The complex nature of convertible securities – part equity and part debt – can lead mainstream stock and bond investors to overlook these securities, creating an inefficient market and, thus, prices at which convertible securities can offer return without comparable risk. Our approach emphasizes identifying those securities 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. U.S. Convertibles Non-U.S. Convertibles High Income Convertibles