Investment Objective
The fund seeks to generate returns predominantly through direct or indirect long investment in convertible bonds and equity-linked securities and short investments in the corresponding equities. Through adopting an arbitrage approach to convertible bond investment – pairing convertible bonds with equity hedges – the team believes each pair position can maximise gamma whilst mitigating downside risk via the bond floor. In the team’s view, returns can be further supplemented by the tactical management of equity delta and selectively capturing new issue premia in the convertible bond market.
Performance
| JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 0.1 | 0.4 | 0.3 | 1.0 | 0.1 | 0.1 | 0.1 | 0.3 | 0.7 | 1.0 | 0.8 | 0.3 | 0.1 | |
| 2022 | 0.9 | 0.3 | 0.2 | 0.4 | 1.0 | 0.8 | 0.7 | 0.3 | 0.9 | 0.8 | 0.2 | 0.0 | 0.7 |
