Mirabaud Convertibles Global Strategy

A high-conviction, highly active strategy investing in global convertible bonds targeting 50 best ideas, with the top-20 positions representing around 60% of the portfolio.

Mirabaud Convertibles Global is designed to fully harness the unique profile of convertible bonds—securities that combine equity upside with bond downside protection. Recognising that market conditions can sometimes diminish this natural convexity, our active management approach seeks to enhance these inherent characteristics.

A convexity-focused investment process

1. Macroeconomic assessment

We begin with a top-down analysis to determine our position within the economic cycle—be it recovery, expansion, slowdown, or recession. This assessment guides our regional and sector allocations, ensuring alignment with prevailing macroeconomic conditions.

2. Risk calibration

Our portfolio's risk profile is calibrated by evaluating factors such as geographic exposure, equity sensitivity (delta), sector and company size, credit quality and duration.

This comprehensive approach allows us to capture opportunities across desynchronized regional cycles.

3. Security selection

Transitioning to a bottom-up approach, we identify securities that best express our macro views. Our selection criteria focus on:

• High convexity potential
• Appropriate sizing and allocation
• Idiosyncratic opportunities with identifiable catalysts

We aim to construct a concentrated portfolio of sustainable companies poised for significant upside, often overlooked by the broader market.