Convertible bonds
Capture equity returns with less volatility, regardless of market conditions, while we adjust to your choices, particularly in terms of the investment universe and risk budget.
Brice Perin
Co-Head of Multi-Assets & Absolute Return, Head of Convertible Bond Management
Convertible bonds have various performance drivers (underlying shares, volatility, bond component). Their hybrid nature makes them a special investment for creating value in various market contexts.
Key features
of our offering
1.
Active and discretionary management based on three strategies – defensive, opportunistic, and absolute return – along with Solvency II optimisation.
2.
A selective approach to best capture the convexity of convertible bonds, assessing the strength of the bond floor and avoiding defaults.
3.
Inclusion of all classes of convertible bonds – investment grade, high yield and unrated.
4.
A multi-dimensional approach reflecting macroeconomic analysis, fundamental equity, credit and interest rate research, volatility and our GREaT* non-financial methodology.
5.
Multiple sources of value added – arbitrage strategies, directional strategies and macro-hedging/volatility.
Benefits and what
sets us apart
A triad of skills based on close cooperation between managers and our fundamental research, non-financial, and quantitative analysts.
Cutting-edge research to identify and calibrate performance drivers in different market environments.
Management team expertise, with long-standing experience of the markets.
Innovative proprietary tools to facilitate management, decision-making and rigorous risk budgeting.
* GREaT: Responsible governance, sustainable management of natural and human resources, the energy transition, local and regional development