Lazard Global Convertibles Fund
Lazard Asset Management Pacific Co has made its Lazard Global Convertibles Fund available to Australian investors.
The fund invests in a global portfolio of between 60 and 80 securities, selected from a universe of 900 - 1000 convertible bonds. It targets a return in excess of the Thomson Reuters Global Focus Hedged (AUD) Convertible Bond Index (net interest reinvested) over rolling five-year periods.
“Investors have been faced with minimal fixed income returns, late-stage equity valuations, and the prospect of growing market volatility this year," Arnaud Brillois, managing director and portfolio manager/analyst at Lazard Asset Management in New York said.
“At the same time, convertible bond issuances have reached their highest levels since 2007, reaching US$101.8 billion for the year to date [31 July 2020]."