Meet the Manager by WSP

Ellipsis Global Convertible Bonds Fund

03rd February 2021

About the fund

What are the perspectives for the Convertible Bonds following the outstanding performance in 2020, which proved the Convertibles to be an asset class on its own?   

The fund is a core allocation for a global convertible bond exposure, including bonds in emerging countries and with no rating restrictions.

Ellipsis AM is one of the Exane Group’s asset management units, which is owned 50% by BNP and 50% by Exane’s partners. Ellipsis is mainly focusing on managing Corporate bonds and Convertible bonds. They have over EUR 2bn of AuM of which more than half is managed in Convertible bonds.

Although the global fund has been launched in 2019, the PMs have a strong experience in managing European convertible strategies. The 3 PMs are working together for more than 3 years and they have implemented their investment process with convincing results.

Therefore, the fund combines two competitive advantages, being managed by an experienced and skilled team and with a still relatively small size (EUR 225mn), which is an crucial factor for the alpha generation in this asset class.