Convertible Bonds
Mirabaud Sustainable 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 Sustainable Convertibles Global is style and benchmark agnostic. This unconstrained, agile approach allows us to meet our participation rate targets.
We only invest in 'pure' convertibles (no synthetic securities) and only use hedging to manage currency risk.
Extensive fundamental analysis of balance sheet strength and potential equity upside is combined with full ESG integration. Shadow ratings using Moody’s methodology is used for unrated credits.
This approach helps us to find hidden value and minimise default risk.
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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Asset management
Benjamin CARTER
Head of UK Wholesale