M&G Global Convertibles Fund
Leonard Vinville
Fund Manager: Leonard Vinville
Funds Managed: M&G Global Convertibles Fund
The Fund aims to maximise long term total return to investors by investing mainly in global convertible assets.
The Fund seeks to maximise the risk-reward profile through investment in convertible assets whose issuers may be in any country, including emerging markets. Global convertible assets includes all assets that either directly or via a combination of instruments achieve exposure of a convertible bond nature. Such exposure can be achieved by investing directly or through the use of derivative instruments. Additionally, derivative instruments may be used to manage the risk characteristics of the Fund. The remainder of the Fund may be invested in securities in support of the fund objective, such as, equities, bonds, collective investment schemes, derivative instruments, money market instruments, cash and near cash.
The fund manager of the M&G Global Convertibles Fund aims to take advantage of the special characteristics of convertibles: participation in any share price rises while retaining a degree of protection against falls. He looks to maximise the equity upside characteristics of convertible bonds, whilst also benefiting from their unique risk protection features.
The fund is managed without reference to any benchmark, expected yield or target return. Instead, the investment process focuses purely on delivering the best possible risk-adjusted total returns. Key to the performance of the fund is a bottom-up, global approach to selecting convertibles based on the assessment of company fundamentals. The fund manager has no set geographical guidelines or limits determined by macroeconomic or sector views.
The fund manager may also choose to structure or ‘manufacture’ a synthetic convertible created via a bond and an appropriate call option position, to exploit attractive equity opportunities for which no convertible is available.
Leonard Vinville joined M&G in January 2002. He is a fund manager in the European equity team. responsible for the M&G Global Convertibles Fund. Leonard previously worked at AGF AM Asset Management (Allianz-Dresdner Group) in Paris where he was the co-head of French equities fund management and responsible for assets of €1.5 billion. Prior to this, he was a financial analyst with Bleu Nuit in Paris. Leonard gained a DEUG and CPEG (Diploma and Certificate of Management Graduate Studies) from the University of Paris in 1990 and completed a master in management in 1992. In 1994, he gained a DECF – Grand Oral of the Chartered Accountant Degree. He completed an MBA (majoring in finance) at the University of London in 1996.
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