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Convertible bonds - a shelter from this storm?
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- In the midst of one of the worst market correlations, we are relieved to see that good quality convertible bonds have reacted well
- Our strategy focused on the best asymmetrical profiles with strong credit fundamentals and therefore has limited the downside to a fraction of that of global equities
- In these uncertain times, the convertible asset class is now offering a large and rising number of technically "dislocated" convertible bonds, which our portfolios are beginning to take advantage of
- In addition, the fixed-income yield of the portfolio has risen sharply as a result of the market dislocation