Team Resources Views

Our approach

Our global convertible bond funds are sub-investment managed by Westwood Management Corp.

We believe that the active management of convertibles is best achieved by a dedicated, specialist team that has the experience to exploit the many inefficiencies that are inherent in the market. The team adopts both a top-down and fundamentally driven, bottom-up approach with the flexibility to invest across a global opportunity set to help capture these inefficiencies and pricing anomalies.
 

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Benefits

As a liquid alternative, our convertibles-based strategies can have numerous advantages when included in a balanced portfolio.

Specialist team

Shawn Mato and David Clott have been investing together on convertibles strategies for over 15 years. The dedicated Global Convertibles team at Westwood has over 60 years of combined experience.

Active global approach

The convertible markets are inefficient and opportunities exist for our team to benefit from pricing anomalies. A global focus provides a more robust opportunity set and a clearer picture of the broad convertibles universe.

True alternatives

Our funds offer investors the potential for uncorrelated returns, portfolio diversification and low volatility through either a long-only or absolute return context.

Key risks

For further information on the risks and risk profiles of our funds, please refer to the relevant KIID and Prospectus.

The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency exchange rates. Investors may not get back the original amount invested.

Convertible securities risk

Convertible bonds can earn less income than comparable debt securities and less growth than comparable equity securities, and carry a high level of risk.

Credit risk

Bond values are affected by changes in interest rates and the bond issuer's creditworthiness. Bonds that offer the potential for a higher income typically have a greater risk of default.

Derivatives risk

The funds use derivatives; these can be complex and highly volatile. Derivatives may not perform as expected, which means the funds may suffer significant losses.

Illiquid securities risk

Certain assets held in the funds could, by nature, be hard to value or to sell at a desired time or at a price considered to be fair (especially in large quantities), and as a result their prices could be very volatile.

Global convertibles strategies

Aviva Investors
Global Convertibles Fund

An actively managed, long-only strategy that aims to capture the asymmetric return profile of balanced convertible bonds.

Aviva Investors
Global Convertibles Absolute Return Fund

A market-neutral strategy targeting steady returns with low volatility in all market conditions.

Global convertibles team

David Clott

Senior Vice President, Senior Portfolio Manager

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Shawn Mato

Senior Vice President, Senior Portfolio Manager

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Brendan Ryan

Vice President, Senior Research Analyst

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Seth Gold

Vice President, Trader

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Explore all funds

Access key fund documentation and performance reports.

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Need more information?

For further information, please contact our investment sales team.

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Global convertibles in focus

Convertibles: looking beyond the supply and demand imbalance

Last year the supply of new convertible debt climbed to levels not seen in a decade or more. In the US and Asia, US$84 billion came to the market, which more than outweighed softer levels in Europe.

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Tesla: ‘Converting’ disruption into profit

Electric car group Tesla attracts a diversity of opinions. There are equal numbers of buys and sells among analysts. Price targets from US$200 to US$550. The convertible bond structure lends itself to this style of company, where there is broad range of potential outcomes and thus more volatility.

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The rationale for convertible bonds late in equity-market cycles

Although convertibles have tended to outperform equities over longer time frames, the rationale for investing in them is especially compelling during the latter stages of market cycles.

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