Convertibles Have Provided Equity-Like Returns, Less Volatility

April 16, 2019

Joe Wysocki, CFA, Senior Vice President, Co-Portfolio Manager, points out that convertibles have historically produced positive total returns during rising rate environments that traditional fixed income has struggled with.


Video recorded 03/21/19.

Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

Active management does not guarantee investment returns or eliminate the risk of loss. It should not be assumed that any securities mentioned in this recording will be profitable or experience equal performance in the future.

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Media Appearances

Active Management Reacts to Changing Risk Profile

April 16, 2019

In a strong equity market, some convertibles can have a high degree of participation, but can also leave clients exposed to downside risk. Joe Wysocki, CFA, Senior Vice President, Co-Portfolio Manager, explains how active management helps “create a portfolio that has the optimal risk/reward throughout the full market cycles.”

Tapping Tech's Growth Potential While Limiting Downside Risk

April 16, 2019

Joe Wysocki, CFA, Senior Vice President, Co-Portfolio Manager, observes that technology companies are typically growth companies, often with healthy valuations. An investor in a tech company’s convertible expects to participate in the upside when anticipated growth materializes, while seeking to avoid much of the downside if it does not.

Unrated and Lower-Rated Converts Can Still Offer Value

April 16, 2019

A convertible issuer’s below-investment grade rating—or no rating at all—is not the negative signal that an uninformed investor might expect, explains Joe Wysocki, CFA, Senior Vice President, Co-Portfolio Manager.