CONVERTIBLE BONDS
Convertible bonds have several cumulative advantages for investors: an option on the issuer’s capital and a capital gain (assuming an appreciation in the issuer’s share price), a fixed return and a reduction in risk thanks to the bond floor (redemption at par at maturity).
The European convertible bond universe has a high credit quality, and offers an attractive risk/return ratio over the different economic cycles; and has a lower sensitivity to interest rate risk than the universe of traditional bonds in the Investment Grade universe.
We invest primarily in euro-denominated bonds and aim to increase value over the long term while minimizing volatility and providing attractive incomes. Being active managers, we have the flexibility to invest in the best potential opportunities, and adjust the delta to different market cycles
Our investment approach combines rigorous bottom-up security selection coupled with thorough top-down macro analysis & ESG criteria. We additionally focus on quantitative criteria and the macroeconomic backdrop to make decisions.
