Case Study: The Case for Convertibles

The Case for Convertibles
Convertibles Offer Optionality not Available in Most Asset Classes

Convertibles Offer Participation in the M&A Cycle or Growth Stocks
With Less Volatility

Following strong performance and record issuance of convertible bonds over the last several years, investors are beginning to take notice of the attractive characteristics of this unique asset class. The hybrid construction of convertibles can offer a compelling way to participate in risk-on markets while offering some downside support during market pullbacks. Pier 88’s Investment Team posits that convertibles are a defensive way to gain exposure to growth stocks with less volatility. The case study of next generation security vendor Proofpoint, Inc. (“PFPT”) is demonstrative.

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Frank Timons, Portfolio Manager
Frank Timons, Portfolio Manager
Frank Timons is CEO and CIO of Pier 88 Investment Partners, LLC, investment Sub-Advisor to a convertible bond strategy at Rational Funds. He was previously a Portfolio Manager at Lord Abbett & Co. for the convertible, large cap core, and large cap value strategies. Frank also served as a Research Analyst at Lord Abbett & Co and Robert W. Baird & Co. Frank holds a B.A. and J.D. from Notre Dame and MBA from University of Chicago.

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