Convertible Bonds
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.
Portfolio characteristics
LONG-TERM PERFORMANCE | Aims to deliver long-term value, outperforming the benchmark over five years. |
MORE UPSIDE, LESS DOWNSIDE | Our benchmark-agnostic approach has captured more upside and less downside than the benchmark over the past 10 years. |
NO STYLE LIMITS | An unconstrained and agile approach helps us meet participation rate targets across changing market cycles. |
MANAGED VOLATILITY | We prioritise actively managing volatility to avoid unrewarded or unnecessary risks. |
SFDR ARTICLE 8 | Advanced ESG analysis integration means we can filter a wide universe on a best-in-class approach. |
Strategy highlights
LONG-ONLY CONVEX APPROACH
- 100% pure global convertibles (no synthetic securities, no leverage)
- Maximising convexity within a 30-60% delta range
- Deep fundamental expertise through proprietary research
- Fully invested
- No hedging, except currency risk
HIGHLY ACTIVE, HIGH CONVICTION
- Flexible positioning adjusting to macro views and regime change
- Targeting 50 best ideas with the top 20 positions representing ~60% of the portfolio
- Benchmark agnostic, high active share
- All-cap strategy
AN ESG SOLUTION
- Sector exclusions and positive screening through a best-in-universe approach
- Active company engagement
- SFDR Article 8
- Awarded French Ministry of Finance “SRI Label” and the “Towards Sustainability” label (Belgian SRI label).*
*French SRI label obtained 20 March 2020; Towards Sustainability label obtained January 2023.
Strategy resources
Fund Information
Monthly Reporting
Monthly Commentary

We believe in a pure-play focus on convertibles where issuers have a sustainable focus to maximise convexity. We do not hold synthetic securities or options, which means the portfolio is completely transparent.
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