The US Convertible Bond strategy is a research-focused, actively managed US convertible bond solution that seeks to exploit inefficiencies within the asset class and provide enhanced predictability of returns through a disciplined approach to risk management.
Disciplined, time-tested
Deep fundamental credit research, a stringent relative value framework, and top-down risk management
Nimble approach
Flexible and adaptable to the prevailing environment, which can help generate repeatable and dependable alpha
Experienced, stable team
Well-resourced team of investment professionals with senior portfolio managers who have a long tenure of working together
Total return convertibles may offer twice as much upside as downside for an equal movement of the common stock in either direction.
The strategy takes the view that risk-adjusted returns are inherent in this unique asset class.
Deep proprietary research helps identify undervalued securities in pursuit of long-term outperformance in corporate credit.
Focuses on relative value, which involves examining spread/yield comparisons versus industry peers, credit ratings, liquidity, and capital structure, while maintaining a technology-enhanced approach to risk management.
Macro assessment helps set the course for navigating both secular trends and intermediate cyclical events.
Credit risk analysis informs appropriate sizing of credit allocations.
Technical analysis of deal size, buyer base, index eligibility, and demand from foreign and domestic flows is accounted for.
Credit risk factors, such as positioning across curve, quality, capital structure, and sectors, are key inputs in portfolio decision making.
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Risk Disclosures
Investing involves risk, including the possible loss of principal.
A fund or strategy that holds a limited number of securities may be more sensitive to the price fluctuations of a single security in its portfolio and may be more volatile than a fund or strategy that holds a greater number of securities.
Investments in derivatives may involve additional expenses and are subject to significant loss if they perform differently than anticipated. Derivatives are also subject to the risk that the counterparty may fail to perform its obligations.
Fixed income securities can lose value, including the possible loss of principal. Fixed income securities are subject to credit risk and interest rate risk. Credit risk is the risk that an issuer of a fixed income security may be unable to make interest payments and/or repay principal in a timely manner. Interest rate risk is the risk that prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes.
High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than higher-rated securities.
Mortgage-backed securities (MBS) and asset-backed securities (ABS) are subject to credit risk and interest rate risk and may also be subject to prepayment risk and extension risk. In addition, MBS and ABS may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in interest rates or general economic conditions. Certain MBS, such as collateralized mortgage obligations, real estate mortgage investment conduits, and stripped MBS may be more susceptible to these risks than other MBS.
Diversification may not protect against market risk.
The principal on a fixed income security may be prepaid prior to maturity, which may require reinvestment at a lower interest rate.
The value of an investment will decline if there is a default by or a deterioration in the credit quality of the issuer or a provider of a credit enhancement or demand feature.
Liquidity risk is the possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them. To the extent that a portfolio holds fixed income securities in smaller “odd lot” sizes, such positions may be less liquid and harder to sell. Odd lots may trade at lower prices than institutional round lot sizes, which may affect a portfolio’s ability to accurately value its investments.
Investments in collateralized loan obligations (CLOs) are subject to liquidity risk, interest rate risk, credit risk, prepayment risk, valuation risk, and the risk of default of the underlying asset, among others. The degree of such risk will generally correspond to the specific tranche in which an investment is made, with lower-rated CLO tranches often subordinate to higher-rated tranches in terms of payment priority and therefore subject to relatively greater risk.
Interest payments on inflation-indexed debt securities will vary as the principal and/or interest is adjusted for inflation.
Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.
All third-party marks cited are the property of their respective owners.
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Investing involves risk including the possible loss of principal. The investment capabilities described in this website involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful. Past performance is not a reliable indication of future performance.
Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice.
The fund or strategy is subject to liquidity risk, which is the risk that the fund or strategy’s investments cannot be readily sold within seven calendar days at approximately the price at which the fund or strategy has valued them.