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Benedicte Gravrand, Opalesque London: This is the last of a 3-part series on UCITS III. Europe’s very own travelling fund structure is further explored here with Hart Woodson, portfolio manager, and Laurent Leclercq, head of marketing at Advent. See yesterday’s part 2 here.

The flexible fund Advent Capital Management, the $4.5billion institutional investment manager, launched its Global Convertible Active Extension Fund earlier this month with $65m initial capital from an existing investor.

Advent decided to use “Active Extension” instead of “130/30” when naming the fund and this is why: The fund seeks superior returns by investing in a portfolio of global convertible securities. Convertible securities offer investors positive asymmetry by generally producing equity-like returns with the lower risk associated with fixed income strategies. In particular, global convertibles enable clients to benefit from favourable opportunities across diverse geographic locations. The fund may also invest in global non-convertible securities including fixed income, equities and certain alternative products. The flexibility afforded by the Active Extension strategy allows the manager to express his views with greater conviction.

The allure of convertibles The convertible market has grown to alm......................

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