Our "bottom-up" approach to convertible securities emphasizes identifying those issues that offer the greatest bargain — those likely to capture a high percentage of the appreciation of the stocks into which they are convertible while limiting exposure to declines that may occur.

Since 1987, convertible securities portfolios managed by Oaktree's principals have delivered most of the return of common stocks with reduced volatility and risk.

We manage three convertible securities strategies that focus on different regions and market sectors — U.S., non-U.S. and "high income" convertibles.