Man Global Convertibles Strategy
The Man Global Convertibles Strategy offers investors access to an actively managed, regionally diversified long only portfolio of convertible bonds.
- Managed by Danilo Rippa who is supported by a core team of three dedicated analysts/asset managers, all of whom have deep asset class specific expertise and significant experience in structuring and originating convertible bonds
- Actively managed regional allocation aimed at maximising risk adjusted returns+
- Multi-layered risk management process with embedded risk manager and independent risk oversight
- The team leverages the Man Group equity and trading platform which supports and complements idea generation
Approach
The strategy seeks to outperform the Thomson Reuters Global Focus Hedged Convertible Bond Index (USD) with a corresponding level of risk by investing globally in an actively managed portfolio of, predominantly, convertible bonds.
In order to achieve its objective, the team aims to source and target alpha through a number of channels. These include:
- Security selection
- Inclusion in the convertible index
- Where multiple tranches exist exposure is optimised through the security that provides the best risk/reward
- Focus on idiosyncratic opportunities which provide outsized returns
- Sector rotation, which will be influenced by
- Macroeconomic dynamics and changes in regulation or legislation
- Primary market trends
- Sector specialists - useful additional support
- Positioning relative to the Reference Index
- Defensively or aggressively at a given point in time in terms of equity exposure and credit risk
- Geographical diversification
- Macroeconomic dynamics
- Regional convertible market valuation profile
- Regional primary market dynamics
- Flexibility to use options or ASCOTS
- Where appropriate, on valuation grounds, to reduce credit risk.
| Approach | Long-only |
| Asset Class | Credit |
| Geographic Focus | Global |
| Reference Index | Thomson Reuters Global Focus Hedged Convertible Bond Index (USD) |
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