Lupus alpha Global Convertible Bonds A hedged


ISIN: LU1717012527

Lupus alpha Global Convertible Bonds offers investors access to an actively managed diversified portfolio of global convertible bonds. The Fund uses a variety of alpha sources: in addition to equity and credit risk premium, the fund exploits opportunities resulting from new issues, structural features of the bonds as well as niche market inefficiencies.


Fund data

Current fund data as of 10/29/2020

Currency EUR
Issue price 114.47
Redemption price 110.07
Fund volume 86,22 Mio.
Launch date 16 January 2018
Minimum investment amount 50.000
Distribution frequency 7distribution
Portfolio managers Marc-Alexander Knieß, Stefan Schauer, Manuel Zell
Performance fee 610 %
Administration fee 50,6 %
Redemption fee 8up to 2 %
Hurdle Rate 2 % p.a.
Subscription fee 4up to 4 %
Benchmark Refinitiv Global Focus Convertible Bonds Index Hedged (EUR)
Fund price publication
  • Source: Lupus alpha; gross performance (BVI method): The gross performance considers all costs incurred at Fund level (e. g. management fee) and assumes reinvestment of any distributions. Costs incurred at customer level such as sales charge and securities account costs are not included. Unless otherwise specified, all indicated performance data show the gross performance. Please note: Past performance is not a reliable indicator the future performance.
  • Source: Lupus alpha; the net performance assumes a model calculation based on an invested amount of EUR 1,000, the maximum sales charge and a redemption charge (see master data). It does not include individual costs of the investor, such as a securities account fee. (To this effect, please refer to the price list of your securities account provider.) Please note: Past performance is not a reliable indicator for future performance.
  • Volatility is the range of variation of a security price or index around its mean value over a fixed period of time. A security is regarded as volatile if its price fluctuates heavily. The tracking error describes the standard deviation (volatility) between the Fund's performance and the performance of the benchmark index. The higher the tracking error, the more the performance of the Fund deviates from the performance of the benchmark index. The investment ratio means the part of the Fund that is not invested in cash. Delta: measures the sensitivity of the convertible bond price on changes to the underlying equity price. A delta of 0,4 means that the price of the convertible rises 4% if the underlying equity price rises 10%. Current yield is a bond's annual return based on its annual coupon payments and current price (as opposed to its original price or face). The formula for current yield is a bond's annual coupons divided by its current price. Interest rate sensitivity is a measure of how much the price of a fixed-income asset will fluctuate as a result of changes in the interest rate environment.
  • The sales charge is the difference between the sales price and the unit value. The sales charge varies depending on the type of the Fund and the distribution channel and usually covers the advisory and distribution costs. The Distributor will demand the sales charge at its own discretion.
  • The management fee is the fee for managing the Fund and taken from the Fund's assets; it is paid to Lupus alpha for the management and administration of the Fund.
  • The performance fee is a performance-related remuneration depending on the performance or the achievement of specific objectives such as a better performance compared to a benchmark. The costs may also be levied if a pre-defined minimum performance has been achieved.
  • Distributing Funds do not reinvest the generated income, they pay out the income to the investor.
  • The redemption charge is the difference between the redemption price and the unit value. The redemption charge will be levied at the discretion of the Management Company and it’s to the sole benefit of the Fund's assets.

Performance chart

Performance since 01.07.2014: +1.75 %
As of: 31.07.2014

Performance (gross in EUR):¹

fromtoLupus alpha Global Convertible Bonds A hedgedRefinitiv Global Focus Hedged Convertible Bond Index (EUR)
1 month 31.08.202030.09.2020-0.90 %-0.71 %
90 days 02.07.202030.09.20203.57 %4.34 %
1 year 30.09.201930.09.202011.31 %14.86 %
3 years n.a.n.a.n.a.n.a.
5 years n.a.n.a.n.a.n.a.
this year 31.12.201930.09.20208.13 %9.96 %
since inception 15.01.201830.09.20208.94 %12.11 %
since inception p.a. 15.01.201830.09.20203.21 %4.31 %

12-month-timeframe (gross)Lupus alpha Global Convertible Bonds A hedgedRefinitiv Global Focus Hedged Convertible Bond Index (EUR)
30.09.2019 - 30.09.202011.31 %14.86 %
30.09.2018 - 30.09.2019-0.77 %-0.32 %

Key Statistics ³

as ofLupus alpha Global Convertible Bonds C hedgedRefinitiv Global Focus Hedged Convertible Bond Index (EUR)
Average rating* 30.09.2020BB+n.a.
Volatility (since Inception) 30.09.20207.40 %7.10 %
Delta (Equity sensitvity 30.09.202059.20 %55.40 %
Current yield (in %) 30.09.20200.40 %0.80 %
Interest rate sensitvity (in %) 30.09.20201.70 %2.00 %
Bond duration (in years) 30.09.20204.20 4.30
Tracking Error (ex-ante) 30.09.20202.50 %n.a.
Active Share 30.09.202055.00 %n.a.
Fund structure

Top ten holdings (delta adjusted) as of 30/09/2020

Okta Inc 0,1% 20251.80 %
Palo Alto Networks Inc 0,8% 20231.70 %
Southwest Airlines Co 1,3% 20251.60 %
Snap Inc 0,8% 20261.50 %
Delivery Hero AG 0,3% 20241.40 %
Akamai Techn. Inc 0,1% 20251.30 %
Booking Holdings Inc 0,8% 20251.20 %
Exact Sciences Corp 0,4% 20271.10 %
Zscaler Inc 0,1% 20251.10 %
DexCom Inc 0,3% 20251.10 %
Total weight of top ten 13.80 %
Total stocks 100.00

Regional Allocation (delta adjusted) as of 30/09/2020

Regional Allocation as of 30/09/2020

Sector allocation (delta adjusted) as of 30/09/2020

Sector allocation as of 30/09/2020

  • Equity-like returns with lower fluctuations in value
  • The average expected volatility is approximately half of that experienced in the wider equity market
  • Similarity to bonds ('bond floor') helps to mitigate losses in the event of declining equity markets
  • Shorter duration and interest rate sensitivity than corporate bonds Access to issuers from the universe of small and mid-cap companies that often do not issue straight corporate bonds
  • In addition to share price movements and coupon income, additional sources of return include volatility, structural characteristics and individual valuation mark-ups
Team expertise

Our Convertible Bonds team can draw on many years of successful  management of global convertible bonds :

  • More than 27 years joint experience managing convertible bond funds
  • Excellent market access to specialised brokers and companies issuing convertible bonds
  • Proprietary databases and analysis models
  • Methodically sound, experienced risk management
Investment concept

Global convertible bonds as a building block of asset allocation

The team primarily invests in global convertible bonds with a balanced equity sensitivity (delta of 30%-70%). The fundamental analysis and thorough security selection are at the core of the investment process.

In addition to the assessment of equity and credit risk of each convertible bond, extensive structural analysis is very important. The aim is to select the convertible bonds with the best risk-return profile depending on the economic situation. Currency risks are systematically hedged. The first step involves filtering the investment universe consisting of approximately 1,000 bonds. Investible securities are determined using a series of quantitative filters, particularly liquidity and credit quality. The resulting universe consists of around 250 to 300 bonds.

This is followed by a comprehensive bottom-up analysis of each convertible bond, which is the primary focus of the investment process. In addition to the analysis of the equity component, the credit quality and structural features are evaluated and market technicals are assessed. The portfolio is then constructed, with position sizes determined based on their effects on the overall portfolio.   

All positions are subject to ongoing disciplined risk monitoring with regard to valuation, credit quality, equity sensitivity (delta) and other key risk figures. 

Investment objective

The objective of Lupus alpha Global Convertible Bonds is to outperform the benchmark index (Thomson Reuters Global Focus Hedged) over the long term.

Opportunities and Risks

In addition to the general risks detailed in the Sales Prospectus, the volatility risk of the European stock market is of special importance. The Lupus alpha Global Convertible Bonds A hedged is classified in category 4 as its unit price tends to fluctuate which means that both the risks of loss and the profit oppportunities may be correspondingly. For detailed information on opportunities and risks, please refer to the current Sales Prospectus.

* The presentation shows the Synthetic Risk and Reward Indicator ("SRRI") of the Fund's Key Investor Information Document ("KIID") and does not include all possi-ble risks. Funds are subject to market-related price fluctuations which may result in losses up to the total loss of the invested capital. For additional risks and detailed information on the risk and return indicator, please refer to the current Key Investor Information Document. You may retrieve the Key Investor Information Document and the current Sales Prospectus from our website at


This fund information is provided for general information purposes. This information is not designed to replace the investor's own market research nor any other legal, tax or financial information or advice. The information presented does not constitute an invitation to buy or sell or investment advice. It does not contain all key information required to make important economic decisions and may differ from information and estimates provided by other sources or market participants. We accept no liability for the accuracy, completeness or topicality of this information. All statements are based on our assessment of the present legal and tax situation. All opinions reflect the current views of the portfolio manager and can be changed without prior notice. 

Full details of our funds and their licenses of distribution can be found in the relevant current sales prospectus and, where appropriate, Key Investor Information Document , supplemented by the latest audited annual report and/or half-year report. 

The relevant sales prospectus and Key Investor Information Documents prepared in German are the sole legally-binding basis for the purchase of funds managed by Lupus alpha Investment GmbH. You can obtain these documents free of charge from Lupus alpha Investment GmbH, P.O. Box 11 12 62, 60047 Frankfurt am Main, upon request by calling +49 69 365058-7000, by emailing or via our website: If funds are licensed for distribution in  Austria the respective sales prospectus, Key Investor Information Document and the latest audited annual report or half-year report are available from the Austrian paying and information agent UniCredit Bank Austria AG based in A-1020 Vienna, Rothschildplatz 1. Fund units can be obtained from banks, savings banks and independent financial advisors.


Neither this fund information, nor its contents, nor any copy thereof may be sent to third parties, changed in any way or copied without the prior written consent of Lupus alpha Investment GmbH. By accepting this document you agree to comply with the provisions above. Subject to change without notice.




Scope Fonds Rating B Oktober 2020

Portfolio Manager

Marc-Alexander Knieß
Portfolio Management Global Convertible Bonds

Stefan Schauer
Portfolio Management Global Convertible Bonds

Manuel Zell
CESGA, Portfolio Management Global Convertible Bonds