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Is now the time to increase delta?

Nicolas Cremieux outlines recent positioning activity for the Mirabaud – Sustainable Convertibles Global Fund.

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Videos

Why does the composition of convertible bond benchmarks matter?

The Refintiv Global Focus Convertible Bond Index is by far the most widely used benchmark, as it is available in hedged versions against major currencies and It follows selection criteria for liquidity and size, as well as rules for price and conversion premium.

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How big and diversified is the overall market?

Due to the pandemic-driven issuance boom, the global market capitalisation of the convertible universe has reached a market value of about $500bn, with over one thousand issues – each with an approximate average size of $500m.

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Why is a large proportion of the convertible bond universe not rated?

Convertible bonds add credit diversification as about two-thirds of issues are currently not rated by S&P or Moody’s.

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Inflation Matters

David Kneale looks at the possible impact of inflation on UK PLC. UK consumer price inflation has recently risen to 1.5% from around 0.5%[1].

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Videos

Why do companies issue convertible debt?

Convertible issuers are diverse - from fast-growing small-cap to mature large-cap corporations. Companies may choose to issue convertible securities over shares or bonds for 5 reasons.

Videos

Why is Convexity important?

The amount by which the value of the convertible can decrease is limited by the bond value, while the amount by which value can increase is potentially unlimited.

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What is a balanced profile?

The attributes of an individual convertible can change over time, making it more stock-like or more bond-like, allowing investors to take a variety of positions, depending on the strategy deployed.

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Sell in May

It has been a while since my last missive. I must admit, I left it for a few weeks, hoping that there would be some eventful news to comment on. The logical move would have been for investors to take profits after a very strong Q1, feeling full of self-congratulation that the market was over-extended, in bubble territory and due a nice pullback.

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Videos

Why is delta a useful measure?

The delta, which scales between 0 and 100%, captures the change in the price of the convertible bond, for a percentage move in the underlying share price.

Videos

What is a convertible and why this asset class can’t they be replicated by holding a portfolio of bonds and equities?

A convertible bond is a debt that pays a coupon, it has a maturity date and includes an option to buy the shares at a premium to the current price.

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From greenwashing to "green-making", or how words become actions

In the age of "ecological homo economicus", economic growth and protecting the planet will undoubtedly come to represent two sides of the same coin. We explain how, by applying a systems perspective to finance in the coronavirus pandemic.

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An asset class that strives to offer an excellent risk / return ratio

Convertible bonds are an asset class in their own right, too often overlooked, which offers performance close to equities over a long term with much lower levels of volatility.

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Themes, recovery names and changes in the Mirabaud - Sustainable Global Focus Fund

Since the vaccine announcement in November last year, there has been a significant rotation out of growth into value. Despite good earnings momentum in companies across growth sectors, market leadership continues to be dominated by the more ‘hard’ cyclical names.

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Summertime and the living is easy

One year gone in a new UK equity bull market. The recovery in ‘crowd space services’, a successful vaccination programme and significant pent-up consumer demand all coincide with an acceleration of online activity. Jeremy Hewlett outlines why this is highly positive for UK equities.

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The Brave New World

We asked our investment collective for their views on where the global economy will go next. What’s clear is that this environment will most likely suit investors that can make active, high conviction decisions as they navigate the road ahead. Read more from our investment collective here.

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Pressemitteilungen

MIRABAUD ASSET MANAGEMENT ERHÄLT IN FRANKREICH DAS SRI-LABEL FÜR SEINE EUROPÄISCHE WANDELANLEIHENSTRATEGIE

Paris, 4. Mai 2021 – Der Mirabaud – Convertible Bonds Europe Fund hat in Frankreich das SRI-Label erhalten. Mirabaud Asset Management unterstreicht damit einmal mehr ihr Engagement für nachhaltige Investments.

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