Zweimal pro Woche - Kostenlos per E-Mail. Jeden Werktag neu - Kostenlos per E-Mail.

Der Newsletter ist selbstverständlich kostenlos und kann jederzeit abbestellt werden.

Wandelanleihen: Das Beste aus zwei Welten?

Welche Herausforderungen und Chancen sich für Investoren im europäischen Wandelanleihen-Universum ergeben und wie man hieraus abgeleitete Erkenntnisse erfolgreich in eine Investmentstrategie einfließen lassen kann, bespricht im Interview mit Eric Bouthillier, dem Fondsmanager des Parvest Convertible Bond Europe Small Cap. Funds | 11.02.2014 02:00 Uhr Mr. Eric BOUTHILLIER , you are the fund manager of the Parvest Convertible Bond Europe Small Cap fund (ISIN: LU0265319003). When did you take over the responsibility of managing this fund?
Eric Bouthillier
Eric Bouthillier
Eric Bouthillier:
The fund was launched in December 2006 and I have managed it since inception. What is the current size of the fund?

Eric Bouthillier: The current size of the fund is EUR 212.97 million at 23 January 2014. Do you also manage other funds or mandates?  

Eric Bouthillier: Indeed, I currently manage another European fund: Parvest Convertible Bond Europe and its French-domiciled equivalent: BNP Paribas Convertibles Europe. These funds have each EUR 589 million and EUR 352.5 million under management as of the 31 December 2013. I also manage institutional mandates. What is the total amount of assets you manage currently?

Eric Bouthillier: The total amounted to EUR 1.26 billion as of the end of December. How long have you been in the business as a fund manager?

Eric Bouthillier: I have been a convertible bond portfolio manager for the past 23 years. What are the main steps in your investment process and in which area is your competitive edge to add value to investors?

Eric Bouthillier: Our investment process follows five main steps:

Investment Universe Filter: The European convertible bond universe is screened for liquidity, credit, and currency criteria. I will pick from the resulting selection, the convertibles bonds best suited to implement the strategy.

Bottom-up analysis: I use expert in-house and external resources to assist us in filtering our investment universe and analysing companies. The bulk of performance is expected to come from bottom-up decisions. When necessary I use options and other derivatives to adjust the equity exposure.

Technical assessment of the convertible bond: I use specific software (Monis) to analyse this highly dynamic asset class affected by both credit and equity market events. This technical assessment is carried out at the single bond level and for the aggregated portfolio.

Portfolio construction and risk control: The portfolio reflects my bottom-up and top-down views. Risk guidelines are applied in terms of security and sector weight. I monitor convexity, delta and active exposures.

We believe our added value come from our:

Disciplined and structured investment process that combines both fundamental and quantitative designed to maximise added value at each stage:   

  • Credit analysis at the heart of the bond selection
  • Bottom-up stock picking is used to identify companies with above-average growth potential
  • Risk assessment minimising active risk leading to a risk adjusted security allocation
  • State-of-the-art quantitative models valuing the universe on a real time basis
  • Significant position of BNP Paribas Investment Partners in the convertible bond arena, putting our investment centre among the top tier managers and allowing us to leverage our counterpart relationships Which benchmark is most relevant and how should investors compare the fund vs. benchmarks or peer groups?  

Eric Bouthillier: Our European small cap fund is really quite unique. There is no existing benchmark that reflects this universe. When we launched the fund, we decided to compare it to the UBS Convertible Europe Index, the broadest European benchmark available at UBS which provides benchmarks for all our convertible strategies.

Despite the difference in investment universe, the small cap convertible bond fund may be compared to its larger cap peers. Historically, small cap convertibles have shown less volatility during market corrections. Which performance did you achieve for the fund YTD and over the past five calendar years in absolute terms and relative to relevant benchmark or other reference indices?

Eric Bouthillier: The fund performances are available in the tables below.
Over the past year (2013), the fund underperformed the reference index mainly due to its inability to invest in large cap convertibles. Indeed, large caps benefited from more richening than the small caps leading to better returns for the reference index.  

Click to enlarge!
Click to enlarge!
Despite the recent outperformance of large cap convertibles, over a five-year period, the fund’s performance has been in line with the universe and has shown less volatility. What motivates you in your job?

Eric Bouthillier: Convertible bonds are a unique asset class as they combine both bond and equity characteristics in ever-changing proportions, obliging me to look at them from a different standpoint almost each day. They are also influenced by many different factors, both micro and macro that make my work extremely interesting on a day to day basis. Which other profession would you have considered apart from becoming a fund manager?

Eric Bouthillier: I had initially thought of running a book store, but in the end I think I chose well given the decline in the bricks and mortar book trade! Thank You very much!

Performanceergebnisse der Vergangenheit lassen keine Rückschlüsse auf die zukünftige Entwicklung eines Investmentfonds oder Wertpapiers zu. Wert und Rendite einer Anlage in Fonds oder Wertpapieren können steigen oder fallen. Anleger können gegebenenfalls nur weniger als das investierte Kapital ausgezahlt bekommen. Auch Währungsschwankungen können das Investment beeinflussen. Beachten Sie die Vorschriften für Werbung und Angebot von Anteilen im InvFG 2011 §128 ff. Die Informationen auf repräsentieren keine Empfehlungen für den Kauf, Verkauf oder das Halten von Wertpapieren, Fonds oder sonstigen Vermögensgegenständen. Die Informationen des Internetauftritts der AG wurden sorgfältig erstellt. Dennoch kann es zu unbeabsichtigt fehlerhaften Darstellungen kommen. Eine Haftung oder Garantie für die Aktualität, Richtigkeit und Vollständigkeit der zur Verfügung gestellten Informationen kann daher nicht übernommen werden. Gleiches gilt auch für alle anderen Websites, auf die mittels Hyperlink verwiesen wird. Die AG lehnt jegliche Haftung für unmittelbare, konkrete oder sonstige Schäden ab, die im Zusammenhang mit den angebotenen oder sonstigen verfügbaren Informationen entstehen.

Melden Sie sich für den kostenlosen Newsletter an

Regelmäßige Updates über die wichtigsten Markt- und Branchenentwicklungen mit starkem Fokus auf die Fondsbranche der DACH-Region.

Der Newsletter ist selbstverständlich kostenlos und kann jederzeit abbestellt werden.

Für diesen Suchebgriff konnten wir leider keine Ergebnisse finden!
Fonds auf

Weitere Informationen zu diesem Fonds Kennzahlen per 30.04.2021 / © Morningstar Direct
Bereiche auf
NewsCenter auf
Kontakte auf

{{ }}

{{ contact.phonenumber }}

{{ contact.secondary_phonenumber }}

{{ contact.address }}

Weitere Informationen im {{ contact.newscenter.title }} Newscenter
Artikel auf