Fact sheet: Mirabaud Convtl Bd Eur

Fund information
Fund name
Mirabaud Convertible Bonds Europe A Cap EUR
Fund manager company
Mirabaud Asset Management (Eur
Fund type
Offshore Fund
Fund managers
  • Nicolas Crémieuxsince 25/08/2013
  • Renaud Martinsince 16/10/2011
Fund objective
The objective of the fund is to seek, through a selection of values (European convertible bonds), a medium and long term performance at least equal to that of the benchmark. The achievement of this objective is based, on one hand, on our analysis of market shares and on the other hand, on our quantitative and qualitative credit corporate expertise. We pay particular attention to mid-caps, which represent more than half of the world of convertible bonds. We would like to remind you that convertible bonds are hybrid instruments between fixed income and equity and that the main risks of this fund are: risk of capital loss, equity risk, interest rate risk, credit risk, currency risk and risk of under-performance against the benchmark. These risks are described in detail in the full prospectus.
Benchmark
  • Thomson Reuters Europe Focus Hedged Convertible Bond Index
Investment style
None
Investment method
Convertibles
Quick stats
1 Year return
5.3%
1 Year rank in sector
-
Sector
FO Convertible
Yield
-
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.65%
Fund size
£254m (£301m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
40
Top in this sector
Fund name1 Year
Man Convertibles Am26.1%
Franklin Gl Cnvtl Secrts18.6%
Alma US Convertible14%
UBS (L)BdSICConGb€13.8%
UBS (L)BCnvrtEur€13.4%
...more in FO Convertible

Performance snapshot

Holdings snapshot

  • France21.9%
    Netherlands20.6%
    Germany14.1%
    UK10.4%
    Spain10.1%
  • Industrials21.4%
    Information Technology11.7%
    Financials11.4%
    Consumer Discretionary9.4%
    Telecommunications Utilities8.5%
  • French Fixed Interest21.9%
    Dutch Fixed Interest20.6%
    German Fixed Interest14.1%
    UK Fixed Interest10.4%
    Spanish Fixed Interest10.1%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund0.5%2.6%2.1%5.3%7.8%28.7%
Sector1%3%2.6%8.2%6.1%24.5%
Rank within sector------
Quartile
Calendar performance
 YTD - 20172016201520142013
Fund0.3%-1.7%7.7%1.8%9.1%
Sector1.7%0.7%2.9%2.3%11.7%
Rank within sector-----
Quartile
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
0.04
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
-0
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
6.32
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
2.74
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.81
Price movement
52 week high136.57
52 week low127.59
Current bid price-
Current offer price-
Current mid price136.32
Region
1France21.9%
2Netherlands20.6%
3Germany14.1%
4UK10.4%
5Spain10.1%
6Italy6.3%
7Others6.3%
8Switzerland4.6%
9Belgium3%
Industry sector
1Industrials21.41%
2Information Technology11.66%
3Financials11.38%
4Consumer Discretionary9.37%
5Telecommunications Utilities8.51%
6Energy7.94%
7Real Estate7.46%
8Consumer Staples6.6%
9Money Market6.3%
Asset type
1French Fixed Interest21.9%
2Dutch Fixed Interest20.6%
3German Fixed Interest14.1%
4UK Fixed Interest10.4%
5Spanish Fixed Interest10.1%
6Global Fixed Interest6.3%
7Italian Fixed Interest6.3%
8Swiss Fixed Interest4.6%
9Belgian Fixed Interest3%
Individual holdings
10% CV AMERICA MOVIL (KPN) 15/204.6%
20.50% CV TOTAL 15/22 SR3.6%
31.65% CV SIEMENS WTS SIE+OSR 12/193.3%
41.875% CV BRENNTAG (FR/RAT)15/22 SR3.3%
50.50% CV PT JERSEY 14/19 SR3.2%
61.125% CV FRESENIUS MED 14/203.1%
74% CV STEINHOFF FIN.HLDG 14/21 SR3.1%
80% CV VALEO 16/21 SR3%
9INTL CONS.AIR.GP 0.25% 15/20 SR2.9%
Management
Fund manager group
Mirabaud
Fund manager company
Mirabaud Asset Management (Eur
Fund type
Offshore Fund
Fund objective
The objective of the fund is to seek, through a selection of values (European convertible bonds), a medium and long term performance at least equal to that of the benchmark. The achievement of this objective is based, on one hand, on our analysis of market shares and on the other hand, on our quantitative and qualitative credit corporate expertise. We pay particular attention to mid-caps, which represent more than half of the world of convertible bonds. We would like to remind you that convertible bonds are hybrid instruments between fixed income and equity and that the main risks of this fund are: risk of capital loss, equity risk, interest rate risk, credit risk, currency risk and risk of under-performance against the benchmark. These risks are described in detail in the full prospectus.
Benchmark
  • Thomson Reuters Europe Focus Hedged Convertible Bond Index
Investment style
None
Investment method
Convertibles
Fund managers
NameSinceBiography
Nicolas Crémieux25/08/2013Mr. Nicolas Cremieux is a Senior Portfolio Manager at Mirabaud Gestion A.M. since August 19, 2013. Mr. Cremieux has expertise in fundamental analysis of credit companies, particularly in the selection of convertible bonds. He was previously a Senior Portfolio Manager at Dexia Asset Management S.A., where he specialized in convertible bonds. Mr. Cremieux had joined the firm in 2000. He is a member of the French Society of Financial Analysts. Mr. Cremieux earned a post-graduate degree in Insurance and Risk Management from the Gestion des Risques de l’Université Paris IX Dauphine in 2000. He also earned an MMS from the same institution in 1999.
Renaud Martin16/10/2011Renaud Martin works as Portfolio Manager/Analyst in the Convertible Bonds research/portfolio management team. Mr. Martin was Head of Convertibles at Crédit Agricole between 2004 and 2011, where he managed proprietary convertibles portfolios, and prior to that at LFP where he managed the LFP Capital Arbitrage Fund. Mr. Martin has more than 20 years experience in the convertible bonds and equity derivative industry. Nicolas Crémieux is Portfolio Manager/analyst in the convertible bonds team. Prior to joining Mirabaud in 2013, Mr. Crémieux was Head of convertible bonds at Dexia AM.
Compliance
Transparent for Swiss Tax, Transparent for German Tax, IA Recognised, Reporting Fund Status, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
Switzerland, Chile, Germany, Spain, France, United Kingdom, Ireland, Italy, Luxembourg, Offshore, Portugal
Mirabaud Convertible Bonds Europe A Cap EUR
Initial charge-
Annual charge1.4%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.65%
Total expense ratio (TER)2.04%
Bid price-
Offer price-
Mid price136.32
CurrencyEUR
Price updated20/02/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi code0HFT
Mirabaud Convertible Bonds Europe A Dis EUR
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.7%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price97.39
CurrencyEUR
Price updated20/02/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeE47Z
Mirabaud Convertible Bonds Europe B EUR
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.55%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price108.51
CurrencyEUR
Price updated20/02/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeFGVD
Mirabaud Convertible Bonds Europe DH Cap GBP
Initial charge-
Annual charge0.7%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.95%
Total expense ratio (TER)1.6%
Bid price-
Offer price-
Mid price111.54
CurrencyGBP
Price updated05/01/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeFJNR
Mirabaud Convertible Bonds Europe DH GBP
Initial charge-
Annual charge0.7%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyGBP
Price updated01/01/1900
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeFJNS
Mirabaud Convertible Bonds Europe I EUR
Initial charge1%
Annual charge0.7%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.88%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price121.35
CurrencyEUR
Price updated20/02/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeF62V
Mirabaud Convertible Bonds Europe IH GBP
Initial charge-
Annual charge0.7%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.88%
Total expense ratio (TER)1.51%
Bid price-
Offer price-
Mid price121.24
CurrencyGBP
Price updated20/02/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeF62W
Data provided by

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