The Avoca Convertible Select Global Fund, which is a Ucits-compliant, Luxembourg-domiciled Sicav, is mandated to invest across all sectors and aims to outperform the UBS Global Focus convertible bond index.
Alan Burke, co-chief executive of Avoca Capital, said: “Avoca has always seen the attractions of the convertible bond asset class, particularly so in today’s environment, offering bond-like downside protection but crucially upside to increasing equity valuations also.”
The fund will be managed by a dedicated team of convertible bond experts, lead by Tarek Saber. The team, which also includes Jasper van Ingen and Thomas Thoden van Velzen, are former members of the APG convertible bond team which managed a portfolio of long-only convertible assets of approximately €6bn.
Saber added: “Convertible bonds have outperformed both corporate bonds and equities on a cumulative return basis since 1994. Our convertible expertise combined with Avoca’s credit research infrastructure enables us to offer investors a highly attractive integrated conviction-driven convertible bond investment process.”