Advent Launches 130/30 Convertible Strategy

Jul 14 2008 | 11:24am ET

New York-based Advent Capital Management has launched a 130/30 strategy investing in convertibles within a UCITS III structure. The firm’s Luxembourg-domiciled Global Convertible Active debuted on July 1 with £65 million (US$129 million) in initial assets.

The strategy will invest in convertibles, bonds, equities and options, and will be benchmarked against the UBS Global Convertible Focus Index, with currency risk hedge. It is looking to beat the index by 2% to 4% with a tracking error of around 7%.

The Global Convertible Active strategy charges a 1% management fee and a 10% performance fee.

Advent was founded in 1995 and has been running long only and single strategy hedge funds since inception. It currently manages $4.5 billion in total assets.

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