
107.7
59.0
166.8
29.5
2.2
31.7
198.5
55.4
FY2014/15
1Q
104.5
62.0
166.6
22.8
-0.4
22.3
188.9
43.2
QoQ
-3.0%
5.0%
-0.1%
-22.8%
-
-29.6%
-4.8%
-22.1%
YoY
7.2%
-8.5%
0.7%
-11.0%
-
-23.8%
-2.9%
-8.5%
(1) Fixed Income and Equities figures for FY 2012/13 have been reclassified following a reorganization in April 2013.
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Wholesale related data (2)
Private equity related investments
Terra Firma
Asia
Europe (excluding Terra
Firma)
Japan
(billions of yen)
150 100 50 0 104.6 57.2 107.0
Japan
Europe (excluding Terra Firma)
Asia
Sub Total
Terra Firma
Total
FY2012/13
Mar
52.7
21.8
2.0
76.5
28.1
104.6
FY2013/14
Mar
8.1
22.6
1.9
32.6
24.6
57.2
102.1
61.2 57.2 58.8
FY2013/14
Jun
52.5
22.9
1.9
77.4
29.6
107.0
Sep
51.7
22.9
1.8
76.4
25.8
102.1
Dec
10.5
23.9
1.9
36.3
24.9
61.2
Mar
8.1
22.6
1.9
32.6
24.6
57.2
FY2014/15
Jun
10.8
21.8
1.8
34.5
24.2
58.8
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Number of employees
Japan (excluding FA)
Japan (FA)
Europe
Americas
Asia-Pacific1, 2
Total
FY2012/13
Mar
14,123
1,907
3,618
2,271
6,037
27,956
FY2013/14
Mar
14,149
1,888
3,461
2,281
5,891
27,670
FY2013/14
Jun
14,654
1,911
3,485
2,240
5,961
28,251
Sep
14,454
1,923
3,459
2,243
5,945
28,024
Dec
14,308
1,918
3,456
2,248
5,902
27,832
Mar
14,149
1,888
3,461
2,281
5,891
27,670
FY2014/15
Jun
14,559
1,889
3,481
2,335
6,656
28,920
(1) Includes Powai office in India.
(2) Number of employees at the end of June for FY2014/15 includes Capital Nomura Securities and ING Securities Investment & Trust which were consolidated from this quarter.
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Disclaimer
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Forward-looking statements speak only as of the date they are made, and Nomura undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
The consolidated financial information in this document is unaudited.
Cautionary note on R&I Fund Award
R&I Fund Award is based on past data, and does not guarantee future performances of funds. The Award is presented only to provide information that can be used as a reference, and it does not intend to encourage investors to buy, sell or hold the relevant fund. Furthermore, it has no relation with the qualitative information Rating and Investment Information, Inc. (R&I) provides to its clients. The Award is calculated by R&I based on information believed to be reliable; however, its accuracy and completeness are not necessarily guaranteed. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. The copyright and other related rights of this Award are the sole property of R&I. Use of the information contained herein (including reproducing, amending, sending, distributing or mutilating the information) is prohibited without R&I‘s permission. The Award given to “Investment Trusts/Aggregate Category” is based on the average fund management performance of the relevant fund, and it does not indicate the performance of the manager’s other individual funds.
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www.nomura.com