THE WELLESLEY APPROACH

Seeking to Limit Risk and Protect Principal while Providing Exceptional Service

Wellesley Asset Management (Wellesley, MA) is a boutique investment manager that specializes in convertible bonds. The firm strives to limit risk, protect principal and provide exceptional client service. Wellesley serves institutional clients including financial professionals, RIAs, banks, family offices and pensions.

Investment Discipline

The firm’s investment objective is to 1) minimize downside risk and 2) maximize capital appreciation over full market cycles (bull and bear market).

Wellesley Asset Management (WAM) favors balanced, “at the money”, convertible bonds over highly appreciated (equity-like) and busted convertibles (high-yield/junk). Balanced convertibles trade around par value and can offer the best risk/reward scenario for investors.

Experience

Over 25 years managing convertible bonds. Greg Miller (Founder, CEO, and Portfolio Manager), is the architect of the firm’s investment strategy and has managed the SMA, private partnership, and mutual fund suite since inception.

Results

Strong long-term performance record.

Specialty

WAM has a singular focus and expertise: convertible bonds.

Active Management

In our opinion, convertible bonds require active management. Evaluating convertible bonds involves equity, fixed income (credit), and structural analysis. WAM has the experience, infrastructure, and resources required to be successful over the long-term.

Stability

WAM manages approximately $2 billion in assets.

Separately Managed Accounts for Sponsored Managed Account Platforms

Convertible bonds may be a suitable investment for absolute return oriented, long-term investors. Convertibles can offer equity market exposure while seeking principal protection and the relative safety of bonds. Convertible bonds may outperform equities over complete bull and bear market cycles and do so with less volatility than a typical stock portfolio.

A Blend of Debt and Equity

Convertible bonds can blend the characteristics of both bond and stock investments. Convertibles can offer equity like returns due to the equity conversion component with generally less volatility.

Use with Multiple Asset Classes

Convertibles may provide attractive returns that can compare to common stocks and bonds. Historically, in periods of rising interest rates, convertible bonds have outperformed other fixed income assets on a total return basis during these periods. In addition, adding convertibles to a stock and bond portfolio may improve the overall risk/return profile.

For more information on the Wellesley Convertible Separately Managed Account Program, please call 781-416-4000 or e-mail information@wam.com

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