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UBAM - European Convertible Bond ID EUR

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Drawing on the convex nature of convertible bonds within a defensive framework

The dual nature of convertible bonds – a bond instrument with an embedded conversion option – allows them to combine the defensive qualities of fixed income securities with the upside potential of equities. This attractive feature is at the root of the asset class’ intrinsic convexity. When the equity sensitivity is used moderately – as it is in UBAM - Europe 10-40 Convertible Bond – convertible bonds become a solid alternative to corporate bonds.

Performance

UBAM - European Convertible Bond ID EUR
NAV - Net Asset Value
Date
Data source : UBP SA
Historical performance MTD YTD 1 year 3 years 5 years Since launch
Historical performance 3.31% 3.31% -9.63% -2.34% -1.41% 0.99%
12 months rolling 01.22 - 01.23        
12 months rolling -9.63%
Disclaimer

Performance under 1 year is shown cumulated. Performance over 1 year is shown annualised.

Past performance is not indicative of present and/or future results. Price and availability are subject to change without notice. The value of investments may go up or down and investors may not get back the amount invested. Changes in foreign exchange rates may also cause the value of investments to fluctuate.

Library

LEGAL DOCUMENT
Title Updated English German French Italian
Annual report 31.12.2021 PDF
KID PRIIPS 01.01.2023 PDF
Prospectus 15.09.2022 PDF
Semi-annual report 30.06.2022 PDF
Shareholders letter 09.01.2023 PDF PDF PDF PDF
Status - Articles of Association 04.02.2020 PDF PDF
MARKETING DOCUMENTATION
Title Updated English German French Italian
Monthly Report 31.12.2022 PDF
Product card 31.12.2021 PDF PDF PDF PDF
Quarterly comment 31.12.2022 PDF

Registration

ATAustria
BEBelgium
CHSwitzerland
DEGermany
DKDenmark
ESSpain
FIFinland
FRFrance
GBUnited Kingdom
IEIreland
ILIsrael
ISIceland
ITItaly
KRSouth Korea
LULuxembourg
NLNetherlands
NONorway
PTPortugal
SESweden
SGSingapore
TWTaiwan
ZASouth Africa
ATAustria
BEBelgium
CHSwitzerland
DEGermany
DKDenmark
ESSpain
FIFinland
FRFrance
GBUnited Kingdom
IEIreland
ILIsrael
ISIceland
ITItaly
KRSouth Korea
LULuxembourg
NLNetherlands
NONorway
PTPortugal
SESweden
SGSingapore
TWTaiwan
ZASouth Africa

Italy: I shares are only notified to the CONSOB.

Singapore: Sub-funds registered with the MAS (Monetary Authority of Singapore) can only be offered to “accredited investors”.


Fiscal information

Titre Statut
End of fiscal year 31 December
UK RFS Yes Reportable Income
German transparency Yes Investor Report
Austrian transparency No
Italian reporting Yes
Switzerland RNI Yes

Sustainability-related disclosure

 

Summary

This Sub-Fund aims at benefiting from the convex nature of European convertible bonds to capture more of the equities’ upside than downside with lower volatility, thus enhancing the risk / return profile of an equity portfolio, with a maximum equity sensitivity of 70% at Sub-Fund’s portfolio level.

It promotes environmental and social characteristics but does not have as its objective sustainable investment. It aims to obtain:

•              a weighted average Industry-Adjusted ESG score higher than that of the Refinitiv Europe Hedged Convertible Bond Index (EUR)

•              a lower carbon footprint (as measured by the weighted average carbon intensity).

The index is a standard reference representing the Sub-Fund’s universe but is not aligned with the environmental and social characteristics promoted by this Sub-Fund.

To achieve the environmental and social objectives promoted by this Sub-Fund, the investment process includes:

·         negative screening (exclusion criteria) in line with UBP's exclusions for Article 8 funds as described in UBP’s Responsible Investment Policy

·         ESG integration based on internal or external qualitative analysis. The Investment Manager’s internal ESG scoring methodology is based on the equal assessment of 4 pillars: Climate Risk, Environmental Strategy, Social Capital and Governance

·         portfolio construction aiming at an overall portfolio’s ESG quality profile better than that of the index and a lower carbon footprint than that of the latter.

The Investment Manager takes the quality of governance into consideration in its assessment, including accounting practices and the quality of the financial data disclosed, the composition of the board of directors, the independence of the chairman and the board of directors, the shareholding structure, dispersed ownership of shares, as well as remuneration policies.

A minimum of 80% of the Sub-Fund’s net assets is subject to an extra-financial analysis carried out internally or externally.

The Investment Manager takes into consideration and seeks to minimize the following potential principal adverse impacts of its investments: 1) GHG Intensity of Investee Companies, 2) Violations of UN Global Compact principles and Organisation for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises, 3) Board Gender Diversity and 4) Exposure to Controversial Weapons.

The binding criteria used to attain each of the environmental and/or social characteristics promoted by the financial product are integrated in control systems, to ensure pre- and post-trade checks. Compliance is monitored by the Risk department on an ongoing basis.

The Investment Manager may use data reported directly by issuers or sourced from third-party data providers such as MSCI ESG Research or Sustainalytics. UBP reviews regularly the service and data quality provided by third-party ESG data providers.

Depending on the metric considered, some data may be estimated by data providers. Although the Investment Manager applies a thorough selection process of third-party providers, their processes and proprietary ESG methodology may be flawed. As a result, there is a risk of incorrectly assessing an issuer, resulting in an inappropriate capture of ESG risks and potential incorrect inclusion or exclusion in the product. We expect these limitations to have limited impact on the overall environmental and/or social characteristics promoted by the product.

The investment due diligence process ensures that the investment decisions comply with the objectives of the fund as well as the investment strategy. The consideration of sustainability related risks is integrated into the investment decision-making process to ensure better-informed investment decisions as well as awareness of the risk exposure. The first level of due diligence is conducted by investment teams, while the second level is conducted by the Risk department.

Collaborative engagement with investee companies may occur.

No reference benchmark has been designated for the purpose of attaining the environmental or social characteristics promoted by this Sub-Fund.

For more information, please see the fund’s Sustainability-related disclosures.

  • ISIN code
  • LU0500231682
  • Data as at
  • 30.01.2023
  • Latest NAV
  • 110.59 EUR
  • Fund's AUM
  • 67.87M EUR

Fund data

  • Fund name UBAM
  • Legal structure SICAV
  • Jurisdiction Luxembourg

Sub-fund data

  • Base currency EUR
  • Asset class Convertible Bond
  • Geographical bias Europe
  • Inception date 06.04.2010
  • SFDR classification 8

Share class data

  • Description ID EUR
  • Launch date 10.10.2012
  • Dividend type Distribution (yearly)
  • Minimun initial investment None
  • Subscription Daily
  • Redemption Daily
  • Management fee 0.60%
  • Performance fee No
  • Performance fee rate N/A
  • Last dividend 0.00 EUR 22.04.2022

Identifiers

  • Bloomberg UBEUCID LX
  • Telekurs 11164306
  • Reuters N/A
  • WKN A1CV3P
  • SEDOL N/A
  • Morningstar N/A
  • Financial Express F2ZB

Manager(s)

    Benjamin Schapiro / Marc Basselier