Advent of 130/30 convertibles product

Convertibles specialist launches the world's first 130/30 offering focusing on this 'chameleon-like' asset class

Convertibles specialist Advent Capital has launched what it believes to be the world's first 130/30 vehicle focusing on the asset class. The firm said its fund represents the first time convertibles have been a core focus within such a Ucits III structure. Convertibles are bond structures that can be converted into equities in the company on maturity. New York-based portfolio manager Hart Woodson said: "The evolution of 130/30 is migrating into other asset classes. Convertible securities are well suited for this type of fund as they can act like a chameleon. They can change their comp...