Nomura Global Dynamic Bond (Hedged)

Introduction to the fund

With an unconstrained approach, Dickie Hodges utilises the full range of bond and derivative securities available to him, including government, corporate, emerging market and inflationlinked bonds. Using a blend of top-down and bottom-up stock selection, he aims to deliver a yield of around 3-6%, depending on market conditions. The team also target capital growth so will not increase the yield of the fund at the expense of capital. Dickie is extremely knowledgeable about bond securities and derivatives and uses this skill set and flexible mandate to exploit opportunities. The fund is a good option for all market conditions in terms of both yield and capital return. Income is paid in January, April, July and October.

Fund manager

Richard Hodges


Dickie Hodges joined Nomura in 2014 from Legal & General, where he ran the similar L&G Dynamic Bond Trust from its inception in 2007. He was also head of high alpha fixed income. Prior to this, he was head of pan European portfolio construction at Gartmore Investment Management, where he ran a variety of European credit funds. He has also worked at Natwest Investment where he ran a number of specialist investment funds using derivatives and cash. Dickie started his career in 1986 at Chase Manhattan Bank in fixed income.

Opinion on fund

A sector as vast as that of strategic bonds needs a manager who has the rare ability to accurately read the economic environment, as well as pick individual investments. Dickie Hodges has repeatedly shown he is capable of doing both. He is incredibly knowledgeable about bond securities and derivatives and uses this skillset and a flexible mandate, to exploit opportunities. Nomura Global Dynamic fund offers an excellent option for all market conditions in terms of both yield and capital return.

Fund performance

Documents

Key facts

  • Fund size

    £1,789.7m

  • Chelsea rating

    Buy

  • Core Selection

    Yes

  • Chelsea Risk Rating

    4

  • AMC

    0.60%

  • OCF

    0.75%

  • Unit Type

    Acc and Inc

  • Yield

    4.66%

  • FundCalibre rating

    Elite Rated

How to invest

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  • Download an application form and post it to us, along with a cheque
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Important information

Source: Performance data sourced from FE Analytics (IA universe). Yield figures (per annum), Fund Size data and AMCs/OCFs are as at 23/01/2026 unless otherwise stated.

The performance graph, factsheets and Key Investor Information Document is provided by FEfundinfo, and updated on a daily basis.

Some funds listed are off shore-domiciled and subject to different regulations. Off shore funds typically do not offer investor compensation under the UK Financial Services Compensation Scheme (FSCS).

Performance history extended by FE fundinfo to illustrate the fund’s longer-term record.

Sector rankings calculated from multiple underlying sectors; certain funds remain unranked due to limited comparability.

Funds assigned to an alternative IA sector; sector rankings may differ accordingly.

The information provided is based on our proprietary qualitative and quantitative research. Whilst reasonable efforts have been taken to ensure accuracy, Chelsea Financial Services cannot guarantee that the information is free from errors, omissions, or inaccuracies.

This information does not constitute investment advice and should not be interpreted as a recommendation to invest in any fund listed. Past performance is not a reliable indicator of future returns.

Please read the full Important Notice on page 2 of the FundReview 2025 carefully before making investment decisions.

Whilst every effort has been made to ensure the accuracy of this information, Chelsea Financial Services takes no responsibility for any errors, omissions or inaccuracies contained therein. The funds within the Chelsea Selection are based on our proprietary research, which is both qualitative and quantitative. Please note this is not investment advice, nor does it imply that you should invest in this fund. Past performance is a not a guide to future returns.

To find out more about our Chelsea Risk Rating, please visit our dedicated page.

The AMC (annual management charge) is paid to the fund management company for managing the fund. It is calculated as a percentage of the value of the fund. The AMC is less than the Ongoing Charges Figure (OCF).

The OCF (ongoing charges figure): The cost includes the AMC and other fees such as registration, regulatory, audit and legal fees but does not include transaction costs and performance fees.