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Why invest in convertibles now

The role small and mid-cap play in portfolio diversification

Finding the small and mid-cap winners of tomorrow

Why high conviction matters in convertibles

EXCLUSIVE SMALL AND MID-CAP FOCUS

We select global convertible issuers with a market capitalisation below US$5 billion that have higher representation in high growth industry sectors, such as healthcare and technology. This small and mid-cap segment, in terms of number of issues, represents close to 50% of the total global convertible universe, yet it remains unrepresented in traditional benchmarks.

DISCOVERING THE NEXT WINNERS

We look for young and innovative companies before they become widely recognised, which exhibit strong fundamentals and attractive valuations. We target disrupters that can realise significant growth in revenues and earnings through unique products and market dominance.

HIGH ACTIVE APPROACH

We hold a concentrated portfolio of 50 positions, using proprietary research to select companies for their high return potential. Our high-active share reflects an unconstrained approach across sectors and regions, alongside off-benchmark opportunities. We select convertible issuers with balanced profiles to optimise convexity.

FULLY ESG-INTEGRATED

ESG analysis is fully integrated at an early stage in our security selection process. We use top-down (exclusion and positive selection) and bottom-up (in-depth analysis and engagement) approaches to assess how well a company is managing industry challenges and addressing sustainable themes. The Fund is classified as Article 8 for the purpose of SFDR and will seek to obtain the SRI label awarded by the French Ministry of Finance.

Why invest in convertibles now

  • With the ability to capture between 40% - 70% of the upside of equities with twice less volatility, and 20% - 50% on the downside, the asset class is well-suited to fast changing conditions, especially when inflation and interest rates are at the start of an upward trend[1].
     
  • The global convertible market has grown to over US$520bn and provides access to a growing universe of small and mid-cap issuers across different regions and sectors, providing a good source of diversification and liquidity[2].
     
  • There is an ongoing source of new investment opportunities in the primary market. Around US$93bn of convertibles have been issued this year, and is expected to exceed 2020’s issuance of US$137.8bn[3].
     
  • There is an uptick in merger and acquisition activity as the pandemic has accelerated many trends, forcing companies to transform their operations to keep pace with change.
     
  • Volatility remains cheap and valuation is a greater source of alpha than medium-term risk for the asset class.
     
  • Global default rates on convertibles remain half that of global high yield bonds[4].

Mirabaud – Discovery Convertibles Global Fund

View the strategy details and reporting

 

Our edge in convertibles

  • A core dedicated convertibles team with over 60 years’ combined experience in convertible strategies.
     
  • The team has a proven track record in finding and rating convertible opportunities, and is not reliant on third-party credit rating agencies. 
     
  • Manages close to $1bn across high conviction global and European convertible strategies[5].
     
  • Fully integrated support from a dedicated team of social responsible investment specialists.
     
  • Adopting a consistent process that is currently applied to the Mirabaud – Sustainable Convertibles Global Strategy.
     

[1] Mirabaud Asset Management
[2] Nomura, Mirabaud Asset Management as of 31 July 2021
[3]Bank of America, Mirabaud Asset Management as of 31 July 2021
[4] Bank of America, Mirabaud Asset Management as of 31st December 2020

[5] Mirabaud Asset Management, as at 31 August 2021

Mirabaud Discovery Convertibles Global Strategy Team

Convertibles Team

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RENAUD MARTIN

Co-Head of Convertibles

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NICOLAS CREMIEUX

Co-Head of Convertibles

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CELIA LEVY

Portfolio Manager/Analyst

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OANH TRAN

Analyst

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BRICE GAUCHET

Analyst, US and Asia

ESG Team

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HAMID AMOURA

Head of Sustainable and Responsible Investment

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Elena Bignami

ESG Analyst

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SARA BOURHIME

ESG Analyst

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