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Convertibles & crédit

Convertibles & credit

PHILOSOPHY
STRENGTHS
OUR TEAM
history
bespoke SOLUTIONS

HIGHLIGHTS

ELLIPSIS DISRUPTION CONVERTIBLE FUND
Investing in companies that create and pioneer change...

Discover our fund on disruptive convertibles, a real source of opportunities

It targets titles that the management team has identified as participating in a structural change in economic, social or environmental practices.

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team

HIGHLIGHTS

ELLIPSIS EUROPEAN CONVERTIBLE FUND
Our "flagship"  fund on European convertible bonds

With more than 10 years of track-record over diffrent market cycles, it embodies the Ellipsis AM convictions and core expertise.

Its demanding management process includes a high level of issuer selectivity, notably by taking into account environmental, social and governance criteria.

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Convertibles Europe

This desk specialises in high-value-added asset classes that have long been our hallmark and in which we have a recognised track-record.

CONVERTIBLES HAVE LONG BEEN IN OUR TOOLKIT

This asset class is our bedrock capability, with a recognised track-record going back to 2003. On the strength of our long-standing experience in this niche investment universe throughout various market cycles, we have mastered the CB’s universe and market parameters. We offer European & Global convertible funds, with the capacity to develop dedicated funds and mandates.

WELL-REGARDED EXPERTISE IN CORPORATE BONDS, INCLUDING HIGH YIELD

Since 2012, Ellipsis AM has developed a research and management capability in corporate bonds. It is focused mainly on high yield and informs our analyses of issuer risk and credit quality. Since 2021, this capability has been folded into the Convertibles & Credit desk.

DNA convictions / risKS
/ reSEARCH

We mainly offer active conviction-based management based on a rigorous discretionary selection processes. In doing so, we take a thorough bottom-up approach using fundamental, technical and ESG research.

AN ESG APPROACH FOCUSED ON LONG-LASTING BUSINESS MODELS  

Our approach is based on exclusion policies for ethical issuer and ESG-sensitive sectors, coal in particular. It also includes a governance-quality filter. ESG criteria are integrated and taken into account in researching controversies, as well as in selecting bonds for actively managed convertible and corporate bond portfolios.

In my view, convertible bonds are an asset class in its own right for a medium- or long-term investment horizon, halfway between equities and obligations. The diversity of the CB’s universe promotes natural convexity, in other words, their asymmetric behaviour both upward and downward in response to various market cycles.

en

Sébastien
CARON
CEO, Convertibles Portfolio Manager

20  years

of expertise 

Top 5

of convertible asset management companies in Europe

Source : Ellipsis AM – March 28, 2024

STRENGTHS

1

A WELL-REGARDED TRACK-RECORD:
convertibles since 2003, high yield since 2012

2

ROBUST PROCESS AND GOVERNANCE
Europe & Global, open-ended funds, dedicated funds (UCITS & AIFs), mandates

3

TOP 10 BENCHMARK MANAGERS FOR EUROPEAN CONVERTIBLES*

4

SFDR ARTICLE 8**:
for all Convertibles and Credit bonds  portfolio managed actively 

CONVERTIBLES FUNDS
CREDIT FUNDS

(*) Ranking as of June 30, 2022 on the basis of our peer group funds. Our peer group consists of euro-denominated funds invested in the euro zone and/or Europe, and classified by Refinitiv Lipper in the “Convertible Bonds Europe” category and meeting criteria laid out in our methodology, which is available on our website at: https://www.ellipsis-am.com/compliance/methodologie-peer-group. References to past rankings and awards are not a reliable indicator of future rankings or awards.
(**) European Regulation (EU) n°2019/2088 known as the Sustainable Finance Disclosure (SFDR). To find out more about Ellipsis AM’s ESG policy: https://www.ellipsis-am.com/publication/ComplianceDoc/En_Rapport-LEC-Ellipsis-AM.pdf

CONVERTIBLE BONDS & CREDIT DIVISION

nicolas

Nicolas
SCHRAMECK

Head of Convertibles & Credit, Member of the management Board

  • Graduated from EDHEC Business School and CFA, he started in 2008 at JP Morgan AM. He then spent 6 years at EDRAM managing global convertible funds and also invested in emerging zones or Japan. In 2015, he joined Aviva Investors as co-manager of their global convertible funds. He joined Ellipsis AM in 2017 to manage European and global convertible bonds portfolios. In 2021, he becomes co-head of the Convertible & Credit division and member of the Management Board.
Sébastien CARON

Sébastien
CARON

Convertibles Portfolio Manager, CEO

  • Graduated as an actuary from ISFA in 1996, he specialized for 8 years in convertible bonds, first at Schelcher-Prince Finance (sales-trading and market-making), then at Exane Derivatives (sales) from 2001. He then developed and managed for 8 years part of the equity and credit derivatives activities within the structure. He joined Ellipsis AM in 2014 to manage European and global convertible bonds portfolios. In 2021, he will become co-head of the Convertibles & Credit division and a member of the Management Board.
Delphine  LALOUM

Delphine 
LALOUM

Credit & High Yield
Portfolio Analyst Manager

  • Delphine Laloum joined ADI in 2002 as an analyst for 4 years in various asset classes. In 2006, she became a trader in convertible bonds and derivatives at Natixis CIB and then High Yield Market Maker. In 2013, she was in charge of the High Yield management team for Rothschild & Cie and developed dated and ESG-certified funds. In 2022, she joined Ellipsis AM as Credit & High Yield Manager, in charge of Ellipsis High Yield Fund. Delphine holds a DESS in banking and finance, is a graduate of the French Society of Financial Analysts and holds the ESG Investing certification of the CFA Institute.
Cyril BATKIN

Cyril
BATKIN

Portfolio Manager - Convertible Bonds

  • Graduated from the Management School of Bordeaux and from ESLSCA with a MBA in Finance-Trading, he started in 2007 at Natixis as a convertible and equity derivatives market-maker in EMEA/Japan/Asia for 3 years. In 2010, he joined Mitsubishi UFJ Securities in London to create the Europe/EMEA convertible and equity derivatives market-making platform. Between 2016 and 2021, he was in charge of several trading activities at Candriam, notably in global convertibles, emerging debt, high yield and investment grade, first in Brussels and then in Paris. He joined Ellipsis AM's Convertibles & Credit division in August 2021 as a senior convertibles trader.
Pénélope DUGAS

Pénélope
DUGAS

Portfolio Manager - Convertible Bonds

  • Graduated from Hong Kong University of Science & Technology (HKUST) and Paris-Dauphine University, she joined Ellipsis AM in 2019 as a dedicated analyst to the convertible asset class within the Convertible & Credit division. Previously, she was a sell-side analyst at J.P. Morgan covering the European Food Retail and Leisure sectors.
NB

Nicolas
BLANC

Portfolio Manager, Head of Economic Research

  • Graduated of ENS Saint-Cloud and ENSAE, he was successively Head of Equity Derivatives Research at CAI Chevreux for 4 years, Head of Arbitrage Risk Research at Kepler Securities for 2 years, and then Head of BNP Paribas Equity Derivatives Research. In 2006, he created a multi-strategy hedge fund in partnership with BNP Paribas. He joined Exane Derivatives in 2010 as Head of Institutional Research, then Ellipsis AM in 2012 as Head of Allocation, in charge of macro analysis. He is now co-head the Overlay & Customised Portfolio Solutions division among which he manages multi-credit allocation fund of funds and mandates.

historY

2024

Ellipsis Asset Management Acquires the convertible bond business of Edmond De Rothschild Asset Management

2022

Arrival of Delphine LALOUM as credit and high yield manager. Launch of Ellipsis Disruption Convertible Fund & Ellipsis Credit Road 2028.

2021

Arrival of Cyril BATKIN as convertible trader. Merge Convertibles & Credit expertise into one division.

2019

Arrival of Penelope DUGAS as Analyst and launch of Ellipsis Global Convertible Fund.

2017

Arrival of Nicolas SCHRAMECK as manager and development of an ESG analysis methodology.

2014

Arrival of Sébastien CARON as portfolio manager .

bespoke solutions

1 BESPOKE

We can design convertible and credit portfolios tailored to your investment objectives and constraints.

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2 InstitutionAls

We manage mandates & dedicated funds on behalf of European institutionals.

We integrate the specific ESG commitments stated in your specifications.

3 RETAIL

Dedicated funds for live insurance, discretionary management and white label offers.

Our retail capability also assists investors in rolling out their own offers.