ARCHIVE - SPOTLIGHT

Florian Eitner, CFA

The Year Ahead in Healthcare Convertible Bonds


The Healthcare sector has historically comprised a large portion of the convertible bond universe. Currently, Healthcare is represented through 96 convertible securities issues accounting for $40.3bn, or 19.5% of the BAML All Convertibles All Qualities Index (VXA0), making it the second largest sector in the asset class. All major healthcare industries are represented within this opportunity set (shown below: industry as a percentage of overall Healthcare convertible market)…read more

THE STYLE ATTRIBUTES OF CONVERTIBLES ARE ATTRACTIVE

A Style Analysis Report


Ravi Malik, CFA

Portfolio Manager,

Principal

Ravi Malik, CFA

WHO’S AFRAID OF THE BULL MARKET?


A Case for Convertibles: A Defensive Equity Strategy

The Healthcare sector has historically comprised a large portion of the convertible bond universe. Currently, Healthcare is represented through 96 convertible securities issues accounting for $40.3bn, or 19.5% of the BAML All Convertibles All Qualities Index (VXA0), making it the second largest sector in the asset class. All major healthcare industries are represented within this opportunity set (shown below: industry as a percentage of overall Healthcare convertible market)…read more

Ethan Ganz

Convertible securities are intriguing because they embody elements of a variety of equity and fixed income asset classes. We recently looked at a broad array of asset categories to determine the best, or closest, fit between these asset classes and the BofA Merrill Lynch All Convertibles Index (VXA0). The time period used is from April 1990 to March 2015read more

Ethan Ganz

Associate Portfolio Manager

US EQUITY MARKET ENVIRONMENT

September 2015

The past six weeks has been anything but pleasant for most stock market investors. The S&P 500 is down over

12 % from its previous high, marking the 22nd correction in the S&P 500 since WWII …read more

George M. Douglas, CFA

Chief Investment Officer

George Douglas, CFA

COMMODITY BUST CONTINUES TO DRAG MARKETS LOWER

January, 2016

Equity markets worldwide have declined sharply since the commencement of 2016. This is a result of deteriorating credit markets and a contraction in global liquidity. read more

Dagney Hollander

Portfolio Manager

Ravi Malik, CFA

Portfolio Manager ,
Principal


Portfolio Manager 

Kenneth Raguse, CFA

Portfolio Manager

Equity markets are in the midst of a correction with the S&P 500 down 13% from May 2015 highs. Credit conditions continue to deteriorate with spreads wider than they have been at any point since 2013…read more

Kenneth Raguse Dagney Hollander Ravi Malik, CFA

DOES FINANCIAL MARKET TURMOIL PORTEND A U.S. RECESSION?

February, 2016

A 60% stock / 40% bond portfolio has been generally accepted as the standard allocation for many decades.  For the most part, it has served the investment community well as solid gains from its widely used benchmarks, the S&P 500 and the Barclays US Aggregate Bond Index (“AGG”), resulted in the 60/40 model outperforming most mutual funds and hedge funds.  However, as we look forward, there are several challenges facing the traditional 60/40 model.  In fact, its risk/return profile is likely to be less attractive than several other portfolio structuresread more

Stephen Wachtel

Steve Wachtel, CFA

Portfolio Manager

Portfolio Manager 

Looking Beyond the 60/40 Portfolio

February, 2017

In an environment of rising rates and stock prices, like the one we’re currently in, convertibles help minimize downside risk while participating in the upside of the stock market. SSI’s Portfolio Management team walks investors through the details of convertible strategies and their significant diversification benefits for both stock and bond investorsread more

The Forecast for Interest Rates is Changing. Is it time to add Convertible Bonds?

May, 2017

The outcome of the November 2016 Election reshaped expectations of economic growth, leading to an investor repositioning commonly referred to as “The Trump Trade”. Although US and Global Economic Indicators started to bottom out in the middle of 2016, positioning for an accelerating US economy really gathered momentum after the election. Expectations of a large fiscal stimulus, deregulation and infrastructure spending shifted prospects for economic growth into a higher gear, leading to a sharp steepening of the yield curve (10 year treasury yield –2 year treasury yield) read more

Ravi Malik, CFA

Ravi Malik, CFA

Portfolio Manager, Principal


Portfolio Manager 

The Great Unwinding of “The Trump Trade”

June, 2017

George Douglas, CFA

Chief Investment Officer

As alpha becomes increasingly scarce to find in the hedge fund space, the inclusion of a convertible arbitrage component to a portfolio can help reduce the risk of alpha shortfall.  Here are some elements to help you understand and explain the logical math behind why convertible arbitrage deserves serious consideration for inclusion in portfoliosread more

George Douglas, CFA

The Return Composition of Convertible Arbitrage and why it Matters

July, 2017

Ethan Ganz

Ethan Ganz

Associate Portfolio Manager

Ravi Malik, CFA

Ravi Malik, CFA

Portfolio Manager, Principal


Portfolio Manager 

CONVERTIBLES: 2017 Mid-Year Review and  Market Outlook

July, 2017

SSI Hedged Convertible Opportunity Strategy 2016 Performance & 2017 Outlookread more

Florian Eitner, CFA

Portfolio Manager ,
Outright Convertibles

Convertibles may clear the air on what to invest in next considering that high level views are divided on the likelihood and timing of the next recession, and thus recommended portfolio actions are unclear…read more

Ethan Ganz

Portfolio Manager

Ethan Ganz

Resilience of Convertibles in Economic Recessions

October, 2017