Investment: Convex protection

“It’s a tough time for convertible bond managers,” says Cédric Daras, senior fund manager at RAM Active Investments. Finding long-term value in the market has been hard for some time. And since issuance has also slowed in recent months, managers have a more difficult job than usual in selecting securities.

Yet convertibles seem the natural answer to a classic asset allocation conundrum: how can investors participate in equity markets upside while keeping a safety cushion against market falls?

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