For decades, convertibles have produced equity-like performance with lower volatility – and accelerated new issuance at favorable terms only adds to the appeal.

With yields materially higher as a result of elevated rates, high-quality markets such as U.S. investment grade corporate bonds offer attractive income.

Experienced active managers can capitalize on opportunities that fall outside their benchmarks and can manage unwanted concentrations. This has historically resulted in relatively high success rates in generating alpha.