Convertible bond management

Philosophy  -   Stock picking  -  Bond picking - Convertible bond management

Value convertible bond investing

A bottom-up approach founded on our Value stock picking process and our bond picking process

Active and differentiated management of:

• equity market sensitivity (active delta management)
• sensitivity to interest rate fluctuations and changes in credit spreads (active sensitivity management)
• convexity

Our objectives

• Capturing a significant portion of the upside in underlying equities over the long term, with very low volatility.
• Offering a defensive profile: with delta not exceeding 50%.

The investment process