Total return: distributions reinvested. In USD, the currency of the share class shown. Fund history to 28.09.2026. Benchmark history to 28.09.2026. Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
1M
3M
6M
YTD
2025
2024
2023
1Y
3Y
5Y
Volatility
Sharpe R.
Max DD
FundISIN IE00BFZ4RY41, currency USD, retail share class
-0.12
1.08
2.81
4.22
7.55
9.06
5.99
7.10
7.05
4.55
1.70
1.34
-1.47
BenchmarkUSD 3-month deposit + 2%
0.48
1.43
2.88
3.82
6.44
7.42
7.26
5.95
6.75
5.86
–
–
–
Differencefund minus benchmark, in percentage points
-0.60
-0.35
-0.07
0.39
1.11
1.64
-1.27
1.14
0.30
-1.31
–
–
–
Within the list: OpenList — Alternatives
Compared with the alternative funds on OpenList — Alternatives (25 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
This fund
Group median
Position
Return 1Y
7.10
9.40
19 of 25
Return 3Y p.a.
7.05
11.35
23 of 25
3Y p.a. over its own benchmark
0.30
2.46
18 of 25
Volatility 3Y
1.70
5.42
1 of 25
Sharpe ratio 3Y
1.34
1.34
13 of 25
Max drawdown 3Y
-1.47
-3.40
2 of 25
Management fee
1.25%
1.01%
16 of 23 (2 without a value)
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
The fund is designed to seek absolute returns through a combination of capital appreciation and income over a three-year market cycle, within the hedged convertibles asset class. The PRIIPs document classifies it in risk class 2 and gives a recommended holding period of 3 years, while the target market is investors with a medium- to long-term horizon who want absolute returns and are willing to accept a medium level of volatility. The same document states it is suitable where the investment does not make up a substantial part of an investor’s portfolio, which points to a satellite rather than a core allocation. Its distinct role comes from a convertible arbitrage approach combining capital-structure and special situations/event-driven sub-strategies, with both long and short exposures and extensive use of derivatives.
Investment strategy
The stated objective is to achieve absolute returns through a combination of capital appreciation and income over a three-year market cycle. The fund invests in hedged convertibles and can invest directly or through derivatives in convertible securities, corporate and sovereign bonds across investment grade, non-investment grade and unrated issuers, global equities, preferred shares, warrants, exchange-traded notes, currencies, rates, swaps and credit default swaps; it may invest more than 20% in emerging markets. The portfolio at 31 August 2026 had long market value of 144.1%, short market value of -109.4%, net market value of 34.7%, duration of 0.8 years, and equity shorts were the main hedge against long bond exposure. Performance is measured against one or more of HFRX Relative Value Fixed Income Convertible Arbitrage, S&P 500, Russell 2000, Bloomberg US Aggregate, ICE BofA Global 300 Convertible, ICE BofA US High Yield and MSCI World, but the fund is not constrained by these benchmarks. The fund is actively managed, broadly hedges portfolio currency exposure into USD, uses derivatives for hedging, gaining exposure and speculation, and the C Acc USD share class is an accumulation class; shares can be dealt on any day the New York Stock Exchange is open and the recommended holding period is 3 years.
Investment philosophy
• The fund is described as a hedged convertibles portfolio, best described as convertible arbitrage, where a long convertible bond position is typically hedged with a short stock position in the same company.
• Returns are sought from credit and volatility exposures, while the team also focuses on extracting value from special situations and events to add alpha alongside traditional convertible arbitrage drivers.
• Position-level hedges are actively traded to monetize market volatility, and the PRIIPs document says the strategy combines two relative-value sub-strategies: capital-structure/convertible arbitrage and special situations/events.
• As of 31 August 2026, the portfolio comprised about 160 trading strategies, with LMV concentrated in Volatility (64.7%), Hedged Credit (19.2%) and Special Situations (16.1%); top long positions included InterDigital, Lumentum, Snowflake, IREN and Cloudflare convertibles.
• Risk and exposure management are reflected in a net market value of 34.7%, delta of 83.7% offset by an equal hedge, portfolio credit hedges of -1.8% of LMV, rho hedge of -4.7% of LMV, broad use of equity shorts and treasury hedges, and expected leverage from derivatives of 200% to 800% of fund value, not exceeding 1200%.
Management team
The fund managers are Sean H. Reynolds & Team. In the fund description and commentary, the investment approach is repeatedly attributed to 'the team,' including active trading of hedges and focus on special situations and events.
The asset manager
The fund is a sub-fund of Lazard Global Investment Funds plc and is managed by Lazard Fund Managers (Ireland) Ltd, which is authorised and regulated by the Central Bank of Ireland. The PRIIPs document states Lazard Fund Managers (Ireland) Limited is part of the Lazard Group. The investment management responsibility is identified in the factsheet through the named fund managers, Sean H. Reynolds & Team. The documents also list Lazard Asset Management distribution and contact presences in New York, London, Brussels, Paris, Frankfurt, Milan, Madrid, Zurich and Dubai.
Performance analysis
Source: manager factsheet dated 31 August 2026. The manager says August featured a recovery in equity markets, declining stock volatility, volatile but range-bound global rates, and a recovery in US high yield credit as spreads narrowed. In convertibles, basis remained modestly weak for a second month because stock volatility declined and the interest-rate outlook became more uncertain, even though equities recovered and credit spreads stayed benign; weaker valuations were also linked to the end of earnings season and lighter trading volumes. The team says it has been patient during this valuation cheapening, adding selectively at lower price levels, especially where risk-return sets show attractive volatility characteristics. The current stance expects continued strong new issuance and a resumption of debt management exercises after summer, which the team believes should create profitable special-situation opportunities.
Strengths
The fund is differentiated by its explicit convertible arbitrage structure, pairing long convertible bonds with short equity in the same issuer and actively trading those hedges to monetize volatility. The team’s stated emphasis on special situations and event-driven alpha supplements the more standard credit and volatility return sources in this segment. The portfolio is built from a large number of trading strategies, with specific substrategy buckets for volatility, hedged credit and special situations, giving it a more granular relative-value structure than a directional convertible fund. It also offers daily dealing tied to New York Stock Exchange business days and, at the share-class level, charges a 1.25% annual management fee with a performance fee of 20% of net gains over a hurdle rate capped at 5% per year and over a high-water mark.
Risks
The documents state there is no capital guarantee or protection, so investors may not recover the amount originally invested. The PRIIPs document assigns a risk class of 2, but also notes additional risks not captured by that indicator, including risks linked to convertible arbitrage and currency risk. The fund can take both long and short positions, and it may lose value on both simultaneously; its use of derivatives for hedging, gaining exposure and speculation can increase both profit potential and loss potential, and the PRIIPs text states expected leverage is between 200% and 800% of fund value and will not exceed 1200%. Currency exposure matters because returns can be affected by exchange-rate moves between the fund’s base currency, investment currencies, share-class currency and the investor’s home currency, even though portfolio currency risk is largely hedged into USD. Portfolio structure also adds market, credit and concentration-related risks through heavy use of unrated issuers, sector concentration in Information Technology, a North America bias, emerging-markets capacity above 20%, and reliance on short equity, treasury and other hedges.
WSP report
Ask WSP which research is available for this fund and what it covers.
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years. Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle – means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero. Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
The fund is designed to seek absolute returns through a combination of capital appreciation and income over a three-year market cycle, within the hedged convertibles asset class. The PRIIPs document classifies it in risk class 2 and gives a recommended holding period of 3 years, while the target market is investors with a medium- to long-term horizon who want absolute returns and are willing to accept a medium level of volatility. The same document states it is suitable where the investment does not make up a substantial part of an investor’s portfolio, which points to a satellite rather than a core allocation. Its distinct role comes from a convertible arbitrage approach combining capital-structure and special situations/event-driven sub-strategies, with both long and short exposures and extensive use of derivatives.
Investment strategy
The stated objective is to achieve absolute returns through a combination of capital appreciation and income over a three-year market cycle. The fund invests in hedged convertibles and can invest directly or through derivatives in convertible securities, corporate and sovereign bonds across investment grade, non-investment grade and unrated issuers, global equities, preferred shares, warrants, exchange-traded notes, currencies, rates, swaps and credit default swaps; it may invest more than 20% in emerging markets. The portfolio at 31 August 2026 had long market value of 144.1%, short market value of -109.4%, net market value of 34.7%, duration of 0.8 years, and equity shorts were the main hedge against long bond exposure. Performance is measured against one or more of HFRX Relative Value Fixed Income Convertible Arbitrage, S&P 500, Russell 2000, Bloomberg US Aggregate, ICE BofA Global 300 Convertible, ICE BofA US High Yield and MSCI World, but the fund is not constrained by these benchmarks. The fund is actively managed, broadly hedges portfolio currency exposure into USD, uses derivatives for hedging, gaining exposure and speculation, and the C Acc USD share class is an accumulation class; shares can be dealt on any day the New York Stock Exchange is open and the recommended holding period is 3 years.
Investment philosophy
• The fund is described as a hedged convertibles portfolio, best described as convertible arbitrage, where a long convertible bond position is typically hedged with a short stock position in the same company.
• Returns are sought from credit and volatility exposures, while the team also focuses on extracting value from special situations and events to add alpha alongside traditional convertible arbitrage drivers.
• Position-level hedges are actively traded to monetize market volatility, and the PRIIPs document says the strategy combines two relative-value sub-strategies: capital-structure/convertible arbitrage and special situations/events.
• As of 31 August 2026, the portfolio comprised about 160 trading strategies, with LMV concentrated in Volatility (64.7%), Hedged Credit (19.2%) and Special Situations (16.1%); top long positions included InterDigital, Lumentum, Snowflake, IREN and Cloudflare convertibles.
• Risk and exposure management are reflected in a net market value of 34.7%, delta of 83.7% offset by an equal hedge, portfolio credit hedges of -1.8% of LMV, rho hedge of -4.7% of LMV, broad use of equity shorts and treasury hedges, and expected leverage from derivatives of 200% to 800% of fund value, not exceeding 1200%.
Management team
The fund managers are Sean H. Reynolds & Team. In the fund description and commentary, the investment approach is repeatedly attributed to 'the team,' including active trading of hedges and focus on special situations and events.
The asset manager
The fund is a sub-fund of Lazard Global Investment Funds plc and is managed by Lazard Fund Managers (Ireland) Ltd, which is authorised and regulated by the Central Bank of Ireland. The PRIIPs document states Lazard Fund Managers (Ireland) Limited is part of the Lazard Group. The investment management responsibility is identified in the factsheet through the named fund managers, Sean H. Reynolds & Team. The documents also list Lazard Asset Management distribution and contact presences in New York, London, Brussels, Paris, Frankfurt, Milan, Madrid, Zurich and Dubai.
Performance analysis
Source: manager factsheet dated 31 August 2026. The manager says August featured a recovery in equity markets, declining stock volatility, volatile but range-bound global rates, and a recovery in US high yield credit as spreads narrowed. In convertibles, basis remained modestly weak for a second month because stock volatility declined and the interest-rate outlook became more uncertain, even though equities recovered and credit spreads stayed benign; weaker valuations were also linked to the end of earnings season and lighter trading volumes. The team says it has been patient during this valuation cheapening, adding selectively at lower price levels, especially where risk-return sets show attractive volatility characteristics. The current stance expects continued strong new issuance and a resumption of debt management exercises after summer, which the team believes should create profitable special-situation opportunities.
Strengths
The fund is differentiated by its explicit convertible arbitrage structure, pairing long convertible bonds with short equity in the same issuer and actively trading those hedges to monetize volatility. The team’s stated emphasis on special situations and event-driven alpha supplements the more standard credit and volatility return sources in this segment. The portfolio is built from a large number of trading strategies, with specific substrategy buckets for volatility, hedged credit and special situations, giving it a more granular relative-value structure than a directional convertible fund. It also offers daily dealing tied to New York Stock Exchange business days and, at the share-class level, charges a 1.25% annual management fee with a performance fee of 20% of net gains over a hurdle rate capped at 5% per year and over a high-water mark.
Risks
The documents state there is no capital guarantee or protection, so investors may not recover the amount originally invested. The PRIIPs document assigns a risk class of 2, but also notes additional risks not captured by that indicator, including risks linked to convertible arbitrage and currency risk. The fund can take both long and short positions, and it may lose value on both simultaneously; its use of derivatives for hedging, gaining exposure and speculation can increase both profit potential and loss potential, and the PRIIPs text states expected leverage is between 200% and 800% of fund value and will not exceed 1200%. Currency exposure matters because returns can be affected by exchange-rate moves between the fund’s base currency, investment currencies, share-class currency and the investor’s home currency, even though portfolio currency risk is largely hedged into USD. Portfolio structure also adds market, credit and concentration-related risks through heavy use of unrated issuers, sector concentration in Information Technology, a North America bias, emerging-markets capacity above 20%, and reliance on short equity, treasury and other hedges.