Advent Capital brings first 130/30 convertibles fund to market

Advent Capital has launched what is believed to be the first 130/30 vehicle which uses convertibles. ...

Advent Capital has launched what is believed to be the first 130/30 vehicle which uses convertibles. The specialist firm said it is the first in the world to use convertibles as a core focus within a Ucits III structure. Convertibles are technically a bond which can be converted into an equity upon maturity. The 30% long and 30% short positions will invest in convertibles, bonds, equities and options. As well as these positions the manager is also likely to opportunistically hedge currencies, interest rates, market sectors and individual stocks. Portfolio manager Hart Woodson said:...